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![Bitcoin price crosses US$22K; Fed cools recession fears 1 Christopher Waller](https://forkast.news/wp-content/uploads/2022/07/ChristopherWaller-1260x840.jpg)
Bitcoin price crosses US$22K; Fed cools recession fears
The crypto market gained along with traditional markets overnight in Asia as investors responded to updated guidance on Thursday from U.S. Federal Reserve officials claiming recessionary concerns are overblown. See related article: Bitcoin, Ether recover as Fed guidance reduces policy uncertainty Fast facts Bitcoin gained 8% to trade above US$22,000 in the past 24 hours […]
![Animoca says crypto winter 'a great time' for venture capitalists 2 Animoca says crypto winter “a great time” for venture capitalists](https://forkast.news/wp-content/uploads/2022/07/gen-kanai-1260x945.png)
Animoca says crypto winter ‘a great time’ for venture capitalists
Some of Animoca Brands’ most successful investments were made during the previous crypto winter, Gen Kanai, director of strategic partnerships at the Hong Kong-based blockchain gaming studio, told Forkast. See related article: Animoca Brands investments have crossed US$1.5B Fast facts In a sit-down interview with Forkast at the IVS Crypto 2022 event held in downtown […]
China’s ‘Instagram’ gets into virtual fashion with users strutting NFT clothes
Will fashion shows move from Paris and Tokyo catwalks to potential audiences of millions in the metaverse? China’s Xiaohongshu social media site is testing the idea.
Celsius shuffles its board of directors amid liquidity crisis
Embattled cryptocurrency lender Celsius Network has reorganized its board of directors amid bankruptcy speculation, according to filings published by U.K. government executive agency Companies House on Wednesday. See related article: Celsius repays debts, cuts jobs amid bankruptcy fears Fast facts Celsius appointed David Barse and Alan Jeffrey Carr as directors in late June, filings show. […]
![South Korea may team up with US to investigate crypto crimes 3 South Korea may team up with the U.S. to investigate crypto crimes](https://forkast.news/wp-content/uploads/2022/07/handonghoon.png)
South Korea may team up with US to investigate crypto crimes
South Korea’s Justice Minister Han Dong-hoon met with U.S. investigative agencies in New York on Tuesday amid the countries’ separate investigations into Terra and its cofounder Do Kwon. See related article: South Korean authorities cite LUNA debacle to call for speedier crypto oversight Fast facts The minister met with Andrea M. Griswold, co-chief of the […]
![Voyager faces delisting from Toronto Stock Exchange after bankruptcy filing 4 Voyager faces potential delisting from Toronto Stock Exchange after bankruptcy filing](https://forkast.news/wp-content/uploads/2022/07/8366754825_8d63803922_o.jpg)
Voyager faces delisting from Toronto Stock Exchange after bankruptcy filing
After Voyager Digital filed for Chapter 11 bankruptcy on Tuesday, the Toronto Stock Exchange suspended trading in Voyager shares on Wednesday, announcing an expedited delisting review. See related article: Voyager crypto firm loaned US$377 mln to Sam Bankman-Fried’s Alameda Research Fast facts According to Voyager’s bankruptcy filing, the firm has over 100,000 creditors and US$1.1 […]
![China’s BSN says daily NFT transactions surpass Ethereum 5 bsc ddc](https://forkast.news/wp-content/uploads/2022/07/bsc-ddc-1260x652.png)
China’s BSN says daily NFT transactions surpass Ethereum
Transaction volumes on the Chinese state-backed blockchain’s non-fungible token (NFT) ecosystem were higher than that of Ethereum, the most popular blockchain for such deals, China’s Blockchain-based Service Network (BSN) said in a press release on Wednesday. See related article: China’s Ant Group, Tencent, Baidu, JD.com push for NFT self-regulation Fast facts With 974,517 transactions, the […]
![South Korea’s Uprise said to have lost US$20 mln in client funds on LUNA short 6 South Korea’s Uprise said to have lost US$20 mln in client funds on LUNA short](https://forkast.news/wp-content/uploads/2022/07/image-1260x706.png)
South Korea’s Uprise said to have lost US$20 mln in client funds on LUNA short
