In the aftermath of a financial collapse as significant as FTX’s, the process of asset recovery becomes paramount not just for creditors but also for setting a precedent in corporate governance and accountability. FTX, once a leading cryptocurrency exchange, filed for Chapter 11 bankruptcy in November 2022, leaving behind a trail of creditors who hoped
Exchanges
The collapse of FTX, once hailed as a beacon of innovation within the cryptocurrency exchange realm, has become synonymous with one of the largest financial debacles in modern history. At the heart of this scandal is Nishad Singh, the former engineering director of the now-defunct exchange. On October 30, 2023, Singh was sentenced to time
On October 30, 2023, Kraken, one of the leading cryptocurrency exchanges, announced a significant round of layoffs that affected approximately 15% of its workforce. This move, described as necessary “organizational changes,” is aimed at streamlining operations and refocusing the organization’s mission in a rapidly evolving market. The announcement accompanied the appointment of Arjun Sethi, co-founder
In a significant move aimed at enhancing the cryptocurrency trading experience, Visa recently announced a partnership with Coinbase to enable instant deposit services. According to a statement issued on October 29, this collaboration will allow users with eligible Visa debit cards to fund their Coinbase accounts instantaneously. Cuy Sheffield, Visa’s Head of Crypto, expressed his
The cryptocurrency exchange FTX recently secured a noteworthy $228 million settlement with Bybit, a rival crypto exchange, marking a pivotal moment in the ongoing saga of FTX’s bankruptcy proceedings. This settlement emerges from a lawsuit filed in November 2023, which sought to recover around $1 billion in assets that had allegedly been withdrawn improperly. Given
In a groundbreaking announcement on October 24, Kraken, one of the prominent players in the cryptocurrency exchange arena, revealed its intention to launch Ink, a new layer-2 network on Ethereum, utilizing the Optimism Superchain infrastructure. This initiative marks a significant transformation from Kraken’s current centralized exchange model, aiming to empower users with the ability to
The Indian cryptocurrency exchange WazirX has recently taken a significant step towards enhancing transparency by releasing its proof-of-reserves (PoR) report. In a statement issued on October 25, the exchange revealed that a staggering 40% of its customer assets are held on third-party exchanges. This move is designed to allow users and stakeholders to independently verify
Recent developments in South Korea’s cryptocurrency landscape have left over 33,000 investors in a precarious situation, characterized by inaccessibility to approximately $13 million in their digital assets. The abrupt shutdown of numerous cryptocurrency exchanges, driven by the implementation of the Virtual Asset User Protection Act, has prompted a wave of frustration and concern among affected
The implosion of FTX, once a titan in the cryptocurrency exchange arena, has left a lasting mark on the financial landscape. The scandal has unearthed massive mismanagement and allegations of fraud, with former executives now at the center of legal proceedings. One such figure, Nishad Singh, who held a significant position within FTX, is currently
The recent announcement from the Nigerian Economic and Financial Crimes Commission (EFCC) regarding the withdrawal of charges against Tigran Gambaryan, a high-ranking executive at Binance Holdings, signifies a turning point in a protracted saga that raised multifaceted concerns about international relations, corporate governance, and human rights within the digital currency space. Gambaryan, who had been