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Stuck in stone? Why DLT transactions should be reversible

Why insist that ‘code is law’ when the reality is riddled with human error, sloppy design and tampering? Paul Madsen of HBAR Foundation reexamines one of the central tenets of blockchain technology.

Universal digital payments network for stablecoins, CBDCs launches at Davos

The Universal Digital Payments Network (UDPN), which aims to offer interoperability between regulated stablecoins and CBDCs, was launched today at the World Economic Forum in Davos.

S. Korean city Busan to launch digital commodities exchange, shelves crypto

Busan, South Korea’s second-largest city, announced Thursday that it will launch a digital commodities exchange in the second half of this year.

Singapore-based crypto unicorn Amber Group slashes Hong Kong workforce, SCMP reports

Singapore-based digital asset manager Amber Group has cut its Hong Kong staff by half to 40 to weather a slump in cryptocurrency prices and a cascade of bankruptcies in the industry.

Markets: Bitcoin, Ether fall on U.S. economy worries, hawkish Fed comments on interest rates

Bitcoin and Ether fell Thursday morning in Asia along with most other top 10 non-stablecoin cryptocurrencies on concerns about the direction of the U.S. economy and interest rates.

Coinbase asks Japan customers to withdraw holdings as it halts operations

Coinbase Global Inc., the world’s second largest cryptocurrency exchange by trade volume, has asked customers in Japan to withdraw crypto and fiat holdings by Feb. 16, as it halts operations “to conduct a complete review” of its business in the country.

Genesis, Gemini face US charges over unregistered securities sales

Top blockchain and crypto news: SEC frowns on Genesis, Gemini. Solana soars. Will China tighten its embrace of WeChat Pay and Alipay to push its CBDC?

Markets: Bitcoin, Ether rise further; Dogecoin leads gains in top 10 cryptos

Bitcoin and Ethereum gained in Wednesday afternoon trading in Asia, while price movements of top 10 non-stablecoin cryptocurrencies were mixed, with Dogecoin leading gains.

Silvergate reports US$1 billion loss, attributes to “crisis of confidence” in crypto sector

U.S.-based cryptocurrency bank Silvergate Capital Corp., which saw clients withdraw more than US$8 billion late last year, on Tuesday reported a US$1 billion loss for the fourth quarter of 2022, a slump it attributed to a “crisis of confidence” in the sector resulting from several large bankruptcies.

FTX says US$415 mln in crypto hacked since bankruptcy filing

Bankrupt crypto exchange FTX told creditors that it lost around US$415 million worth of cryptocurrencies to hacks since it filed for bankruptcy.

China NFT platforms expand into Hong Kong in face of compliance risks on mainland

Hong Kong’s new digital asset-friendly policies could set the city up as the home for secondary NFT marketplaces from China as trading of ‘digital collectibles’ remains a gray area on the mainland.

Thailand’s SEC issues new regulations for crypto custody services

The Securities and Exchange Commission of Thailand issued new rules for cryptocurrency custody services on Tuesday.

North Korean hackers move 41,000 ETH stolen from Harmony Bridge attack

The Lazarus Group, a North Korean cybercrime organization, has transferred 41,000 Ether (US$63.9 million) stolen from the 2022 Harmony bridge hack onto cryptocurrency exchanges Binance, OKX and Huobi, according to blockchain data shared by Twitter sleuth ZachXBT.

Monex Group expresses interest in bidding in upcoming sale of FTX Japan: Bloomberg

Tokyo-based online brokerage Monex Group Inc. indicated it may join the bidding for the Japan subsidiary of the failed FTX cryptocurrency exchange.

Markets: Bitcoin holds above US$21,000 as crypto market cap briefly tops US$1 trillion

Bitcoin held above US$21,000 in Tuesday morning trading in Asia with the total cryptocurrency market capitalization also briefly breaching the US$1 trillion-dollar mark in the last 24 hours for the first time since mid-November.

