Crypto news recap: Kraken closes Abu Dhabi Office

Published February 5th, 2023 - 01:23 GMT
Crypto news recap: Kraken closes Abu Dhabi Office
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ALBAWABA - This week in Crypto News Recap, Kraken ceases Abu Dhabi operations during company restructuring, while Meta CEO Mark Zuckerberg confirmed the company's commitment to its metaverse strategy despite the Reality Labs division's $13.7 billion loss in 2022.

Meanwhile, a ruling by U.S. District Judge Lewis Kaplan may reveal the individuals who helped former FTX CEO Sam Bankman-Fried with his bail bond, and Alameda Research is suing Voyager Digital for $445.8 million in loan repayments. So let's dig in!

Kraken closes Abu Dhabi office as part of restructuring efforts

Kraken, a cryptocurrency exchange, has closed its Abu Dhabi office after obtaining a local license, but only been open for under a year. As part of its restructuring, the company is reducing its global workforce, leading to the layoff of most of its Middle Eastern and North African team, affecting around eight employees. Kraken is no longer listed as an active entity in the Abu Dhabi Global Market registry. Although transactions in the currency of the United Arab Emirates have been temporarily stopped, clients in the region can still access the platform and withdraw their deposits. Despite the improvement in cryptocurrency prices this year, the trading volume remains low and has affected revenue for exchanges. Kraken plans to retain some workers in the Middle East and North Africa region and has closed its Japanese branch at the end of January as part of its reduced international growth plans.

FTX CEO's bail bond helpers may be identified and Alameda Research sues Voyager Digital

The names of the two individuals who assisted former FTX CEO Sam Bankman-Fried with his $250 million bail bond might be disclosed next month due to a recent ruling by U.S. District Judge Lewis Kaplan. Bankman-Fried's legal team has until Feb. 7 to challenge the ruling. During the ongoing bankruptcy proceedings, FTX and other concerned parties have asked for subpoenas for information and documents from Bankman-Fried's close relatives, alleging that not all members of his inner circle have responded to their requests. In other news, Alameda Research is suing the bankrupt crypto lender Voyager Digital to retrieve $445.8 million in loan repayments that were made before FTX's collapse.

Meta CEO confirms commitment to Metaverse despite Reality Labs division's record losses

Mark Zuckerberg, CEO of Meta, stated that the company will stick to its long-term plan for the metaverse, even though its Reality Labs division incurred a loss of $13.7 billion in 2022, the largest yearly loss ever recorded for its metaverse-building division. Despite this, the company's overall revenue for the fourth quarter was $32.1 billion, exceeding Wall Street predictions.

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