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South Korea’s behemoth music industry is trying to sidestep its reliance on human performers by debuting virtual stars in the metaverse. But severing ties with fallible K-pop idols is easier said than done.

State-affiliated hacker group Lazarus is allegedly connected to the US$100 million hack on Harmony Protocol’s Horizon cross-chain bridge, blockchain analytics firm Elliptic said. See related article: Horizon’s US$100 mln crypto hack prompts FBI investigation Fast facts The attack on Harmony resembled previous hacks attributed to the Lazarus Group, such as exploiting multi-signature wallet keys, extensive […]

Grayscale Investments filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) within an hour of the markets regulator rejecting an application that would have allowed its spot Bitcoin exchange-traded fund (ETF) to trade on the New York Stock Exchange (NYSE). See related article: Bitcoin ETF rejection could trigger Greyscale to sue the SEC […]

Bitcoin was trading below US$20,000 in late morning trade in Asia on Thursday as reports of a court-ordered liquidation of Three Arrows Capital (3AC) added to fears of a contagion in crypto. See related article: Three Arrows Capital lines up for liquidation Fast facts The world’s largest cryptocurrency fell to as low as US$19,937.79 in […]

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 […]

The U.S. Federal Reserve has created a “self-inflicted disaster” with its “twin policy errors,” Pantera Capital’s chief executive officer Dan Morehead said. See related article: Bitcoin, Ether recover as Fed guidance reduces policy uncertainty Fast facts Keeping overnight rates too low for too long was a mistake that the Fed is now beginning to slowly […]

MicroStrategy chief executive Michael Saylor announced via Twitter an additional purchase of 480 Bitcoins (BTC) for roughly US$10 million, as the company remains steadfast on its Bitcoin strategy after speculation of a margin call on a US$205 million loan.   See related article: MicroStrategy, crypto firm shares plunge with Bitcoin’s freefall Fast facts MicroStrategy, a business […]

Lack of public trust remain a big barrier to crypto adoption, writes Tristan Roozendaal. Here’s why regulators should ‘move fast and break things.’

Marathon Digital, a major Bitcoin miner in the U.S., had to halt three-fourths of its mining operations in Montana due to power outages caused by a storm, reinforcing an earlier decision to move out of the region. See related article: Compass Mining CEO, CFO resign after utility payment default allegations Fast facts The Nasdaq-listed company […]

Crypto hedge fund Three Arrows Capital (3AC) has been ordered to liquidate as plummeting crypto prices left the firm unable to repay creditors, Sky News reported. See related article: Contagion risk from Three Arrows Capital weighs on Bitcoin, crypto Fast facts A court in the British Virgin Islands appointed two senior members of global advisory […]

Top blockchain and crypto news: Three Arrows fallout spreads. BIS calls BS on crypto. Chinese regulatory vacuum chills an NFT platform.

Tencent has launched an extended reality (XR) division, local media reported on Tuesday, citing Steven Ma, the senior vice president of the Chinese tech giant’s gaming arm Interactive Entertainment Group (IEG).  See related article: Tencent calls dibs on metaverse virtual concerts in patent application Fast facts Tencent will develop “benchmark” products for virtual reality (VR) […]

While critics say the bubble has burst on crypto, Wall Street is moving in to take advantage of what could be some fire-sale asset prices.

Taiwan has completed trials of its prototype central bank digital currency (CBDC) in technical simulations, paving the way for the distribution of the digital currency to the public for retail use.  See related article: Crypto is based on the greater fool theory: Philippines’ incoming central bank chief Fast facts Taiwan started to study and test […]

Early Bitcoin adopter and Bitcoin Cash promoter Roger Ver has denied defaulting on a US$47 million loan in USDC to beleaguered cryptocurrency exchange CoinFLEX. See related article: CoinFLEX to issue US$47 mln in tokens as it waits for ‘crypto whale’ to pay up Fast facts Ver tweeted overnight in Asia time that rumors of the […]

