The recent downfall of FTX, once a giant in the cryptocurrency exchange landscape, has left a trail of financial devastation and legal intrigue. As the company seeks to recover assets to compensate its creditors, attention has pivoted towards former engineering director, Nishad Singh. His unique position within the company and his subsequent plea of guilty
Exchanges
On October 30, Kraken, one of the leading cryptocurrency exchanges, announced a significant restructuring initiative that involved layoffs impacting 15% of its workforce. This development comes on the heels of a previous wave of job cuts in November 2022, when the company slashed approximately 30% of its workforce, amounting to 1,100 employees. The recurring theme
The FTX scandal stands as a catastrophic episode in the cryptocurrency realm, drawing attention from regulatory bodies and investors alike. Following the exchange’s shocking bankruptcy in late 2022, a significant web of misappropriated funds and questionable business practices came to light. Among those entangled in this turmoil was Nishad Singh, a former engineering director whose
In an innovative move that underscores the growing integration of traditional finance (TradFi) with the world of cryptocurrencies, Visa has announced a strategic partnership with Coinbase that will enable instantaneous deposits for users utilizing eligible Visa debit cards. This partnership, revealed in a statement on October 29, represents a significant leap in facilitating immediate access
In the high-stakes environment of cryptocurrency exchanges, the tumultuous narrative surrounding FTX represents not only a cautionary tale but also a potential pathway for recovery for its creditors. A recent legal victory saw FTX reaching a substantial $228 million settlement with Bybit, a competing crypto exchange, and its affiliates. This settlement is not merely a
In a groundbreaking announcement made on October 24, 2023, Kraken, a prominent cryptocurrency exchange, revealed its plan to launch Ink, an Ethereum layer-2 network. This initiative is built on the innovative Optimism Superchain framework and represents Kraken’s strategic pivot from a traditional centralized exchange model toward empowering its users with decentralized finance (DeFi) functionalities. By
In a landscape where cryptocurrency exchanges are scrutinized for their security practices, WazirX, one of India’s prominent crypto exchanges, has taken a noteworthy step towards transparency by unveiling its proof-of-reserves (PoR) report. Announced on October 25, this detailed report reveals that over 40% of customer assets are held with external exchanges. This move, as stated
In South Korea, a staggering number of cryptocurrency investors—over 33,000—find themselves in an unprecedented predicament as access to their digital assets has been effectively severed. With approximately $13 million tied up, these investors are grappling with the fallout from the shutdown of multiple crypto exchanges in response to stringent regulatory measures. Recent reports indicate that
In the complex landscape following the downfall of FTX, former executive Nishad Singh has emerged as a pivotal figure in the ongoing investigations led by US prosecutors. According to a court filing dated October 23, prosecutors are advocating for leniency in Singh’s sentencing, citing the significant assistance he provided during the investigative process. This raises
In a significant turn of events, the Nigerian government announced the withdrawal of all charges against Tigran Gambaryan, an executive at Binance Holdings, who had faced serious legal battles since February 2024. On October 23, the Economic and Financial Crimes Commission (EFCC) formally communicated this decision at the Federal High Court in Abuja. This update
