The downfall of FTX, once a giant in the cryptocurrency exchange sphere, has left a deep and troubling mark on the financial landscape. Since its filing for Chapter 11 bankruptcy in November 2022, the company has been embroiled in a complex legal battle, aiming to recover assets and reimburse its creditors. Under the leadership of
Exchanges
The collapse of the cryptocurrency exchange FTX has sent shockwaves across the financial landscape, marking one of the most significant scandals in recent U.S. history. As revelations about misappropriated funds and the violation of campaign finance laws came to light, scrutiny intensified not only on the company’s leadership but also on the broader cryptocurrency regulatory
On October 30, 2023, Kraken, a prominent cryptocurrency exchange, disclosed significant layoffs characterized as “organizational changes.” These adjustments are part of a broader strategy aimed at refining business operations and reinforcing a rejuvenated focus on the company’s primary objectives. In conjunction with this announcement, Kraken appointed Arjun Sethi, co-founder of Tribe Capital, as co-CEO, signaling
In a significant development for cryptocurrency enthusiasts, Visa has announced a partnership with Coinbase aimed at introducing instant deposit services for users with eligible debit cards. This collaboration, revealed on October 29, marks a noteworthy advancement in how consumers can engage with digital currencies, enhancing the overall user experience. Cuy Sheffield, Visa’s Head of Crypto,
In a pivotal development within the cryptocurrency landscape, FTX has successfully negotiated a $228 million settlement with Bybit, a prominent crypto exchange. This settlement comes on the heels of a lawsuit filed in November 2023, where FTX aimed to reclaim approximately $1 billion in assets, highlighting the ongoing struggles the exchange has faced since its
In a bold move that underscores an evolving landscape in cryptocurrency trading, Kraken has announced its forthcoming project, Ink. Set to launch as an Ethereum layer-2 solution rooted in the Optimism Superchain, Ink is positioned to revolutionize the way users engage with decentralized finance (DeFi). In an official statement released on October 24, Kraken aims
In a bid to cultivate trust within the cryptosphere, Indian cryptocurrency exchange WazirX has unveiled its proof-of-reserves (PoR) report. This significant disclosure sheds light on how the exchange manages user assets, highlighting that more than 40% of their customers’ assets are currently being held on third-party exchanges. Released in an official statement on October 25,
In South Korea, a significant number of cryptocurrency investors find themselves in a precarious situation as access to their assets has been curtailed. As of mid-October 2023, reports highlight that more than 33,000 investors are unable to retrieve a staggering $13 million due to the shutdown of various crypto exchanges in the country. The ramifications
In the realm of high-profile financial scandals, the situation surrounding former FTX executive Nishad Singh presents an intriguing case of cooperation and accountability. Recent developments, including a October 23 court filing from U.S. prosecutors, illuminate Singh’s pivotal role in unraveling the story of FTX’s catastrophic failure. His “substantial assistance” to investigators has been framed by
The recent decision by the Nigerian government to drop all charges against Tigran Gambaryan, a senior executive at Binance Holdings, marks a significant turning point in an arduous legal saga that lasted nearly eight months. Detained since February 2024, Gambaryan’s case had garnered attention not only from the local media but also from international observers,
In a recent strategic move, Coinbase, a leading cryptocurrency exchange, has made headlines by filing two new Freedom of Information Act (FOIA) requests. This decision, taken on October 18, underscores the ongoing struggle for regulatory clarity within the U.S. crypto market—a sector that has faced significant scrutiny and evolving regulations. By targeting the Federal Deposit
In the shadow of the FTX debacle, Nishad Singh, a former executive of the infamous cryptocurrency exchange, seeks clemency from a United States federal judge during his upcoming sentencing. His legal representatives filed a memorandum on October 16 that underscores Singh’s extensive cooperation with federal authorities as a significant mitigating factor in determining his penalty.
The legal saga between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has captured significant attention within the financial and technological communities. Following the most recent developments in this high-stakes litigation, Ripple has asserted that there are no surprises in the SEC’s latest filing, which signals the regulatory body’s intention to further appeal
In a move to enhance its portfolio within the evolving cryptocurrency ecosystem, Kraken has recently unveiled kBTC, a new wrapped Bitcoin product, as announced on October 17. This Ethereum-based ERC-20 token aims to broaden the practical applications of Bitcoin by situating it within decentralized finance (DeFi) and multi-network blockchain environments. Each unit of kBTC is