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Zipmex extends withdrawal freeze until Friday; no time specified

Singapore-based crypto exchange Zipmex said on Thursday night Hong Kong time (HKT) it will prolong its customer withdrawal freeze until Friday “to prevent any technical issues,” without specifying a time. See related article: Singapore’s MAS to further strengthen crypto regulations Fast facts See related article: Singapore crypto lender reportedly owes retail investors US$363 million

Tesla’s Bitcoin bump; Zipmex freezes withdrawals

Bitcoin drops after Tesla sells 75% of its bitcoin holdings. Meanwhile, South Korean authorities raid 15 companies as part of their Terra Luna investigations.

NEAR Foundation, Forkast partner to showcase talented, socially mindful women in Web3

The partnership will celebrate the progress, impact and innovation of exceptional women leaders across the globe.

Crypto exchange Zipmex freezes withdrawals

Singapore-based cryptocurrency exchange Zipmex became the latest firm to block customers from withdrawing their tokens, citing volatile market conditions and financial difficulties of its partners, reportedly Babel Finance. See related article: Celsius says users can settle for cash at a discount or go long on crypto Fast facts “Due to a combination of circumstances beyond […]

3AC founders moved money out of troubled hedge fund, allege liquidators

Court filings in Singapore by the lawyers appointed by Three Arrow Capital’s creditors allege money was being moved out of the troubled crypto hedge fund into a company controlled by its founders.

Five-member credit committee established to liquidate Three Arrows Capital

A creditors committee to liquidate the bankrupt, Singapore-based cryptocurrency hedge fund Three Arrows Capital (3AC) was established at a meeting on Monday and comprised Digital Currency Group, Voyager, CoinList, Blockchain.com, and Matrixport, according to a document published the same day on the Three Arrows bankruptcy website.  See related article: 3AC crypto contagion spreads to Blockchain.com: […]

Play-to-earn game developers pivot to engaging fans

A focus on economic sustainability, or play-and-earn, is driving the P2E industry to rein in incentives and instead attract and engage gamers in the hope that they will end up spending on in-game assets.

Terra subsidiary used as funds channel for overseas affiliates: report

South Korean prosecutors have reportedly identified what is believed to be a Terraform Labs subsidiary in South Korea, FLEXE Corporation, which was allegedly used to facilitate cash flow from overseas to Terra affiliates, according to KBS News. See related article: Terra’s S.Korean office closure ‘purely coincidental’: Do Kwon Fast facts Terraform Labs chief executive officer […]

Lightspeed launches US$500 mln fund for India, SEA

Lightspeed India Partners (LSIP) announced on Tuesday the closing of a US$500 million early stage fund (LSIP Fund IV) for India and Southeast Asia, as part of venture capital firm Lightspeed Venture Partners’ (LSVP) US$7.1 billion commitment. See related article: Huobi Ventures bets on DeFi and gaming in $10M GameFi fund Fast facts In addition […]

Binance gets nod from Spain to offer crypto exchange, custody services

Binance’s third approval in Europe came after the Bank of Spain allowed its Spanish subsidiary to register as a virtual asset services provider (VASP), the world’s largest crypto exchange by volume said Friday.  See related article: SEC said to probe Binance for rule violation in 2017 initial coin offering: report Fast facts The registration will […]

3AC crypto contagion spreads to Blockchain.com: report

Blockchain.com is at risk of losing US$270 million loaned to crypto hedge fund Three Arrows Capital (3AC) which recently filed for bankruptcy, CoinDesk reported.  See related article: Three Arrows Capital collapse sends tremors through crypto industry Fast facts “Three Arrows is rapidly becoming insolvent and the default impact is approximately [US]$270 million worth of cryptocurrency […]

Stablecoins, USDC and the ‘Circle of trust’

Investor confidence in stablecoins has plummeted since the Terra fiasco. Circle’s chief of finance assesses how they’re holding up amid a barrage of “FUD”.

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

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?

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 […]

MAS mulls crypto limits; Pacquiao’s Pacman NFTs

Singapore’s monetary authority mulls on crypto limits. Meanwhile, Manny Pacquiao drops his NFT collection despite the crypto winter.

