Search results: Genesis

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.

Caroline Pham, commissioner of the U.S. Commodity Futures Trading Commission (CFTC) commissioner, has urged regulators to develop clearer crypto industry standards.

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?

Bitcoin and Ether rose in Friday afternoon trading in Asia, along with all other top 10 non-stablecoin cryptocurrencies, after the U.S. posted a 6.5% year-on-year increase in the Consumer Price Index for December, which came in lower than inflation readings in previous months.

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

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

Barry Silbert of the Digital Currency Group wrote to shareholders on Tuesday to explain loans from its subsidiary Genesis Global Capital.

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

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.

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.

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

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

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.

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

Binance declined to comment on reports in local media that it is in late stage talks to acquire South Korean digital asset exchange GOPAX.

Yosuke Matsuda, the president of Square Enix, has reaffirmed the gaming company’s commitment to blockchain technology.

Barry Silbert, the CEO of Digital Currency Group rejected claims that the company borrowed US$1.6 billion from its Genesis Global Capital.

It takes a village to raise a child, and Bitcoin is no different — we must support its growth but also set firm boundaries, writes Justin d’Anethan of Amber Group.

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.

From Terra and FTX crises to Ethereum’s triumphant Merge and China’s inventive NFT industry, Forkast reviews a rollercoaster year and its consequences.

A bug in the new bidding system of non-fungible token (NFT) marketplace Blur caused a user to lose 70 ETH by accidentally overbidding on an Art Gobbler NFT.

Top blockchain and crypto news: AAX teeters on the brink. SBF hints at Congressional hearing no-show. Chinese court boosts NFT legitimacy.

Goldman Sachs plans to spend millions of dollars to buy or invest in undervalued crypto companies in the post-FTX implosion market depression, as it sees long-term market opportunity, according to Reuters

CoinDesk, an online crypto news site, has attracted potential buyers to take over the media outlet from Digital Currency Group amid market turmoil, Semafor reported.

The cryptocurrency lender was hit by the earthquake set off across the industry by the collapse and bankruptcy of the FTX crypto exchange this month, and other companies are looking vulnerable.

The chief executive officer of Binance, Changpeng Zhao, regrets sending ‘too late’ a tweet that contributed to the collapse of FTX.com.

Bitcoin recovered above US$16,000 in Wednesday morning trading as it rose along with Ether and the rest of the crypto top 10 by market capitalization, excluding stablecoins.

Bitcoin falls under $16K as Genesis temporarily halted withdrawals and redemptions.

Investors are unnerved by the possibility of more failures among companies linked to the now bankrupt FTX exchange, fearing a repeat of the Terra-Luna stablecoin collapse in May that also brought down other businesses.

The Monetary Authority of Singapore (MAS) said on Monday that it was not possible for the central bank to protect local users from FTX’s collapse as the crypto exchange operated offshore and was not licensed by MAS.

South Korea’s FSC is considering a requirement that crypto exchanges offset investor losses for the sudden suspension of withdrawal services.

S.Korean authorities are looking into self-issued cryptocurrencies that may exist within local exchanges following FTX.com’s FTT-led liquidity crisis.

Crypto exchange Bullish has said it does not have any exposure to now-bankrupt FTX and Alameda Research, and expects FTX’s bankruptcy to have no impact on Bullish’s operations. The exchange is operated by Bullish (GI) Limited and regulated by the Gibraltar Financial Services Commission. 

The Securities Commission of The Bahamas (Commission) on Nov. 12 ordered the transfer of all digital assets of FTX Digital Markets to a digital wallet controlled by the Commission, for “safekeeping,” in an announcement on Nov. 17.

Temasek says its belief in Sam Bankman-Fried may have been ‘misplaced.’

Crypto exchanges and lending platforms are starting to use the dreaded F word for Freeze amid worries about the possible collapse of FTX.com, part of one of the world’s biggest cryptocurrency trading networks.

Many believe Ethereum is destined to overtake Bitcoin’s dominance in an event known as “The Flippening.” Find out if Ethereum’s reign is inevitable in this Forkast explainer.

The FDIC tries to deter banks from doing business with crypto firms. Meanwhile. Genesis CEO steps down amidst reshuffle.

Stefan Chu, who used to head over-the-counter (OTC) trading at TPS Capital, has left the organization as the company seeks to distance itself from the bankrupt hedge fund Three Arrows Capital (3AC), according to a report by The Block.  See related article: MAS takes aim at Three Arrows Capital, does not impose penalty Fast facts […]

Founded by former employees of Meta stablecoin arm Diem, blockchain company Aptos Labs announced a US$150 million Series A funding round led by FTX Ventures and Jump Crypto on Monday, according to a press release. See related article: Crypto startup funding falls by 26% in H1 2022: report Fast facts Venture capital and crypto firms […]

In an exclusive interview with Forkast Editor-in-Chief Angie Lau, Circle Chief Financial Officer Jeremy Fox-Geen said reserves backing the so-called USDC stablecoin are ring-fenced from any potential fallout from the contagion engulfing crypto markets.

SBF’s Alameda Research debt to Voyager emerges. Meanwhile, South Korea agrees to cooperate with the US on Terra-Luna investigation.

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.

Top blockchain and crypto news: Three Arrows fallout spreads. BIS calls BS on crypto. Chinese regulatory vacuum chills an NFT platform.

