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Russian hackers may be behind FTX hack: Elliptic

The research firm said that on-chain data point toward Russian hackers, instead of the previously-suspected North Korean Lazarus Group.

Bitcoin slightly dips following U.S. CPI report

With the U.S. CPI holding steady and predictions favoring unchanged Fed rates, Bitcoin remains resilient.

Israel-Palestine crisis: Navigating the intersection of conflict, aid and blockchain

Top blockchain and crypto news: Gaza tensions, digital tremors, NFTs are not dancing in September, Joe Lubin talks traditional system’s twilight.

Japanese yen-backed digital currency set to launch next July

The DCJPY could play a central role in the future’s currency system, according to DeCurret Holdings.

Coinbase Q3 trading volume drops 52% from last year

The current crypto bear market caused Coinbase’s trading volume to drop to levels not seen since 2020.

Digital assets are here to stay, Bahamas prime minister says

Bahamian Prime Minister Philip Davis said the island nation will continue to be a pioneer in the digital asset space.

FTX collapse helped the evolution of crypto regulation, says Bahamas securities regulator

FTX’s collapse and the crypto winter helped regulators familiarize themselves with the rapidly evolving crypto industry, said Christina Rolle of the Bahamas Securities Commission.

Sam Bankman-Fried planned to raise money from Saudi crown prince, Ellison testifies

Caroline Ellison details how Sam Bankman-Fried planned to raise capital from Saudi Crown Prince Mohammed Bin Salman as FTX struggled to repay lenders.

ESMA says DeFi can bring greater financial inclusion, but warns of volatility risks

The regulator said that DeFi doesn’t pose a risk to financial stability, due to its small size, but said it needs to be monitored in the future.

Ethereum NFT production falls to all-time low in September

NFT production on Ethereum fell to an all-time low in September, as the floor prices of blue-chip NFT collections continued their decline.

BlackRock shares go digital on JPMorgan’s Onyx blockchain

JPMorgan’s Onyx blockchain showcased near-instant collateral transfer in BlockRock’s tokenized share transaction with Barclays.

Philippines Coins.ph partners with Circle for USDC remittances

Coins.ph joins forces with Circle to introduce USDC remittances, targeting a more efficient and affordable money transfer solution for millions of Filipinos abroad, supporting the UN’s goal of trimming remittance costs by 2023.

Malaysia grants Hata in-principle approval to operate digital asset exchange

The Malaysian Securities Commission has given crypto firm, Hata, a conditional approval to operate a “digital asset exchange” with a “digital broker” license.

Brazilian congressional committee calls for Binance CEO Zhao’s indictment 

The congressional committee accused Changpeng Zhao and three other executives, along with 45 individuals, of running a financial pyramid scheme in the country.

UK committee calls for tighter NFT copyright and fan token measures

The committee said fraudulent non-fungible token advertising could harm both NFT artists and investors.

Pudgy Penguins were bred for the NFT Winter

As ‘Floptober’ rattles the NFT world, Pudgy Penguins emerge as unlikely victors, spotlighting the potential of IP-focused tactics.

NFTs are here to stay — just not as we once knew them

Once driven by speculation and vanity car plate-like profile images, NFTs are now becoming more useful — with value that is not captured by market prices.

Former Alameda CEO Caroline Ellison testifies in ex-boyfriend Sam Bankman-Fried’s trial

Caroline Ellison, Sam Bankman-Fried’s ex-girlfriend and former CEO of Alameda Research, details how the trading firm took around $14 billion from FTX customers to repay lenders.

Bitmain reportedly suspended employee salaries from September

Bitmain, one of the world’s largest Bitcoin application-specific integrated circuit (ASIC) manufacturers, has suspended employee salary payments from September, according to a Tuesday report by China-based tech news outlet Leiphone. See related article: Hamas crypto donation accounts frozen by Israel police Fast Facts See related article: CMCC Global raises US$100 mln to launch Hong Kong […]

S.Korea’s crypto market rebounds in H1 but down 48.5% from 2021 close

South Korea’s cryptocurrency market has bounced back during the first half of this year but is still almost 50% below its value at the end of 2021, according to the Korea Financial Intelligence Unit (KOFIU), a government agency that oversees the nation’s anti-money laundering regime. See related article: Hamas crypto donation accounts frozen by Israel […]

Blockchain’s 2 billionth user could be an AI, says Joe Lubin

The CEO of blockchain services provider Consensys and co-founder of Ethereum spoke to Forkast at the Token 2049 crypto conference in Singapore. He discussed decentralization and what he sees as the crucial role to be played by blockchain in AI and vice-versa.

