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Chinese runners offer substitute running to earn STEPN’s GMT for commission

Over 170 advertisements in Chinese tech titan Alibaba’s second-hand marketplace are offering running services to earn cryptocurrency GMT for STEPN users in exchange for fiat commissions.  See related article: China’s diktat against NFT flipping spawns an ingenious industry Fast facts STEPN is a blockchain-based decentralized application that allows users to earn GMT cryptocurrency rewards by […]

Hong Kong police arrest suspect in nearly US$200,000 crypto theft

Hong Kong police announced on Tuesday the arrest of a 24-year-old who is suspected of stealing HK$1.5 million (US$191,076) in cryptocurrencies in a physical cash-to-crypto transaction.  See related article: Hong Kong sees high engagement with crypto, Visa research shows Fast facts The police labeled the rare on-site cryptocurrency theft as a serious crime punishable by […]

South Korea hopes to institutionalize crypto by 2024

South Korea’s new administration under President Yoon Suk-yeol announced it plans to establish a new regulatory framework for crypto institutionalization to go into effect by 2024 after proposing legislation in 2023. See related article: A crypto bull wins the presidency: What it means for South Korea Fast facts Yoon’s administration intends to develop a bill […]

China’s industry lobby forms metaverse committee to help draft standards

China’s state-backed computer industry association set up a dedicated committee for metaverse development on Wednesday amid the country’s growing expansion into the virtual-reality world, local media reported. See related article: ‘Metaverse’ enters government radar at China’s Two Sessions Fast facts In an online seminar organized Wednesday by the industry lobby, Tan Jianrong, a professor of […]

Terra plunges back to earth as UST stablecoin loses dollar peg

Top blockchain and crypto news: UST knocked out of Luna orbit. Making NFTs Instagrammable. China’s black market ‘digital collectibles’ trade.

KuCoin raises US$150 mln at US$10B valuation

The series B round, led by Jump Crypto, helped push the cryptocurrency exchange’s valuation to US$10 billion, KuCoin said.

Covid-19, postponed Asian Games to push digital yuan into the slow lane?

China’s central bank is driving the adoption of the digital currency, but a spate of lockdowns is slowing the economy and raising questions about the rollout.

Coinbase shares extend free fall on drop in crypto trading, loss

Coinbase shares are down some 80% from their 52-week high of US$368.90 a share on Nov. 9 through Monday, closing at US$72.99. The stock dropped 19.5% overnight after the U.S.-based cryptocurrency exchange reported a Q1 net loss of US$430 million as trading volume declined 44%. See related article: Coinbase NFT marketplace is now open to […]

Azuki fortunes reverse as sales soar after floor price drop

Azuki non-fungible token (NFT) sales rose by more than 800% in the past 24 hours after a 50% floor price dive due to rug pull allegations against the founder. See related article: Twitter hacker takes over verified accounts to promote fake Azuki NFT drop Fast facts More than US$50 million worth of Azukis have been […]

Run on UST cuts the ground from under Terra’s feet

A probable run on terraUSD (UST) has weighed on the ability of the company and the non-profit behind the pioneering stablecoin project to defend its dollar peg.

How tokenization could transform Hong Kong’s fixed income markets

Tokenizing capital markets could offer greater efficiency and liquidity. How would that work in Hong Kong’s regulatory environment?
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Why Gen Z could turn to DeFi mortgages to build real estate wealth 

Gen Z is already keen on metaverse real estate. Will using DeFi to finance property deals — in the real or virtual world — be the next frontier?

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.

Gaming startup Untamed Planet gets US$24.3 mln to build natural world in the metaverse

Untamed Planet has closed a Series A funding round led by Animoca Brands and built a partnership with Animoca’s video game arm nWay to create a natural world in the metaverse, Animoca said in a press release. See related article: Need for Speed gets Hong Kong’s Animoca in driver’s seat Fast facts The project, the […]

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 […]

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.

