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Articles by

Dylan Butts

Dylan Butts is a Forkast journalist based in Hong Kong. He has previously wrote for publications such as NBC and the South China Morning Post, covering a wide range of topics including business and technology. Dylan holds a bachelor's degree in economics from St. Lawrence University and a master's in journalism from the University of Hong Kong.

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March 2023

India, UAE to collaborate on cross-border central bank digital currencies

The Indian central bank and the UAE will jointly run pilot programs on their central bank digital currencies, according to the Reserve Bank of India. 

Voyager-Binance.US’ $1 bln deal should be put on hold, says U.S. Department of Justice

A deal valued at over US$1 billion between Binance.US and Voyager should be put on hold while key legal objections are worked out, says U.S. government.

Euler Finance loses nearly US$200 mln in exploit

Euler Finance, a decentralized finance lending protocol has lost approximately US$197 million in an exploit, according to online crypto security analysts.

Meta working on a decentralized social media app: Moneycontrol

Meta Platforms, the parent company of the social media applications Facebook and Instagram, is exploring a decentralized text-based Twitter alternative.

New York attorney general sues KuCoin for ‘falsely representing itself as an exchange’

The NY State Attorney General is suing crypto exchange Kucoin for not registering as a securities and commodities broker-dealer and calling itself an exchange.

CFTC chair calls Ethereum a commodity, in contrast to SEC chair Gensler’s position

CFTC chair Rostin Behnam has called Ethereum a commodity and not a security, in apparent contrast to past statements from SEC Chairman Gary Gensler.

Bitcoin, Ether fall amid interest rate hike fears, Silvergate liquidation; Forkast NFT 500 index slips 0.79%

Bitcoin and Ether fell in evening trading in Asia Thursday, with XRP the sole gainer in 24 hours among the top 10 non-stablecoin cryptocurrencies by market cap.

Thailand to offer tax breaks to firms issuing investment tokens

The Thai Finance Ministry will waive corporate income tax and value-added tax for firms that conduct initial coin offerings (ICOs), according to a spokesperson.

Bitcoin, Ether fall amid U.S. Fed chair warning of more interest rate hikes; Forkast NFT 500 index slips 0.65%

Bitcoin and Ether fell in afternoon trading in Asia on Wednesday, with XRP the sole gainer among the top 10 non-stablecoin cryptocurrencies by market cap.

FTX’s Alameda sues Grayscale over crypto trusts

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

Bitcoin ATM firm accused of profiting from crypto scams via unlicensed machines: U.S. Secret Service

A crypto tech firm and three of its executives have been indicted for allegedly operating unlicensed Bitcoin ATMs in the U.S. that profited from scams.

Ethereum core developers delay Shanghai hard fork to early April

The expected launch of the Shanghai hard fork has been delayed from late March to the first two weeks of April, according to Ethereum developers on Thursday.

Australia’s central bank identifies CBDC use cases as it prepares pilot launch

Australia has outlined potential use cases and providers for a central bank digital currency (CBDC), with a pilot program to be launched in the coming months.

Japanese banks to launch, test stablecoins on ‘Japan Open Chain’

Three major banks in Japan will issue stablecoins on an Ethereum-compatible blockchain created by the blockchain-related tools developer G.U. Technologies.

Creation of U.S. digital dollar would ‘crowd out’ crypto: ex-Biden adviser

A U.S. central bank digital currency would “crowd out” the cryptocurrency ecosystem and protect national security, according to an ex-top presidential adviser.

Visa not slowing down with crypto plans, says its crypto chief

American payments giant Visa is not slowing down its cryptocurrency plans despite last year’s bear market, according to the firm’s crypto head Cuy Sheffield.

February 2023

Bankrupt crypto lender 3AC’s liquidators set to dump millions worth of seized NFTs

Teneo, the liquidator of the bankrupt crypto lender Three Arrows Capital plans to sell non-fungible tokens estimated to be worth millions of dollars.

FTX founder Sam Bankman-Fried hit with four more criminal charges

The founder of bankrupt cryptocurrency firm FTX.com Sam Bankman-Fried (SBF) has received another four criminal charges in a superseding indictment on Thursday.

IMF releases crypto action plan, advises against legal tender status

World governments should not grant cryptocurrency legal tender status, the International Monetary Fund’s (IMF) executive board said in its new nine-point action plan on how countries should approach crypto assets published Thursday. See related article: India working with IMF, FSB on crypto regulations, says economic affairs secretary Fast facts See related article: India’s finance minister […]

SEC accused of ‘back door’ labeling of crypto as securities in Coinbase insider trading case

A U.S.-based blockchain advocacy group has urged a federal court to dismiss SEC charges against an ex-Coinbase employee accused of insider trading.  

Canada gives crypto companies 30 days to meet updated registration guidelines

Cryptocurrency companies in Canada have 30 days to meet updated crypto registration guidelines released on Wednesday or risk losing their users.

