Forkast.News is now Forkast Labs
binance

Binance gets Abu Dhabi regulator’s nod to offer crypto custody services

Binance, world’s largest cryptocurrency exchange, has obtained Financial Services Permission from Abu Dhabi’s Financial Services Regulatory Authority (FSRA), to provide custody to professional clients in and from the Abu Dhabi Global Market (ADGM), the international financial center of the UAE’s capital.
FTX collapse leaves investors jittery over crypto contagion

FTX collapse leaves investors jittery over crypto contagion

Top blockchain and crypto news: FTX fallout spooks sector. Crypto.com’s $400 million ‘accident.’ Hong Kong’s new digital asset drive.
Connected people. Interactions between employees and working groups. Networking communication. Decentralized hierarchical system of company. Partnerships, business connections. Organization concept

Mastodon is the hot new alternative to Twitter: Can it decentralize social media?

Can decentralized platform Mastodon, named after an extinct elephant, replace the little blue bird that has dominated the world’s social media landscape for over a decade?
Bitcoin cryptocurrency, blockchain technology decentralized currency coin, conceptual image with selective focus

Markets: Bitcoin inches up, Ether falls; most top 10 crypto rebound

Bitcoin inched up during Wednesday afternoon trade in Asia while most of the top 10 cryptocurrencies by market capitalization, excluding stablecoins, rallied from recent losses.
Korbit logo, bitcoin background | Korbit is first South Korean exchange to disclose full crypto reserves, post-FTX debacle | korbit, ftx, bankruptcy

Korbit is first South Korean exchange to disclose full crypto reserves, post-FTX debacle

Korbit, one of South Korea’s five fully licensed crypto exchanges, announced Wednesday that it will reveal its full list of crypto reserves.
circle of fire

USDC stablecoin issuer Circle expects slower growth over Binance’s BUSD conversion

Circle, the issuer of U.S. dollar-pegged stablecoin USDC, has said that stronger competition in the stablecoin market is likely to pressure Circle stablecoins, thereby slowing its growth and weighing on the financial outlook of the company. 
2225643381

Who is exposed to FTX? A running compilation on a rapidly moving target

The number of creditors with claims on the collapsed FTX cryptocurrency exchange and its affiliates may run into the hundreds of thousands and possibly more than 1 million.
Ex-FTX CEO Sam Bankman-Fried | Binance’s pending acquisition, rescue of FTX may attract attention of antitrust regulators

FTX founder Sam Bankman-Fried to potentially face questioning in US: report

The former CEO of FTX may face questioning by authorities in the U.S. as scrutiny over the role he played in the exchange’s sudden collapse and bankruptcy intensifies.
aax logo in black background | AAX crypto exchange at risk of capital deficit, says market vulnerable from FTX collapse | aax exchange, ftx, blockfi, ben caselin

AAX crypto exchange at risk of capital deficit, says market vulnerable from FTX collapse

AAX wants to reopen withdrawal services with additional capital, while VP Caselin told Forkast AAX is caught in a market-wide vulnerability.

NFT platform, art collective launch collaboration in aid of Ukraine

NFT platform laCollection has launched a series of collaborations with international artists to raise funds for Ukrainian cultural institutions.
ex-terra daniel shin and blockchain background | Terra cofounder Daniel Shin’s Chai Corp. raided by S.Korean authorities | do kwon news, daniel shin terra, chai corporation

Terra cofounder Daniel Shin’s Chai Corp. raided by S.Korean authorities

Daniel Shin’s Chai Corporation, which partnered with Terraform Labs in 2019, is accused of violating capital market rules in past dealings with Terra.
Bitcoin sitting on a tablet.

Crypto lender BlockFi faces possible failure amid FTX collapse, WSJ says

BlockFi Inc. is preparing for possible bankruptcy filings after it acknowledged “significant exposure” to bankrupt cryptocurrency exchange FTX.com.
Japan’s government approves policy to drive Web 3.0 adoption

Japan investment manager SoftBank reportedly writes down stake in FTX to zero

Masayoshi Son’s SoftBank Group is having an awful year on the investment front and has now been hit by the FTX failure.
Hand holding crypto hard wallet | Trezor, Ledger report surge in hard wallet sales amid FTX exchange meltdown | ledger, trezor, ftx

Trezor, Ledger report surge in hard wallet sales amid FTX meltdown

What to do when one of the world’s most trusted crypto exchanges implodes? For many it’s finding a safer place for their assets, and that is typically hardware wallets.
A pile of Bitcoins on a black Background. | Markets: Bitcoin, Ether rise amid positive inflation data, despite reports of Russian missile strikes in Poland.