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 […]

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 […]

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 […]

As the frenzy fades, what value do NFTs really have?

With NFT trading volumes slumping and regulators stepping in, Vignesh Sundaresan, who paid US$69 million for a Beeple artwork, shares his views on the space.

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 […]

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

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 […]

CoinFLEX issues recovery tokens; MAS says cryptos not currencies

CoinFLEX to solve its liquidity problems by issuing a recovery token. Meanwhile, Singapore’s central bank doubts crypto capabilities.

Kakao’s Klaytn partners with OpenSea for NFT expansion in Asia

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

Mind the gap: Bridging the divide between DeFi and CeFi to grow yield

As traditional finance sector firms continue to seek upside crypto exposure, bringing DeFi yields to TradFi has a bright future, says B2C2’s Phillip Gillespie.

Crypto winter ushers in account freezes as platforms feel the chill

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

Calls for policing NFTs gain ground as fraud cases rise

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

Valar Ventures-backed Vauld to lay off 30% of staff

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

S.Korea blocks ex-Terra employees from leaving country amid investigation

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

Tax, bear market temper India’s enthusiasm for NFTs

High taxes amid a bear market are tempering the enthusiasm for NFTs among Indians. But industry participants expect the country’s unique cultural and demographic characteristics to provide a long-term fillip to the industry.

Game theory: What’s holding back an explosion of play-to-earn?

Despite its rising popularity, GameFi has lessons to learn from Web 2.0 and elsewhere before it can gain a comparable user base, says Ethlas chief Wui Ngiap Foo.

Contagion risk from Three Arrows Capital weighs on Bitcoin, crypto

After a short-lived recovery, Bitcoin, Ether and other cryptocurrencies are trading lower on fears of a contagion risk from a possible financial implosion at Three Arrows Capital.

Client accuses Bitcoin, Ethereum backer Three Arrows Capital of misappropriating funds

The crypto hedge fund got called out on social media Thursday for allegedly misappropriating US$1 million to cover risks of insolvency.

Crypto rises on Fed hike; Three Arrows insolvency concerns

Bitcoin, Ethereum and TRX recover as the Federal Reserve raises interest rates. Meanwhile, Three Arrows Capital faces liquidation concerns.

What lessons can we learn from Terra’s LUNA/UST meltdown?

Terra’s LUNA/UST death spiral was entirely predictable — and it served as a stress test for better-designed stablecoins, writes Gytis Trilikauskis of MEV Capital.

Bitcoin, Ether bear brunt of market selloff amid fears of Fed rate increase

Still recovering from the Terra-LUNA debacle that wiped off billions of dollars in investor wealth, people sold off cryptocurrencies amid a market slump over expectations that the Fed will act faster to tame inflation.
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Tokenized assets can bring trillions of dollars to DeFi: JPMorgan, Onyx

JPMorgan Chase & Co. blockchain business unit Onyx aims to bring trillions of dollars in tokenized assets to decentralized finance (DeFi), Onyx head of digital assets Tyrone Lobban said at CoinDesk’s Consensus 2022 conference.  See related article: JPMorgan sees upside for Bitcoin, crypto amid market downturn Fast facts “Over time, we think tokenizing U.S. Treasurys […]

On the shoulders of a giant: How a huge state fund is nurturing Web3

Singapore investment behemoth Temasek has been in the digital asset space for several years, and it’s doubling down on its commitment, says its blockchain chief.

Do Kwon and Terra lose appeal to impede SEC investigation

The order said Do Kwon and Terraform Labs had sufficient contact with the US for the Securities and Exchange Commission to investigate it for possible violations of federal securities laws.

Crypto buyers in emerging economies find themselves caught between a rock and a hard place

Cryptocurrencies can offer citizens in emerging economies a potential buffer against runaway inflation and financial mismanagement by governments. But buying them increasingly means navigating onerous regulations and punishing taxes.