The South Korean fintech startup that operates digital asset management and trading services reportedly had over US$20 million, or 99% of its client funds, liquidated amid the Terra-LUNA collapse in May. See related article: What lessons can we learn from Terra’s LUNA/UST meltdown? Fast facts The startup’s trading unit had placed client funds on a […]
![Three Arrows Capital contagion reaches Genesis brokerage 7 Close-up of archery target with arrows on it, Three Arrows Capital crypto contagion reaches Genesis brokerage](https://forkast.news/wp-content/uploads/2022/07/archery-target-with-arrows-on-it-2021-08-26-20-17-30-utc-1260x840.jpg)
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 […]
![How blockchain technology can transform the mortgage industry 8 Mortgage plan with calculator and pie charts](https://forkast.news/wp-content/uploads/2022/07/Forkast-Opinion-Images-1-1260x710.png)
How blockchain technology can transform the mortgage industry
Bad mortgages once dragged the world into a financial crisis. Can smart contracts prevent the worst from happening again?
![Voyager crypto firm loaned US$377 mln to Sam Bankman-Fried’s Alameda Research 9 Sam Bankman-Fried](https://forkast.news/wp-content/uploads/2022/07/SBFBitcoin-1260x709.jpg)
Voyager crypto firm loaned US$377 mln to Sam Bankman-Fried’s Alameda Research
Alameda Research, the crypto trading firm cofounded by Sam Bankman-Fried, owes Voyager Digital Holdings US$377 million in loans, according to the crypto broker’s new bankruptcy filing. See related article: Three Arrows, Voyager failures raise questions of who is next in crypto fall from grace Fast facts Voyager Digital entered a loan agreement for a revolving […]
![Three Arrows Capital collapse sends tremors through crypto industry 10 3AC](https://forkast.news/wp-content/uploads/2022/07/3AC-1260x709.png)
Three Arrows Capital collapse sends tremors through crypto industry
Top blockchain and crypto news: Three Arrows target bankruptcy protection. Polium’s Web3 game plan pilloried. China’s tech giants get hands-on with NFTs.
![Three Arrows, Voyager failures raise questions of who is next in crypto fall from grace 11 Arrows](https://forkast.news/wp-content/uploads/2022/07/arrows-1260x840.jpg)
Three Arrows, Voyager failures raise questions of who is next in crypto fall from grace
The crypto winter is killing off companies that took on big risks when markets were booming. So is this the shakeout all financial markets go through?
![Most Indian traders impacted by India’s crypto tax: survey 12 Most Indian traders impacted by India’s crypto tax: survey](https://forkast.news/wp-content/uploads/2022/07/wance-paleri-NvZQct9lZmU-unsplash.jpg)
Most Indian traders impacted by India’s crypto tax: survey
India’s 30% tax on cryptocurrencies, which met with a public outcry, has deterred the trading frequency of 83% traders, according to a survey conducted by crypto exchanges WazirX and ZebPay. See related article: Only the big fish will survive as India cracks the whip on crypto: Binance-backed WazirX Fast facts The survey included 9,500 respondents […]
!['Wolf of Wall Street' says Bitcoin investments will be profitable in three to five years 13 “Wolf of Wall Street” says Bitcoin investments will be profitable in three to five years](https://forkast.news/wp-content/uploads/2022/07/JB-1260x709.png)
‘Wolf of Wall Street’ says Bitcoin investments will be profitable in three to five years
Jordan Belfort, the man who inspired Martin Scorsese’s film “Wolf of Wall Street” and a once-avowed crypto critic, said Bitcoin is a long play while speaking on Yahoo Finance’s show The Crypto Mile. See related article: Bank of England calls for greater crypto regulation Fast facts The former convicted financial criminal turned famous consultant and […]
![Nexo in talks to buy out Vauld 14 market](https://forkast.news/wp-content/uploads/2022/07/market-1260x945.jpg)
Nexo in talks to buy out Vauld
Nexo said it plans to not only protect Vauld’s existing customer base but also to give them access to an improved range of services. See related article: Celsius repays debts, cuts jobs amid bankruptcy fears Fast facts Nexo said it signed an indicative term sheet with Vauld that grants it a 60-day exclusive exploratory period […]