Delaware-based Bitcoin mining hosting firm Compass Mining announced Tuesday that its chief executive officer Whitney Gibbs and chief finance officer Jodie Fisher have resigned, effective immediately. See related article: U.S. leads in Bitcoin mining as China’s share drops to zero: Cambridge data Fast facts The firm’s board has appointed chief technology officer Paul Gosker and […]

Sky Mavis’ Ronin Bridge is back online after one of the largest decentralized finance (DeFi) heists in history prompted a three-month network hiatus, Ronin announced in a Tuesday newsletter. See related article: Are we helpless against attacks on blockchain bridges? Fast facts Ronin Bridge is used by non-fungible token (NFT) game Axie Infinity players to […]

The China Alcoholic Drinks Association on Tuesday said its standards will cover but not be limited to cultural and creative products of liquor-based “digital collectibles” or the physical liquor accompanying such assets. See related article: Looking to invest in vintage wine? There’s an NFT coming for that Fast facts The group said the standards will […]

Cypherpunk Holdings Inc. has liquidated all of its Bitcoin and Ethereum treasury holdings, the Canadian investment firm said on Tuesday.  See related article: Warnings on crypto, Bitcoin have materialized, says central bank body BIS Fast facts “In the interest of all shareholders, the company transitioned its treasury to cash,” said Moe Adham, investment chief at […]

HTC launched metaverse phone “Desire 22 Pro” on Tuesday, which comes with a digital assets wallet and virtual reality (VR) headset pairing feature, as part of the Taiwanese firm’s Web3 expansion. See related article: Solana bets on mobile, launches US$1,000 ‘Saga’ Web3 phone Fast facts HTC preloaded its 6.6-inch phone with applications from its metaverse […]

Crypto hacks facilitated by North Korea help fund its weapons of mass destruction, U.S. Treasury Department’s Brian E. Nelson said on his recent visit to South Korea. See related article: North Korea behind Ronin hack: US Fast facts Nelson met with representatives of South Korea’s Financial Services Commission (FSC) and Financial Intelligence Unit (KoFIU) on […]

Whither Singapore in the cryptocurrency world? The Monetary Authority of Singapore has some views on that and as with most markets, there are winners and losers.

Crypto broker Voyager Digital issued a notice of default on Monday to hedge fund Three Arrows Capital (3AC), for failing to service a loan worth about US$665 million. See related article: Amid 3AC exposure, Voyager Digital cuts daily withdrawal limit Fast facts Last week, Voyager said it had asked for US$25 million worth of USD […]

The crypto derivatives trading platform that halted withdrawals last week will issue the tokens that can be swapped into USDC or its own coin. See related article: Crypto winter ushers in account freezes as platforms feel the chill Fast facts CoinFLEX is issuing “rvUSD” tokens towards an outstanding debt owed by an unnamed high-net-worth individual, […]

Non-fungible token (NFT) marketplace Yucang Digital Collectibles announced that it is buying back assets sold on its platform due to lack of regulatory clarity.  See related article: NFTs in China must be reviewed: China media watchdog Fast facts The marketplace said operations will continue, but sales and transfers of digital collectibles will be frozen and […]

Cryptocurrency is a huge Ponzi scheme, Blockchain-based Service Network (BSN) — the developer behind China’s state-backed blockchain infrastructure — said on Sunday.  See related article: China’s BSN to launch overseas public chain without crypto support Fast facts Crypto is an old hoax in a new form, Zhiguang Shan, chair of BSN Development Alliance, and Yifan […]

Harmony’s Horizon cross-chain bridge is now the third of its kind to suffer a major hack this year. What are the alternatives that may be more secure?

