FTX Payouts, Hong Kong Coin Scam, and Russian Crypto Developments
March 6, 2025 – The cryptocurrency world continues to be a volatile space, with several significant developments affecting users and the industry in general. From delayed FTX payouts to a suspected Hong Kong coin scam, the week has witnessed several key events shaping the future of digital assets.
Kraken to Resume FTX Payouts
Kraken, a prominent cryptocurrency exchange, has announced the resumption of FTX payouts on May 30th. This round of payouts will cover claims both below and above the $50,000 threshold. According to statements from FTX’s creditor representative Sunil, Kraken is sending emails to users to confirm their eligibility for this disbursement.
Fake Hong Kong Coin Prompts Warnings
A fraudulent Solana-based “Hong Kong coin” is being promoted by a malicious X account impersonating the Chief Executive of Hong Kong. Hong Kong authorities and regulators have issued warnings, urging investors to be vigilant and avoid potential scams. A Hong Kong lawmaker on March 6th issued an official statement about this concerning scheme.
Russia’s Crypto Landscape: No National Fund Inclusion, Garantex Shutdown
The Russian Finance Ministry has confirmed that it will not include cryptocurrency in the National Welfare Fund, emphasizing its commitment to preserving the value of yuan and gold reserves. This decision aligns with Russia’s cautious approach to regulating digital assets.
In parallel to this, sanctioned Russian crypto exchange Garantex has suspended all operations. This follows Tether freezing over $27 million in USDT on the platform, further highlighting the limitations and implications of sanctions within the crypto industry. The freezing of funds on Garantex resulted from a wider freeze on the exchange affecting a total value of over $2.5 Billion in USDT.
Tether Freezes USDT Funds on Garantex
Further compounding the situation, Tether froze approximately $27 million worth of USDT on the sanctioned Russian exchange Garantex, effectively halting trading and withdrawals. This move underscores the ongoing complexities surrounding sanctions and cross-border crypto transactions.
These events highlight the ongoing challenges and risks associated with cryptocurrency trading, particularly concerning cross-border transactions in the wake of sanctions.