![TikTok’s former gaming unit head to launch blockchain game development tool 15 meta0](https://forkast.news/wp-content/uploads/2022/07/meta0-1260x662.jpg)
TikTok’s former gaming unit head to launch blockchain game development tool
Former TikTok game division executive Jason Fung is starting up a blockchain-based game developer, Meta0, to allow transfer of non-fungible tokens (NFTs) between different blockchains, according to a Reuters report on Tuesday. See related article: Game theory: What’s holding back an explosion of play-to-earn? Fast facts According to its product proposal, Meta0 aims to allow […]
![South Korean convenience store CU helps bring booze culture to metaverse 16 South Korean convenience store CU helping bring booze culture to the metaverse](https://forkast.news/wp-content/uploads/2022/07/jjaann-1260x697.png)
South Korean convenience store CU helps bring booze culture to metaverse
South Korea’s largest convenience store chain CU said on Tuesday it is launching its alcohol brands on JJAANN, a local metaverse platform dedicated to drinking culture. See related article: To improve focus on studies, South Korean students turn to the metaverse Fast facts JJAANN, which calls itself the world’s first corner of the metaverse dedicated […]
![Bank of England calls for greater crypto regulation 17 Bank of England](https://forkast.news/wp-content/uploads/2022/07/BoE-1260x840.jpg)
Bank of England calls for greater crypto regulation
The Bank of England (BoE) called for stricter financial regulations on the back of the recent cryptocurrency crash in its Financial Stability Report released Tuesday. See related article: Crypto crash justifies RBI’s stance: central bank chief Fast facts Risk is growing with the cryptocurrency industry’s expanding connection with the wider financial system, the U.K. central […]
![Crypto's biggest problem is not volatility, but scalability 18 Blockchain and sidechain illustration](https://forkast.news/wp-content/uploads/2022/06/Forkast-Opinion-Images-14-1260x710.png)
Crypto’s biggest problem is not volatility, but scalability
Notwithstanding this bear market, Web3’s more pressing issue is its inability to handle large volumes, writes Greg Gopman. Can sidechains offer a solution?
![Polium's NFT/Web3 game console plan meets with plenty of skepticism 19 Polium’s NFT / Web3 game console plan meets with plenty of skepticism, The GameCube logo (left) next to the new Polium logo. Social media has criticized Polium for copying GameCube.](https://forkast.news/wp-content/uploads/2022/07/GameCube_Polium-1260x709.png)
Polium’s NFT/Web3 game console plan meets with plenty of skepticism
Web 3.0 company Polium’s plan to make the world’s first “multi-chain gaming console” to support games across different blockchains is an ambitious goal that has met a chorus of skepticism. See related article: What is Axie Infinity and how is it ushering in gaming 3.0? Fast facts Polium, a startup that first announced its plans […]
![Celsius repays debts, cuts jobs amid bankruptcy fears 20 Celsius repays over US$113 mln in debt; recovers US$122 mln in collateral](https://forkast.news/wp-content/uploads/2021/10/celsius-network-assets-defi-768x432-1.png)
Celsius repays debts, cuts jobs amid bankruptcy fears
Celsius Network has paid back US$142.8 million of its debt to Maker since July 1, data from DeFi Explore shows, as the embattled cryptocurrency lender looks to avoid a complete collapse. See related article: Goldman Sachs said to raise US$2B for Celsius assets: report Fast facts With the repayment, Celsius’ liquidation price for its Wrapped […]
![Tencent's music app tests NFT avatars, virtual music room 21 tencent pf](https://forkast.news/wp-content/uploads/2022/07/tencent-pf-1260x759.jpg)
Tencent’s music app tests NFT avatars, virtual music room
Tencent on Monday said it started testing non-fungible token (NFT) profile picture (PFP) avatars and the “virtual room” Music Zone on its QQ Music app. See related article: Tencent launches XR unit to develop ‘benchmark’ VR products Fast facts These NFT PFP avatars are two-dimensional cartoon characters based on Tencent’s blockchain, Zhixin Chain. QQ Music […]
![Can Cardano pack a punch with Pacquiao NFTs? 22 Pacman2](https://forkast.news/wp-content/uploads/2022/07/Pacman2-1260x420.png)
Can Cardano pack a punch with Pacquiao NFTs?
