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Terraform Labs founder Daniel Shin again questioned by South Korea prosecutors over stablecoin collapse

Terraform Labs co-founder Shin Hyun-seung, also known as Daniel Shin, was again called in for questioning by South Korea’s prosecutors on Monday.

Crypto needs to look abroad as US exchanges go unbanked

The fall of Silvergate, SVB and Signature has left crypto firms scrambling for new banks. Will crypto banking head offshore for the long term?

Bitcoin treads water, other crypto retreat ahead of U.S. Fed’s decision on interest rates

Bitcoin traded flat below US$28,000 on Tuesday morning in Asia. Most other top cryptocurrencies retreated ahead of a U.S. decision on interest rates.

Singapore to publish crypto, stablecoin consultation feedback by mid-2023

The Monetary Authority of Singapore (MAS) aims to publish cryptocurrency and stablecoin consultations feedback by the middle of this year, it said Monday.

Crypto Layoffs

Thousands of people have lost jobs in the tech industry, how is crypto faring?

Over 80 Web3 firms in line to set up shop in HK, ahead of crypto regulations taking effect in June

Over 80 foreign and Mainland China companies have expressed their interest in establishing a Web3 company in Hong Kong, ahead of new crypto regulations that will take effect from June

Bitcoin rises past US$28,000, most other top 10 cryptos gain

Bitcoin traded above US$28,000 on Monday afternoon in Asia, a gain of 25% over last week, as a banking crisis in the U.S. and Europe prompted traders to see Bitcoin as a safe haven.
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Singapore-based Crypto.com gets preparatory license to expand services in Dubai

Singapore-based cryptocurrency exchange Crypto.com will soon be able to extend its services in Dubai, after it received a Minimal Viable Product (MVP) Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA). 

How NFTs can protect creators and fortify their legal rights

The digital era has made piracy rampant and copyright enforcement difficult, but blockchain technology is shifting power back to creators, writes Wes Levitt of Theta Labs.

Taiwan’s financial supervisory commission will oversee crypto, chair says

Crypto in Taiwan remains largely unregulated, but lawmakers have requested the cabinet to appoint a regulator by May 16 to oversee all things crypto.

Crypto data provider Kaiko to move Asia HQ to Hong Kong from Singapore: Bloomberg

Paris-based Kaiko will move its Asian headquarters to Hong Kong as it sees growing crypto-related opportunities in the city.

Bithumb executive faces investigation over alleged bribery in South Korean crypto listing

South Korean prosecutors are investigating Lee Sang-jun, the CEO of Bithumb’s holding company, for alleged bribery in listing certain tokens on the platform.

New York Community Bancorp unit to assume Signature Bank deposits, FDIC says

New York Community Bancorp will assume all deposits and certain loan portfolios of the failed Signature Bank, the FDIC said on Sunday.

Bitcoin leads crypto rally as central banks promise liquidity to stem rising bank risk

Bitcoin briefly breached US$28,000 at the weekend in a bullish run extending into Monday morning in Asia amid worries about bank risk.

Weekly Market Wrap: Bitcoin rises above US$26,000, as ‘store of value’ narrative strengthens amid bank failures

As the U.S. banking system stared into the pit of bank runs and collapsing share prices, the authorities acted swiftly to try and pull everything back from the edge. However, Bitcoin seemed unperturbed. Is this what a safe haven looks like?

Bitcoin, Ether rise; relief for investors as major banks get liquidity lifeline

Bitcoin and Ether rallied by the end of Asian trading hours on Friday afternoon, together with all other top 10 non-stablecoin cryptocurrencies by market capitalization.

Enterprise software giant Salesforce partners with Polygon for NFT-based loyalty programs

Salesforce has partnered with Polygon Labs to help its clients develop non-fungible token (NFT) based loyalty programs on the Polygon blockchain.

Signum Digital says it won first approval to offer security tokens in Hong Kong

Signum Digital said it’s the first company to win preliminary approval in Hong Kong to operate a platform to trade security tokens.