Investors withdrew US$423 million in funds from digital assets last week, the largest such weekly outflow on record, according to exchange data tracked by CoinShares. See related article: Crypto winter ushers in account freezes as platforms feel the chill Fast facts The outflows were almost entirely from Bitcoin (BTC), which experienced a net withdrawal of […]

South Korean cryptocurrency exchange Korbit said on Monday that it has issued employee identification cards (IDs) in CryptoPunks-inspired non-fungible tokens (NFTs). See related article: NFT credit card in the works for top S. Korean crypto exchange Fast facts Various South Korean industries have experimented with NFTs for official documentation, such as graduation certificates. Korbit, one […]

The Victor Smorgon Group has used ANZ Banking Group’s Australian dollar-pegged stablecoin, A$DC, to purchase tokenized carbon credits in a transaction facilitated by crypto asset investment firm ZeroCap. See related article: Australian crypto industry watches as sole trader charges two top banks with ‘debanking’ Fast facts The carbon credits were tokenized to create digital security […]

The legal and ethical dilemmas plaguing technology today will only grow more acute in the metaverse, writes Brian Harley. How will real-world laws apply?

Deeper structural flaws in crypto make it unsuitable as the basis of a monetary system that serves society, the Bank for International Settlements said in its annual report.

“There is a larger compliance requirement due to evolving regulatory needs resulting in increased scrutiny,” a senior executive at the Coinbase Ventures and B Capital backed cryptocurrency exchange said.  See related article: CoinDCX double downs as the going gets tough in India Fast facts “We have restricted crypto withdrawal from our platform,” with users being […]

The U.S. investment bank is looking to raise the money to buy up distressed assets from the troubled crypto lender, a Fortune report said, citing people familiar with the matter. See related article: Celsius said to be hiring restructuring attorneys, exploring financing options Fast facts A deal would allow investors to buy up Celsius Network’s […]

It took two-and-a-half months for China’s southeastern city of Guangzhou to surpass 490 million yuan (US$73.2 million) in digital yuan transactions, People’s Bank of China Guangzhou branch deputy manager Guo Yunxi said, according to local media.  See related article: JD.com tops US$60 mln in digital yuan sales in 618 shopping festival Fast facts See related […]

HTC is expected to launch a new mobile phone with metaverse features on Tuesday, as the virtual reality (VR) gear and smartphone maker continues its Web3 expansion.  See related article: Smartphone giant Huawei doubles down on blockchain technology Fast facts In a tweet earlier in June, HTC’s VR and metaverse arm Viverse teased a phone-shaped […]

Asset manager Morgan Creek Digital is trying to raise US$250 million to counter crypto exchange FTX’s bailout of beleaguered crypto lender BlockFi, according to a report by CoinDesk. See related article: Sam Bankman-Fried steps in to bail out BlockFi Fast facts Morgan Creek is attempting to raise funds to purchase a majority stake in BlockFi, […]

Singapore-based public blockchain platform Klaytn and non-fungible token (NFT) marketplace OpenSea announced on Friday a partnership to bolster the Asian NFT ecosystem. See related article: Kakao’s Klaytn to build blockchain in China with BSN Fast facts The partnership includes conference collaborations and ecosystem grants to promote Asian NFT projects to the global audience. Klaytn is […]

The Federal Bureau of Investigation (FBI) and multiple cybersecurity companies have started investigating the US$100 million hack on Harmony Protocol’s Horizon cross-chain bridge. See related article: Axie Infinity hack proceeds continue to be laundered despite US sanctions Fast facts Harmony Protocol announced it was attacked on Friday morning Asia time, adding it had alerted exchanges […]

One door closes and another opens, which seems to be what’s happening in Singapore as the crypto price slump restructures the trading environment.

In a decentralized society envisaged under crypto, everybody is reportedly equal. But as the market strains under considerable stress, it’s showing some are more equal than others.

In his first interview after the collapse of TerraUSD (UST) and its sister token LUNA in May, CEO Do Kwon dismissed allegations of fraud and told The Wall Street Journal, “There is a difference between failing and running a fraud.” See related article: Winning back the trust of the Terra community a tall order for […]

Cryptocurrencies were listed for the first time as a means to launder and transfer money related to the drug trade by the China Ministry of Public Security on Thursday. See related article: China explores ways to classify cryptocurrency crimes Fast facts See related article: The SEC is building a SWAT team to combat crypto crime

Testifying before the Senate Banking Committee on Wednesday, the chair of the U.S. Federal Reserve said the central bank is “not really seeing significant macroeconomic implications so far” with regard to the recent cryptocurrency volatility. See related article: Bitcoin, Ether recover as Fed guidance reduces policy uncertainty Fast facts Powell testified at the Senate Banking […]

