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
Exchanges
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
The cryptocurrency landscape in the United States remains riddled with ambiguity and regulatory uncertainty. On October 18, Coinbase, a leading cryptocurrency exchange, advanced its pursuit of clarity by submitting two Freedom of Information Act (FOIA) requests directed at the Federal Deposit Insurance Corporation (FDIC). These filings come amidst ongoing tensions between the burgeoning crypto industry
The implosion of FTX, once heralded as a revolutionary cryptocurrency exchange, has left a wake of financial devastation felt by investors and stakeholders across the globe. At the heart of this scandal lies a cast of executives whose actions prompted legal scrutiny. One of them, Nishad Singh, a former executive, is now pleading for leniency
The ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has become a focal point in discussions about cryptocurrency regulation. Recently, the SEC submitted a significant filing in their ongoing appeal, which has stirred discussions in the crypto community regarding its implications for not only Ripple but also the wider
In an exciting development for the cryptocurrency landscape, Kraken has unveiled its new wrapped Bitcoin offering, known as kBTC. Announced on October 17, this innovative product aims to capitalize on the burgeoning wrapped Bitcoin sector and presents a viable alternative amidst growing market competition. Unlike generic tokens, kBTC is designed to be a fully-backed ERC-20