It’s Ethereum forking time

Although investors fear the Shanghai upgrade brings selling pressure to Ethereum, Amber’s Justin D’Anethan shares why this can be a bull case for Ethereum.

What does the future hold for digital assets in 2023?

NFTs, tokenization and blockchain-based cross-border payments will see big paradigm shifts, but their success will depend on regulation, investment and adoption, writes Stephen Richardson of Fireblocks.

Markets: Bitcoin, Ether rises; Solana is biggest gainer among top 10

Bitcoin and Ether gained in Monday afternoon trading in Asia, along with all other top 10 non-stablecoin cryptocurrencies.

CEO of South Korea’s V Global US$2 bln crypto pyramid scheme gets 25 years in prison

Lee Byung-gul, the CEO of V Global, will serve 25 years in prison after his conviction was upheld by the Supreme Court of Korea on Friday.

Markets: Bitcoin, Ether little changed after weekend surge; Solana, XRP give back some gains

Bitcoin and Ether prices were little changed in Monday morning trading in Asia. Several of the top 10 non-stablecoin cryptocurrencies took a breather after strong gains over the weekend on the back of signs inflation may have peaked in the U.S.

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.

Weekly Market Wrap: Bitcoin rebounds above US$18,000, Ether gains over 13%

Bitcoin rallied above the US$18,000 mark for the first time in nearly a month. Is this the start of a bull run or just another relief rally on the back of easing inflation pressure?

Why is it harder to arrest Terra-Luna founder Do Kwon than FTX’s Sam Bankman-Fried?

South Korea’s attempts to extradite the founder of the collapsed Terra-Luna stablecoin will remain hamstrung while the courts in Seoul dispute the charges against him.

Crypto.com announces 20% cut in headcount, cites post-FTX market conditions

Crypto.com will lay off 20% of its workforce, its co-founder and chief executive officer Kris Marszalek said Friday in a Twitter post.

SEC in the U.S. charges Genesis, Gemini with selling unregistered securities

The U.S. Securities and Exchange Commission on Thursday charged cryptocurrency lender Genesis Global Capital and crypto exchange Gemini Trust with offering and selling unregistered securities to retail investors.

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.  

Nexo office in Bulgaria raided over fraud, money laundering suspicion

Cryptocurrency lender Nexo’s office in Bulgaria was raided by local authorities on Thursday over suspicion of money laundering, tax offenses, computer fraud and banking without a license.

Binance obtains approval in Sweden to fuel Europe expansion

Binance, the world’s largest cryptocurrency exchange, has received regulatory approval from the Swedish Financial Supervisory Authority to operate as a financial institution to manage and trade in virtual currency, as part of the exchange’s continuing expansion in Europe.

Binance says it plans to expand hiring by as much as 30% in 2023 as rivals cut jobs

Binance, the world’s largest cryptocurrency exchange by volume, is planning to increase staff by as much as 30% this year.

FTX loses Miami Heat stadium sponsorship

National Basketball Association (NBA) team Miami Heat’s home arena will soon be renamed after a Florida judge ended the naming rights agreement between the bankrupt cryptocurrency exchange, FTX.com, and Miami-Dade County

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.

How DeFi can overcome the stench of shitcoins and ponzinomics

DeFi Summer has cooled into Crypto Winter, but with a silver lining — investors are finally asking sensible questions like: ‘Where does the yield come from?’ writes Julian Koh of Ribbon Finance.

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.

India’s WazirX crypto exchange releases proof of reserves, says 90% of user assets in Binance wallets

Some 90% of user assets at WazirX, India’s largest crypto exchange by volume, are held in wallets at Binance while the remaining 10% are stored in hot and warm wallets, revealed WazirX’s proof of reserves that the company released on Wednesday.

Thai regulator probes Zipmex crypto exchange amid acquisition: report

Thailand’s Securities and Exchange Commission (SEC) has written to cryptocurrency exchange Zipmex Thailand seeking clarification on whether it has been operating as a digital-asset fund manager without permission, according to a Bloomberg report. 

