Lachlan is a journalist and producer at Forkast working from Melbourne, Australia. His work can be found in numerous magazines in Australia on topics ranging from culture to science. Lachlan holds a Bachelor’s degree in Journalism from Macleay College in Australia.
Tether lashes out at report that claims it is not 100% backed
Tether is facing another round of scrutiny as the world’s number one stablecoin responds to a damning Bloomberg report published yesterday that claimed — among other things — that Tether is not fully backed as the company claims and is using its reserves to make crypto-backed loans. Fast facts In the article, reporter Zeke Faux […]
SHIB price surges, biggest gains since May
Outstripping the explosive growth of Dogecoin in the past week, copycat memecoin SHIB was up over 300% over the past four days this morning, briefly reaching a five-month high of US$0.00003436, according to CoinGecko. Fast facts Trading at US$0.00003079 at press time, this marks the second massive jump in the Shiba Inu coin’s price since […]
U.S. crypto enforcement team to target cybercrime
Making the most of cybersecurity awareness month, which marks its 18th year this October, the U.S. Department of Justice has announced it is launching a national cryptocurrency enforcement team targeting cybercrime. Fast facts During a virtual speech at the Aspen Cyber Summit on Wednesday, Deputy Attorney General Lisa Monaco said: “Cryptocurrency exchanges want to be […]
Australian Tax Office warns: taxpayers on the hook for crypto tax earnings
Officials are concerned that many investors may not be aware crypto trading is taxed in a similar way to share trading.
Sky Mavis receives $3B valuation in funding round amid tumultuous period for Axie Infinity
Sky Mavis, the company behind leading non-fungible token game Axie Infinity, has raised US$152 million in a Series B funding round with a valuation of nearly US$3 billion, according to news outlet The Information. Fast facts Led by venture capital firm Andreessen Horowitz, Sky Mavis said it will use the funds to improve its blockchain […]
Bitcoin price crosses $50K, but market dominance continues falling
This is the second time the world’s largest cryptocurrency has hit the mark in recent months. Does that mean this price point is here to stay?
Axie Infinity revenue plunges, while AXS price breaks new ground
It’s been quite a run for the world’s leading play-to-earn game, but as its monthly revenue takes a hit, what’s in store for the future of the game?
Central and Southeast Asia among fastest-growing regions in global crypto adoption: Chainalysis
Much of the growth in the region is driven by strong grassroots adoption rates led by Vietnam, India and Pakistan, new data from Chainalysis shows
Bug bites DeFi protocol Compound again
Technical woes continue to beset decentralized finance (DeFi) protocol Compound this week as a hack resulted in 202,472 COMP, or US$68 million at the time, being transferred from its reservoir to its Comptroller where the funds remain vulnerable to being drained by subsequent transactions. Fast facts Yearn.Finance developer Banteg tweeted about the hack late Sunday […]
After Evergrande, will virtual real estate be the next alternative asset class?
The property market is increasingly expensive and out of reach for today’s younger generation. Digital land sales may hit home with some buyers.
Crypto investors brush off Evergrande
The cryptocurrency market has rebounded in the past 24 hours as news broke that China Evergrande Group, the second largest property developer in the world’s most populous nation, has taken a step back from falling off a potential debt cliff today. Fast facts While the overall cryptocurrency market is still down for the week, all […]
After Singapore, Binance pulls back from Australia under growing regulatory pressure
Following similar moves in Singapore, embattled crypto exchange Binance — the largest in the world by trading volume — is ending its derivatives trading in Australia by year’s end, according to a company blog post on Tuesday. Fast facts Aussie traders will have 90 days to reduce or close their positions on options, futures and […]
Evergrande’s uncertainty rocks crypto market
Crypto investors and industry watchers are following closely the potential collapse of Chinese property giant Evergrande.
Boba network announces mainnet launch of layer 2 optimistic rollup
ETH 2.0 is expected to address transaction speeds and gas fees on the world’s number two blockchain, but a growing number of layer-2 protocols are looking to solve those issues today.
Cosmos price reaches for the stars as market remains firmly on the ground
As most of the crypto market stagnates, Cosmos has been on a tear over the weekend, gaining 35% since Saturday morning Asia time to reach an all-time high of US$44.54 this morning, according to CoinMarketCap.com. Fast facts Though it dropped slightly to US$41.72 just before press time, this jump marks the first time the ATOM […]
U.S. Treasury prepares to recommend stricter regulation on stablecoins
The U.S. Treasury is preparing a raft of recommendations for stricter oversight of Tether and other stablecoins, as unnamed insiders say the department has identified the greatest risks posed by the tokens, according to a recent Bloomberg report. Fast facts Making sure investors are able to transfer money in and out of tokens is a […]
El Salvador’s Bitcoin adoption, one week on
It’s hot on Bitcoin Beach and the Twitterverse, but the new legal tender doesn’t have uptake elsewhere in the Central American country.