Bitcoin, Ether, other crypto gain with equities amid global fund injections to support banks

Bitcoin neared the US$25,000 mark on Friday morning in Asia. Cryptocurrencies gained as the U.S. and Europe moved to backstop troubled banks with cash.

Who should be held responsible for the Silvergate Bank and SVB crises?

As bank after bank topples, fingers are pointing everywhere. But crypto is not to be blamed for this unfolding crisis, writes Winston Hsiao of XREX.

US, Germany shut ChipMixer for alleged ties to US$3 bln crypto laundering 

US, and German shuttered ChipMixer, a cryptocurrency service that allegedly laundered more than US$3 billion in crypto since 2017.

Ripple executives say XRP lawsuit ruling will have little impact on global business operations

The court ruling in a lawsuit brought by the SEC against Ripple will have minimal impact on the company’s business, APAC policy director Rahul Advani said.

South Korea cranks up pressure to extradite Do Kwon, founder of failed Terra-Luna stablecoin

South Korean prosecutors said they will expand cooperation with overseas legal agencies to facilitate the arrest and extradition of Do Kwon.

US accuses exiled Chinese tycoon Guo Wengui of $1 billion crypto-linked fraud

Guo Wengui, an exiled Chinese billionaire, was arrested in New York on Wednesday for allegedly orchestrating a more than US$1 billion fraud conspiracy that included cryptocurrency, according to the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC). See related article: U.S. banking regulators warn against cryptocurrency fraud, contagion risks Fast facts […]

Bitcoin, Ether drop, other top cryptocurrencies retreat as bank liquidity concerns rise

Bitcoin and Ether dropped in Thursday morning trading in Asia along with most other leading tokens amid broader concerns about bank liquidity.

Bitcoin, Ether, Forkast 500 NFT index extend gains; U.S. banking crisis concerns ease as inflation slows to 6%

Bitcoin and Ether rose on Wednesday afternoon in Asia, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization. Solana and Polygon were the biggest gainers, both rising above 5% in the last 24 hours.
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Anchorage Digital lays off 20% of staff amid low NFT demand, says bank unit not affected

Digital asset platform Anchorage Digital will lay off 75 employees as it restructures to meet regulation challenges.

Bitcoin, Ether continue run up; Solana, Dogecoin lead gainers; U.S. equities rebound

Bitcoin and Ether continued strong price gains, with most of the top 10 non-stablecoin cryptocurrencies logging advances for the past seven days.

Bitcoin breaks US$26,000 as inflation cools in February

Bitcoin, the world’s largest cryptocurrency, rallied past the US$26,000 mark at 09:15 p.m. in Hong Kong, shortly after the release of the United States Consumer Price Index (CPI)

Circle’s Disparte speaks on de-risking crypto from banking risks

The recent U.S. banks fallout is a stress test for both traditional finance and digital assets but to weather the storm side by side is a powerful opportunity, says Circle Chief Strategy Officer Dante Disparte.

A crisis of value?

Why the banking collapse could save NFTs.

China regulator says NFT-related complaints skyrocketed in 2022

Amid the NFT hype in 2022, Chinese buyers’ complaints about NFT scams and price manipulations surged 30,000% to 59,700 from 198 in the year before.

Meta plans to wind down NFT initiatives on Facebook, Instagram to focus on other services

Meta Platforms, the parent company of Facebook and Instagram, will wind down its non-fungible token operations on both social media services.

FBI investigating the collapse of Do Kwon’s Terra-Luna, WSJ reports

Former employees of Do Kwon’s Terraform Labs are being questioned by the FBI and U.S. prosecutors in New York.

Bitcoin jumps above US$24,000, leading crypto gains as U.S. acts to backstop banks

Bitcoin continued to gain in morning trading in Asia, as regulators acted to backstop the U.S. banking industry. Most of the top 10 cryptocurrencies gained.