Markets: Bitcoin, Ether rise amid positive inflation data, despite reports of Russian missile strikes in Poland

Bitcoin and Ether rose on Wednesday morning in Asia amid reports of alleged Russian missile strikes on Poland while inflationary data out of the U.S. provided support.
FTX, authorities investigate potential US$477 mln theft

FTX hacker becomes 35th largest Ethereum holder

The address associated with the FTX hack swapped US$48.2 million worth of DAI stablecoins to 37,570 Ether and became the 35th largest holder of the world’s second-largest crypto.
DeFi’s real estate revolution: The rise of tokenization

DeFi’s real estate revolution: The rise of tokenization

The tokenization of property in DeFi differs greatly from the securitization that led to the global financial crisis. In this introductory part of a special series of three articles, Forkast looks at the origins of the phenomenon, what’s new about it, and the promise it holds for investors.
cropped view of man holding wooden gavel above yellow piggy bank near bankruptcy form

Enron veteran is FTX’s new head: Does he have what it takes to win back user’s funds?

The failure of cryptocurrency exchange FTX has been compared to the Lehman Brothers collapse in 2008, but it may have more similarity to the bankruptcy of energy trading giant Enron Corp. – an event FTX’s new chief executive officer knows all too well.
Ripple Vs SEC Images

Coinbase officially enters the fray in XRP lawsuit to support Ripple against SEC

U.S.-based cryptocurrency exchange Coinbase has officially submitted its amicus brief to support Ripple in the lawsuit the U.S. SEC filed in 2020 against Ripple.
Golden Bitcoin and crypto tokens in a small shopping cart, in front of a laptop with a Bitcoin chart.

Retail crypto sees more new users when Bitcoin prices rise: BIS report

A rise in Bitcoin prices is the most important factor for a significant increase in the number of new investors, instead of distrust in public institutions, dislike for traditional banks, or search for a store of value, according to a report by the Bank for International Settlements. 
Kevin O’Leary, O’Shares Investments chairman and ‘Shark Tank’ investor, joins ‘TechCheck’ to discuss O’Leary’s investment in FTX

Shark Tank’s Kevin O’Leary says FTX debacle will never happen again

O’Leary remains committed to crypto even after losing his investment in FTX.com, but said that the industry will become more regulated.
Panelists speaking at Forkast's Crypto Rising. | FTX collapse ‘sad’ for the industry, but underlying technology still sound

FTX collapse ‘sad’ for crypto industry, but underlying technology still sound

Panelists at Forkast’s livestreamed event ‘Crypto Rising: How Top VCs Are Investing Out of Crypto Winter’ shared their thoughts on the future of the industry following FTX.
Binance CEO Changpeng Zhao and FTX CEO Sam Bankman-Fried

FTX bankruptcy and fallout; Tuesday updates and commentary

The following is a running compilation of views and comments on the FTX bankruptcy and implications for the industry.
In this photo illustration the FTX logo and mobile app adverts are displayed on screens on November 10, 2022 in London, England.

FTX is crypto’s Lehman Bros. moment. What happens now?

Unlike the 2008 crash, the government won’t be bailing out FTX’s investors, writes Nick Saponaro of Divi Labs. Will regulators see this as a cue to crack down on exchanges?
Ethereum and Bitcoin gold tokens

Crypto prices recover amid plans by Binance, others to aid cash-short projects post FTX failure

Exchanges to the rescue? Cash is reportedly being made available to help blockchain and crypto projects caught in the fallout of the FTX exchange collapse.
and
Changpeng Zhao, founder and CEO of Binance, spoke on Monday at an AMA on Tiwtter.

Vitalik Buterin seeks to build proof-of-reserves protocol with Binance as ‘guinea pig,’ says Binance chief

Ethereum founder Vitalik Buterin is looking to develop a proof-of-reserves protocol and Binance may be the “guinea pig” and serve as its first test case, said Binance chief Changpeng Zhao.
Kris Marszalek, Crypto.com CEO, in Q&A session

Crypto.com claims user funds safe despite ‘accidental’ Ether transaction

The chief executive of Crypto.com, said the exchange’s exposure to FTX when it shut was under US$10 million.
Canaan unveiled two Avalon Made A13 series models in October.

Mining rig maker Canaan’s stocks fall as Q3 profits shrink

Cryptocurrency mining rig maker Canaan posted shrinking revenues and profits in the third quarter of this year, as the crypto bear market continued to plague the mining industry.
Changpeng Zhao, founder and chief executive of Binance, spoke at the B20 Summit in Indonesia on Monday.