Crypto scammers seize on AI frenzy as fraudulent ChatGPT tokens flood markets

Crypto scammers are deploying fraudulent tokens that appear affiliated with the popular AI chatbot ChatGPT, taking advantage of the tech’s investment hype.

FTX Japan resumes withdrawals through Liquid Japan web platform

FTX Japan, the Japanese subsidiary of Sam Bankman-Fried’s bankrupt FTX, resumed withdrawal of customer holdings on Tuesday.

Hong Kong begins public consultation on crypto licensing regime

The Hong Kong Securities and Futures Commission is calling for public feedback on its new proposals to regulate the crypto industry set to take effect in June.

Japan to launch digital yen pilot programme in April

Japan will start a pilot programme to test the use of a digital yen in April, joining a growing number of countries seeking to launch their own CBDCs.

Judge says Bankman-Fried could ‘conceivably’ have bail revoked: CNN

There might be “probable cause” to believe that Sam Bankman-Fried engaged in witness tampering and other activities that could revoke his bail, says judge.

Binance expects to pay penalties to settle U.S. probes: Wall Street Journal

Binance expects to pay to settle U.S. authorities’ investigations into its business and past crypto offerings, according to its chief strategy officer.

EU begins regulatory sandbox for blockchain technology

The European Commission (EC), has started a regulatory sandbox to test use cases of blockchain technologies and provide legal clarity for the industry.

Conflux Network, China Telecom to build blockchain-enabled SIM cards

Blockchain protocol Conflux Network and China’s second-largest wireless carrier China Telecom have partnered to build a “blockchain-enabled SIM card” (BSIM).

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

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

Truck industry as real-world crypto use case? How blockchain could replace system that leaves U.S. truckers out of pocket 

The current payment system relied on by truck drivers runs through third parties and adds costs to supply chains and consumers. Could blockchain tech provide an alternative, and would truckers trust it?

Singapore’s DBS bank plans to apply for crypto license in HK: report

Singapore’s DBS Group plans to apply for a license to offer crypto to Hong Kong customers as the city pushes to become a hub for digital assets.

Head of crypto, FX trading platform EminiFX pleads guilty to US$248 million fraud charges

Mastermind of the EminiFX fraud has pleaded guilty to soliciting investments worth more than US$248 million from tens of thousands of investors, says US DOJ.

UAE central bank to issue CBDC, promote digital asset growth

The United Arab Emirates plans to launch a central bank digital currency (CBDC), among other initiatives, to become a financial and digital payment hub.

Huobi to expand in Hong Kong as it bets on China

Huobi Global plans to expand its operations in Hong Kong, anticipating that Mainland China will soon follow the city’s recent pro-crypto shift, says Justin Sun.

Jury sides with fashion giant Hermès in MetaBirkins NFT case

Luxury fashion house Hermès International won its lawsuit against NFT artist Mason Rothschild on Wednesday for violating its Hermès’ Birkin trademark.

Alameda wallets activate, transfer millions in FTT tokens 

Wallets linked to Alameda Research became active over the past week, transferring millions worth of FTX’s native token, FTT, according to Arkham Intelligence. 

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

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

JPMorgan report shows institutional trader interest shifting to AI from blockchain after crypto slump

Nearly three out of four institutional traders surveyed “have no plans to trade crypto,” while most see Artificial Intelligence as the next big disrupter.

Binance tells Indian crypto exchange WazirX to remove funds from its platform as feud escalates

Binance has stopped providing wallet services to Indian crypto exchange WazirX, asking it to withdraw any remaining assets held in Binance wallets by Feb. 3.

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

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

Crypto exchange PayBito begins to integrate ChatGPT into its platform

Cryptocurrency exchange PayBito announced its plans to integrate ChatGPT, an artificial intelligence (AI) chatbot developed by research firm OpenAI, on Friday.

Crypto hackers stole record US$3.8 bln in 2022, mostly from DeFi and cross-chain bridges: Chainalysis

Hackers stole at least US$3.8 billion in cryptocurrencies throughout 2022, a record-breaking year for crypto heists, says blockchain forensics firm Chainalysis.

Bankrupt FTX held US$1.4B in cash at the end of 2022

Bankrupt cryptocurrency exchange FTX.com had around US$1.4 billion in cash reserves at the end of 2022, according to a financial update released Tuesday.

January 2023

Celsius misled investors, spent customer funds, bankruptcy examiner claims

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

Bitcoin trades higher in Nigeria amid cashless economy drive

Bitcoin price was trading at a premium in Nigerian cryptocurrency exchanges on Monday following the central bank’s limit on ATM cash withdrawals.

DOJ, FBI hack Hive Network, save US$130 mln from crypto ransomware attacks

The FBI and the DOJ have concluded a month-long disruption campaign against the Hive ransomware group, preventing victims from having to pay US $130 million.

