Coinbase, biggest US crypto exchange, cuts workforce by 18%
U.S.-based cryptocurrency exchange Coinbase will cut its global workforce by about 18% to ensure it stays “healthy during this economic downturn,” CEO Brian Armstrong said in a blog post. See related article: Coinbase is the first crypto firm to make the Fortune 500 list Fast facts Coinbase will cut approximately 1,100 employees, or 18% of […]
US crypto bill could undermine market protections: SEC, Gensler
The recently proposed U.S. cryptocurrency bill could undermine the existing regulatory framework for broader capital markets, Securities and Exchange Commission (SEC) Chairman Gary Gensler said on Tuesday. See related article: Hold onto your crypto bags, the regulators are coming Fast facts Speaking at the Wall Street Journal’s CFO Network Summit, Gensler said many crypto companies […]
Crypto market slumps; USDD depegging fears
USDD loses its dollar parity. Meanwhile, Binance resumes Bitcoin withdrawals.
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.
TRON founder pledges US$2B defense fund after USDD stablecoin loses dollar parity
TRON founder Justin Sun on Monday said he will set up a US$2 billion fund to support the dollar peg of the project’s stablecoin USDD and “fight” against short sellers, after the stablecoin’s price fell to US$0.97. See related article: Binance resumes Bitcoin withdrawals Fast facts USDD uses an algorithmic mechanism to keep its dollar […]
Sinking TRON takes DeFi TVL to US$63B, lowest since April 2021
The total value locked (TVL) in decentralized finance (DeFi) fell to US$63.12 billion as prices across the broad crypto market fell. The declines were highlighted by the TRON algorithmic stablecoin USDD losing parity with the U.S. dollar on Monday, along with a 17% drop in the TRON native token TRX over the past 24 hours. […]
MicroStrategy, crypto firm shares plunge with Bitcoin’s freefall
MicroStrategy is leading Marathon, Riot and Coinbase in a cryptocurrency-exposed stock selloff, closing down over 25% on Monday, as the firm’s Bitcoin holdings dropped by around US$1 billion. See related article: MicroStrategy posts Q1 revenue loss amid falling Bitcoin price Fast facts MicroStrategy became entangled with Bitcoin after founder Michael Saylor added record amounts to […]
Inflation bashes crypto market; South Korea’s new listing rules
Inflation hits crypto markets hard as Bitcoin drops almost 8%. Meanwhile, South Korean exchanges work on new rules to prevent another Terra Luna incident.
CEL down over 50% since Celsius Network’s withdrawal freeze
CEL has dropped 53.1% over the past 24 hours and was trading at US$0.20, at press time, according to CoinGecko. Fast facts Crypto staking and lending platform Celsius Network paused user withdrawals, swaps, and transfers on Monday, citing “extreme market conditions,” driving its native token to shed more than half of its value. The lending […]
Accepting crypto payments a priority for majority of US retailers: Deloitte
The survey by one of the Big Four accounting firms found over 85% of U.S. merchants are prioritizing the enabling of cryptocurrency payments while around 83% are doing the same for stablecoins. See related article: AMC rival Regal enables crypto payments for moviegoers Fast facts The survey found that 87% of merchants believe accepting crypto […]
Inner Mongolia’s closure of crypto mine operations slows since September
Inner Mongolia has closed 49 cryptocurrency mining farms in total, but only four since September, according to the Inner Mongolia Daily, indicating either the process has been successful or the shutdown drive mandated by Beijing is slowing. See related article: Beijing banned crypto mining, so China miners went underground Fast facts See related article: Crypto […]
Bitcoin price drops more than 8% as higher-than-expected inflation spooks markets
Bitcoin, Ethereum, Solana and other major altcoins dropped significantly over the weekend, as U.S. equity markets faced one of their worst weeks in months. See related article: Has Bitcoin become a victim of its own success? Fast facts Bitcoin dropped 8.3% over the past 24 hours to US$25,240.08, according to CoinMarketCap data, as higher-than-expected inflation […]
US crypto bill leaves ‘open question’ on securities: Tessler
A proposed US crypto bill may place crypto under the CFTC’s primary oversight, but that won’t exclude the SEC from the industry, Sidley Austin’s Lilya Tessler says.
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 loses appeal; India’s crypto pirate warning
As the Terra saga continues to unfold, Do Kwon loses an appeal against the SEC. Meanwhile, Circle’s head of policy slams CBDCs.
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.
