The sentencing of Nishad Singh, who served as the engineering director at the now-defunct cryptocurrency exchange FTX, represents a pivotal moment in the ongoing fallout from one of the largest financial scandals in American history. On October 30, Singh received a sentence of time served along with three years of supervised release after admitting his
Exchanges
On October 30, Kraken made headlines with its announcement regarding layoffs, which it characterized as essential “organizational changes” aimed at refining its operational structure and refocusing its strategic goals. The exchange appointed Arjun Sethi, co-founder of Tribe Capital, as its co-CEO during this transformation. Such layoffs, although often deemed a stark reality in the corporate
The collapse of FTX has underscored the intricate challenges that arise in the aftermath of corporate insolvency, especially in the tumultuous world of cryptocurrency. With significant debts and a myriad of stakeholders involved, recovering assets for creditors has become a priority for the firm currently restructuring under Chapter 11. A pivotal figure in this process
In a significant move for both traditional finance and the cryptocurrency realm, Visa has announced a strategic partnership with Coinbase. As of October 29, this collaboration is poised to transform how customers deposit funds into their Coinbase accounts using eligible Visa debit cards. This initiative aims to deliver instant deposit services, thereby revolutionizing the user
FTX, once a dominant player in the cryptocurrency exchange market, has recently secured a pivotal $228 million settlement with Bybit and its affiliated entities. This agreement brings conclusion to a lawsuit that aimed to reclaim nearly $1 billion in assets after FTX filed for bankruptcy in November 2022. The complexities surrounding this case not only
On October 24, 2023, Kraken, one of the leading cryptocurrency exchanges, unveiled its forthcoming decentralized platform, Ink, an innovative layer-2 network constructed on the foundation of the Optimism Superchain. This unveiling signals a transformative step away from traditional centralized exchange models, propelling users into the realm of decentralized finance (DeFi) where they can trade, borrow,
WazirX, a prominent cryptocurrency exchange in India, recently made headlines by publishing its proof-of-reserves (PoR) report amidst ongoing challenges to its operations. The report reveals that a striking 40% of customer assets are managed off-platform, stored on third-party exchanges. This move by WazirX aims not just to comply with regulatory expectations but also to promote
In an alarming development, over 33,000 cryptocurrency investors in South Korea find themselves locked out of approximately $13 million in digital assets. This predicament stems from the recent suspension and closure of various crypto exchanges, an issue that has been highlighted by local news outlets, including The Korea Times. On October 14, the extent of
In recent developments surrounding the downfall of the cryptocurrency exchange FTX, Nishad Singh, a former executive, has come to the forefront as a significant player in aiding legal authorities. On October 23, prosecutors filed a document that underscores Singh’s willingness to assist in unraveling the complex circumstances that led to FTX’s spectacular collapse. His plea
The recent decision by the Nigerian government to withdraw all charges against Tigran Gambaryan, a prominent Binance executive, marks a significant turning point in the ongoing discussions surrounding cryptocurrency regulation and international relations. Detained since February 2024, Gambaryan faced accusations that positioned him at the heart of Nigeria’s complex financial landscape. Ultimately, the withdrawal was