Short selling is good for any market, including crypto: Jim Rogers

With so-called stablecoins coming under a cloud from the multibillion-dollar collapse last month of the TerraUST stablecoin, Forkast spoke to Singapore-based investor and financial commentator Jim Rogers for his view on these types of coins as well as the relevance of short sellers in the cryptocurrency market. The former cofounder of the Quantum Fund and […]

Nansen strikes deal with Google Cloud to provide real-time market data

Blockchain data analytics platform Nansen has struck a multi-year collaboration deal with Google Cloud to provide crypto investors with real-time access to market intelligence, the Accel and GIC-backed firm announced on Thursday.  See related article: Foxconn’s Taiwan subsidiary receives investment from Google for metaverse projects Fast facts Running its platform on Google Cloud’s open and […]

US senators’ crypto bill; India’s crypto taxes bite

A bipartisan crypto bill has been introduced in the US Senate. Meanwhile, Singaporean investment company ADDX plans on recognizing crypto assets.

Binance comes out swinging as report links it to money laundering

Top blockchain and crypto news: Binance BNB slips amid allegations. STEPN marches through attacks. Is China’s slowdown straining crypto prices?

Only the big fish will survive as India cracks the whip on crypto: Binance-backed WazirX

High taxes and lack of support from traditional finance make it difficult for smaller crypto operators to survive in India, a senior executive at one of the country’s largest crypto exchanges said.

Cool with the rules: Why the crypto sector should embrace regulation

The prospect of tighter codes for the crypto industry has given some players the jitters. Others, such as Crypto.com’s Eric Anziani, see it as an opportunity.

Memo to Crypto World: Wall Street is here to stay

Wall Street did it! At least that is one of the theories about the cause of the nearly US$50 billion meltdown of Terraform Labs stablecoin and LUNA cryptocurrency. How does that stand up?

First Digital to launch Asia’s first secondary market for private crypto equity assets

The Hong Kong-based public trust company Tuesday announced a US$20 million funding round to build up a secondary market for private equity and digital assets, according to a press release. See related article: Singapore wants to bring some adult supervision to crypto Fast facts The venture for empowering startups Nogle and the Blockchain Technology venture […]

Governments pushing for CBDCs smell blood in Terra Classic’s struggles

Advocates for central bank digital currencies argue their inherent stability supersedes any benefits so-called stablecoins, algorithmic or otherwise, could offer.     

Why DBS’ move into the digital asset space is more than a token gesture

The Singapore-based banking behemoth may have found its reach constrained in retail crypto markets, but it still has big plans, CEO Piyush Gupta tells Forkast.

Winning back the trust of the Terra community a tall order for Do Kwon: Experts

Do Kwon’s proposal to create a new Terra network chain is set to go live this weekend — what does Terra 2.0 entail and will it successfully win back its following?

Move-to-earn app STEPN to limit service in China

STEPN on Friday said it would stop providing Global Positioning System (GPS) and Internet Protocol (IP) location services to users in mainland China starting mid-July. See related article: Chinese runners offer substitute running to earn STEPN’s GMT for commission Fast facts STEPN said the move was made to abide by Chinese regulations and that it […]

Huobi acquires Bitex for Latin America expansion

The world’s third-largest cryptocurrency exchange in terms of trading volume Thursday said it acquired Latin American crypto exchange Bitex to expand its footprint in the region. See related article: Huobi Group poised to establish regional hub in Singapore Fast facts Though terms of the deal were not disclosed, Huobi said it plans to integrate Bitex’s […]

China’s BSN to launch overseas public chain without crypto support

China’s state-backed infrastructure Blockchain-based Service Network (BSN) announced on Tuesday that it is preparing the launch of BSN Spartan on Aug. 31, a new international network for non-cryptocurrency public chains. See related article: Resist the temptation on NFTs, Chinese state-backed developer says Fast facts “We’re not against public chains, but we’re against crypto,” BSN developer […]

Looking to invest in vintage wine? There’s an NFT coming for that

Startup platform Farandole has a plan to transform the traditional wine industry with NFTs, cryptocurrency and blockchain technology.

Terra’s S.Korean office closure ‘purely coincidental’: Do Kwon

Terraform Labs CEO and cofounder Do Kwon claimed on Saturday that the closure of two offices in South Korea was “purely coincidental,” and not a response to the national tax authorities’ investigation. See related article: LKB, 5 clients file lawsuit against Terra, Do Kwon to ‘Grim Reaper’ Fast facts Terraform Labs closed its two offices […]

G7 calls for regulation; Bored Ape transfer blocked

South Korean LUNA investors file lawsuit against Terra. Meanwhile, Singapore’s High Court blocks sale of a Bored Ape NFT.