Cryptocurrencies like ‘world of Caribbean pirates’: India chief economic adviser
India’s chief economic adviser V. Anantha Nageswaran compared cryptocurrencies to the “world of Caribbean pirates” in the absence of regulation where “winners take it all” from somebody else, local media reported. Fast facts See related article: Coinbase blames India’s central bank for exit Cryptocurrencies fail to satisfy basic requirements such as having store value, widespread […]
Circle’s head of policy calls CBDCs a ‘Preposterous Idea’: Consensus
Head of policy for stablecoin issuer Circle Internet Financial, Dante Disparte, called central bank digital currencies (CBDCs) a “preposterous idea” during a panel Wednesday at Consensus 2022. See related article: CBDCs, stablecoins can coexist: Fed Vice Chair Lael Brainard Fast facts Disparte later added the Fed issuing its own digital dollar is “the equivalent idea […]
Litecoin gets the boot; India’s tax typo
Litecoin revealed to have broke privacy laws in South Korea. Meanwhile, the Indian government corrects a typo which mistakenly altered a crypto tax.
Japan’s government approves policy to drive Web 3.0 adoption
The Japanese government on Tuesday gave the green light to a new policy that plans to develop and expand the Web3 environment in the country, including the use of cryptocurrencies, non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs). See related article: Japanese crypto firms team up to form a metaverse association Fast facts The approved […]
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 […]
Alibaba Cloud launches service to build NFT marketplaces
Alibaba Cloud on Wednesday said its service will help build NFT marketplaces in a fast and reliable way, without addressing compliance issues. See related article: Resist the temptation on NFTs, Chinese state-backed developer says Fast facts See related article: Move-to-earn app STEPN to limit service in China
Litecoin anonymity update gets it booted from South Korean exchanges
Litecoin (LTC), the 20th-largest cryptocurrency in the world, is being ousted from South Korean crypto exchanges after its Mimblewimble Extension Blocks (MWEB) upgrade allowed the token to be sent anonymously — which is against local anti-money laundering regulations. See related article: South Korea’s crypto crackdown: What you need to know Fast facts Upbit, Bithumb, Coinone, […]
India crypto tax cut to 0.1% was a ‘typo’; gov’t issues clarification
A typo error on the Income Tax Department’s website mistakenly altered a 1% tax-deducted-at-source (TDS) figure to 0.1%, and has since been rectified, the Income Tax Department said on Wednesday. Fast facts See related article: India’s crypto tax will incur losses for government, says WazirX CEO “Some media reports have come to the notice of […]
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?
Hold onto your crypto bags, the regulators are coming
Falling prices, an imploding stablecoin, and more reports of hacks have occupied the cryptocurrency headlines in recent weeks, so it’s perhaps no surprise that regulators have noticed and they intend to do something about it.
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.
FTX, OpenSea make the cut to Forbes Fintech 50
Nine cryptocurrency and blockchain companies, including crypto exchange FTX, made it to the 2022 list of the Forbes Fintech 50 released Tuesday, with all nine raising a total of US$6.5 billion in venture capital, according to the business magazine. See related article: FTX.US forays into stock trading Fast facts The latest list features private companies […]
Binance claps back; Hong Kong scrutinizes NFTs
Leading crypto exchange Binance swats away double-helping of allegations. Meanwhile, Hong Kong’s regulator scrutinises NFTs.
SEC said to probe Binance for rule violation in 2017 initial coin offering: report
The Securities and Exchange Commission (SEC) is reportedly looking into whether Binance violated any rules regarding the sale of securities when its BNB token was sold through an initial coin offering (ICO) in 2017. See related article: Binance’s venture arm raises US$500 mln to invest in Web3, blockchain Fast facts The world’s largest cryptocurrency exchange […]
Google approves South Korea’s Cyworld metaverse app
Cytown, the metaverse currently being developed under South Korean software developer Hancom and local social media service Cyworld Z, recently received the green light from Google to launch a mobile app on the Playstore. See related article: Be kind, rewind! South Korea’s Cyworld is back in Web 3.0 avatar Fast facts Hancom will launch the […]
Gemini sued over US$36 mln Bitcoin and Ethereum hack
IRA Financial Trust announced a lawsuit against cryptocurrency exchange Gemini Trust Company on Monday for alleged failures in safeguarding IRA’s crypto assets in the exchange. See related article: Binance users burned by outage band together to take legal action Fast facts IRA manages self-directed retirement accounts in non-traditional assets such as Bitcoin which were held […]
StepN hit by DDOS attack; South Korea’s metaverse studies
Web 3.0 lifestyle app, StepN, was hit by a denial-of-service attack. Meanwhile, South Korean students are looking at metaverse as a platform to prepare for exam.
