Major crypto exchanges have offered to help the people of Turkey to overcome the consequences of this week’s devastating earthquake. While the crypto industry pledged support, the country’s financial authorities allowed the raising of relief funds through cryptocurrency donations for a charity organization.

Leading Exchanges Commit to Supporting the Victims of the Earthquake in Turkey

The global crypto trading sector has quickly reacted to the news of the deadly earthquake that brought destruction to parts of Turkey and the region. Over the past few years, the country became a growing crypto market and digital asset exchanges are now offering to help Turkish traders, their families, and neighbors in need.

Binance, the world’s largest trading platform for cryptocurrencies, announced on Tuesday it will airdrop $100 of BNB tokens to all of its users living in the most affected areas. The company said it will identify the customers that qualify based on proof of address and disperse a total of around $5 million. It also emphasized:

Crypto transfers are now increasingly being used to deliver financial aid to disaster victims as they provide fast, low-cost, borderless, and transparent transactions.

Furthermore, Binance Charity is now accepting donations in several coins that will be converted to Turkish lira and sent to an NGO. “We hope that our efforts will bring some relief to those affected. We are also calling on our industry peers to once again come together to offer support in these times of crisis,” Binance founder and CEO Changpeng Zhao was quoted as saying.

Competitors like Huobi, Okx, Bybit, and others have promised to support Turkey as well. Okx will provide 1 million Turkish lira (over $53,000) in financial assistance for the victims of the natural disaster, according to a statement by its Chief Marketing Officer Haider Rafique. Bitget is donating the same amount of money.

Huobi CEO Justin Sun unveiled the establishment of a 2 million lira relief fund by the Tron exchange and blockchain in memory of those who lost their lives in the powerful earthquake. The death toll from the 7.8 magnitude tremor, which struck Southeastern Turkey and Western Syria on Monday, continues to rise and is already exceeding 9,000.

Coinex said in a Facebook post it’s ready to help people in both countries while Bitmex tweeted it will donate the proceeds of its trading competition this week to the Turkish Red Crescent. Bitfinex and Tether expressed their condolences and pledged 5 million lira towards immediate humanitarian aid and recovery efforts. They will also “seek ways to provide continued support towards helping Turkiye rebuild for the future.”

Our thoughts are with all the people who have been affected by the tragic Turkey-Syria earthquake today.

BitMEX will be donating the proceeds of this week’s Trading Competition to the @RedCrescent, and we encourage those who can donate to do the same. #GeçmişOlsunTürkiye

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— BitMEX (@BitMEX) February 6, 2023

Singapore-based crypto exchange Bybit announced it will send $100,000 to Turkey’s Disaster and Management Authority (AFAD). Meanwhile, the country’s Financial Crimes Investigation Board (MASAK) approved an initiative by a charity called Ahbap to raise donations in cryptocurrency, according to its founder, Turkish singer Haluk Levent. The campaign will continue until Feb. 13

Do you expect other companies from the crypto industry to join these exchanges in helping Turkey to deal with the disaster? Tell us in the comments section below.

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According to recent court filings, Kyle Davies, co-founder of the defunct cryptocurrency hedge fund Three Arrows Capital (3AC), has allegedly failed to respond to a subpoena from the firm’s current liquidators, despite it being sent via Twitter. Representatives from advisory company Teneo state that Davies continues to ignore his obligations to Three Arrows.

3AC Liquidators Frustrated With Lack of Response From Co-Founders

A recent filing submitted to the New York bankruptcy court states that Kyle Davies, co-founder of 3AC, is obstructing or disregarding requests from the 3AC Liquidation team. Additionally, according to representatives from advisory firm Teneo, Davies is accused of soliciting investors “shamelessly” for a new cryptocurrency project. On Jan. 5, 2023, the “3acliquidation” Twitter account served subpoenas to the 3AC founders via Twitter.

Lawyers and two representatives from Teneo explained in a court filing released Tuesday night that the liquidators have yet to receive a response from Davies. While the lawyers note that the 3AC founders are looking to start a new crypto project, the liquidators also mention that Davies has been active on social media. “He has not even attempted to reach out to undersigned counsel to voice an objection or concern with the topics of the subpoena. This is not a question of partial compliance, but of no compliance whatsoever,” the filing details.

The liquidators add:

He is, without question, aware of the Subpoena … having been tagged in 41 replies and 64 retweets … and has, once again, chosen to ignore his duties to Three Arrows. All the while, Mr. Davies has continued to post on his Twitter account, openly ignoring the Court’s directives and enjoying media attention while he continues to thwart efforts by the Foreign Representatives to gain access to documents and information.

Liquidators have expressed frustration about their attempts to reach 3AC co-founders Su Zhu and Davies since the bankruptcy proceedings began. At the time, Zhu maintained that the pair has been communicating with all relevant authorities “from day one.” However, complaints from 3AC liquidators emerged shortly after the defunct cryptocurrency hedge fund filed for bankruptcy protection, using the Chapter 15 process to safeguard the company’s assets in the United States.

According to reports and an interview with Davies in November 2022, Davies is believed to be in Bali. During the interview, CNBC’s Becky Quick asked Davies if he was “in Bali because Indonesia is one of the seven countries that won’t extradite you to the United States.” Zhu’s location is thought to be either Singapore or the United Arab Emirates (UAE), but the exact location of either 3AC co-founder is uncertain as of writing.

What do you think of the allegations against Kyle Davies and the ongoing legal battle for Three Arrows Capital? Share your thoughts in the comments below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.