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Genesis proposes US$1.6 bln asset sale amid bankruptcy

Genesis, in bankruptcy, seeks court approval to sell Bitcoin and Ether trust assets worth US$1.6 billion.

Gemini, Genesis, DCG sued by New York Attorney General

The lawsuit alleges that the companies defrauded over 230,000 investors.

Digital Currency Group plans restructuring to pay creditors of bankrupt Genesis unit

Digital Currency Group (DCG), the parent firm of failed crypto broker Genesis Global Capital, plans to transfer equity in another unit, Genesis Global Trading, to Genesis Global Holdco and eventually sell both companies to raise capital to pay back creditors.

Will Genesis meet its maker amid creditors closing in?

Top blockchain and crypto news: Genesis bankruptcy begins. FTX chief ponders a reboot. China’s CBDC gets a smart-contract upgrade.

Bankrupt crypto lender Genesis ‘optimistic’ about resolving creditor dispute: Reuters

Genesis Global Capital’s lawyers are confident about resolving their disputes with creditors this week, with the goal of emerging from Chapter 11 in May.

Genesis’s trading arm moving funds on blockchain, bankrupt units reveal extent of liabilities

According to on-chain data, the trading arm of bankrupt crypto lending firm Genesis is still moving funds around on the blockchain.

Digital Currency Group’s crypto brokerage Genesis Global Capital files for bankruptcy

Crypto brokerage firm Genesis Global Capital filed for Chapter 11 bankruptcy on Thursday in the Southern District of New York.

DCG’s crypto lender Genesis may file for bankruptcy, according to Bloomberg report

Crypto brokerage firm Genesis Global Capital is preparing to file for bankruptcy as early as this week, Bloomberg reported.

Genesis, Gemini face US charges over unregistered securities sales

Top blockchain and crypto news: SEC frowns on Genesis, Gemini. Solana soars. Will China tighten its embrace of WeChat Pay and Alipay to push its CBDC?

SEC in the U.S. charges Genesis, Gemini with selling unregistered securities

The U.S. Securities and Exchange Commission on Thursday charged cryptocurrency lender Genesis Global Capital and crypto exchange Gemini Trust with offering and selling unregistered securities to retail investors.

Digital Currency Group seeks to calm investors over Genesis loans: reports

Barry Silbert of DCG disclosed his company owes a US$575 million loan and a US$1.1 billion promissory note to its subsidiary Genesis Global Capital.

Genesis jitters keep investors on edge as contagion risks grow

Top blockchain and crypto news: Fear stalks crypto as Genesis wobbles. FTX cleanup begins. China’s NFT scene shrinks.

HK crypto over-the-counter service Genesis Block to end trading: Reuters

Genesis Block, a cryptocurrency over-the-counter trading service in Hong Kong, will close its trading portal on Dec. 10, Reuters reported on Friday citing an email the company sent to customers.

Genesis crypto broker freezes withdrawals; Winklevoss’s Gemini, S. Korea’s GOPAX exchanges affected

The Genesis brokerage arm of the Digital Currency Group is one of the latest cryptocurrency platforms to lock down withdrawals following the bankruptcy of crypto exchange FTX, and the freeze is spreading.

FTX contagion in S.Korea: GOPAX halts Genesis-backed DeFi

S.Korean crypto exchange GOPAX halted withdrawal of principal and interest payments in its DeFi service which brokers products from Genesis.

BIS, Goldman Sachs, HKMA test tokenized green bond project Genesis 2.0

Genesis 2.0 aims to explore tokenized carbon credits and IoT facilities to monitor green bond issuers’ emission-reducing commitment.

Crypto lender Genesis cuts staff, CEO exits amid executive shuffle

Cryptocurrency brokerage Genesis announced its CEO Michael Moro will step down as it reshuffles its executive team, while a 20% layoff of its 260-person workforce is being widely reported. See related article: BIS, HKMA partner on Project Genesis to tokenize green bonds Fast facts Chief operating officer Derar Islim will take over as CEO on […]

Three Arrows Capital contagion reaches Genesis brokerage

Genesis Chief Executive Officer Michael Moro confirmed on Wednesday the cryptocurrency brokerage was exposed to the now-bankrupt hedge fund Three Arrows Capital (3AC). See related article: Three Arrows Capital files for Chapter 15 bankruptcy Fast facts Genesis sold collateral and hedged downside once 3AC was unable to meet margin call requirements on a loan, Moro […]

