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
Exchanges
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In a notable turn of events, the Nigerian government has withdrawn all charges against Tigran Gambaryan, an executive at Binance Holdings, after nearly eight months of detention.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
In an era where clarity in regulations is crucial for the burgeoning cryptocurrency industry, Coinbase has taken a bold step forward by filing two significant Freedom of Information Act (FOIA) requests. On October 18, 2023, the exchange directed its inquiries to key federal bodies including the Federal Deposit Insurance Corporation (FDIC), aiming to dissect and
In the cryptocurrency world, few events have echoed as loudly as the collapse of the FTX exchange. Once hailed as a beacon of innovation in digital finance, FTX plummeted from grace, leaving a trail of devastation for investors and confidence in the cryptocurrency sector. Central to this downfall are key figures like Nishad Singh, the
The ongoing legal saga between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) continues to take unexpected turns, particularly with the SEC’s recent filing of a Civil Appeal Pre-argument statement. This document signifies the commission’s intent to contest certain aspects of a prior ruling that has significant implications for Ripple and the broader
On October 17, Kraken made waves in the cryptocurrency arena by launching its new wrapped Bitcoin (wBTC) product known as kBTC. This innovative ERC-20 token is designed to capitalize on the rapidly growing demand for wrapped Bitcoin, a market currently dominated by BitGo’s Wrapped Bitcoin (WBTC). Kraken’s entry not only denotes an expansion of its