The boxer-dog themed collection by Filipino boxing legend Manny “Pacman” Pacquiao, scheduled for minting on July 15, will be released on the Cardano blockchain, the team behind the official non-fungible tokens (NFTs) said on Monday. See related article: Manny Pacquiao is launching NFTs in memory of dog ‘Pacman’ Fast facts The collection is named in […]
![S.Korean dancer NO:ZE uses NFTs to safeguard choreography IP 23 S.Korean dancer NO:ZE uses NFTs to safeguard choreography IP](https://forkast.news/wp-content/uploads/2022/07/noze-nft-1260x945.png)
S.Korean dancer NO:ZE uses NFTs to safeguard choreography IP
South Korean star dancer NO:ZE unveiled Dance with NO:ZE on Friday, a non-fungible token (NFT) project that sets out to safeguard intellectual properties of choreographers with blockchain technology. See related article: S.Korean music sharing platform to use NFTs for copyright protection Fast facts “The choreographies created so far have not been copyrighted,” NO:ZE said in […]
![Vauld halts withdrawals, trading, deposits; explores restructuring 24 darshan bhatija resized](https://forkast.news/wp-content/uploads/2022/07/darshan-bhatija-resized.png)
Vauld halts withdrawals, trading, deposits; explores restructuring
Vauld has suspended all withdrawals, trading and deposits on its platform, the Singapore-headquartered cryptocurrency exchange said on Monday. See related article: Three Arrows Capital files for Chapter 15 bankruptcy Fast facts The firm, backed by PayPal founder Peter Thiel’s Valar Ventures, Pantera Capital and Coinbase Ventures, said it is exploring “potential restructuring options.” Vauld said […]
![Singapore may limit retail participation in crypto 25 mas resized Glassdoor](https://forkast.news/wp-content/uploads/2022/07/mas-resized-Glassdoor.png)
Singapore may limit retail participation in crypto
The Monetary Authority of Singapore (MAS) is mulling additional consumer protection safeguards on crypto, Tharman Shanmugaratnam, the minister in charge of the central bank, told Parliament. See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’ Fast facts MAS is considering introducing rules on the use of leverage and limits on retail participation […]
![Crypto lender CoinLoan reduces its daily withdrawal limit by 99% 26 Bitcoin](https://forkast.news/wp-content/uploads/2022/07/BB-1260x841.jpg)
Crypto lender CoinLoan reduces its daily withdrawal limit by 99%
Estonia-based crypto lending platform CoinLoan is slashing its daily withdrawal limit from US$500,000 to US$5,000, in hopes to prevent liquidity-related interruptions due to surges in customer withdrawals. See related article: Three Arrows Capital files for Chapter 15 bankruptcy Fast facts CoinLoan says its decision wasn’t driven by market instability and claims to be “probably the […]
![Monthly NFT sales fall below US$1 billion for first time in 12 months 27 BAYC. | Yuga Labs says it wins first Bored Ape trademark lawsuit against RR/BAYC project](https://forkast.news/wp-content/uploads/2022/07/BAYC_fallingprices-1260x709.jpg)
Monthly NFT sales fall below US$1 billion for first time in 12 months
Crypto industry sales are slumping, but it’s not just hedge funds and lenders that have been hit hard by the crypto winter. The NFT industry has also begun to feel the chill.