Knock, knock Do Kwon, investors have quite a lot of questions for you

The man at the center of one of crypto’s biggest flops is trying to resurrect the Terra-LUNA project as his tribe of followers and out-of-pocket investors want to know what went wrong.

Blood moon: Terra’s LUNA rescue plan panned by industry, investors

Top blockchain and crypto news: Terra puts down the fork. Bitcoin loses its shine in Singapore. China’s miners dig in.

Terra hard fork proposed; Temasek ‘doesn’t own Bitcoin’

As Terra continues to crash, Do Kwon proposes a hard fork solution, Meanwhile, Singapore’s Temasek gets ready for tokenized assets.

LFG looks to compensate small holders of UST

The Luna Foundation Guard (LFG) Monday said it is looking to use assets remaining with it to compensate UST users, prioritizing the smallest holders first. See related article: News of LUNA’s demise greatly exaggerated Fast facts The Singapore-based foundation was left with 313 Bitcoin compared with 80,393 Bitcoin on May 7, LFG said on its […]

Do Kwon’s wife seeks police protection

The wife of the CEO of Terraform Labs sought protection after an unidentified individual visited their home in South Korea, local police told Forkast.

Binance pulls the plug on TerraUSD (UST) trading pairs

The world’s largest cryptocurrency exchange will delist a number of trading pairs linked to TerraUSD (UST), an algorithmic stablecoin that has been in a freefall since earlier this week. See related article: Tether stabilizes after burning 3 billion tokens amid redemptions Fast facts Binance Friday said it will remove and cease the trading of several […]

ADDX, Fullerton partner to tokenize PE fund of funds

Singapore-based private market exchange ADDX has partnered with Temasek subsidiary Fullerton Fund Management to list Fullerton’s private equity fund of funds (FOF) on its digital platform, ADDX said in a statement.  See related article: Digital securities exchange ADDX join Investcorp to offer tokenized US real estate fund Fast facts The Fullerton Optimized Alpha Fund is […]

Terra’s UST loses dollar peg; Philippines expects Marcos Jr win

Coinhako becomes third Singaporean exchange to receive full license. Meanwhile, the blockchain industry reacts to Philippine election results.

TZ APAC, NUS join for blockchain, computing education

Blockchain consultancy TZ APAC has partnered with the National University of Singapore School of Computing (NUS Computing) to set up the Centre for Nurturing Computing Excellence, the company said in a statement.  See related article: CoinDCX chimes in on India’s growing blockchain education needs Fast facts The new center will enable students to learn from […]

De-layered and durable: How DeFi will boost the finance sector’s resilience

As decentralized finance redefines the way money moves, a do-or-die moment is approaching for traditional finance sector businesses, says Anthony Scaramucci.

KoinBasket raises US$2 mln from global marquee investors

KoinBasket, a cryptocurrency investment start-up, has raised US$2 million in an early-stage funding round with the participation of leading global crypto veterans, the company said in a statement. See related article: India’s crypto shakedown be damned, CoinDCX raises $135 million Fast facts The Singapore-based company will use the funds for product and geographical growth, technology […]

10 Bored Apes win features on Monkey Shoulder bottles for royalties

Luxury liquor non-fungible token (NFT) marketplace BlockBar has selected 10 Bored Ape Yacht Club (BAYC) avatars to be featured on 100 Monkey Shoulder limited edition NFT bottles, earning rights to 5% of sales in royalties.  See related article: BlockBar and Monkey Shoulder partner for BAYC exclusive NFTs Fast facts The 10 BAYCs selected by BlockBar […]

Otherdeeds NFT sale puts Ethereum scalability in glaring spotlight

Top blockchain and crypto news: Otherdeeds debacle stings with gas fee spike. Algorand scores World Cup deal. Will China be forced to embrace Bitcoin?

Has Bitcoin become a victim of its own success?

Except for a bout of recession in March 2020, Bitcoin has been fairly resilient to the vagaries of global financial crisis. But with murmurs of another recession gaining steam, Forkast examines the cryptocurrency’s relevance as a safe haven.