Insolvency – DIGIT INFO

Wazirx Fast-Tracks INR Withdrawals but Users Face 6-Month Crypto Trading Delay

DIGIT — Wed, 04 Sep 2024 01:46:12 +0000

Indian crypto exchange Wazirx has accelerated Phase 2 of INR withdrawals after a cyberattack on July 18. Initially scheduled for Sept. 9, eligible users can now withdraw up to 66% of their INR balances. However, crypto trading on the platform will not resume for another six months. Wazirx Expedites INR Withdrawals Amid Post-Hack Restructuring Efforts […]

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Wazirx Files for Moratorium in Singapore Court to Address Users’ Crypto Balances

DIGIT — Wed, 28 Aug 2024 12:33:47 +0000

Indian crypto exchange Wazirx has announced that a moratorium has been filed in Singapore’s High Court under the Insolvency, Restructuring and Dissolution Act to address users’ crypto balances. The move aims to provide a 30-day relief period for Wazirx to reorganize liabilities through a scheme of arrangement. The Singapore court will determine the duration of […]

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Gate.io denies liquidity problems after Multichain CEO goes missing

DIGIT — Wed, 31 May 2023 22:15:12 +0000

Some Twitter users posted transactions showing large inflows of MULTI and FTM to Gate.io, leading them to perceive a connection between the two organizations.

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Fed, central banks enhance ‘swap lines’ to combat banking crisis

DIGIT — Mon, 20 Mar 2023 02:49:57 +0000

Currency swap lines have been used during times of crisis in the past, such as the 2008 global financial crisis and the 2020 coronavirus pandemic.

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Bank Board Member and Dodd-Frank Co-Sponsor Barney Frank Suspects ‘Anti-Crypto’ Message Behind Signature Bank Failure

DIGIT — Mon, 13 Mar 2023 22:30:28 +0000

Barney Frank, a former member of the U.S. House of Representatives from Massachusetts and leading co-sponsor of the 2010 Dodd-Frank Act, discussed his opinion on the recent failure of Signature Bank. In an interview, Frank stated that he believes regulators aimed to “send a very strong anti-crypto message.” Frank, who also serves as a Signature […]

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Bank of England Shuts Down Silicon Valley Bank’s UK Branch After US Regulators Close Parent Company

DIGIT — Sat, 11 Mar 2023 22:30:33 +0000

After U.S. regulators shut down Silicon Valley Bank (SVB) on Friday, the Bank of England has closed the company’s U.K.-based arm. The central bank explained that it intends to place the subsidiary into bank insolvency procedures. Fallout From SVB Failure Prompts BOE to Close U.K. Branch The ripple effect of the 16th largest bank in […]

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NYDFS Releases Guidance on Importance of Segregation and Separate Accounting for Customer Funds in Crypto Industry

DIGIT — Mon, 23 Jan 2023 20:00:57 +0000

On Monday, the New York Department of Financial Services (NYDFS) published guidance on custodial structures to help protect customers’ money if a crypto firm goes bankrupt. New York’s top financial regulator stressed that businesses should not commingle customer funds and that customer funds should be segregated with separate accounting. FTX Collapse Prompts NYDFS to Issue […]

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Despite endless media appearances, SBF unlikely to testify on 13th

DIGIT — Mon, 05 Dec 2022 01:57:36 +0000

One observer suggested Bankman-Fried may be reluctant to discuss FTX due to the legal implication of lying under oath to the U.S. Congress.

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Crypto trading firm Auros Global misses DeFi payment due to FTX contagion

DIGIT — Thu, 01 Dec 2022 04:34:48 +0000

Auros is an algorithmic trading and market-making firm that provides liquidity for exchanges and token projects.

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FTX resumes employee and contractor payments after weeks in limbo

DIGIT — Tue, 29 Nov 2022 02:08:13 +0000

The payments will exclude former FTX CEO Sam Bankman-Fried, and certain former execs including Gary Wang, Nishad Singh, and Alameda’s Caroline Ellison.

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