Insider trading scandal rocks world’s biggest NFT platform OpenSea
As the trading volume in non-fungible tokens begins to slow down from recent record heights, leading NFT marketplace OpenSea has been rocked by an insider trading scandal involving a senior team member. Fast facts The company, dubbed “the eBay of NFTs,” issued a statement yesterday acknowledging it became aware on Tuesday that an employee had […]
Solana crashes, SOL prices tumble as network scrambles to restart
SOL had been on a tear but is now losing ground. Is Solana a victim of its own success — or does the network have deeper problems?
Reserve Bank of Australia posts CBDC job position
Amid the country’s ongoing Senate inquiry into crypto regulation, the Reserve Bank of Australia has posted a job advertisement for a position within its central bank digital currency research team. Fast facts A successful applicant would join a new cross-disciplinary team to research “whether there is a case for a CBDC in Australia, and if […]
Walmart, FTX and Animoca Brands hit by crypto misinformation
Scams and fake news have long dogged the crypto world. This week saw two major blockchain companies and a global retailer get swept up by hack rumors or hoaxes.
Altcoins have their day in the sun as market pulls back
A few altcoins managed to stand out coming into the working week as Solana’s tear comes to an end.
Cardano set for Alonzo launch, smart contracts and NFTs to come
Cardano’s Alonzo hard fork will bring smart contracts and NFT support to the world’s third-largest blockchain. What will it mean for the crypto market?
Australian banks defend decision to shun business with crypto providers
Two of Australia’s “Big Four” banks — National Australia Bank and Westpac — have hit back at criticism they are suppressing competition by refusing to do business with cryptocurrency providers in the country, according to a report. Fast facts While neither of the banks have formal policies excluding crypto businesses, NAB chief executive Ross McEwan […]
Solana launches into sixth place as price tear continues
As most of the market saw a 10% to 15% dip in the past 48 hours, Solana (SOL) has defied that trend, crossing the US$200 mark for the first time and becoming the new sixth-largest coin by market cap a few hours ago, according to data from CoinMarketCap.com. Fast facts SOL was trading at US$205.27 […]
Bitcoin miner Blockstream partners with Macquarie for zero-carbon project
As the debate over cryptocurrency’s carbon footprint rages on, leading bitcoin miner Blockstream is developing new zero-carbon Bitcoin mining facilities in partnership with Australia-based financial services giant Macquarie Group, according to a company blog post. Fast facts The first pilot site will be in the U.S. where Blockstream will leverage Macquarie’s experience in green investments […]
Markets shed 10-15%; experts say not to worry
Despite significant losses across the board, industry experts are not too concerned, seeing the plunge as normal market behavior.
El Salvador ‘buys the dip’ as Bitcoin price tumbles one day after adoption
Just one day after El Salvador’s highly-anticipated adoption of Bitcoin as legal tender, the country’s recently acquired nest egg of 400 BTC lost roughly US$2.5 million in value as the entire crypto market saw a loss of 10% to 15% in 24 hours, according to CoinMarketCap.com Fast facts Bitcoin was trading around a four-month high […]
El Salvador today becomes first country to adopt Bitcoin as legal tender
The Central American nation opens up the next chapter in the history of the world’s biggest cryptocurrency.
Solana price reaches new ATH; historic run goes on
Solana (SOL) is continuing to break new ground, gaining 22% in the past 24 hours to reach a new all-time high of US$177.95 at press time, according to data from CoinMarketCap.com. Fast facts It has been a historic run for the network, which rose 45% over the previous week to reach its previous all-time high […]
SOL, DOT, ETH are the biggest movers in a week of continued price growth
The broader market recovery following the May crash continues with five of the top 10 coins by market cap showing double-digit growth over the past seven days, according to data from CoinMarketCap.com. Fast facts Continuing its historic run, Solana (SOL) showed the most movement, gaining over 45% this past week to hit a new all-time […]
SEC launches probe into Uniswap Labs
In another sign of increasing regulatory pressure on the crypto industry, the U.S. Securities and Exchange Commission is investigating Uniswap Labs, the developer behind the decentralized exchange of the same name, the Wall Street Journal reported on Friday. Fast facts Citing people familiar with the matter, the report said the SEC is seeking information on […]
Binance.com to cease trading in Singapore
In response to increased scrutiny from regulators, crypto exchange Binance is removing itself from app stores in Singapore, as well as ending support for trading pairs and payment options in the Singapore dollar (SGD), according to a company press release. The move takes effect Friday, Sept. 10 at 04:00 UTC. Fast facts Last week, the Monetary Authority […]
Japan’s SBI Holdings announces plans to launch crypto fund by November
In another positive move for Japan’s crypto industry, financial services group SBI Holdings Inc. plans to launch a crypto fund in the country before the end of November, according to a report by Bloomberg. Fast facts Citing Tomoya Asakura, president of SBI affiliate Morningstar Japan K.K., Bloomberg reported the fund could grow to several hundred […]
Fractional ownership of the Doge meme hits $400M valuation
What does it mean to own an NFT? Furthermore, what does it mean to own a billionth of an NFT? For Doge lovers, it might be a good investment, or barking mad.
