Finance News
By Jean-Luc Maracon
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Millions Lost Rebuilding Trust. The abandonment of this audit was costly. Kraken claims to have lost years and millions of dollars…
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Silvergate, Signature, and the 2023 Banking Squeeze. In March 2023, the payment networks managed by Silvergate and Signature closed within days of each…
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Kraken wants its money. Through its parent company Payward, the exchange has asked the Delaware Court of Chancery to issue a final judgment against Mazars USA, its former auditor…
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The conflict dates back to December 2023. Mazars withdrew from Kraken's audit for the 2022 fiscal year, and not just at any time: a few days before the finalization of the file.
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Not really a solid justification, according to Kraken.
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The abandonment of this audit was costly. Kraken claims to have lost years and millions of dollars in legal fees to secure new auditors and reassure banks, regulators, and…
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And the timing is not insignificant. In December 2022, a year before Mazars withdrew from the Kraken file, the Mazars group had already stopped its proof of reserves work for the…
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Arjun Sethi, co-CEO of Kraken, places all this in a broader context. For him, it's "Operation Chokepoint 2.
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The numbers are there to prove it. Documents obtained through the Freedom of Information Act showed that the FDIC sent at least 25 letters to two dozen banks, urging them to…
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Related Reading: SecondFi closes after a theft of 16 million ADA following a $2.4 million breach
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In March 2023, the payment networks managed by Silvergate and Signature closed within days of each other. Two pillars of crypto transactions disappearing simultaneously.
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See also: Ripples Stuart Alderoty Pushes Congress to Stop Sidelining 52 Million Crypto Voters
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Sethi also mentioned the case of Jesse Powell, founder of Kraken. In March 2023, Powell's home was raided by federal authorities — in connection with a dispute not directly…
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Too risky to leave all this without legislative response, according to Kraken.
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The company's letter ends with a direct appeal to Congress: pass the CLARITY Act. The goal of this legislation is to establish market structure rules for digital assets, with…
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