Timmy Shen

BTS’ label dreams bigger than just dominating the K-pop world — they want to digitize the IP even more.

Police crack a tele-fraud case related to digital yuan money laundering, potentially thanks to the CBDC’s ‘managed anonymity’ feature.

Yi Gang reiterates the PBOC’s stance to protect data, while failing to address privacy concerns over digital yuan.

On the heels of Facebook, or now Meta, Microsoft and Nike are also racing into the metaverse action. Fast facts Microsoft is introducing a more fun working environment experience by announcing 3D avatar and immersive meeting settings, according to media reports. The Verge reported that Microsoft will use artificial intelligence to listen to the creator’s […]

While the idea of the metaverse has many people talking and Chinese tech giants showing signs of making a foray into the space, a Beijing-based state-owned think tank has warned of the national security risks that the metaverse could bring. Fast facts In a research report titled “Metaverse and National Security” published Saturday by China […]

The hacked DeFi platform called China’s cyber police first thing as most users appear to be in China.

Bitcoin miners saw another mining difficulty adjustment on Monday, with an increase of 7.85%, recovering to the level recorded in May, according to data from BTC.com. Fast facts The mining difficulty level is now at 21.66 trillion at block height 707,616, reflecting the most difficult level since a previous adjustment on May 13, the data show. The latest […]

This follows an attack on Cream Finance that also resulted in a $130M hack.

Ant Group and Tencent recently rebranded NFT projects as digital collectibles amid China state media criticism.

More local governments in China are taking actions to crack down on cryptocurrency mining and trading, with Ganzhou, a prefecture-level city in the eastern province of Jiangxi, having deployed checks and inspections on local businesses. Fast facts The economic development zone in Ganzhou announced that it is working with the central bank’s local branch, the […]

Red Date Technology, the company China tapped to manage its Blockchain-based Service Network (BSN), said today it plans to fully launch an infrastructure for non-fungible tokens (NFTs) by the end of January 2022. Fast facts Red Date revealed on Friday an NFT infrastructure plan — BSN-Distributed Digital Certificate (DDC) — at its BSN Open Permissioned […]

China’s first national standard for blockchain could be released next year and a draft is now in the process of being submitted for approval, an official said earlier this week at an event in the western province of Sichuan, according to a report from local media Chuanguan, run by state-owned Sichuan Daily. Fast facts Li […]

In the latest sign of the American business establishment’s warming embrace of cryptocurrency, the University of Pennsylvania’s prestigious Wharton business school will accept crypto for tuition payment for an online program. Fast facts The Wharton School’s new executive education program “Economics of Blockchain and Digital Assets” plans to accept cryptocurrencies such as Bitcoin for tuition […]

This appears to be the third hack for the protocol this year — yet the biggest one so far.

Mining pool Spark Pool, which was once a major Ethereum mining pool, says its users may withdraw existing balances, but beginning Nov. 1 it will no longer offer other services related to mining for both domestic and international users, the company said in a statement. Fast facts Spark Pool last month reacted swiftly to China’s […]

Local miners told Forkast.News that existing legal miners won’t be much affected, though they’re still subject to power rationing.

A new data report shows there were about 55,000 blockchain-relate patents applications filed by 7,800 companies from 47 countries and regions during the period between the beginning of 2015 to June 2021, and China has seen the largest share of these applications, as the country has been boosting the development of blockchain technology over the […]

Tech giants banish non-fungible token references as Beijing looks down new virtual asset market.

Hong Kong-based blockchain technology company digiXnode Technology Ltd. today officially launched an exclusive service portal — for users in Hong Kong and Macau — that grants access to the Blockchain-based Service Network (BSN), China’s public-private nationwide infrastructure project to spur mass adoption of blockchain technology. Fast facts By subscribing to the service from digiXnode’s website […]

Greenidge Generation Holdings Inc., a U.S. Bitcoin mining and power generation company, has announced it plans to ramp up its operation across the U.S. by more than doubling its previous order with Chinese mining rig maker Bitmain. Fast facts Nasdaq-listed Greenidge said Thursday in a statement it plans to significantly expand beyond its current operating […]

Chinese internet giant Tencent reportedly plans to bet big on the metaverse — a trending idea on building a virtual world typically with the support of virtual and augmented reality technologies — and is looking to build an advanced gaming studio for that, the South China Morning Post reported on Wednesday, citing sources familiar with […]

Kazakhstan — one of the popular destinations for Chinese crypto miners as they look for more regulation-friendly shores — continues to face power shortages, with its national grid operator last week rationing power after some failures occurred in a few power units. Fast facts Kazakhstan electricity grid operating company KEGOC said in a statement last […]

Canadian crypto miner Hut 8 Mining announced yesterday that it would buy 12,000 new MicroBT mining machines for US$58.7 million from Inchigle Technology Hong Kong Ltd., as the mining company continues to expand its North American presence. Fast facts Hut 8 Mining said the new machines will represent an aggregate incremental production of 1.17 exahashes […]

Chinese e-commerce giant JD.com is giving away free non-fungible tokens (NFTs) to those who sign up for its annual technology conference JD Discovery, in a move to jump on the NFT bandwagon following its rivals Alibaba and Tencent. Fast facts JD.com’s tech arm JD Technology said yesterday in a social media post it is giving […]

More industry players are exiting the Chinese mainland market amid tougher crackdown.