My brief wondrous life as an Axie Infinity gamer

Crypto rookie Joel Stein dives into Axie Infinity and the curious economics of ‘play to earn.’ Will his teenage gaming dreams come true?

S.Korea’s incoming administration pushes to end ICO drought

South Korean president-elect Yoon Suk-yeol’s administration has included approval of initial coin offerings (ICOs) among its 110 national tasks announced Monday. See related article: Crypto is presidential election campaign issue for South Korea Fast facts The right-wing government will prepare a two-lane regulatory framework for ICOs by classifying digital assets as securities and non-securities. The […]

Hockenheimring racetrack joins Animoca Brands’ REVV ecosystem

Blockchain unicorn Animoca Brands said it has signed a licensing deal to include the Hockenheimring Baden-Württemberg racetrack in its REVV Motorsport ecosystem of play-to-earn racing games. See related article: Need for Speed gets Hong Kong’s Animoca in driver’s seat Fast facts Animoca Brands will mint and sell non-fungible tokens (NFTs) that represent partial ownership of […]

Square Enix sells Tomb Raider and other titles, raising cash for blockchain ventures

Japanese gaming giant Square Enix announced Monday that it is selling three of its gaming studios to Sweden-based Embracer Group for US$300 million and will use the funds for new businesses in blockchain technology, artificial intelligence and the cloud. See related article: Japan’s Square Enix reveals blockchain gaming ambitions for 2022 Fast facts Square Enix […]

The problems with retail crypto trading — and how to solve them

Young investors demand more accessibility, transparency and accountability than traders of yore, writes Joe Jowett of StrikeX. What are the solutions?

Shiba Inu explained — diving beyond the memecoin

Following a year of explosive price gains, the SHIB token is inching closer toward becoming a top 10 cryptocurrency. Will this so-called “Dogecoin killer” succeed? Forkast.News explores what’s in store for Shiba Inu.

Solana loses consensus after bots flood network, SOL takes hit

Solana suffered another outage on Sunday Asia time, after the network lost consensus due to bots flooding the non-fungible token (NFT) minting tool “Candy Machine,” spamming more than six million transactions per second.  See related article: Solana DeFi avoids meltdown as Wormhole loss replaced Fast facts The network was down for about seven hours before […]

From in-print to online to on-chain: How will Web 3.0 reshape news media?

There’s never a dull moment in the news business. Now, as media outlets explore blockchain, the Associated Press’s Dwayne Desaulniers says more change is coming.

Perpetrator of South Korea’s ‘Bitcoin-gate’ untraceable

A loophole in South Korea’s recent ‘Travel Rule’ means the North Korean hacker behind the stunning espionage saga involving Bitcoin may evade authorities, Forkast learns.

Ethereum’s revenue falls by 44% as average gas fee drops 88% on quarter: Q1 report

Ethereum’s network revenue from gas fees totaled US$2.4 billion in the first quarter of 2022, down 44% from US$4.34 billion in Q4 2021, while 87% of the revenue, or around US$2.1 billion worth of ETH tokens, were burned, according to Bankless’ Q1 report of the blockchain. See related article: Amount of Ether burnt since EIP […]

Flipkart launches innovation lab to explore future of e-commerce

Flipkart, the Indian e-commerce marketplace, plans to explore Web 3.0 and metaverse use cases including non-fungible-tokens, virtual storefronts, play-to-earn and other blockchain technologies under its new initiative, Flipkart Labs, the company said.  See related article: Chinese e-commerce giant JD.com offers NFTs despite state media criticisms Fast facts Flipkart Labs, based in Bengaluru, will also serve […]

ApeCoin cracks US$26, now largest metaverse token ahead of Otherside

ApeCoin (APE) set a new high at US$26.70 on Friday morning Asia time, and is now the largest metaverse token by market cap, ahead of the launch of the Otherside on Saturday.  See related article: What is ApeCoin and How It Made The Bored Apes Richer Fast facts The APE ecosystem’s governance token was trading […]

Singapore’s responsible crypto aim; Okay Bears storm the charts

Singapore says it wants to be a “responsible crypto hub”. Meanwhile, the Okay Bears lift Solana’s sales figures.

