FTX Collapse Continues to Unfold, BlockFi Announces Bankruptcy Filing, and Kraken Settles Sanctions Violation: Hodler's Digest, Nov. 27 - Dec. 3
Available every Saturday, Hodler's Digest will help you follow every major news story that happened this week. The best (and worst) quotes, adoption and regulatory highlights, major coins, predictions and more - a week on Cointelegraph in one link.
Top stories this weekDigital asset lending company BlockFi announced on November 28 that it had filed for Chapter 11 bankruptcy in New Jersey. The bankruptcy filing revealed, among other details, that BlockFi aims to restructure and keep specific employees on board. BlockFi has eight daughter companies that are also included in the bankruptcy petition. details of the bankruptcy proceedings, including BlockFi's attorney reporting that $355 million of the organization's capital is frozen on FTX.
As part of a settlement with the US Office of Foreign Assets Control (OFAC), US crypto exchange Kraken will pay a fine of approximately $362,000 for violating Iran sanctions . The company itself reported the violation to OFAC, according to comments from Marco Santori, Kraken's chief legal officer. Kraken allegedly allowed its exchange to be used by participants based in Iran and did not have a proper system in place to ban certain IP addresses. The company agreed to spend $100,000 on sanctions compliance measures as part of the settlement, in addition to the $362,000 fine.
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FTX Was 'Fastest' Corporate Bankruptcy in U.S. History - Fiduciary Calls for InvestigationThe FTX headlines keep rolling in as events unfold. FTX's bankruptcy filing prompted the US trustee handling the case to request an independent examiner to come and examine the details surrounding FTX's downfall. that sister entity Alameda Research's bank accounts would have been used for funds activities of FTX clients without the exchange working directly with a bank. from a Dec. 1 meeting of the US Senate Committee on Agriculture, Nutrition, and Forestry. In addition, the authorities of the Bahamas .
Binance Hires Audit Firm That Served Donald Trump To Audit Crypto ReservesBinance has continued to work to increase its transparency regarding its reserves. The crypto exchange engaged Mazars, an accounting firm known for retaining former US President Donald Trump as a longtime client, to perform its Proof of Reserves (PoR) audit. Mazars and the Trump family severed ties in 2022. In another development related to the PoR audit, , causing concern in the crypto community.
The liquidators of Three Arrows Capital are struggling to engage with Su Zhu and Kyle Davies, the founders of the hedge fund. In a virtual hearing in bankruptcy court for the Southern District of New York, attorneys representing the liquidators said the founders had not engaged with them in recent months. It is believed that Zhu and Davies are currently based in Indonesia and the United Arab Emirates, where it is difficult to enforce foreign court orders.
Available every Saturday, Hodler's Digest will help you follow every major news story that happened this week. The best (and worst) quotes, adoption and regulatory highlights, major coins, predictions and more - a week on Cointelegraph in one link.
Top stories this weekDigital asset lending company BlockFi announced on November 28 that it had filed for Chapter 11 bankruptcy in New Jersey. The bankruptcy filing revealed, among other details, that BlockFi aims to restructure and keep specific employees on board. BlockFi has eight daughter companies that are also included in the bankruptcy petition. details of the bankruptcy proceedings, including BlockFi's attorney reporting that $355 million of the organization's capital is frozen on FTX.
As part of a settlement with the US Office of Foreign Assets Control (OFAC), US crypto exchange Kraken will pay a fine of approximately $362,000 for violating Iran sanctions . The company itself reported the violation to OFAC, according to comments from Marco Santori, Kraken's chief legal officer. Kraken allegedly allowed its exchange to be used by participants based in Iran and did not have a proper system in place to ban certain IP addresses. The company agreed to spend $100,000 on sanctions compliance measures as part of the settlement, in addition to the $362,000 fine.
Read also
FeaturesAre you still independent? Financial self-sovereignty and decentralized exchanges
FeaturesDespite the bad reputation, NFTs can be a force for good
FTX Was 'Fastest' Corporate Bankruptcy in U.S. History - Fiduciary Calls for InvestigationThe FTX headlines keep rolling in as events unfold. FTX's bankruptcy filing prompted the US trustee handling the case to request an independent examiner to come and examine the details surrounding FTX's downfall. that sister entity Alameda Research's bank accounts would have been used for funds activities of FTX clients without the exchange working directly with a bank. from a Dec. 1 meeting of the US Senate Committee on Agriculture, Nutrition, and Forestry. In addition, the authorities of the Bahamas .
Binance Hires Audit Firm That Served Donald Trump To Audit Crypto ReservesBinance has continued to work to increase its transparency regarding its reserves. The crypto exchange engaged Mazars, an accounting firm known for retaining former US President Donald Trump as a longtime client, to perform its Proof of Reserves (PoR) audit. Mazars and the Trump family severed ties in 2022. In another development related to the PoR audit, , causing concern in the crypto community.
The liquidators of Three Arrows Capital are struggling to engage with Su Zhu and Kyle Davies, the founders of the hedge fund. In a virtual hearing in bankruptcy court for the Southern District of New York, attorneys representing the liquidators said the founders had not engaged with them in recent months. It is believed that Zhu and Davies are currently based in Indonesia and the United Arab Emirates, where it is difficult to enforce foreign court orders.
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