Bitcoin miners saw another mining difficulty adjustment on Tuesday, with an increase of 0.95%, according to data from BTC.com. Fast facts The mining difficulty level is now at 20.08 trillion at block height 705,600, reflecting the most difficult level since a previous adjustment on May 30, the data show. The latest adjustment follows six increases after four consecutive […]

New York state Attorney General Letitia James has ordered two “unregistered crypto lending platforms” — one of which has appeared to be Nexo — to cease operations in New York, and requested another three platforms to provide information about their activities. Fast facts James said in a press release published on Monday: “Cryptocurrency platforms must […]

Some are registering companies overseas, via — you guessed it — Taobao vendors.

Tether, the issuer of the world’s most popular stablecoin USDT, has been fined US$41 million by the U.S. Commodity Futures Trading Commission (CFTC) over “untrue or misleading” claims that its USDT stablecoin was fully backed by corresponding fiat currencies. Fast facts The CFTC said in a Friday statement that from at least June 1, 2016 to […]

Authorities encourage new ways to apply blockchain across various industries, although there’s no room for crypto

Chinese President Xi Jinping said on Thursday at the United Nations Global Sustainable Transport Conference the country needs to uphold an innovation-driven approach and create more drivers for development. He specifically mentioned in his remarks the integration of blockchain. Fast facts Xi said more should be done to develop smart transport and smart logistics and […]

Hidden mining tracked by IP addresses to state agencies, enterprises, institutions, schools

AntPool, currently the world’s second-largest Bitcoin mining pool in terms of real-time hashrate, announced today that it is stopping the connection of IP addresses from the Chinese mainland beginning Friday. Fast facts AntPool said in its statement it decided to make the adjustment to abide by the Chinese government’s relevant rules on crypto mining and […]

U.S., Kazakhstan, Russia take up largest Bitcoin hashrate shares as the exodus of Chinese miners continues.

XREX Inc., a Taipei-headquartered crypto-fiat exchange and trade technology platform, today announced a partnership with TRM Labs, a blockchain intelligence provider, to ramp up its platform’s security and enhance its ability to combat fraud and suspicious activities. Fast facts XREX said in a statement it has put to use the risk management tools developed by […]

Cryptocurrency investors on the Chinese mainland continue to feel the chill from the country’s latest crypto ban, as more and more industry players exit the Chinese market. Cobo, a Singapore-based crypto management platform, is among the latest to opt out. Fast facts In order to reflect the regulatory requirements on the mainland, Cobo said Wednesday […]

China’s Blockchain-based Service Network (BSN) — a public-private nationwide infrastructure project to spur mass adoption of blockchain technology — is partnering with a New York-based blockchain company to advance interoperability as BSN actively expands its global presence to lure more developers to use the blockchain network. Fast facts Cypherium, a smart contract technology provider focusing on central […]

Popular short-video app TikTok has started its non-fungible token (NFT) auction of “TikTok Top Moments” that feature works of a series of rappers and artists, as the social media giant appears keen to jump on the NFT bandwagon. Fast facts The auction of Detroit rapper Curtis Roach’s “Bored in the House” NFT has gone live, […]

Crypto miners in China may be under siege and driven out of business or forced to flee to friendlier shores. But one corner of the country’s crypto mining industry — the mining machine manufacturers — does not seem to be affected much. Chinese mining rig maker Bitmain, for example, has recently secured a deal with […]

Binance — the largest cryptocurrency exchange in the world by market value — is set to close down the yuan trading feature on its customer-to-customer platform on Dec. 31, the company said today in a statement, in a move to “meet regulatory requirements of the local government.” Fast facts Binance also said it will conduct […]

The country’s top economic planner hopes to prohibit investment in what it considers an energy-intensive sector.

China’s Blockchain-based Service Network (BSN) — a public-private nationwide infrastructure project to spur mass adoption of blockchain technology — is setting up more portals overseas, as it moves a step closer to more international exposure. Fast facts Red Date Technology, the company China tapped to manage its BSN, announced today that it is working to […]

China’s eastern province of Jiangsu today announced that it is cracking down on covert cryptocurrency mining activities, in response to the notice jointly issued two weeks ago by the National Development and Reform Commission (NDRC) and several other public security and information technology authorities. Fast facts The Jiangsu Communications Administration said it is strengthening its […]

Singers and musicians are embracing non-fungible tokens, but will their non-crypto active fans buy it?

Bitcoin miners saw another mining difficulty adjustment on Tuesday, with an increase of 4.71%, according to data from BTC.com. Fast facts The mining difficulty level is now at 19.89 trillion at block height 703,584, reflecting the most difficult level since a previous adjustment on June 14, the data show. The latest increase follows five increases after four […]

Xive co-founder says its one mining farm in the south of the Central Asian nation has been forced to disconnect from the grid.

