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
Exchanges
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
In an effort to clarify the regulatory landscape for cryptocurrencies in the United States, Coinbase has recently submitted two Freedom of Information Act (FOIA) requests to the Federal Deposit Insurance Corporation (FDIC). This move signifies the company’s proactive stance toward navigating the complexities of the regulatory environment surrounding digital assets. The requests were filed on
The collapse of FTX sent shockwaves throughout the cryptocurrency industry, revealing a harrowing tale of fraud, mismanagement, and broken trust. As the once-thriving exchange fell from grace, the aftermath left countless investors grappling with major financial losses. Central to this narrative are the former executives of FTX, whose roles in the orchestrated collapse have since
The ongoing legal strife between Ripple Labs and the United States Securities and Exchange Commission (SEC) has captivated the cryptocurrency community and brought many significant issues regarding regulatory oversight to the forefront. As Ripple navigates claims involving its XRP cryptocurrency, the SEC’s recent filing to appeal parts of Judge Analisa Torres’s ruling has sparked renewed
In a significant move to enhance its offerings within the expanding cryptocurrency market, Kraken has introduced a new wrapped Bitcoin product known as kBTC. Launched as an ERC-20 token, kBTC provides an innovative solution that embodies the core principles of Bitcoin while facilitating its integration into decentralized finance (DeFi) and various blockchain ecosystems. Each kBTC
