Kraken Freezes All FTX Group Linked Accounts

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Kraken Exchange has announced that accounts belonging to FTX, Alameda Research, and their executives person been frozen aft FTX filed for bankruptcy extortion successful the United States.

According to a tweet from Kraken, it decided to frost those accounts successful bid to safeguard creditors of FTX, Alameda Research and their executives aft speaking with instrumentality enforcement agencies. 

Kraken further emphasized that different clients' accounts are not included successful those that person been locked and that the institution presently has afloat reserves.

Kraken besides added that its archetypal interest has ever been and volition proceed to beryllium the extortion of customers’ finances. The speech hinted that its dedication to a higher modular of accountability and transparency successful the cryptocurrency manufacture is evidenced by its ongoing Proof of Reserves audits.

The intent of a Proof of Reserves (PoR) is to verify that a custodian really has the assets it says it does connected behalf of its clients. It is an autarkic audit carried retired by a 3rd party. This auditor gathers each stored balances into a Merkle tree, a privacy-friendly information operation that contains each lawsuit balances, aft taking an anonymized snapshot of each balance.

Kraken’s Dealings with Regulators

The Kraken speech reported successful September that it has nary intentions to delist tokens titled arsenic securities from its platform, contempt Coinbase being nether probe by the U.S. Security and Exchange Commission (SEC) for listing coins designated arsenic securities. According to Kraken CEO Dave Ripley, determination is present nary request to bash truthful due to the fact that Kraken does not connection securities.

In October, Kraken’s Blair Halliday, who formerly served arsenic the U.K. Chief of Gemini, was named the caller Managing Director of Kraken's UK operations. Halliday volition beryllium successful complaint of managing Kraken's 350 employees arsenic good arsenic its "commercial, regulatory, and governmental contacts successful the UK," according to the report.

The connection comes conscionable aft galore executives changed their positions during the play of the crypto carnivore market, leaving galore investors and shareholders unsure of what would hap next.

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