Two charged over North Korea sanctions; Crypto market falls

U.S. Justice Department charges two Europeans for aiding North Korea. Meanwhile, Shanghai’s Covid lockdown popularizes blockchain.

What is ApeCoin and How It Made The Bored Apes Richer

Bored Ape Yacht Club owners rejoiced, as ApeCoin launched with a generous airdrop for the NFT collection’s holders. Learn what ApeCoin is and how it made the Bored Apes richer in this Forkast explainer.

Is Elon Musk’s Twitter grab good for crypto?

Top blockchain and crypto news: Tweet dreams come true for world’s richest man. Instagram scam hits Bored Apes. Bilibili tests China’s NFT boundaries.

New US$1B crypto fund lands backing from a16z, Solana founders

Former Microsoft strategist Joe McCann’s new crypto fund Asymmetric has gained backing from a16z’s Marc Andreessen and Solana cofounders Anatoly Yakovenko and Raj Gokal, The Block reported. See related article: KuCoin launches $100 mln fund for NFT projects Fast facts Asymmetric is aiming to raise US$1 billion to be split into a venture investment fund […]

DOGE jumps on Twitter deal; Australian crypto ETFs delay

Dogecoin skyrockets as Elon Musk’s Twitter deal finalizes. Meanwhile, a Korean music platform registers NFTs patent.

What is Axie Infinity and how is it ushering in gaming 3.0?

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.

OCBC Bank joins MVGX in push to help firms go carbon neutral

Singapore’s OCBC Bank has partnered with MetaVerse Green Exchange (MVGX) to develop financial solutions, including tokenized carbon credits, to help large corporations offset their carbon emissions, according to a statement. See related article: Crypto exchange Gemini buys carbon offsets, pledges carbon-neutrality Fast facts The tokenized carbon credits, due to launch later this year, will use […]

China’s sports brand Li Ning to showcase Bored Ape Yacht Club

Li Ning, a leading Chinese sportswear and equipment company headquartered in Beijing, is set to release a line of clothing featuring images of the Bored Ape Yacht Club #4102, as the brand looks to take advantage of the growing popularity of non-fungible tokens (NFTs). See related article: Chinese Communist Party paper to “develop” NFTs Fast […]

No love for Putin. Binance denies sharing data with Russia

Binance, the world’s largest cryptocurrency exchange by trading volume, denied sharing client data with Russian authorities, following a Reuters investigation into the exchange’s ties with the country.

Cryptocurrency investors in South Korea catch a break on ‘Travel Rule’

A month after South Korea adopted the Financial Action Task Force’s (FATF) travel rule, two solution providers VerifyVASP and CODE have linked their services on Monday to allow seamless access to exchanges for investors. See related article: DeFi, NFT access at stake as FATF travel rule takes effect in South Korea Fast facts The FATF […]

A marathon not a sprint: How the US can win the digital asset race

Joe Biden’s executive order on crypto has put America on course for solid success in the digital asset space, says the Blockchain Association’s Kristin Smith.

Crypto industry looks to the UAE; Crypto’s environmental concerns

More crypto players are eyeing the UAE as a hub. Meanwhile, a mysterious map sends Pudgy Penguin NFTs skyrocketing.

Be kind, rewind! South Korea’s Cyworld is back in Web 3.0 avatar

Time to dust off your Dotori. The social media platform that once reigned in South Korea is trying to make a grand comeback with in-game crypto, NFTs and the metaverse.

Hong Kong’s subway operator plans virtual station in metaverse

Hong Kong rail operator MTR Corporation announced Thursday that it will partner with The Sandbox on a metaverse project to build a subway-themed virtual world theme park. See related article: Sandcastles in cyberspace and the rise of the metaverse Fast facts The rail operator said it will partner with The Sandbox, a subsidiary of Animoca […]

Why blockchain is the cornerstone of investing in our planet

Can blockchain embody the values of Earth Day? Consider its growing role in ESG and the energy-efficiency of newer crypto, writes Eddie Hui of MVGX.