Binance says it will set up crypto recovery fund, industry standards group

Changpeng Zhao, founder and chief executive of Binance, tells the B20 Summit in Indonesia that the world’s largest cryptocurrency exchange aims to help improve business and operation standards in the crypto industry.
stacked crypto coins and wooden blocks with DEFi text

Why DeFi is in dire straits — and what could save it

DeFi remains unusable for all beyond a niche community, writes Dennis Jarvis of Bitcoin.com. ‘Should it stay like this, it will never attract a wide audience.’
How tokenization could transform Hong Kong’s fixed income markets

Hong Kong said it remains upbeat on digital assets after FTX debacle

Hong Kong remains bullish on virtual assets in the financial sector after the FTX debacle, while maintaining the view that regulation of businesses is a prerequisite for market development.
Huobi logo on Busan's city nightview | Huobi becomes third global exchange to sign with S.Korea’s Busan city | huobi busan, busan crypto, huobi south korea, huobi exchange, south korea crypto news

Former Huobi CEO Leon Li offers US$14 mln loan to cover funds locked in FTX

Huobi Global’s ex-CEO Leon Li has extended a US$14 million loan to New Huo Technology after a subsidiary had US$18 million of cryptocurrency locked in the bankrupt FTX exchange.
FTX, authorities investigate potential US$477 mln theft

FTX, authorities investigate potential US$477 mln theft

FTX officials confirmed on Sunday that unauthorized transactions have drained millions of remaining user funds from wallets over the weekend.

FTX bankruptcy and fallout: Monday updates and commentary

The following is a running compilation of views and comments on the FTX bankruptcy and implications for the industry.
Terraform Labs cofounders Daniel Shin (left) and Do Kwon (right) | S.Korea summons ex-Terra exec Daniel Shin over US$100M in LUNA gains | do kwon, terraform labs, daniel shin

S.Korea summons ex-Terra exec Daniel Shin over US$100M in LUNA gains

Daniel Shin has been summoned by South Korean prosecutors to attend an investigation as a suspect for allegedly earning ill-gotten profits with LUNA.
ftx logo and bahamas flag frozen | FTX assets frozen by Bahamas securities regulator | ftx, ftx bahamas, sam bankman fried

Bahamian regulator contradicts FTX, says no approval given for fund withdrawals

Regulators in the Bahamas, where FTX is headquartered, say the bankrupt exchange’s claims that Bahamian fund withdrawals were requested by officials are false.
AAX exchange logo, Hong Kong city | AAX crypto exchange suspends withdrawals amid FTX fallout | aax crypto exchange, ftx, sam bankman fried

AAX crypto exchange says it is suspending withdrawals amid FTX fallout

Hong Kong-based crypto exchange AAX is suspending withdrawals for seven to 10 days for a scheduled system upgrade to protect users.
Bitcoin sitting on a grey background. | Markets: Crypto prices slide as investors pull funds from global exchanges after FTX collapse

Crypto prices slide as investors pull funds on concerns other exchanges may follow FTX implosion

The collapse of one of the world’s biggest crypto exchanges last week has investors worried about the finances of other trading platforms. Cold wallet time?
Singapore

Singapore’s central bank partners New York Fed to explore wholesale CBDCs

The Monetary Authority of Singapore (MAS) has partnered The New York Innovation Center of the Federal Reserve Bank of New York, to study if wholesale central bank digital currencies (wCBDCs) can make cross-border payments more efficient.
SBF 3

FTX files for bankruptcy, Sam Bankman-Fried steps down as CEO

FTX.com, FTX US and 130 additional affiliates have filed for bankruptcy, its new CEO John J. Ray III says.
Tron founder Justin Sun | Debt, equity investment “on the table” for FTX rescue, Justin Sun says | justin sun, ftx, ftx tron, ftx news

Tron’s Justin Sun stresses ‘due diligence’ needed before considering FTX bailout

Tron founder Justin Sun’s plans to save FTX include debt, equity investments and a full takeover, he told BloombergTV on Friday, Asia time.
CZ

Binance chief says FTX bailout deal ‘didn’t make sense’

Changpeng Zhao, founder of the world’s largest crypto exchange, said its earlier pledge to acquire FTX fell through partially due to regulatory concerns.
FTX logo, with a frozen mountain in the background

Could FTX woes bring on another crypto freeze resembling Terra-Luna?