Genesis Trading at risk of nine-figure losses in 3AC contagion: report

Crypto market maker and lender Genesis Trading may lose “hundreds of millions” due to its exposure to troubled crypto firms Three Arrows Capital (3AC) and Hong Kong-based lender Babel Finance, CoinDesk reported. See related article: Wall Street seems to sense opportunity in distressed crypto markets Fast facts Genesis is seeking at least partial reimbursement from its […]

Chinese mining rig maker Canaan secures purchase order from Genesis for 30K units

While China continues to stamp out cryptocurrency mining, the mining rig producers continue raking in the deals. The latest: Canaan, a Chinese crypto mining rig maker, has secured a follow-on contract from Genesis Digital Assets for 30,000 units of Avalon Bitcoin mining machines, with another 150,000 units to be executed. Fast facts Back in August, […]

Genesis Digital Assets signs deal for 20K mining machines to fuel growth in North America, Nordic region

The order follows a June purchase by Genesis of 10K machines from China-based Canaan, one of the world’s biggest Bitcoin mining rig makers

BIS, HKMA partner on Project Genesis to tokenize green bonds

The Bank for International Settlements (BIS) Innovation Hub Hong Kong Centre and the Hong Kong Monetary Authority (HKMA) are collaborating on Project Genesis — a green finance project for the tokenization of green bonds using blockchain technology, according to a BIS statement. Fast facts Project Genesis — the BIS Innovation Hub’s first green finance project […]

Coda Protocol announces new cohort for Genesis token Program

New lightweight protocol nearing mainnet launch says it is distributing six times more tokens than others to attract developers and encourage greater decentralization.

STEPN launches $30 mln airdrop ahead of brand partnership

Web3 fitness app STEPN rewards users with a $30 million airdrop as it prepares for a major brand collaboration.

Gemini to reimburse US$1.1 bln to Earn customers after settlement

Gemini exchange reaches a settlement to return funds to users affected by the Genesis bankruptcy.

Sara Stratoberdha named new CEO of CoinDesk

Bullish, the cryptocurrency exchange, announces Sara Stratoberdha as CoinDesk’s new leader, emphasizing the platform’s commitment to unbiased and independent journalism under new ownership.

Can spot Bitcoin ETFs push Hong Kong to the crypto throne?

Top blockchain and crypto news: Hong Kong mulls Bitcoin ETFs, Ordinals flip Ethereum NFTs, IPO comes full circle.

Sam Bankman-Fried planned to raise money from Saudi crown prince, Ellison testifies

Caroline Ellison details how Sam Bankman-Fried planned to raise capital from Saudi Crown Prince Mohammed Bin Salman as FTX struggled to repay lenders.

Former Alameda CEO Caroline Ellison testifies in ex-boyfriend Sam Bankman-Fried’s trial

Caroline Ellison, Sam Bankman-Fried’s ex-girlfriend and former CEO of Alameda Research, details how the trading firm took around $14 billion from FTX customers to repay lenders.

Coinbase and Wall Street: The merging worlds of TradFi and crypto

Top blockchain and crypto news: Coinbase steps up to fill void of crypto lenders. NFTs extend losses. What’s next for crypto as Singapore gets a new president?

Bitcoin, Ether flat; US equities drop as rate hike concerns return

Bitcoin was trading flat below US$26,000 Wednesday morning in Asia. Ether edged up but remained below the US$1,650 mark.

Are Bitcoin and STOs birds of a feather? Think again

Bitcoin’s birth marked a radical departure from the strictures of centralized finance. Is the advent of asset tokenization undermining the original crypto’s founding ideals?

Alotta NFTs, alotta volume

NFT data reveals a staggering 876,000 transactions across DMarket, DraftKings, Gods Unchained, and Sorare. DMarket alone boasts over 15 million NFTs. Combined, these giants account for nearly one-third of all NFT transactions.

Is Worldcoin’s free crypto more than just a freebie?

Concerns arise over Worldcoin’s free crypto. NFT market does a crabwalk. Japan’s next big thing for the metaverse.