![CEL soars 17%; reclaims spot in top 100 crypto by market cap 28 Celsius repays over US$113 mln in debt; recovers US$122 mln in collateral](https://forkast.news/wp-content/uploads/2022/06/celsius-network-assets-defi-768x432-1.png)
CEL soars 17%; reclaims spot in top 100 crypto by market cap
Celsius Network’s cryptocurrency CEL is up 32.1% over the past 14 days leading to Monday in Asia, even as speculation around the lender filing for bankruptcy heats up. See related article: Celsius community adopts GameStop tactics to squeeze out short sellers Fast facts CEL token gained 17% over the past 24 hours, peaking at US$0.94, […]
![BlockFi's deal with Sam Bankman-Fried's FTX will prioritize clients 29 Sam Bankman-Fried lashes out at Voyager for rejecting FTX’s proposal](https://forkast.news/wp-content/uploads/2022/07/GettyImages-1241501470-1260x839.jpg)
BlockFi’s deal with Sam Bankman-Fried’s FTX will prioritize clients
The crypto lender signed definitive agreements with FTX US for a US$400 million revolving credit facility that will be subordinate to all client funds. The crypto exchange also has an option to acquire BlockFi for about US$240 million based on performance targets. See related article: Sam Bankman-Fried steps in to bail out BlockFi Fast facts […]
![Meitu’s Bitcoin, crypto investments down by over US$50 mln 30 Bitcoin](https://forkast.news/wp-content/uploads/2022/08/bitcoinnew-1260x840.jpg)
Meitu’s Bitcoin, crypto investments down by over US$50 mln
Hong Kong-listed beauty app Meitu said on Friday it is expecting a net loss of up to 349.9 million yuan (US$52 million) in the first half of 2022, driven by tumbling cryptocurrency prices. See related article: Hong Kong-listed Meitu buys more Bitcoin, now has US$100 million in crypto Fast facts See related article: Software firm […]
![Samsung produces 3nm chips that can be used for Bitcoin mining 31 samsung](https://forkast.news/wp-content/uploads/2022/07/samsung-1260x835.jpg)
Samsung produces 3nm chips that can be used for Bitcoin mining
South Korean tech giant Samsung has started producing chips using its latest 3-nanometer (nm) technology, the company said Thursday. The new chips can be used for Bitcoin mining hardware. See related article: LG to follow Samsung adding NFT features to flagship TVs Fast facts One of the earliest clients for Samsung’s 3nm chips could be […]
![Indian crypto trading volume drops as much as 63% after new tax 32 tax](https://forkast.news/wp-content/uploads/2022/07/tax-1260x840.jpg)
Indian crypto trading volume drops as much as 63% after new tax
Trading volume in Indian cryptocurrency exchanges dropped by as much as 63% since July 1, when a 1% tax deducted at source (TDS) was imposed. See related article: India’s latest tax assault on crypto exchanges starts Friday Fast facts Daily trading volume at cryptocurrency exchange WazirX fell more than 63% on July 1 to US$5.36 […]
![Three Arrows Capital files for Chapter 15 bankruptcy 33 SDNY](https://forkast.news/wp-content/uploads/2022/07/SDNY-1260x840.jpg)
Three Arrows Capital files for Chapter 15 bankruptcy
Crypto hedge fund Three Arrows Capital (3AC) filed for Chapter 15 bankruptcy in a federal bankruptcy court in the Southern District of New York on Friday, in hopes to shield its U.S. assets after a court in the British Virgin Islands reportedly ordered the firm into liquidation last week. See related article: Three Arrows Capital […]
![EU’s new crypto rule requires stablecoin issuers to hold more reserves 34 EU’s new crypto rule requires stablecoin issuers to hold more reserves](https://forkast.news/wp-content/uploads/2022/07/eu-flag-close-up-2022-04-12-06-49-05-utc-1260x709.jpg)
EU’s new crypto rule requires stablecoin issuers to hold more reserves
