The collapse of FTX, once a pillar of the cryptocurrency industry, left a trail of financial devastation impacting numerous creditors. In the wake of the company’s implosion, which was rooted in allegations of mismanagement and fraudulent practices, efforts to recover lost assets have become paramount. Central to these recovery aspirations is the role of Nishad
Exchanges
On October 30th, Kraken, a prominent player in the cryptocurrency exchange market, announced significant changes that have sparked discussions throughout the industry. Labelled as “organizational changes,” these layoffs are expected to affect 15% of Kraken’s workforce, echoing a similar trend seen in the broader crypto sector. The decision was largely framed as an initiative to
The sentencing of Nishad Singh, once the engineering director at the now-defunct cryptocurrency exchange FTX, serves as a somber reminder of the potential consequences of financial malfeasance. On October 30, Singh was sentenced to time served and three years of supervised release by US District Judge Lewis Kaplan, reflecting the severity of actions that have
In a significant development within the financial technology sector, Visa has announced its collaboration with Coinbase to introduce instant deposit services for eligible debit card users. This partnership represents a strategic move to enhance the user experience for cryptocurrency enthusiasts, not only in the United States but also in Europe. As Visa’s Head of Crypto,
In November 2023, the cryptocurrency exchange FTX entered into a significant legal settlement with Bybit and its affiliates, marking a pivotal point in its ongoing bankruptcy saga. The settlement totaled an impressive $228 million, offering a glimmer of hope amidst the chaos that followed FTX’s historic collapse in November 2022. This agreement was crucial, as
In a decisive move signaling its commitment to the decentralized finance (DeFi) landscape, crypto exchange Kraken recently announced its plans to launch Ink, an Ethereum layer-2 network built on the Optimism Superchain. Scheduled for a testnet release later this year, with a full-scale rollout planned for the first quarter of 2025, Ink represents a fundamental
In a bid to enhance transparency and reassure users regarding fund security, WazirX, one of India’s prominent cryptocurrency exchanges, has recently released its proof-of-reserves (PoR) report. The document indicates that a significant portion of customer assets—over 40%—is held on various third-party exchanges. This strategic move, announced on October 25, underscores the necessity for trust in
In a troubling turn of events, over 33,000 crypto investors in South Korea find themselves barred from accessing their digital assets, totaling approximately $13 million. This predicament has arisen from the recent shutdown or temporary suspension of multiple cryptocurrency exchanges amidst the enforcement of the Virtual Asset User Protection Act. The fallout has left a
The downfall of FTX, once a towering giant within the cryptocurrency landscape, sent shockwaves through the financial world, exposing significant vulnerabilities in the industry. As investigations unfolded, the role of various executives came under scrutiny, most notably that of Nishad Singh, a former executive at the beleaguered exchange. With myriad legal troubles stemming from the
In a notable turn of events, the Nigerian government has withdrawn all charges against Tigran Gambaryan, an executive at Binance Holdings, after nearly eight months of detention. Gambaryan was arrested in February 2024 upon his arrival in Nigeria, where he was on a business trip intended to engage with government officials regarding issues of foreign