‘Crypto Dad’ Giancarlo steps down from BlockFi board
After only four months in the position, “Crypto Dad” Chris Giancarlo is stepping down from BlockFi’s board of directors, according to a recent press release. No reason for Giancarlo’s departure has yet been provided, though he apparently will continue to provide strategic counsel to the firm in an advisory role. Fast facts Ellen-Blair Chube, Managing […]
SEC charges BitConnect founder with $2B ‘textbook Ponzi scheme’
The founder of the now-defunct crypto exchange BitConnect is being sued for a US$2 billion “textbook Ponzi scheme” by the U.S. Securities and Exchange Commission, according to a Reuters report. Fast facts The SEC alleges BitConnect’s founder Satish Kumbhani, an Indian citizen, lied about the exchange’s ability to earn 40% returns on investments of BitConnect’s […]
FTX FTT token hits all-time high after LedgerX acquisition
FTX’s exchange token — FTT — has reached a new all-time high following the exchange’s acquisition of crypto derivatives platform LedgerX earlier this week. Fast facts The token hit US$66.33 this morning, according to CoinMarketCap, breaking its previous high of US$61.28, which it set back on May 11, right before the market-wide crash. FTT had […]
Australian consumer protection body issues warning to crypto investors
The Securities and Investments Commission warned against investing in digital-asset financial products. Some say the warning lacks specifics.
El Salvador creates $150M fund to assist with BTC adoption
A week out from El Salvador’s adoption of BTC as legal tender, the country’s legislative assembly has approved a US$150 million trust to help facilitate exchange between BTC and the U.S. dollar – the nation’s current official currency, according to a report by local newspaper El Diario de Hoy. Fast facts Last week, Forkast.News reported […]
Dogecoin spawns more pups with Doge NFT split into tokens for resale
Dogecoin keeps spawning pups, and this time, it could be quite a litter. In yet another spinoff of the crypto industry’s biggest meme, fractionalized ownership of the non-fungible token (NFT) of the original Shiba Inu image that launched Dogecoin is up for sale today in the form of $DOGE tokens, Bloomberg reports. Fast facts Ownership […]
Why Facebook’s Novi wallet could strike gold in SE Asia
Facebook’s Novi is ready to launch. Here’s why the Diem crypto wallet might find an especially warm welcome in places like the Philippines and Malaysia.
Billionaire investor John Paulson calls crypto “worthless bubble,” backs gold
John Paulson, the billionaire who famously shorted the U.S. subprime mortgage bubble in 2008, has called crypto a bubble that will “eventually prove to be worthless” in an interview with Bloomberg TV. Fast facts “I wouldn’t advise anyone to invest in cryptocurrencies,” said the 65-year-old, who has consistently backed gold as a store of value. […]
Ethereum network splits into two; update is urged
A network patch designed to fix a bug on the Geth network has led to the world’s second-largest blockchain splitting in two.