A day after Voyager Digital disclosed its exposure to crypto hedge fund Three Arrows Capital (3AC), it slashed daily withdrawal limits to US$10,000 from US$25,000. See related article: Sam Bankman-Fried steps in to bail out BlockFi Fast facts On Wednesday, crypto trading platform Voyager said it had loaned over US$650 million worth of USDC and […]

The Reserve Bank of India (RBI) has launched a blockchain-based trade financing pilot project in collaboration with top lenders including HDFC bank, ICICI Bank and State Bank of India, among several others, Economic Times reported, citing unidentified sources.  See related article: India FM: RBI to issue blockchain-based digital rupee Fast facts Belgium-based SettleMint, U.S.-based Corda […]

The tech investment arm of the South Korean conglomerate reportedly halted the plan to issue its own cryptocurrency, citing the macroeconomic environment and trust issues related to cryptocurrencies. See related article: South Korea’s second-largest conglomerate to issue own cryptocurrency  Fast facts SK Square told local news agency Newsis that preparations for trademark applications and the […]

Solana on Thursday launched a Web 3.0 phone dubbed “Saga” in a move to tap into the burgeoning number of mobile phone users accessing digital assets. See related article: Solend DAO overturns vote to take over at-risk ‘whale’ wallet Fast facts The Android mobile phone by Solana Mobile, a unit of Solana Labs, is “tightly […]

CoinFLEX is freezing withdrawals due extreme market conditions and uncertainty involving a counterparty, the cryptocurrency futures exchange said in a blog post on Friday. See related article: Contagion risk from Three Arrows Capital weighs on Bitcoin, crypto Fast facts CoinFLEX stressed the counterparty in question was not Three Arrows Capital Ltd., the crypto hedge fund […]

LGBT event organizers see the metaverse as technology of the emerging Web3.0 world that opens doors and opportunities for marginalized communities.

After rescuing crypto-asset broker Voyager Digital last week, crypto exchange FTX founder Sam Bankman-Fried, often known as SBF, has now agreed to bail out crypto lender BlockFi.  See related article: BlockFi among those that foreclosed on Three Arrows Capital: report Fast facts FTX agreed to extend a US$250 million revolving credit facility to BlockFi on […]

Three financial regulators in Shenzhen said they would “prevent further risks” in crypto trading, while warning that cryptocurrencies and related businesses are illegal in the mainland.  See related article: Law can’t cover crypto losses, China court reiterates Fast facts See related article: Why domestic and overseas Chinese should worry about China’s crypto ban

E-commerce giant eBay has acquired U.K.-based non-fungible token (NFT) marketplace KnownOrigin, the company announced in a press release on Wednesday.  See related article: Alibaba Cloud launches service to build NFT marketplaces Fast facts According to the press release, both companies signed and closed the deal on Tuesday, but the purchase price and further details on […]

Indian tax authorities will meet for two days starting June 28 to discuss a goods and services tax (GST) on cryptocurrency transactions, according to a Bloomberg report that cited unidentified sources.  See related article: India’s tax bogeyman is scaring off young crypto investors Fast facts A panel comprising federal and state finance ministers will meet […]

Terra UST’s crash and burn is prompting calls for regulations. But lawmakers shouldn’t paint all stablecoins with the same brush, writes Alan Chiu.

Tether said it will launch a new stablecoin pegged to the British pound sterling in early July, the issuer of the world’s largest stablecoin, USDT, announced Wednesday. See related article: Tether market cap shrinks below US$70B, lowest since October 2021 Fast facts Tether’s announcement comes a week after Circle, the operator of the world’s second-largest […]

Bitcoin mining difficulty dropped by 2.35% on Thursday, after recording a 1.3% increase earlier this month, according to data from BTC.com. See related article: China’s Guizhou province to slap backdated power charges on uncovered crypto miners Fast facts The mining difficulty reading is now at 29.57 trillion at a block height of 741,888, according to […]

Bitcoin dropped below US$20,000 for the third time in a week on Thursday morning in Asia as news of record inflation in the U.K. and warnings of a recession hit crypto markets. See related article: Crypto on a roller coaster as market braces for Fed guidance on rates Fast facts Bitcoin was trading down 3.5% […]

Top blockchain and crypto news: Investors snowed in as liquidity crunch hits. Solend harpoons anti-whale maneuver. Chinese NFTs prove a tricky target.