In a special Q&A, a Canadian law advisor who works with Chinese clients breaks down the ban’s potential legal boundaries and concerns held by overseas Chinese.

Decentralized wallet imToken is restricting access to some of the services it offers for users in China, in the wake of the latest ban imposed by top Chinese authorities last Friday. Fast facts The company has restricted users in China from accessing and using third-party financial applications, including those from decentralized crypto exchanges, stake mining […]

As Chinese authorities take aim at crypto violations outside mainland borders, Forkast.News asks lawyers in the know: Who is in China’s line of fire?

Malaysian property developer Hatten Land has signed an agreement, through a subsidiary, with Singapore-based digital asset management company Frontier to share proceeds from jointly operating at least 1,000 cryptocurrency mining rigs within Hatten Land properties in Malaysia, according to a company statement released today. Fast facts Hatten Land has previously announced that it would repurpose […]

China’s stepped-up cryptocurrency ban continues to send shockwaves through the industry, as more crypto service providers are shutting their doors to users in China. BeePool and Tiger Brokers are among the latest to announce service suspensions. Fast facts China-based BeePool, the fourth-largest Ethereum mining pool in hashrate, said Tuesday that it has stopped registering new […]

China saw a fivefold increase in blockchain patents last year despite the Covid-19 shutdown.

China’s Blockchain-based Service Network (BSN) — a public-private nationwide infrastructure project to spur mass adoption of blockchain technology — is moving a step closer to more international exposure, as the company behind it is working to register a foundation based in Singapore. Fast facts Red Date Technology, the company China tapped to manage its BSN, […]

China’s earlier efforts to eradicate mining may not have been as effective as the government had hoped, but Friday’s announcement is having an impact.

China’s intensified crackdown on cryptocurrency leaves service providers looking to stay compliant with Friday’s abrupt announcement.

The9 Ltd., a Chinese gaming company that pivoted earlier this year to cryptocurrency mining — along with Polygon and Protocol Labs — are forming an ecosystem collaboration on The9’s non-fungible token (NFT) platform NFTSTAR and GameFi play-to-earn projects. Fast facts The company said in a statement released on Thursday that NFTSTAR and The9’s GameFi projects will […]

Bitcoin and Ethereum prices fall after Beijing intensifies crackdown on crypto trading, mining.

The cryptocurrency mining industry is attracting more investment money. Hong Kong-headquartered crypto miner BIT Mining said it had entered into an agreement to jointly invest in a crypto mining data center in the U.S. state of Ohio, with access to power capacity of up to 85 megawatts. Fast facts The development of the Ohio mining […]

China may be a small step closer to internationalizing the yuan, though its central bank says the e-CNY is now mostly tested for domestic use.

Chinese crypto mining rig maker Canaan Inc. announced Monday that its board of directors has authorized a share repurchase program, in a signal of confidence in crypto mining’s future and a belief that its own stock is undervalued. Fast facts Nasdaq-listed Canaan said it may repurchase up to US$20 million worth of its outstanding American […]

As total hashrate recovers, adjustment would follow four increases after as many declines since China intensified crypto mining clampdown.

A focus of China’s free trade and shipping, Shanghai will explore in pilot project cross border trading with offshore renminbi stablecoin.

Kyrgyzstan is cracking down on cryptocurrency mining farms that are using power illegally, local media outlet 24.kg reported Saturday, citing a release from the State Committee for National Security of Kyrgyzstan. Fast facts Authorities have spotted over 500 crypto mining farms that were illegally connected to power grids, leading to power shortages, as one set of […]

AVAX and SHIB outperform Bitcoin, which gained in price but shied from the $50K mark.

China’s Inner Mongolia region — once a thriving cryptocurrency mining hub that has enacted a series of measures to rein in the sector — is tightening its crackdown by hiring a contractor to monitor and ferret out mining operations. Fast facts The Inner Mongolia Development and Reform Commission announced on Wednesday a bidding result for […]

Digital yuan expected to undergo its first crucial international test despite concerns it can be used as a surveillance tool.

Babel Finance, a Hong Kong-based crypto lender and asset manager, today announced it is opening a business headquarters in Singapore named Babel Asia, as the company looks to serve more clients globally. Fast facts Babel Asia plans to serve as a base for future merger and acquisition activities, together with Babel Finance to drive mainstream […]

With the ease of counterfeiting products like premium tea, keeping a tamper-proof digital paper trail can record each step along the way.

Leading Chinese crypto mining hardware manufacturer attributes robust revenue to ‘substantial increase in total computing power sold.’

Blockchain-based Service Network (BSN) soft launch is the first attempt to roll out the state-backed ‘internet for blockchain’ outside of the Chinese mainland.

Despite widespread criticism of non-fungible tokens (NFTs) that has emerged in Chinese state-owned media, the 2022 Asian Games has announced the sale of its first NFT collection. Fast facts Organizers of the games, set to take place in September 2022 in Hangzhou, the capital city of the eastern province of Zhejiang, announced in a social […]

A tourist spot in South China’s Hainan province to hand out digital yuan, while Shenzhen tests adoption for Hong Kong residents.