China’s zero-Covid policy realigning global economy, financial markets
Beijing’s official GDP growth target is 5.5% this year, but some analysts don’t see how that makes sense in the face of Shanghai-size lockdowns. Could a China slowdown be good news for central bankers trying to tame inflation?
Bitcoin payments for local taxes in the works, Gold Coast mayor says
The mayor of Australia’s Gold Coast, Tom Tate, has suggested that city residents could be paying council rates, or local property tax, in Bitcoin. See related article: Aussie watchdog obtains cold wallet holding US$20M in Bitcoin involved with alleged scam Fast facts “It sends a signal that we’re innovative and bring in the younger generation,” […]
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.
‘Buckle up’ for downsizing crypto market as employees laid off
The industry should fasten its seat belt, an industry watcher told Forkast, as the largest of crypto firms headline widespread layoffs amid the 2022 market crunch.
Singapore warms up to crypto industry — on its own terms
Crypto companies have voted with their feet in response to the city-state’s restrictions on their business. But they are still keeping an eye on opportunities.
CoinSwitch Kuber launches rupee index for Indian crypto market
Indian cryptocurrency exchange CoinSwitch Kuber launched CRE8 on Thursday, a rupee index tracking the Indian crypto market. See related article: India gets second crypto unicorn within two months Fast facts CRE8 claims to give traders real-time information on the Indian rupee-based crypto market, based on trades on the CoinSwitch exchange. “Until now, investors in India […]
Singapore’s crypto warning; Bitcoin takes a tumble
Singapore issues a crypto warning for retail investment. Meanwhile, Bitcoin took a tumble sparking market concerns
Why blockchain gaming needs more rules and regulations
The right balance of regulations can better protect gaming companies’ intellectual property as well as players’ assets, writes Henry Chang of Wemade.
South Korea arrests man for allegedly stealing crypto based on personal data
South Korean police said Wednesday they arrested a man in his 30s on fraud charges for allegedly stealing about US$658,000 in cryptocurrencies based on personal data leaked on local social media platform Naver Band. See related article: Guilty verdicts handed down in S.Korea’s biggest crypto scam Fast facts The man allegedly stole cryptocurrencies from 90 […]
Retail investors shouldn’t invest in crypto: Singapore’s deputy PM
Singapore’s Deputy Prime Minister Heng Swee Keat cautioned retail investors to steer clear of investments in cryptocurrencies, saying the nascent asset class “is a highly risky area.” See related article: Singapore wants to bring some adult supervision to crypto Fast facts Many investors suffered losses and even lost their life savings in the recent meltdown […]
Crypto market reverses course after strong start to the week
Bitcoin dropped more than 6.5% in the past 24 hours to trade below US$30,000 as the world’s largest cryptocurrency by market capitalization gave up most of the gains made over the U.S. holiday weekend. It was trading at US$29,850 at the time of publishing. See related article: Bitcoin, Ethereum, crypto at 2022’s lowest point Fast […]
Singapore’s digital assets initiative; Shanghai lockdown ends
Singapore announces plans for a digital assets initiative. Meanwhile, Shanghai’s lockdown finally ends, but markets remain hesitant.
Terra’s LUNA moonshot can’t escape gravity of market misgivings
Top blockchain and crypto news: Investors shun LUNA 2.0. Ethereum gains amid relief rally. China’s stimulus goes digital.
Philippines gets new government, will new crypto taxes follow?
Cryptocurrency companies in the Philippines await legislation from the new Ferdinand Marcos Jr. administration on how the government will tax the industry. Some are worried.
South Korea to launch crypto oversight committee after Terra crash
In its urgency to reign in the cryptocurrency industry in the wake of the Terra collapse, South Korea will launch a “Digital Asset Committee” by the end of June, according to a local news report. See related article: South Korean authorities cite LUNA debacle to call for speedier crypto oversight Fast facts The committee will […]
Dunamu denies making US$100 million off of LUNA
Dunamu, the South Korean fintech company and operator of the country’s largest crypto exchange Upbit, rebutted claims that it profited by over 130 billion Korean won (US$105 million) off of LUNA Classic last year. See related article: S.Korea eyes restraints on crypto unicorn Dunamu over monopoly concerns Fast facts Last week, multiple local media reports […]
BNB Chain teases out roadmap to boost decentralization, support dApps
BNB Chain’s roadmap for the year will prioritize faster transactions and enhanced support for decentralized applications (dApps), the world’s largest cryptocurrency exchange by volume said. See related article: Binance rebrands blockchains for metaverse, DeFi expansions Fast facts In its 2022 technical roadmap released Tuesday, BNB Chain said it is working to offer end users more […]
Singapore plans digital assets initiative with financial industry
The Monetary Authority of Singapore (MAS) has announced Project Guardian, a collaborative initiative with the financial industry to explore the economic potential and value-adding use cases of asset tokenization, according to a statement from Deputy Prime Minister Heng Swee Keat on Tuesday. See related article: Singapore wants to bring some adult supervision to crypto Fast […]
South Korea’s Dunamu, Sooho.io to develop SWIFT-like bridge for Web3
South Korea’s smart contract auditing firm Sooho.io is partnering with Lambda256, the blockchain subsidiary of Upbit operator Dunamu, to develop a bridge layer connecting the country’s fragmented decentralized finance (DeFi) and Web 3.0 ecosystem. See related article: Two crypto exchanges reach unicorn status in South Korea Fast facts The new bridge will work as a […]
Terra’s Mirror Protocol crisis averted; ETH crosses US$2,000 mark
Mirror Protocol’s price match error nearly led to another crisis for Terra. Meanwhile, Ethereum rises back up after nearly a week below US$2,000.