European Union officials agreed to the Markets in Crypto-Assets (MiCA) law on Thursday, placing cryptocurrencies, issuers and service providers under the EU’s first regulatory framework for the industry. The rules are expected to kick in as early as 2024. See related article: European Union to track all crypto transfers Fast facts All stablecoins will fall […]
![Roger Ver says he will issue statement on default dispute with CoinFLEX 35 RogerVer](https://forkast.news/wp-content/uploads/2022/07/RogerVer2-1260x651.png)
Roger Ver says he will issue statement on default dispute with CoinFLEX
Early Bitcoin adopter and Bitcoin Cash promoter Roger Ver told Forkast he will issue an official statement before Monday responding to allegations he defaulted on a US$47 million loan in USDC from CoinFLEX. See related article: Roger Ver denies defaulting on US$47 mln loan from CoinFLEX Fast facts Ver told Forkast in a phone interview […]
![VanEck files for spot Bitcoin ETF despite Grayscale rejection 36 VanEck files for spot Bitcoin ETF despite Grayscale rejection](https://forkast.news/wp-content/uploads/2022/07/Screenshot-2022-07-01-at-10.14.54-1260x619.png)
VanEck files for spot Bitcoin ETF despite Grayscale rejection
Investment firm VanEck has filed an application for a spot Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), despite Grayscale’s application getting rejected on Tuesday. See related article: Next step for spot Bitcoin ETF in the US may be a courtroom battle Fast facts VanEck had filed for a spot Bitcoin […]
![OSL cryptocurrency exchange cuts 15% of its staff 37 OSL cryptocurrency exchange cuts 15% of its staff](https://forkast.news/wp-content/uploads/2022/07/osl-1-1260x945.png)
OSL cryptocurrency exchange cuts 15% of its staff
Hong Kong-based cryptocurrency exchange OSL is reportedly laying off 40 to 60 employees, or about 15% of its workforce, to join a growing list of digital asset companies in scaling down operations amid tanking cryptocurrency prices. See related article: Coinbase, biggest US crypto exchange, cuts workforce by 18% Fast facts The job cuts are not […]
![Cryptocurrencies a clear danger: India central bank chief 38 RBI](https://forkast.news/wp-content/uploads/2022/07/RBI-1260x945.jpeg)
Cryptocurrencies a clear danger: India central bank chief
Cryptocurrencies are a “clear danger” and have the potential to disrupt financial stability, Reserve Bank of India (RBI) governor Shaktikanta Das said. See related article: Crypto crash justifies RBI’s stance: central bank chief Fast facts “Anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name,” Das said […]
![China’s Ant Group, Tencent, Baidu, JD.com push for NFT self-regulation 39 china](https://forkast.news/wp-content/uploads/2022/07/china.jpg)
China’s Ant Group, Tencent, Baidu, JD.com push for NFT self-regulation
Chinese tech giants including Ant Group, Tencent, Baidu and JD.com are joining yet another self-disciplinary initiative on eliminating speculation of non-fungible tokens (NFTs), also known as “digital collectibles.” See related article: China’s diktat against NFT flipping spawns an ingenious industry Fast facts The companies pledged to resist secondary trading and ensure real-name identification in a […]
![CFTC Commissioner Pham suggests regulators stay tech-neutral on stablecoins 40 CFTC Commissioner Pham suggests regulators stay tech-neutral on stablecoins](https://forkast.news/wp-content/uploads/2022/07/Screen-Shot-2022-06-30-at-9.32.01-PM-1260x707.png)
CFTC Commissioner Pham suggests regulators stay tech-neutral on stablecoins
The crash of Terra-LUNA threw the entire crypto space into a dark funk, and raised questions about the safety and role of stablecoins. CFTC Commissioner Caroline D. Pham offers a regulators’ viewpoint at a Forkast+ exclusive event.