Binance U.S. gets court approval to buy Voyager Digital for US$20 mln

Binance’s U.S. wing has received court approval to buy Voyager Digital’s crypto platform for US$20 million, as part of Voyager’s plan to liquidate in bankruptcy.

Digital Currency Group in spotlight over suspicious fund transfers

Top blockchain and crypto news: DCG under investigation. Lido DAO surges as Ethereum’s Shanghai upgrade looms. Hong Kong burnishes crypto credentials.

Markets: Bitcoin, Ether strengthen; XRP leads gains in top 10 cryptos

Bitcoin and Ethereum prices rose in Wednesday afternoon trading in Asia along with all other top 10 non-stablecoin cryptocurrencies, with XRP leading gains.

India’s CoinSwitch exchange to add non-crypto products amid punishing taxes on digital asset trading

Indian cryptocurrency exchanges faced a flurry of taxes on trading last year that saw volumes across most platforms drop as much as 90%, slashing income from trading fees. What’s a crypto exchange to do? Maybe sell mutual funds?

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.

MetaMask developer ConsenSys to slash 100 or more staffers: report

ConsenSys, the Ethereum software firm behind cryptocurrency wallet MetaMask, is reportedly planning to lay off at least 100 employees.

Markets: Bitcoin, Ether follow U.S. equities higher on view inflation starting to ease despite hawkish Fed

Bitcoin and Ether prices rose in Wednesday morning trading in Asia along with most other top 10 non-stablecoin cryptocurrencies, continuing a strong start to the year on signs inflation is slowing in the U.S.

Coinbase to cut 20% of its remaining workforce

Coinbase, the largest cryptocurrency exchange in the U.S., will be letting go of about 950 employees, or about 20% of its current workforce, as part of “a further restructuring plan,” which is expected to be “substantially complete” by the second quarter of 2023. 

Microsoft mulls US$10 bln investment in ChatGPT’s OpenAI

Microsoft is reportedly in talks to place a US$10 billion bet in OpenAI, the company behind ChatGPT

Markets: Bitcoin slips, Cardano leads losses in top 10 cryptos

Bitcoin dropped in afternoon trading on Tuesday along with most other top 10 non-stablecoin cryptocurrencies by market capitalization. Ethereum rose further while Dogecoin led gains. 

Paycoin seeks reapproval after S.Korea suspends the payments token: report

PayProtocol, the South Korean issuer of payments-focused cryptocurrency Paycoin (PCI), will reapply for a local license to stay in business.

Australian crypto exchange Swyftx to end interest yielding product, cites lack of regulation clarity

Australian crypto exchange Swyftx is ending its crypto-interest earning product Earn on Tuesday due to a “constantly changing regulatory landscape” in the country, according to a company announcement.

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.

Markets: Bitcoin, Ether rise with most of crypto market, Solana posts best start to the year for major token, BNB retreats amid Binance probe

Bitcoin and Ether gained in Tuesday trading in Asia along with most other top 10 non-stablecoin cryptocurrencies, helped by signs inflation pressure is easing in the U.S.

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.

Markets: Bitcoin, Ether extend rise; Cardano leads gains in top 10 cryptos

Bitcoin, Ethereum extended gains in afternoon trade in Asia on Monday along with the top 10 non-stablecoin cryptocurrencies by market capitalization. Cardano rose the most in the last 24 hours, followed by Polygon, BNB and Dogecoin.

Where is the stablecoin market heading in 2023?

FTX’s collapse triggered a stablecoin sell-off, but we will need them to survive the Crypto Winter, writes Vladimir Gorbunov of Choise.com.

Hong Kong pushes ahead with crypto hub plans as tech firms, startups show interest: financial secretary

Hong Kong will continue pushing ahead with the development of the Web 3.0 industry as it aims to become a regional hub for the nascent industry despite the series of collapses of crypto exchanges, said Paul Chan, the city’s financial secretary on Monday.

U.S. subpoenas hedge funds in Binance probe: report 

Federal prosecutors have issued subpoenas to several U.S. hedge funds that have dealt with the world’s largest cryptocurrency exchange, Binance Global Inc.