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?
India almost ready with crypto consultation paper: Official
The Indian government is studying how other countries have regulated the asset class before drafting laws for the industry, the secretary for economic affairs Ajay Seth told local media. See related article: Crypto regulation has to ‘take its time’: India FM Nirmala Sitharaman Fast facts “Our consultation paper is fairly ready. We have gone into […]
Russian official calls for crypto mining regulation: Report
Russia’s Deputy Minister of Industry and Trade Vasily Shpak called for regulating cryptocurrency mining as the industry has grown too big to ignore, Interfax news agency reported on Friday. See related article: Russia uncovers a crypto mining farm in its oldest prison: report Fast facts Shpak said that crypto mining activities took up over 2% […]
Why children around the world need crypto education
Financial literacy is a life skill that is often neither taught at school nor home, writes Grace ‘Ori’ Kwan of Orca. How can we close this knowledge gap?
Ethereum passes US$2,000 mark as crypto market rises
Ethereum gained over 10% in 24 hours to reach US$2,000 on Tuesday morning in Asia after spending the better part of a week below the mark. Ethereum was trading at US$1,985 at press time. See related article: Bitcoin, Ethereum, crypto at 2022’s lowest point Fast facts The world’s second-largest cryptocurrency hit a low of US$1,721 […]
India’s CBDC plans; Stablecoins vs CBDCs
The Reserve Bank of India explores digital rupee options. Meanwhile, Terra’s new Luna coin drops significantly since launch.
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.
Terra 2.0 new LUNA is down 70% since restart
The new LUNA was trading under US$6 on Monday morning Asia time, after peaking at US$18.87 shortly following the launch of the Terra 2.0 blockchain on Saturday, according to data from CoinGecko. See related article: Winning back the trust of the Terra community a tall order for Do Kwon: Experts Fast facts LUNA Classic (LUNC) […]
RBI wants its CBDC to bring ‘little or no disruption’
The Reserve Bank of India (RBI) is aligning its central bank digital currency (CBDC) design with monetary policy objectives and financial stability, the central bank said in its annual report. See related article: Report: Stablecoins, CBDCs may not resolve financial inclusion, international remittance challenges Fast facts Finance Minister Nirmala Sitharaman announced in February the RBI […]
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.
Terra 2.0 delayed; India’s Non Fungible League
StepN limits their services in China. Meanwhile, Terra 2.0 poses questions relating to investor trust.
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?
Chinese stock image agency VCG tests NFT marketplace
Visual China Group (VCG), China’s largest stock image provider, has started a non-fungible token (NFT) marketplace that lets users outside of mainland China pay with Ether. See related article: China’s diktat against NFT flipping spawns an ingenious industry Fast facts The platform, dubbed “Vault by 500px,” went live with a beta version on Wednesday, and […]
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 […]
‘Crypto is not something that can be ignored anymore’: NEAR Foundation CEO
Flament’s comments come as governments around the world step up regulation of the sector plagued by frequent frauds, high-profile run-on-the-banks and misrepresentation from the anonymity blockchain and cryptocurrency offer.
Bitcoin hashrate falls; Australia’s crypto future
Bitcoin’s hashrate has dropped since the crypto market crash. Meanwhile, Australia’s new Labor government could bring about changes for the crypto sector.
CoinDCX offers to let Indians earn yield on crypto holdings
The operator of the Indian cryptocurrency exchange is working with large institutional borrowers, third-party lending partners and staking platforms to generate yield on cryptocurrency and digital assets, CoinDCX said in a statement. See related article: CoinDCX investment arm to invest US$13 mln in Web3 startups Fast facts The yield program doesn’t come with lock-in periods […]