US sanctions Bitriver; Apecoin steals Doge’s thunder

A Russian crypto miner has been added to the US Sanctions list. Meanwhile, Dogecoin underperforms as Apecoin storms ahead.

Shiba Inu, Dogecoin payments accepted by Porsche Baltimore dealership

A Porsche dealership in Baltimore, Maryland, has begun accepting mainstream crypto payments for vehicles, along with DOGE and Shiba Inu, according to a Tweet by U.S.-based crypto payment service provider BitPay. See related article: Lamborghini’s last all-gas Aventador to be auctioned with NFT Fast facts See related article: Hic Hic Hurray! Scottish distillery Ardbeg to […]

Caught between a rock and a hard place, Singapore tightens crypto oversight

A desire to stay in line with global anti-money laundering and anti-terrorism norms is forcing the city state’s hand when it comes to regulating cryptocurrency exchanges.

World Bank rescue package throws lifeline to crypto markets

Top blockchain and crypto news: Crisis response brings crypto relief. North Korea’s Lazarus Group named in Ronin hack. NFTs face new risks in China.

Why blockchain bridges have become DeFi’s Achilles heel

In the short history of DeFi, bridge hacks have accounted for an enormous amount of stolen funds, writes Joshua Tobkin. What can stop these attacks?

Axie Infinity’s latest fix to tokenomics has players up in arms 

An attempt to assuage Axie Infinity players miffed by falling earnings isn’t turning out too well for developer Sky Mavis, Forkast learns, as loyalists bemoan it may be too little, too late.

Terra Luna headlines crypto’s Easter resurrection, STEPN peaks

The cryptocurrency market returned strong from the Easter holidays with Terra LUNA leading major coins with an 18.5% rebound to trade at US$91.43, on Tuesday morning Asia time. See related article: Is Terra — whose LUNA coin is now at another all-time high — really where the smart money is? Fast facts Terra reached its […]

Blockchain, metaverse important for India’s growth: MP

Non-fungible tokens (NFTs) are going to be increasingly important with the rise in time spent on metaverses, Jayant Sinha, a member of parliament and Chairman of India’s Standing Committee on Finance, told The Economic Times on Monday.  See related article: India to make life hell for crypto investors: MP Fast facts Sinha’s comments come at […]

Xiamen issues China’s first blockchain-based commemorative subway ticket

Xiamen, a major city in China’s southeastern province Fujian, Friday issued China’s first batch of digital commemorative subway tickets based on Alibaba’s blockchain, AntChain. See related article: More courts in China accept blockchain-stored evidence Fast facts The digital ticket bears a likeness to a decorative metal badge,  and is themed with a combination of Xiamen […]

Chasing my first crypto wallet down a rabbit hole

In Part 1 of a special Forkast series, crypto newcomer Joel Stein dips a toe into Bitcoin and Doge by opening his first-ever crypto wallet.

How the metaverse is closing the gap between virtual and reality

The metaverse promises to radically change how we work, play and do business. How do we avoid its real-world security risks and pitfalls?

OpenSea sales volume drops as challengers boast user rewards

OpenSea sales volume dropped by 67% over the past 30 days, according to DappRadar, as newer platforms offer rewards to lure users away from the leading non-fungible token (NFT) marketplace. See related article: NFT buyers dip for a second straight month Fast facts Sales volume on OpenSea totaled US$2.64 billion in the past 30 days, […]

Crypto liquidity aggregator FLUID raises US$10 million

FLUID aims to disrupt the virtual asset market-making industry by lowering fees and latency. Fast facts Blockchain investors GSR, Ghaf Capital, and 21Shares led the round. FLUID aims to tackle a multi-trillion-dollar market problem of illiquidity in virtual assets. The firm wants to enhance liquidity across spot trading, derivatives, futures, synthetics, tokenized assets, and security […]