![MAS takes aim at Three Arrows Capital, does not impose penalty 41 MAS2](https://forkast.news/wp-content/uploads/2022/07/MAS2.png)
MAS takes aim at Three Arrows Capital, does not impose penalty
The Monetary Authority of Singapore (MAS) has “reprimanded” cryptocurrency hedge fund Three Arrows Capital (3AC) for misleading information and ignoring assets under management (AUM) limits, the central bank said in a statement on Thursday. See related article: Three Arrows Capital lines up for liquidation Fast facts In August 2013, 3AC obtained its registered fund management […]
![Bitcoin drops below US$19K as crypto bleeds further losses 42 BitcoinFalling](https://forkast.news/wp-content/uploads/2022/07/Bitcoinfalling-1260x578.jpg)
Bitcoin drops below US$19K as crypto bleeds further losses
Bitcoin dropped below US$19,000 for the first time since December 2020 as the crypto market wrapped up Q2 with further downturns as of Friday morning in Asia. See related article: Bitcoin, crypto fall amid reports of 3AC’s court-ordered liquidation Fast facts The world’s largest cryptocurrency hit a low of US$18,729 and was trading at US$20,352 […]
![India’s latest tax assault on crypto exchanges starts Friday 43 Bitcoin 2](https://forkast.news/wp-content/uploads/2022/06/Bitcoin-2-1260x840.jpg)
India’s latest tax assault on crypto exchanges starts Friday
India’s government can’t seem to decide on following China with an outright ban on crypto trading. So is it bent instead on suffocating traders and exchanges with taxes?
![K-pop logs in to the metaverse strung by idols’ vagaries, inability to tour 44 K-pop logs in to the metaverse strung by idols’ vagaries, inability to tour](https://forkast.news/wp-content/uploads/2022/06/virtual-idol-1260x945.png)
K-pop logs in to the metaverse strung by idols’ vagaries, inability to tour
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.
![North Korea said to be responsible for Harmony Horizon hack 45 N.Korea suspect of US$100 mln Harmony Horizon hack](https://forkast.news/wp-content/uploads/2022/06/harmony1-1260x945.png)
North Korea said to be responsible for Harmony Horizon hack
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 sues SEC over spot Bitcoin ETF rejection 46 Grayscale sues SEC over spot Bitcoin ETF rejection](https://forkast.news/wp-content/uploads/2022/06/GettyImages-815845-1260x872.jpg)
Grayscale sues SEC over spot Bitcoin ETF rejection
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, crypto fall amid reports of 3AC’s court-ordered liquidation 47 Bitcoin](https://forkast.news/wp-content/uploads/2022/06/Bitcoin7-1260x840.jpg)
Bitcoin, crypto fall amid reports of 3AC’s court-ordered liquidation
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 […]
![Genesis Trading at risk of nine-figure losses in 3AC contagion: report 48 微信截图 20220630115146](https://forkast.news/wp-content/uploads/2022/06/微信截图_20220630115146-1260x657.png)
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 […]
![Pantera Capital says more crypto meltdowns likely 49 dan2](https://forkast.news/wp-content/uploads/2022/06/dan2.png)
Pantera Capital says more crypto meltdowns likely
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 […]
![Michael Saylor's MicroStrategy buys more Bitcoin 50 MicroStrategy, Michael Saylor buys more Bitcoin, MIAMI, FLORIDA - JUNE 04: MicroStrategy CEO Michael Saylor speaks at the Bitcoin 2021 Convention, a crypto-currency conference held at the Mana Convention Center in Wynwood on June 04, 2021 in Miami, Florida. The crypto conference is expected to draw 50,000 people and runs from Friday, June 4 through June 6th.](https://forkast.news/wp-content/uploads/2022/06/GettyImages-1321733357-1-1260x857.jpg)
Michael Saylor’s MicroStrategy buys more Bitcoin
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 […]
![Why tougher crypto regulations are urgently needed 51 Judge gavel beside a drawing of Bitcoin on a paper with words crypto regulation](https://forkast.news/wp-content/uploads/2022/06/Forkast-Opinion-Images-13-1260x710.png)
Why tougher crypto regulations are urgently needed
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 says Montana storm knocked out most Bitcoin rigs 52 mining](https://forkast.news/wp-content/uploads/2022/06/Timmy-7.png)
Marathon Digital says Montana storm knocked out most Bitcoin rigs
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 […]
![Three Arrows Capital lines up for liquidation 53 3ac](https://forkast.news/wp-content/uploads/2022/06/3AC-1260x840.jpg)
Three Arrows Capital lines up for liquidation
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 […]
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Voyager calls time on Three Arrows as crypto fund teeters on the brink
Top blockchain and crypto news: Three Arrows fallout spreads. BIS calls BS on crypto. Chinese regulatory vacuum chills an NFT platform.