Square’s Jack Dorsey to build decentralized Bitcoin exchange
Jack Dorsey, CEO of tech giants Square and Twitter, announced on Friday that Square’s new decentralized finance division, TBD, plans to build a decentralized Bitcoin exchange. Fast facts “We’ve determined TBD’s direction: help us build an open platform to create a decentralized exchange for Bitcoin,” he tweeted. Project lead for TBD Mike Brock also tweeted […]
Websites can now have ETH sent directly to their domain name
Anyone who owns a website is now able to receive crypto payments directly to their domain name, as Ethereum Name Service announces full integration with the centralized web. Fast facts Making the announcement on Twitter Friday morning, the new upgrade will bring interoperability between the centralized web and the blockchain-based ENS system. The internet currently […]
AAX to launch its own NFT marketplace, following other crypto exchanges
Amid the immense growth in the non-fungible token market, leading Singapore-based crypto exchange AAX is planning to launch its own NFT marketplace in the “near future,” according to a press release shared with Forkast.News. Fast facts In preparation for the launch, AAX is running a campaign in which its users can auction NFTs for charity […]
Cardano Foundation partners with Coinfirm for AML/CFT compliance
In the latest from the world’s third-largest cryptocurrency, which has gone from strength to strength this month, the Cardano Foundation is partnering with blockchain analytics provider Coinfirm.io to ensure the network complies with the Financial Action Task Force’s guidelines. Fast facts In a company announcement this week, the Cardano Foundation said it would be using […]
Hacked crypto exchange Liquid secures $120M loan from FTX
While the funds stolen in last week’s cyberattack on Liquid are yet to be returned, the Japanese exchange has secured a US$120 million loan from fellow exchange FTX to cover losses. Fast facts Sam Bankman-Fried, the billionaire CEO of Hong-Kong based FTX, took to Twitter to make the announcement, saying he had always admired Liquid’s […]
Celsius Network grows 1,900% this year, US$20B AUM
In another sign of decentralized finance’s continued growth, Celsius Network has just announced it now has more than US$20 billion in assets under management – making it one of the largest DeFi platforms in the world. Fast facts These figures came from Celsius’ most recent quarterly internal audit, according to a company press release, which […]
Dogecoin is going to the dogs, including real-world canines
Just as Dogecoin prices are once again going to the dogs, a Chicago animal shelter is asking for DOGE donations to help real-life dogs in the dumps. Fast facts PAWS Chicago has launched a “Dogenation” campaign, which allows animal lovers to donate to the charity in cryptocurrencies — not just Dogecoin — via QR codes […]
USDC to be 100% backed by cash, US Treasuries
Circle, issuer of the world’s second-largest stablecoin USDC, has announced plans to be 100% backed by cash and short-term U.S. Treasuries by September. The company’s most recent attestation showed USDC’s US$22.2 billion supply was backed by only 61% “cash and cash equivalents.” Fast facts Circle had indicated earlier in the month that it wishes to […]
El Salvador rolls out 200 Bitcoin ATMs ahead of nationwide adoption
In preparation for El Salvador adopting Bitcoin as legal tender, the nation is rolling out 200 ATMs and preparing 50 bank branches across the nation to allow residents to exchange crypto for fiat easily, President Nayib Bukele has announced over the weekend via Twitter. Fast facts With El Salvador’s Bitcoin adoption bill coming into effect […]
Liquid crypto exchange hackers use ETH mixer to evade detection
The hunt for hackers who stole an estimated US$97 million from the Japanese crypto exchange Liquid last week has hit some snags as the cybercriminals have been actively hiding their tracks with a crypto mixing tool as they move to transfer their loot into other wallets. Fast facts According to public blockchain information on Etherscan, […]
Aussie tech entrepreneur offers Bitcoin to those vaccinated against Covid
Finder.com CEO Fred Schebesta is offering AU$5 (US$2.85) worth of Bitcoin to every Australian who is fully vaccinated against Covid-19. Fast facts Announcing the plan on Sydney radio this week, the self-made millionaire said he was looking for a way to contribute to the vaccination effort and thought this could be a way to help. […]
Coinbase partners with Mitsubishi UFG for entry to Japan
The largest cryptocurrency exchange in the U.S. has partnered with one of Japan’s largest banks to gain market entry. What does the move say about the Japanese market as the industry is rocked by yet another crypto exchange hack?
El Salvador’s finance minister says Bitcoin is ‘totally optional’
In what will likely be a relief for many Salvadorans, El Salvador’s finance minister said the use of BTC will remain “totally optional” and businesses will not be sanctioned for not using it when the country’s controversial BTC law comes into effect on Sept. 7, reports Yahoo News. Fast facts The country’s adoption of BTC […]
OpenSea dumps Pepe the Frog NFT series
Despite having verified it, and with investors already spending millions on the project, OpenSea has delisted the NFT series after being notified by its creator.