Crypto broker Voyager Digital issued a notice of default on Monday to hedge fund Three Arrows Capital (3AC), for failing to service a loan worth about US$665 million. See related article: Amid 3AC exposure, Voyager Digital cuts daily withdrawal limit Fast facts Last week, Voyager said it had asked for US$25 million worth of USD […]

Fueled by seismic shifts in societal values, decentralized autonomous organizations are now poised to go mainstream, writes Hannes Graah of Gro.

Russia’s invasion of Ukraine has shown that cryptocurrency regulations need to expand beyond the jurisdiction of a single government and blockchain technology can help with that, said panelists at ‘Crypto Rising,’ a series of virtual monthly events organized by Forkast.

Terraform Labs co-founder and CEO Do Kwon proposed a hard fork of the Terra blockchain in the “Terra Ecosystem Revival Plan 2,” which will abandon the algorithmic stablecoin UST. See related article: UST loses dollar peg as Terra market cap slumps Fast facts Under the proposal, the network will be forked with the original chain […]

Axie Infinity is a blockchain-based game that rewards players with cryptocurrencies and NFTs. Learn all about how Axie Infinity is creating a play-to-earn revolution in this Forkast explainer.

USDT, the world’s largest stablecoin, is now backed by much smaller cash reserves than before. XREX analyzes the risks.

The Sandbox metaverse is made up of 166,464 unique land NFTs, digital pieces of real estate, that players can own to publish their creations, monetize their games or rent to other creators. These lands will host a wide range of experiences, and their limited number makes The Sandbox seem like a virtual Manhattan when it […]

Chinese crypto mining rig maker Canaan announced Wednesday its plans to buy back up to US$100 million worth of shares over the next two years. See related article: Chinese mining rig maker Canaan secures purchase order from Genesis for 30K units Fast facts The Nasdaq-listed company’s latest move comes after it completed its previous US$20 […]

Love it or hate it, Bitcoin can be a powerful force for good — and it’s here to stay, writes Peter Vessenes, co-founder of The Bitcoin Foundation.

Iceland, which is suffering from a power shortage, is reducing electricity to some industrial clients and turning away new requests for power from cryptocurrency miners, reported Bloomberg, citing a statement from national power company Landsvirkjun. Fast facts The Nordic island nation is now reducing power supply for heavy consumers, including aluminum smelters, data centers and […]

The traditional financial industry is getting its feet wet in tokenization of assets, and there’s an influx of interest in the private asset space, as Mathew McDermott, managing director of Goldman Sachs, said today at a Hong Kong Fintech Week panel moderated by Angie Lau, editor-in-chief and founder of Forkast.News. Fast facts McDermott said Goldman […]

Solana prices keep cresting to new heights, making SOL a top-five cryptocurrency by size. What makes Solana and its ecosystem stand out? Forkast.News explains.

One of Asia’s largest fintech events returns for its sixth year with a hybrid format of live and virtual sessions. Regulators, corporations and experts share what’s important now in crypto.

Sotheby’s ended its Natively Digital 1.2 auction event with 1,500 bids on Tuesday, with a total turnover of US$18.6 million after nine days of live bidding. Three non-fungible tokens (NFTs) reached record bids, including #8817 Ape by Bored Ape Yacht Club, Rare Pepe PEPENOPOULOS, and Self Portrait #1 by Dmitri Cherniak, according to a press […]

East Asia’s share of global cryptocurrency transactions plunged to 14% in June 2021 from 31% in April 2019 when it was by far the world’s largest crypto economy, according to blockchain data provider Chainalysis’ 2021 Eastern Asia Report published today. Fast facts China’s crypto crackdown in May saw East Asia — with China the biggest […]

An NFT art exhibition demonstrates how digital tokens can be used to promote United Nations sustainability goals.

As blockchain nodes multiply around the world, the need for interconnectivity has never been greater. John DeVadoss of InterWork Alliance explains why.

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 […]

Umbrella Network, a decentralized oracle, has acquired Lucidity, a blockchain-based advertising and analytics platform, to bring more data transparency to advertisers, according to a company statement. Fast facts The acquisition was completed in August 2021 for an undisclosed amount, according to the company statement. Lucidity will be integrated with Umbrella Network as part of the […]

Evergrande debt woes hit crypto meanwhile Mooncakes are in the metaverse

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

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

China-based Bitmain, one of the world’s biggest producers of cryptocurrency mining rigs, has sealed a deal with its United States partners — ISW Holdings and Bit5ive — to expand its operation in America. Fast facts ISW Holdings, a Nevada-based portfolio company with extensive crypto mining operations, will host 56,000 Bitmain mining rigs and pair them […]

China’s BSN to launch in South Korea portal as Chinese Canaan secures huge mining rig orders

Korea reveals crypto exchange ‘Death Note’: DeFi investment booms

North America emerges as hardware demand hotspot amid Beijing’s regulatory onslaught against cryptocurrency sector.

Bitcoin SV has suffered another 51% attack beginning around 11:45 am EDT on Tuesday resulting in up to three versions of the chain being mined simultaneously, as initially reported by analytics firm CoinMetrics.io. It is the fifth such attack on the network since late June. Fast facts Further reporting by the firm reported all of […]

Number of new South Korean crypto investors have tanked in the month of June as crypto mining investments boom outside China.