The Ledger: Voyager to repay customers, Nomad hit by $200m hack

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Last Update: September 21, 2022

2 mins read

Robinhood was hit with a $30m penalty completing an investigation into the fintech company which dates back to its pre-NASDAQ listing days.

The company seems to have underestimated the penalty, as it originally expected the fine not to exceed $10m, which it now has.

Meanwhile, India continues to be as ambiguous a jurisdiction about cryptocurrencies as ever. However, a new startup is hoping that it can change that and help fix India’s “broken” tax regime for digital assets.

This week saw ESMA, the European Union’s financial regulator, put out a tender for a data vendor to help it monitor the fast-developing sector for instances of fraud and manipulation.

And speaking of fraud and manipulation, Nomad became the latest cryptocurrency firm to get hit by a $200m hack which has been met with the public outcry of the platform’s consumers.

On a much smaller scale, a Californian duo was jailed for a $1.9m crypto scam, giving consumers hopes that law enforcement is acting swiftly to ensure that scammers are prosecuted and investigated.

Huobi, a cryptocurrency exchange, was able to secure a license to operate in Australia. Meanwhile, the FCA told companies that they should warn their customers of the potential financial risks that they may experience by engaging with cryptocurrency investment mechanisms.

Soccer clubs FC Barcelona and Everton FC struck two NFT partnerships this week as well. Socios agreed to a $100m investment in the club, which has faced some serious financial challenges of late. Meanwhile, Everton formed an NFT alliance with Fancurve.

Voyager Digital was allowed by a bankruptcy court in New York to begin repaying customers $270m worth of their funds.

Meanwhile, Vauld, another embattled cryptocurrency lender, got a three-month period to get its finances in line and reimburse customers who wish to withdraw.

Echoing the warning of the FCA in the UK, the FDIC in the US said that cryptocurrency companies should accurately and clearly inform consumers about the potential dangers they face by engaging with digital currencies. Overall, the week saw plenty of developments.

Still, if you are done with reading on your crypto industry updates for the week, we recommend checking out some of the recreational platforms that accept crypto as a form of payment. Visit Bitcasino, 1xBit or FortuneJack to see if you enjoy crypto casino gaming.

Alex

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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