Kraken Exits Japan, Argo Avoids Bankruptcy, Bankman-Fried Borrows Millions

• Cryptocurrency exchange Kraken announced it will be exiting Japan at the end of January 2021.
• Bitcoin miner Argo Blockchain has avoided filing for bankruptcy protection with the help of a new $35 million loan from Mike Novogratz’s crypto-focused financial-services firm.
• Former FTX CEO Sam Bankman-Fried borrowed hundreds of millions of dollars from Alameda Research, the trading firm he owned, to purchase his stake in trading app Robinhood Markets.

Cryptocurrency exchange Kraken has announced that it will be exiting Japan as of January 31st, 2021 due to “current market conditions in Japan in combination with a weak crypto market globally.” Kraken users in the country have until the end of next month to withdraw their fiat and crypto holdings, with the option of transferring crypto to another wallet or wiring Japanese yen to a local bank.

Meanwhile, Bitcoin miner Argo Blockchain has managed to avoid filing for bankruptcy protection with the help of a new $35 million loan from Mike Novogratz’s crypto-focused financial-services firm. The miner was in a precarious situation when a deal for $27 million in funding fell through in October. However, it was able to bolster its balance sheet and avoid bankruptcy after agreeing to sell its Helios mining facility in Dickens Country, Texas, to Galaxy Digital for $65 million.

Former FTX CEO Sam Bankman-Fried also made headlines recently for reportedly borrowing hundreds of millions of dollars from Alameda Research, the trading firm he owned, to purchase his stake in trading app Robinhood Markets. Bankman-Fried and FTX co-founder Gary Wang reportedly borrowed the money from Alameda Research, which is also a major shareholder in FTX. The affidavit provided to a Caribbean court before Bankman-Fried’s arrest states that the money was used to purchase Robinhood shares and that the transaction was approved by the board of Alameda Research.

These recent developments in the crypto space demonstrate the ever-evolving nature of the industry. From major players like Kraken exiting Japan to large investments being made in mining facilities and trading apps, the crypto landscape is constantly shifting and adapting to meet the demands of the market. It will be interesting to see how these moves affect the industry in the long run.

Comments are closed.