Virgil Griffith jailed; Indian exchanges disable UPI

Welcome to The Daily Forkast – April 13, 2022 – Presented by Megha Chaddah. Coming up on today’s show: Former Ethereum developer Virgil Griffith gets 63 months in prison. Coinbase snafu sets cat among the crypto pigeons in India. Huawei becomes latest of China’s tech giants to issue NFTs.  We’ll have more on those stories […]

T Scientific to acquire 60% of S.Korean crypto exchange Hanbitco for $19.5 mln

South Korean mobile services company T Scientific announced Monday it will purchase a 60.36% stake in PlutusDS, the operator of local cryptocurrency exchange Hanbitco. See related article: South Korea crypto exchange underdogs: Where are they now? Fast facts T Scientific, a South Korean company specializing in the provision of mobile coupons and mobile commerce services, […]

Bored Apes set for movie debut with Coinbase

Bored Ape Yacht Club (BAYC) will make its silver screen debut in a film trilogy produced in partnership with Coinbase, the Nasdaq-listed cryptocurrency exchange announced on Tuesday. See related article: Apes Gone Wild! BAYC ‘selling like crazy’ amid otherwise sluggish NFT market Fast facts The first film in the short animated trilogy entitled “The Degen […]

Why fears of a market bubble don’t apply to Bitcoin

Crypto market downturns can dredge up bad memories of ICOs. What lessons can investors learn from the past — and how is Bitcoin different?

Bitcoin ATMs face existential threat in Hong Kong

Authorities in Hong Kong moving to block retail investors from accessing non-derivative crypto products could undermine the presence of Bitcoin ATMs in the city with the most crypto ATMs in Asia.

Opensea’s Solana beta begins; Binance bails out Sky Mavis

Chinese state media calls for stronger regulations of NFTs. Meanwhile, Sky Mavis raises $150M to offset Ronin hack.

Will London be Europe’s next crypto capital?

Top blockchain and cryptocurrency news: Britain’s crypto gamble. WAVES crashing. China’s big digital yuan push.

What is the metaverse and are we already living inside it?

The metaverse is envisioned as the next iteration of the internet, introducing an immersive digital universe. Find out what this means for the future of our online lives — beyond all the marketing hype — in this Forkast.News explainer.

Forkast Events

Our virtual and in-person events bring people together to join conversations that matter. Previous Events Crypto Rising CBDCS & Stablecoins: The Asia Perspective We are in a history defining moment where money is evolving. It’s not easy to replicate cash, and central bankers around the world face unique challenges. The U.S. is softening up to […]

UK to regulate stablecoins for payments in crypto hub push

The U.K. has released a detailed plan to regulate stablecoins as payments along with an intention to create a blockchain sandbox to mark Her Majesty’s entry into the “crypto hub” race. See related article: UK regulator may cancel Eqonex’s registration over Binance, Bifinity ties Fast facts The government plans to amend the Banking Act 2009 […]

How Bitcoin could become the collateral layer for the digital asset economy

Bitcoin is now a reserve asset for Terra’s UST. What does this portend for the $186 billion stablecoins market?

DBS U-turns crypto trading plans; China expands e-CNY trials

DBS Bank reverses its crypto-trading decision. Meanwhile, China continues to expand e-CNY trial.

Is Singapore retreating from its global crypto hub ambitions?

Singapore’s approach may seem increasingly anti-crypto to some, but not to those tracking its policies closely. Danny Chong of Tranchess explains what’s going on.

Ronin hack proceeds seen headed to Tornado Cash

At least 500 Ether looted from the US$600 million Ronin hack has been transferred to Tornado Cash. See related article: Axie Infinity blockchain Ronin hacked for over $600M Fast facts An Ethereum address associated with the hack made two 100 ETH deposits to Tornado Cash on Monday morning Asia time. Over an hour later, the […]

How decentralization is making everyone their own CEO

The emancipatory promise of decentralization has been both evangelized and excoriated. The Algorand Foundation’s Jason Lee explains why we should be believers.