The Singapore-based cryptocurrency exchange Wednesday said the approval toward a license will eventually allow it to offer a range of payment services in the city-state. See related article: Singapore warms up to crypto industry — on its own terms Fast facts Crypto.com has received an in-principle approval from the Monetary Authority of Singapore (MAS) for […]

A perceived failure to address increasing fraud in the NFT industry prompts calls for regulation and the adoption of a more centralized approach to weed out bad actors.

Enticed by promises of crypto rewards, Joel Stein hits the streets of Los Angeles with a beautiful NFT sneaker. What does he earn — and learn?

Linctex Digital Technology, headquartered in China’s southeastern province of Zhejiang, Tuesday said the pre B+ round included commitments from existing investors Hillhouse Ventures and CDH Investments. See related article: Fashion, art, games and community: What does a decentralized metaverse mean for you? Fast facts Linctex’s software allows designers to create virtual wear, digitize physical fabric, […]

Crypto lender Celsius Network’s native token CEL saw an uptick of around 50% on Tuesday as community members attempted a short squeeze.  See related article: CEL down over 50% since Celsius Network’s withdrawal freeze Fast facts In a short squeeze, bulls attempt to buy out the underlying asset to push up its price and make […]

Dogecoin and Shiba Inu have been staging a strong comeback since Elon Musk came out on Sunday supporting the former. See related article: Has ‘Crypto Winter’ arrived with Bitcoin, Ether prices falling? Fast facts Dogecoin rose more than 15% in morning trade on Wednesday in Asia, according to CoinMarketCap data. The memecoin rose to a […]

Input Output Global (IOG), the development company that runs the Cardano blockchain, on Monday said it will postpone the testnet of the network’s Vasil hard fork to the end of June, citing software bugs and a focus on quality and security. See related story: Cardano’s Alonzo Purple testnet begins onboarding users Fast facts The engineering […]

The Singapore-based cryptocurrency exchange said the actions of a “few market participants” are creating a lot of uncertainty in the eyes of customers. See related article: ‘Buckle up’ for downsizing crypto market as employees laid off Fast facts The layoffs impact every team with marketing and talent acquisition departments being affected the most, as Vauld […]

Another Chinese province has introduced higher retroactive electricity charges for cryptocurrency mining projects when they are discovered, a form of financial penalty on the banned activity. See related article: China seizes over 3,500 Bitcoin mining rigs, hikes electricity rates Fast facts The Guizhou Provincial Development and Reform Commission on Monday said any uncovered cryptocurrency mining […]

Australian cryptocurrency exchange BTC Markets announced on Tuesday it has become the first crypto firm to receive an Australian Financial Service License (AFSL) from the Australian Securities and Investments Commission (ASIC). See related article: What does the new Australian Labor government mean for the crypto industry? Fast facts BTC Markets says the license will enable […]

Prosecutors said they also wish to interview Terraform Labs Chief Executive Officer Kwon Do Hyung as part of an investigation into the multibillion dollar collapse of the company.

Lianwan, a Chinese “digital collectibles” platform that sells blockchain-based images, had claimed it was working with the Hong Kong action star. But Koo’s agency has denied any involvement. See related article: Storm in a teacup? WeChat bans account for flipping NFTs Fast facts On Saturday, Lianwan apologized for using Hong Kong action star Louis Koo […]

Felipe M. Medalla, an economist slated to be the next governor of the Philippines central bank, is not interested in regulating crypto, which he believes is based on “the greater fool theory.”  See related article: Philippines gets new government, will new crypto taxes follow? Fast facts “The only reason you’re using this [cryptocurrencies] is you […]