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Kraken Has Reportedly Frozen Accounts Associated With Alameda And FTX

Kraken, a crypto exchange based in the United States, has halted the accounts linked to Alameda Research, FTX Group, as well as their executives, after conversing with the authorities. On the 13th of November, Kraken shared a tweet saying that the respective accounts were frozen to shield the creditors.

Kraken Stops Accounts Connected to Alameda and FTX

The platform added that it maintains complete reserves while no effect has been posed to the funds of the other consumers, eliminating the apprehensions that the company might go through some liquidity problems because of the fund freeze. In its tweet, the firm mentioned that it has communicated with the law enforcement authorities in the case of some accounts possessed by the now beleaguered Alameda Research, FTX Group, along with their executives.

A spokesperson from Kraken stated that the company had keenly observed the recent advancements related to the FTX estate apart from getting in touch with the authorities to freeze the accounts access for specific funds which were suspected to be linked to scam, misconduct, or negligence by FTX. The spokesperson specified that the venue would sort out every account one by one and may also pursue instructions from the trustee or Bankruptcy Court.

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This freeze is witnessed following the declaration by FTX on the 11th of this month that nearly 130 firms under FTX Group – including Alameda Research – submitted bankruptcy filings in the United States in addition to the resignation of Sam Bankman-Fried (the former CEO of the company). After that, an alleged exploit occurred on FTX involving an account of Kraken.

On the 12th of November, Nick Percoco – the chief security officer at Kraken – disclosed having the information related to the hacker. Subsequently, he updated by saying that a statement would be made by FTX about the scenario as well as the fund usage from their validated Kraken account for the accomplishment of the transfer. Regulatory agencies seem to be utilizing stringent rules on FTX as well as the executives of the exchange amid the latest disorder.

Bahamian Regulator Negates Having Ordered FTX to Prefer Withdrawals for Users in the Area

The headquarter of FTX is in The Bahamas while the securities regulator of the country halted the assets possessed by the FTX Digital Markets (the Bahamas-based subsidiary of the exchange) as well as the parties related to it. On the 12th of this month, the Regulatory organization refuted to have directed FTX to prefer withdrawals for the consumers based in the Bahamas after the entity asserted being directed by the regulators to do so.

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Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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