IBM, Nomura to use blockchain for plastics recycling in new consortium
IBM Japan, Mitsui Chemicals and Nomura Research Institute have announced a new consortium to explore how blockchain technology can be used to create better plastic recycling methods, according to a press release from the NRI. Fast facts Making new plastics from recycled plastics is an exact process that requires knowing the specific chemical makeup of […]
Dogecoin Foundation re-established, Vitalik Buterin now on board
Following a few years of inactivity, the Dogecoin Foundation is being reestablished with Ethereum co-founder Vitalik Buterin serving as the organization’s “blockchain and crypto adviser,” according to an announcement posted Tuesday on the foundation’s website. Fast facts Originally founded in 2014, the non-profit organization aims to support the Dogecoin ecosystem and community with a particular […]
Twitter’s Bluesky announces new project lead
Twitter’s much anticipated decentralized social media standard, Bluesky, finally has a project lead in crypto developer Jay Graber, Graber announced yesterday on her own Twitter account. Fast facts Bluesky was announced in late 2019, and Twitter CEO Jack Dorsey said decentralization could address some of the key issues surrounding social media, such as moderation. “Centralized […]
Fitch warns El Salvador’s Bitcoin adoption will drag down credit rating
In another criticism of El Salvador’s planned Bitcoin adoption, global credit scoring agency Fitch Ratings has warned the move will likely adversely affect credit ratings of the country’s insurance sector, due to heightened foreign exchange and earnings volatility risk. Fast facts Fitch Ratings explained in a press release on Monday that once a law comes […]
Microsoft, Alibaba to build antipiracy system on Ethereum
U.S. software behemoth Microsoft is looking to develop anti-piracy measures on Ethereum using research from Chinese internet giant Alibaba and Carnegie Mellon University, according to a paper released by Microsoft’s research department. Fast facts Partnering with Alibaba and Carnegie Mellon, Microsoft says the new system — dubbed “Argus” — will run on a public blockchain […]
U.S. Treasury eases concerns over crypto reporting requirements
In welcome news for the U.S. crypto industry, the Treasury Department is slated to clarify that only crypto companies that fit its definition of “brokers” will have to comply with new tax reporting requirements outlined in the country’s US$1 trillion infrastructure bill, Bloomberg reports. Fast facts Quoting an anonymous Treasury source, Bloomberg reported that crypto […]
Cardano ADA breaks $2 for first time since May as Alonzo launch date announced
Cardano breached the US$2 mark for the first time in almost three months as key developers announced a release date for the planned “Alonzo” hard fork on Friday, which will allow full smart contract functionality on the network. Fast facts Slated for full release on September 12, the upgrade to Cardano’s mainnet completes the Alonzo […]
Asia leads world in crypto investment, report says
Asian nations are leading the world in retail crypto investment, according to a recent report by Finder.com, which found that of 27 countries surveyed, the top five were all in Asia. Fast facts Vietnam was by far the leader in crypto adoption, with 41% of respondents saying they owned at least one cryptocurrency. Indonesia and […]
Iran tax authority pushes to legalize crypto exchanges
In a position seemingly at odds with the remainder of the country’s government, the Iranian National Tax Authority has proposed legalizing digital asset exchanges in order to better collect tax from them, according to local media outlet Eghtesad News. Fast facts The INTA also warned that imposing overly stringent regulation on the sector could have […]
Accenture falls prey to ransomware attack
Accounting and consultancy giant Accenture has become the latest major victim of a ransomware attack. After Accenture initially reported that it had repelled a hacker group named Lockbit, encrypted files belonging to Accenture began to be published today, according to a report by Decrypt. Fast facts An Accenture spokesperson said in a statement: “Through our […]
SEC’s Gensler tells Warren: crypto investors not adequately protected
In a much-anticipated reply, U.S. Securities and Exchange Commission Chair Gary Gensler has written to Sen. Elizabeth Warren saying “crypto investors are not adequately protected.” Fast facts “In my view, the legislative priority should center on crypto trading, lending, and [decentralized finance] platforms. Regulators would benefit from additional plenary authority to write rules for and […]
OKEx lists new Dogecoin spawn amid DOGE price surge
Amid a surge in the price of Dogecoin, Seychelles-based crypto and derivatives exchange OKEx has listed Baby Doge Coin — a new cryptocurrency “created by fans of of the widely popular Dogecoin” — for spot trading, according to a company news release. Fast facts OKEx’s listing had a brief positive impact on Baby Doge’s price […]
BitMEX pays US$100M to settle AML, KYC compliance breach charges
After nearly a year under investigation, crypto exchange and derivatives trading platform Bitmex has agreed to pay as much as US$100 million to settle charges brought by the U.S. Commodity Futures Trading Commission and the Financial Crimes Enforcement Network, according to a company blog post. Fast facts Alex Höptner, BitMEX’s CEO, told Forkast.News in a […]
Cardano ADA surges 20% with smart contracts on the horizon
As Cardano’s Alonzo Purple upgrade launches and the full roll-out of smart contract support is teased, the price of ADA — the native cryptocurrency of the Cardano blockchain network — surged more than 20% in the past 24 hours. ADA was trading at US$1.71 at press time — its highest in over two months, according to […]