![Tencent launches XR unit to develop 'benchmark' VR products 55 steven ma](https://forkast.news/wp-content/uploads/2022/06/steven-ma-1260x641.png)
Tencent launches XR unit to develop ‘benchmark’ VR products
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) […]
![Wall Street seems to sense opportunity in distressed crypto markets 56 Bitcoin](https://forkast.news/wp-content/uploads/2022/06/SolomanBitcoin-1260x709.jpg)
Wall Street seems to sense opportunity in distressed crypto markets
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 completes trials of its prototype CBDC for retail use 57 tw](https://forkast.news/wp-content/uploads/2022/06/tw-1260x701.jpg)
Taiwan completes trials of its prototype CBDC for retail use
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 […]
![Roger Ver denies defaulting on US$47 mln loan from CoinFLEX 58 RogerVer](https://forkast.news/wp-content/uploads/2022/06/RogerVer-1260x841.jpg)
Roger Ver denies defaulting on US$47 mln loan from CoinFLEX
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 […]
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Compass Mining CEO, CFO resign after utility payment default allegations
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 […]
![Axie Infinity's Ronin Bridge up and running after months of repairs 60 Axie Infinity](https://forkast.news/wp-content/uploads/2021/11/AxieInfinity.png)
Axie Infinity’s Ronin Bridge up and running after months of repairs
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 […]
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China’s alcohol lobby group seeks to standardize liquor NFTs
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 dumps Bitcoin and Ether to avoid more drawdowns 62 fast 1](https://forkast.news/wp-content/uploads/2022/06/fast-1-1260x841.jpg)
Cypherpunk dumps Bitcoin and Ether to avoid more drawdowns
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 launches metaverse phone with Ethereum, Polygon support 63 HTC](https://forkast.news/wp-content/uploads/2022/06/htc2-1260x614.jpg)
HTC launches metaverse phone with Ethereum, Polygon support
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 […]
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US Treasury says prioritize sanctioning North Korea for crypto hacking
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 […]
![Singapore’s central bank says cryptocurrencies have ‘no fundamental value’ 65 singapore3 2](https://forkast.news/wp-content/uploads/2022/06/singapore3-2-1260x881.jpg)
Singapore’s central bank says cryptocurrencies have ‘no fundamental value’
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.
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Voyager Digital issues notice of default to 3AC
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 […]
![CoinFLEX to issue US$47 mln in tokens as it waits for 'crypto whale' to pay up 67 crypto 1](https://forkast.news/wp-content/uploads/2022/06/crypto-1-1260x473.jpg)
CoinFLEX to issue US$47 mln in tokens as it waits for ‘crypto whale’ to pay up
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, […]
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Chinese marketplace repurchases NFTs, citing uncertain policies
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 […]
![Chinese blockchain developer calls crypto a Ponzi scheme 69 china](https://forkast.news/wp-content/uploads/2022/06/china.jpg)
Chinese blockchain developer calls crypto a Ponzi scheme
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 […]
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Are we helpless against attacks on blockchain bridges?
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?