Crypto exchanges and lending platforms are starting to use the dreaded F word for Freeze amid worries about the possible collapse of FTX.com, part of one of the world’s biggest cryptocurrency trading networks.
and
bitcoin

FTX Japan resumes withdrawals, FTX Turkey firms up plans

FTX Japan, the Japanese arm of the embattled crypto exchange FTX.com, said on Friday it has resumed yen withdrawals after the country’s Financial Services Agency (FSA) ordered the exchange on Thursday to suspend operations and put together a “business improvement plan.”
Kevin O’Leary, chairman of venture capital firm O’Leary Ventures

Shark Tank’s Kevin O’Leary says ‘FTX still has value,’ its story still being written

While FTX’s cash crunch has rattled global markets and investors, a White Knight investor could quickly turn the tide for the company, O’Leary told Forkast in an interview.
Bitcoin

Markets: Bitcoin, Ether prices rise as crypto market shows sign of pick-up

Bitcoin and Ether strengthened in Friday afternoon trading in Asia, reversing some of Wednesday’s and Thursday’s sharp losses. All other top 10 cryptocurrencies by market capitalization, excluding stablecoins, also increased.
Ripple Vs SEC Images

SEC gets more support in XRP lawsuit against Ripple

Three more companies and organizations have requested to weigh in on the ongoing lawsuit the SEC filed in 2020 against Ripple.
FTX logo and people in office under distress | FTX liquidity crunch leads to contagion fears; latest updates and commentary | ftx, sam bankman fried, ftx liquidity crisis

FTX liquidity crunch leads to contagion fears; Friday updates and running commentary

The following is a running compilation of views and comments on the possible short- and long-term outcomes of FTX’s liquidity crunch.
and
FTX.US warns user trading could be halted ‘in a few days’

FTX US warns user trading could be halted ‘in a few days’

Sam Bankman-Fried says FTX US is insulated from FTX.com’s liquidity crunch, but the American-based platform could freeze trading in the next few days.

U.S. regulators reportedly talking with Binance over failed FTX bail out

US regulators want to know more about what Binance discovered when it took a look at FTX’s books, and then canceled a bailout deal.
Sam Bankman-Fried, DFPI logo | California financial regulator launches probe into FTX | ftx news, ftx bankruptcy, ftx insolvency, sam bankman fried

California financial regulator launches probe into FTX

The state of California has launched an investigation into the ‘apparent failure’ of crypto asset platform FTX.
Bitcoin coins and money on the business desk | Bitcoin coins and money on the business desk

Markets: Bitcoin, Ether gain in crypto market rebound off slowing U.S. inflation

Bitcoin rose on Friday in Asia along with Ether and most other major tokens, reversing  a three-day slump as the Consumer Price Index (CPI) released Thursday showed inflation in the U.S. slowed in October.
and
ftx logo and bahamas flag frozen | FTX assets frozen by Bahamas securities regulator | ftx, ftx bahamas, sam bankman fried

FTX assets frozen by Bahamas securities regulator

The Securities Commission of the Bahamas has frozen assets of FTX and related parties, and has suspended its registration.
NEW YORK, NEW YORK - JUNE 23: Sam Bankman-Fried speaks onstage during the first annual Moonlight Gala benefitting CARE - Children With Special Needs - hosted by Michael Cayre, Roy Nachum and MegaMoon Museum at Casa Cipriani on June 23, 2022 in New York City. (Photo by Craig Barritt/Getty Images for CARE For Special Children )

Sam Bankman-Fried apologizes in first tweet since Binance saga: I F***** Up

Sam Bankman-Fried sent his first series of tweets since Binance announced and then scrapped an offer to buy his cash-strapped cryptocurrency exchange. He apologized, acknowledged mistakes and said he will do right by FTX users.
SBF: FTX CEO Sam Bankman-Fried

FTX Japan ordered to suspend operations by the country’s regulators 

FTX Japan was ordered by the country’s Financial Services Agency (FSA) to suspend operations until Dec. 9 and put together a “business improvement plan.”
Sam Bankman-Fried, founder and former CEO of FTX

Industry reacts: FTX bankruptcy fears rise after Binance scraps rescue

There are not many white knight investors that are large enough to bail out the embattled crypto exchange, industry insiders say.
, and
US inflation

Bitcoin gains 5% as U.S. inflation slows down in October

Bitcoin gained 5% after the U.S. Bureau of Labor Statistics reported that the consumer price index (CPI), a key inflation indicator, rose 0.4% in October from September. CPI was up 7.7% from a year earlier, less than the expected 7.9%, and down from 8.2% in September. October’s CPI recorded the smallest 12-month increase since January. 