Banks are bringing systemic risks to crypto, says Circle’s Disparte

The recent U.S. bank failures are proof that the banking system is introducing systemic risks to the crypto industry, not vice versa, says Circle chief strategy officer Dante Disparte.

Bitcoin, Ether gain after U.S. regulators take charge to shield deposits across crypto-related banks

Bitcoin and Ether gained in Monday afternoon trade in Asia, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization, after U.S. regulators took charge of Silicon Valley Bank and Signature Bank, both with exposure to crypto industry, protecting deposits and confirming that no losses will be borne by the taxpayer. 
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Beware the perils of one-size-fits-all approach to crypto investing

The collapse of Voyager and Celsius highlights the risks of crypto investing apps and underscores the need for tailored user education, writes Jackson Zeng of Caleb & Brown.

Circle says US$3.3 bln USDC reserve at SVB available Monday, announces partnership with Cross River

Circle said the USDC reserve deposits held at the failed Silicon Valley Bank will be recovered when banks open on Monday.

Circle’s USDC stablecoin regains parity as regulators act to stop bank run risk

Circle said its $3.3 billion of USDC cash reserves at the collapsed Silicon Valley Bank will be available Monday after regulators stepped in to backstop deposits.

Bitcoin jumps more than 9% as U.S. acts to protect deposits at crypto-linked banks

Bitcoin and Ether led a rebound in cryptocurrencies in Asia morning trading as U.S. regulators backstopped banks with ties to the crypto industry.

U.S. regulators shutter Signature Bank, lender to Paxos, Coinbase, citing systemic risk

U.S. regulators closed New York-based Signature Bank, one of the biggest lenders in the crypto industry, due to risks of a systemic failure.

Weekly Market Wrap: Bitcoin falls below US$20,000 as Silvergate collapse, rate hike concerns rise

Bitcoin fell below US$20,000 for the first time since Jan. 13 on the back of crypto bank Silvergate’s collapse and the U.S. Fed signaling higher than expected interest rate hikes.

Worst week of 2023

Crypto markets slammed by Fed, Silvergate, lawsuits.

Solana NFT sales surge as traders farm for Tensor rewards

The Forkast SOL NFT Composite dropped 6.13% over the past week while sales increased. Industry expert suspects casino-like behavior of traders moving funds to new projects.

Bet on the Black? Take a punt on the Red? Or maybe put it all down on an NFT?

Savvy traders are quick to extract liquidity to reinvest into the “slot machines” of the NFT casino, according to CryptoSlam’s NFT strategist.

Bitcoin, Ether, Forkast 500 NFT index close lower on the day

Bitcoin and Ether tumbled during Asia trading hours on Friday afternoon, with Dogecoin leading losses among the top 10 largest non-stablecoin cryptocurrencies by market capitalization, pressured by crypto bank Silvergate’s liquidation

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.

Biden administration proposes 30% crypto mining tax, closing wash-trading loopholes

The U.S. has proposed an excise tax on cryptocurrency miners equal to 30 percent of the cost of the electricity they use.

Forkast 500 NFT Index slides, Polygon blockchain NFT sales jump nearly 250%

The Forkast 500 NFT Index fell to a near two-month low in Asia trading on Friday morning, with sales slumping on the Ethereum and Solana blockchains, the two biggest for non-fungible tokens. Polygon, the third biggest, saw a sales surge.

Bitcoin, Ether slump in broad sell-off amid Fed red flags on rates, Silvergate Bank failure

Bitcoin and other leading cryptocurrencies slid Friday morning in Asia, tracking equities amid red flags on interest rates and concern about fallout from the Silvergate collapse.

Why global coordination on crypto regulation is paramount

In the race to tame crypto’s excesses, we need to avoid regulatory clashes while DeFi draws lessons from TradFi, writes Rachel Lin of SynFutures.

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.

China’s parliament member to propose NFT regulation at ‘Two Sessions’

NFTs have entered China’s Two Sessions, with a delegate to propose an NFT regulatory framework.