Bankrupt BlockFi asks court to approve bonuses to keep staff

BlockFi said it needed bonus payments to keep employees from fleeing the company. But creditors argue the plan is excessive when compared to other crypto bankruptcies.

Apple, New York Times, Hong Kong Government listed among FTX creditors

Lawyers for the bankrupt cryptocurrency exchange, FTX.com, filed a document with a list of its institutional creditors on Thursday, which included major technology firms, publications and government bodies.  

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

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

Regulators should not legitimize ‘purely speculative’ crypto activity: Singapore’s monetary authority chief

Regulators should not legitimize “purely speculative” activity in crypto markets following the collapse of FTX, said Monetary Authority of Singapore Chairmen.

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

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

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

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

Crypto ads should include risk warnings, says South African advertising regulation group

Crypto ads airing in South Africa must warn potential investors of risks, according to new guidelines by the country’s Advertising Regulatory Board (ARB).

Crypto lender Hodlnaut’s creditors reject restructuring plan, prefer liquidation: report

Creditors of Singapore-based crypto lending and borrowing platform Hodlnaut have rejected a proposed restructuring plan and wish to liquidate the company.

Bitcoin price rebounds as U.S. inflation cools

Bitcoin rebounded above US$18,000 on Friday as the U.S. consumer price index, rose 6.5% in December, matching expectations and continuing a downtrend from previous months.  

Bankrupt FTX exchange has recovered US$5 bln worth of ‘liquid’ assets, lawyers say

The names of the crypto exchange’s 9 million customers and creditors will remain sealed from the public for at least three months.

Hong Kong crypto exchanges to follow same laws as traditional finance

Hong Kong has passed a new licensing regime on for crypto exchanges that will subject providers to the same legislation and rules as traditional finance.

Bitcoin named dirtiest crypto of 2022, tops major tokens in carbon emissions: Forex Suggest

A Bitcoin transaction produced close to a metric ton of carbon emissions, while XRP was the most energy-efficient among the top 10 cryptocurrencies by market capitalization last year.

German government warns of ‘Godfather’ malware targeting banking, crypto apps

Germany said “Godfather” virus generates a fake copy of a banking or crypto app login screen to appropriate a user’s information and steal funds.

Crypto payments firm Wyre limits withdrawals as it mulls ‘strategic options’ amid market downturn

Wyre Payments, a San Francisco-based crypto payments firm, will implement withdrawal limits for user accounts, it said in a Twitter statement on Jan.7.

Crypto exchange Huobi latest firm to slash staff: Reuters

Seychelles-based crypto exchange company Huobi plans to lay off about 20% of its staff, according to a Friday report from Reuters.

Sam Bankman-Fried pleads not guilty to fraud charges in FTX exchange collapse

Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange that collapsed in November with billions of dollars in investor funds missing, pleaded not guilty to charges of fraud on Tuesday in New York.

December 2022

‘Tis the season for crypto tax-loss harvesting: IRS, regulators remain silent on crypto tax loophole ahead of new year

The past year has been tumultuous for crypto investors, with a bear market wiping out over half of Bitcoin’s market capitalization. However, with the end of the American tax year just days ahead, taxpayers could get some money back.

A series of events: Crypto’s 2022 timeline

Cryptocurrencies had a turbulent 2022 to say the least. Blockchain technology made progress but that failed to offset the multiple bankruptcies and hacks that plagued the industry through the year.
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Second set of transactions from Alameda wallets likely liquidators: Nansen

FTX liquidators may be behind the latest transactions from Alameda Research wallets, but someone else may have sent the first set of cryptocurrencies to decentralized exchanges.

Argo Blockchain shares soar after selling Texas mining facility to Galaxy Digital

Bitcoin miner Argo Blockchain PLC’s stock price spiked by more than 100% during U.K. trading hours on Wednesday and to close 73.33% higher on the London Stock Exchange.

FTX founder Sam Bankman-Fried likely to enter plea deal: report

Sam Bankman-Fried is expected to enter a plea deal next week to fraud charges connected to the collapse of cryptocurrency FTX Reuters reported.

Sam Bankman-Fried used Alameda Research money to buy Robinhood shares

FTX founder Sam Bankman-Fried took funds from his trading firm, Alameda Research, to buy stock of trading app Robinhood, court documents revealed Tuesday.

Crypto addresses linked to Alameda Research have moved over US$100,000

Several wallets associated with Alameda Research, the trading arm bankrupt cryptocurrency exchange FTX.com, came to life on Wednesday, swapping various tokens. 

Sam Bankman-Fried home for Christmas after making US$250 million bail in U.S.

Bankman-Fried won an upgrade from his Bahamas prison cell after posting bail following his extradition to the U.S. on Wednesday, where he faces charges for what prosecutors called “fraud of epic proportions.”

Ban crypto or brace for the next financial crisis, RBI governor warns

The next financial crisis will come from “private cryptocurrencies” if they are not banned, RBI Governor Shaktikanta Das said at a banking and finance event on Wednesday.