Sky Mavis and CyberKongz Plan to Win Together

CyberKongz plans a shift to the Ronin blockchain alongside Axie Infinity as Sky Mavis gears up for its first PFP collection and third-party NFT mint.

Tokenization is driving new value, and Asia is leading the way: Opinion

Across Asia, projects dedicated to asset tokenization have become a cornerstone of the new digital economy, showing the world the technology’s possibilities.

Why Asia will emerge as the global hub for Web3 gaming: Opinion

Already home to most of the world’s gamers, Asia has a rich pedigree in seeding and embracing new technologies, writes Robbie Ferguson of Immutable.

Singapore, Thailand clarify crypto rules; NFTs become new cultural frontier

Welcome to Forkast IQ, presented by Angie Lau, where we look beyond the headlines to get you insights that power smarter decisions. Coming up on today’s show:

No surprise as Singapore, Thailand step up crypto regulation

Southeast Asia steps up regulation. No end in sight for NFT market decline. Voyager’s shrinking portfolio.

Crypto gets a boost following reports of Fidelity’s imminent Bitcoin spot ETF filing

Top blockchain and crypto news: Fidelity Investment is reportedly close to filing its own Bitcoin ETF. NFT traders seek liquidity. Singapore eyes asset tokenization.

US SEC sues major exchanges; Circle gets Singapore license

Welcome to Forkast IQ, presented by Forkast’s Megha Chaddah, where we look beyond the headlines to get you insights that power smarter decisions.

Bitcoin, Ether rise amid ‘swoon-soar’ trading after SEC lawsuits against Binance, Coinbase

Bitcoin fails to break US$27,000 ceiling. Binance’s BNB gained 2%, even as latest SEC filing alleges customer funds were moved to private accounts, a charge Binance rejected.

Singapore’s Temasek cuts employee compensation for failed FTX investment decision

Temasek, Singapore’s state-owned investment firm, said on Monday that it has cut the pay of senior management and the investment team involved in the decision to invest in the now-bankrupt FTX cryptocurrency exchange.

Philippines regulator warns against Gemini Derivatives for unregistered securities

The Philippines Securities and Exchange Commission warned the public last week not to use crypto exchange Gemini’s derivatives platform.

Bitcoin, top 10 cryptos fall except Tron; U.S. futures slightly up; Asian equities rise

Bitcoin traded below US$27,000 in Monday afternoon trade in Asia.
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Is Tether unmoored — or just dandy?

Top blockchain and crypto news: Fighting words over USDT erupt on Twitter. Litecoin surges amid memecoin fever. Chinese city bids for blockchain business.

Bitcoin back above $29,000, Ether gains; Matic leads winners on Polygon tools update

Bitcoin and Ether rose in early Thursday morning trading in Asia, with most other top 10 non-stablecoin cryptocurrencies mixed.

What the US can learn from the Philippines to regulate crypto in a smarter way

The Philippines has licensing requirements and proactively monitors crypto firms, while the US regulates by enforcement only after consumers are already badly hurt, writes Robert De Guzman of Coins.ph.

Where is the Metaverse headed?

The conversation hasn’t died down, and the potential is still there. But what about the ambition?

Forkast 500 NFT index dips, Vitalik-linked NFT token gains momentum

The Forkast 500 NFT Index dipped 1.25% to 4,235.97 in the 24 hours through 10:00 a.m. in Hong Kong on Thursday.
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FTX’s Alameda sues Grayscale over crypto trusts

Alameda Research has filed a law suit against crypto conglomerate Digital Currency Group and its asset management business Grayscale over trust investments.

Momoguro NFTs sell out in 9 hours, generates US$7.6 mln of sales

Momoguro: Holoself, an Ethereum-native non-fungible token (NFT) collection launched by Emmy-winning animation studio, Baobab Studios, generated over 12,000 sales worth US$7.6 million on the first day of its launch, according to NFT data aggregator CryptoSlam. See related article: Weekly NFT sales drop, unique buyers surge amid Coinbase’s new NFT airdrop Fast facts See related article: […]

Robinhood says it’s cooperating with SEC following subpoena over cryptocurrency services

Robinhood says it’s cooperating with an SEC investigation into the company’s trading and handling of cryptocurrencies.

Creepz NFT sales surge 239% following Spotify partnership news

The sales volume of Creepz by Overlord surged by 239% in the 24 hours to 11:00 p.m. on Thursday in Hong Kong, after its creator announced a partnership with music streaming giant Spotify.