Crypto mining rig maker Canaan shares slump after Q4 revenue sank 82%

Canaan’s shares on Nasdaq closed 3.83% lower at US$2.51 on Wednesday after the cryptocurrency mining rig maker reported an 82% year-on-year drop in revenue on Tuesday for the fourth quarter of last year, citing “lackluster market demand” for mining machines as the price of Bitcoin fell.

Crypto bank Silvergate to close, return all deposits; becomes latest victim of 2022 crypto turmoil

Silvergate Capital said Wednesday it will cease operations and liquidate its bank unit.

Bitcoin crashes through US$22,000 floor as failure of Silvergate crypto bank hits market

The shuttering of Silvergate Bank was not unexpected, but it still drove Bitcoin and most of the top 10 non-stablecoin cryptocurrencies lower on Thursday morning in Asia.

How Singapore’s crypto ambitions are taking shape and what other nations can learn

Unique in the world, Singapore is a big investor and player in digital assets while advancing regulations that favor institutions over individual crypto users, writes Danny Chong of Tranchess.

Voyager gains court approval to sell assets to Binance U.S. in US$1.3 bln deal

Bankrupt crypto lender Voyager Digital received court approval from bankruptcy Judge Michael Wiles on Tuesday to sell its assets and transfer its customers to Binance’s U.S. arm, in a US$1.3 billion deal.

Women in crypto

Why progress isn’t the end of inequality.

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.

Silvergate teeters as regulators circle and crypto firms cut ties

Top blockchain and crypto news: Silvergate woes spark bankruptcy talk. LDO dips on false enforcement rumors. Chinese leaders push digital development.

Fed’s Powell says stablecoins could have role in financial sector if properly regulated

Stablecoins could have a place in the U.S. financial services sector if appropriate regulation is put in place, Federal Reserve Chairman Jerome Powell said on Tuesday at a hearing before Congress.

Bitcoin dips, Ether little changed, with top 10 crypto mixed following U.S. equity slump

Bitcoin and other major cryptocurrencies traded mixed on Wednesday morning in Asia, largely shrugging off the slump in U.S. equities overnight.

Ethereum validators win ‘short term’ as Blur, OpenSea rivalry drives up gas fees

Ethereum validators are benefiting from the increasingly heated competition between the two largest NFT marketplaces that is driving up gas fees, but the windfall may not last much longer.

South Korea reports US$4.3 billion in illegal foreign transactions involving cryptocurrencies

The Korea Customs Service has identified US$4.3 billion worth of illegal foreign currency transactions last year involving cryptocurrencies.

Bitcoin, Ether little-changed in downtrend day; Forkast NFT 500 index dips

Bitcoin and Ether traded mostly flat in a downtrend move for most of the top 10 cryptocurrencies in Tuesday morning in Asia. The new Forkast NFT 500 index slipped.
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The digital economy needs a better BS detector — so we are building it through data transparency

Blockchain data is public for all to see. The irony is that few know what to look for, and why. A new set of indexes by Forkast Labs filters out the noise and offers data intelligence and clarity.

Singapore police begin probe linked to Do Kwon’s Terraform Labs: Bloomberg

Singapore’s police have begun investigations linked to Terraform Labs that was co-founded by fugitive Do Kwon, according to a Bloomberg report.

Binance documents show ties to U.S. unit unknown to regulators, WSJ reports

Binance, the world’s largest cryptocurrency exchange, reportedly didn’t disclose the extent of its ties and control over Binance.US, WSJ reported.

Bitcoin treads water below US$22,500, Ether dips with other top 10 cryptocurrencies

Bitcoin and other top 10 cryptocurrencies fell on Monday morning amid concern about the troubled crypto bank Silvergate.

Where is China’s digital economy heading? The ‘Two Sessions’ may give some pointers

Look for blockchain, self-reliance in technology discussions in China’s biggest political meetings of the year as China’s President Xi Jinping’s aims to build a digital economy.
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