FTX allegedly used customer assets in Alameda bailout: report

A portion of the bailout package worth at least US$4 billion that FTX’s Sam Bankman-Fried sent to Alameda Research was allegedly comprised of customer funds. 
Over 5.2 billion stablecoins left crypto exchanges on Wednesday, the most in five months, on-chain data showed.

Crypto exchange outflows rise amid FTX fiasco

Over 5.2 billion stablecoins left crypto exchanges on Wednesday, the most in five months, on-chain data showed.
US Bitcoin

FTX debacle has crypto industry pointing finger at regulators in call for clear rules of the road

The FTX.com unraveling has prompted crypto industry leaders to demand clearer rules of the road for trading digital assets.
Ex-FTX CEO Sam Bankman-Fried | Binance’s pending acquisition, rescue of FTX may attract attention of antitrust regulators

Sequoia Capital marks down US$214 mln FTX stake to zero

Venture capital firm Sequoia Capital has written down its entire US$213.5 million investment in FTX, the company revealed in a tweet on Thursday.
Global economy recovery, Business Economic growth. Financial, industrial and market sector comeback and upturn concept. Paper red arrow graph with medical plaster going upward in blue background.

Binance the winner in FTX saga, set to gain more customers

Binance may have nixed the deal to bailout rival exchange FTX.com, but it could still gain a big chunk of FTX’s business as investors flee the platform.
regulators

US regulators DoJ, SEC, CFTC probe crypto platform FTX

US regulators the Department of Justice, the Securities and Exchange Commission and the Commodity Futures Trading Commission are probing beleaguered crypto exchange FTX.
Former FTX.com CEO Sam Bankman-Fried. | Bankman-Fried alleges new FTX CEO’s testimony is “false”

What a difference a day makes: Options for FTX after Binance ditches buyout?

Binance cites due diligence on FTX books for pulling out of a deal to buy FTX.com, sending markets into a tailspin and leaving Bankman-Fried in need of another buyer… fast.
and

Ark Invest swoops in to buy US$21.4 mln in Coinbase shares

Cathie Wood’s Ark Invest seized the opportunity provided by Wednesday’s market downturn to snatch a considerable chunk of Coinbase stock.
close up photo of NFT coins with neon lighting

Why fears of a dying NFT market are overblown

The NFT ecosystem is doing better than what selective data would have us believe, writes Long Do of Anomura. But the sector should know that people want more than just a pretty picture.
CEO of FTX Sam Bankman-Fried. | Bitcoin hits lowest price in two years as Binance pulls out of FTX acquisition

Bitcoin hits lowest price in two years as Binance cancels FTX acquisition

Just over 24 hours after news of Binance’s planned acquisition of FTX shook the crypto market, a reversal of that decision sent prices even lower.
Sam Bankman-Fried, CEO of FTX, and ominous cloudy background | Binance officially backs out of FTX acquisition; latest updates | binance ftx, sam bankman fried, ftx

Binance pulls out of FTX buyout; latest updates and commentary

The following is a running compilation of views and comments on Binance’s announcement that it will not go ahead with the acquisition of FTX.com.
business problems

Binance likely to back out of FTX deal: report

Binance may scrap its proposal to acquire cryptocurrency exchange FTX, after examining FTX’s “internal data and loan commitments,” according to an unnamed source “familiar with the matter” cited by CoinDesk on Wednesday. 
Binance CEO Changpeng Zhao

The fall of FTX “not good for anyone,” CZ says

The sudden downfall of top cryptocurrency exchange FTX will bring in more regulatory scrutiny and raise the difficulty of obtaining licenses around the world, Binance founder and chief executive Changpeng Zhao said in an internal note, which he shared with the public via Twitter on Wednesday. 
Sam Bankman-Fried CEO of FTX

FTX provided US$4.1 billion bailout to Alameda Research: data

FTX exchange sent Alameda Research 173 million FTT tokens on Sept. 28, worth US$4.1 billion at the time.
Singapore skyline. Singapore court issues ‘landmark’ NFT decision, allows papers to be served via blockchain

Singapore’s Temasek holds stake in FTX, a target of Binance takeover

Singapore’s state-owned investment firm Temasek is a shareholder in embattled cryptocurrency exchange FTX, which faces a possible takeover by bigger rival Binance

Delivered weekly on Thursdays

The Current Forkast

An unmissable weekly round up of the biggest stories in emerging tech from an Asian perspective, featuring commentary from Forkast Editor-in-Chief Angie Lau. Check out recent editions.