Crypto exchanges face an existential challenge. What can bring users back?

Amid the rubble of FTX and other centralized exchanges, cross-chain technology and on-chain trading offer more trustworthy alternatives, writes Simon Harman of Chainflip.

Japan’s Square Enix to launch Web3 game on Polygon blockchain, cites ‘sustainability’ benefits

Square Enix announced Wednesday that it will launch its first Web3 game Symbiogenesis on the Polygon blockchain.

Hong Kong hopes to raise US$102 mln from digital green bonds debut: Bloomberg

The Hong Kong government is looking to raise US$102 million through the pilot issuance of its digital green bonds, according to a Monday report from Bloomberg. 

Binance makes Korea comeback with GOPAX acquisition

Top blockchain and crypto news: GOPAX deal sees Binance return to South Korea. Inflation fight spooks crypto markets. Chinese liquor giant gives cheers to NFTs.

DCG to sell Grayscale holdings at a discount to pay creditors: report

Digital Currency Group has started to sell shares of its cryptocurrency funds at a significant discount, according to a Tuesday report from the Financial Times.

Gemini agrees to put US$100 mln to Earn asset recovery efforts

Gemini has agreed to put up US$100 million to the asset recovery of Earn users as part of bankrupt crypto lender Genesis Capital’s in-principle agreement with parent firm DCG and other creditors.

Binance suspends international U.S. dollar transfers, CEO indicates issues with banks

Binance, the world’s largest crypto exchange, will suspend all deposits and withdrawals of U.S. dollars at its international exchanges from Feb. 8.

Binance re-enters S. Korea through GOPAX equity purchase: report

Binance has returned to South Korea after a two-year break by acquiring a majority stake in the local cryptocurrency exchange GOPAX, Bloomberg reported Friday.

Celsius misled investors, spent customer funds, bankruptcy examiner claims

Celsius Network may have misled its investors and spent customer funds, an independent examiner said in a Tuesday court filing.

DCG-owned Luno exchange to axe 35% of its staff

Cryptocurrency exchange Luno, the London-based trading platform owned by venture capital firm Digital Currency Group (DCG), will let go of 35% of its global workforce

Bankrupt BlockFi’s financials show US$1.2 bln exposure to FTX, Alameda: report

Bankrupt BlockFi reportedly had over US$1.2 billion of assets tied to FTX.com and its sister trading firm Alameda Research

Markets: Bitcoin, Ether dip as investors take profits; earnings reports, economic data rattle equities

Bitcoin and Ether fell in Wednesday morning trading in Asia, along with the other top 10 non-stablecoin cryptocurrencies as investors seemed to be taking profits after the strong gains in crypto prices since the start of the year.

Binance says Signature Bank no longer supports crypto exchange transactions of under US$100,000

Signature Bank will not handle transactions of less than US$100,000 for crypto exchange customers starting in February, according to exchange giant Binance.

Weekly Market Wrap: Bitcoin up over 21% in best weekly performance since Feb. 2021. Bull run or bull trap?

Bitcoin’s price has had its best weekly run up since February 2021 in the seven days through Jan. 18, but is that the start of a bull run or setting up the optimists for a sucker punch? Experts share their predictions with Forkast.

Binance among top Bitcoin receivers of Bitzlato’s illegal funds, FinCEN says

The Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Department of the Treasury that combats financial crimes, has named Binance, the world’s largest cryptocurrency exchange, as one of the top three receiving counterparties of Bitzlato Ltd. 

Cardano expresses interest in buying CoinDesk from cash-strapped Digital Currency Group

Cardano co-founder Charles Hoskinson said he is considering acquiring CoinDesk, the media arm of the struggling Digital Currency Group.

Markets: Bitcoin bounces back above US$21,000, Cardano gains amid CoinDesk speculation

Bitcoin and Ether rebounded Friday morning in Asia along with all of the top 10 non-stablecoin cryptocurrencies. Cardano and Ripple led the gains.

Singapore-based crypto unicorn Amber Group slashes Hong Kong workforce, SCMP reports

Singapore-based digital asset manager Amber Group has cut its Hong Kong staff by half to 40 to weather a slump in cryptocurrency prices and a cascade of bankruptcies in the industry.