US prosecutors, SEC probes Digital Currency Group: report

U.S. prosecutors and the Securities and Exchange Commission (SEC) have started to investigate cryptocurrency-focused conglomerate Digital Currency Group (DCG), Bloomberg reported on Saturday, citing unnamed sources.

Markets: Bitcoin back above US$17,000; Ether, crypto market extend weekend gains

Bitcoin and Ether rose in Monday morning trading in Asia, rising with the rest of the top 10 non-stablecoin cryptocurrencies by market capitalization, with Cardano and BNB changing the most.

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.

CeFi regulation may create an advantage for DeFi, Bitcoin.com CEO says

Dennis Jarvis of Bitcoin.com believes the incoming regulatory crackdown on CeFi may tip the scales in DeFi’s favor next year.

Animoca Brands slashes Web3 fund target to US$1B: Bloomberg

Animoca Brands Corp. has scaled down the target amount for its Web 3.0 and metaverse investment fund to US$1 billion.

Digital Currency Group shuts down wealth management unit: report

Cryptocurrency-focused conglomerate Digital Currency Group (DCG) is shutting down its wealth management unit called HQ, CoinDesk, a DCG-owned media outlet, reported on Friday.

Markets: Bitcoin, Ether little changed; Polygon, XRP lead losers; Cardano holds onto gains

Bitcoin and Ether traded little changed Friday morning in Asia, with most other top 10 non-stablecoin cryptocurrencies losing ground.

NFT December sales surge to highest since June amid ‘tax-loss harvesting’

Slump in prices of some non-fungible tokens and other digital assets allows U.S. holders to take advantage of a loophole to reduce capital gains taxes.

Silvergate cuts 40% of staff after facing US$8.1B in withdrawals amid FTX collapse

Cryptocurrency bank Silvergate Capital has laid off 40% of its staff, or about 200 employees, after the collapse of FTX.com, which sparked mass withdrawals of around US$8.1 billion.

India’s Crypto Outlook

WazirX VP Rajagopal Menon sits down with Forkast to provide some insight as survival becomes a huge concern for crypto exchanges in India.

Crypto P2E game investments not protected by law, China court says

A Shanghai court ruled that investments in cryptocurrency-powered play-to-earn (P2E) games are not protected by law in China.

U.S. authorities to seize US$460 mln of Robinhood shares in FTX fraud case

U.S. prosecutors are moving to seize the US$460 million worth of Robinhood Markets Inc., shares linked to Sam Bankman-Fried, the former chief executive officer of Bahamas-based bankrupt cryptocurrency exchange FTX.com

How ‘naming collisions’ threaten the promise of Web3

What are ‘naming collisions,’ and why will unique user-owned identities play a pivotal role in Web3’s future success? Matthew Gould explains.

Indian crypto exchanges may lose US$1.2 trillion of trade volume in next four years: research

India’s current cryptocurrency tax structure “may lead to a loss of approximately US$1.2 trillion of local exchange trade volume in the next four years,” according to research by Esya Centre, a technology policy think tank in India.

Crypto payments firm Wyre reportedly shutting down amid market downturn

Cryptocurrency payments company Wyre is reportedly shutting down operations by the end of January, amid the broader crypto market downturn following the fall of FTX

Alameda Research transfers spark suspicions as SBF denies involvement

Top blockchain and crypto news: Where is Alameda Research’s money going? US tax loophole may give crypto investors a break. China’s blockchain momentum builds.

Markets: Bitcoin, Ether rise; Solana surges 18% as new dog coin spikes interest

Bitcoin and Ether rose in Wednesday afternoon trading in Asia, along with all other top 10 non-stablecoin cryptocurrencies. Solana led gains with an 18% surge, followed by Cardano and BNB.

Crypto, digital assets account for 69% of online investment scams in Hong Kong

The Hong Kong Police received 1,503 online investment scam complaints over the first 10 months of 2022, 70% were related to cryptocurrencies.