Binance users in Hong Kong hooked by US$450,000 phishing attacks

The Hong Kong police warned on Monday that 11 Hong Kong-based Binance users lost over US$446,000 (HK$3.5 million) in cryptocurrencies to phishing text messages in the last two weeks. See related article: Gitcoin error sends US$460,000 to digital void Fast Facts See related article: CMCC Global raises US$100 mln to launch Hong Kong Web3 fund

Hamas crypto donation accounts frozen by Israel police

Israel Police’s cyber unit, Lahav 443, halts Hamas’ cryptocurrency fundraising efforts following Israeli crypto firms’ aid initiatives for war-affected citizens.

Israel crypto firms launch emergency crypto fund

Crypto Aid Israel, a fund aiding war-impacted citizens, uses a multi-signature wallet for Bitcoin, Ether, and stablecoins donations.

Crypto investment products record highest inflows since July: CoinShares

Inflows in cryptocurrency investment products reached US$78 million last week, the highest volume since July, according to crypto asset manager CoinShares.  See related article: Alameda had a US$65 bln line of credit, says FTX co-founder Gary Wang Fast Facts See related article: DOJ seeks to block Bankman-Fried from bringing up Anthropic fundraise in court

Clay Nation launches Cardano-Polygon NFT bridge in The Sandbox 

Clay Nation, a project of 10,000 non-fungible tokens (NFTs), announced the launch of a new blockchain bridge for Cardano and Polygon networks in The Sandbox metaverse.  See related article: DOJ seeks to block Bankman-Fried from bringing up Anthropic fundraise in court Fast Forkast See related article: NFT creators seek alternatives after OpenSea cuts royalties

Gitcoin error sends US$460,000 to digital void

Crowdfunding platform Gitcoin’s project lead Jonathan Miller said he accidentally sent approximately US$460,000 worth of Gitcoin tokens (GTC) to an unrecoverable contract address. See related article: DOJ seeks to block Bankman-Fried from bringing up Anthropic fundraise in court Fast Forkast See related article: SBF trial kicks off, Singapore gives crypto licenses as blockchain data comes […]

DOJ seeks to block Bankman-Fried from bringing up Anthropic fundraise in court

Sam Bankman-Fried, the co-founder and former chief executive officer of cryptocurrency exchange FTX, should be blocked from bringing up artificial intelligence firm Anthropic’s latest fundraising efforts in his defense against the U.S. Department of Justice (DOJ), prosecutors said in a court filing on Sunday. See related article: Little-known FTX co-founder Gary Wang testifies in Sam […]

Can Asia’s progressive regulators tame crypto’s Wild West?

The Web3 sun is shining in Hong Kong, Singapore and Japan, where forward-thinking regulations are fostering crypto’s growth while boosting investor protections.

Alameda had a US$65 bln line of credit, says FTX co-founder Gary Wang

Gary Wang, co-founder and former chief technology officer of cryptocurrency exchange FTX, testified on Friday that Alameda Research, the sister trading firm of the exchange, had a special line of credit of up to US$65 billion from FTX, that allowed the firm to spend US$8 billion of customer funds. See related article: Little-known FTX co-founder […]

Weekly Market Wrap: Bitcoin falls 1.3% following U.S. jobs report

Bitcoin fell 1.3% in the hour following the U.S. jobs report, fueling market concerns that borrowing costs will remain high over a longer period of time.

Coinbase is “doubling down” on Singapore following license, says country director

The largest U.S.-based cryptocurrency exchange will be launching more products and services in the Lion City, Coinbase’s Hassan Ahmed says.
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SBF trial kicks off, Singapore gives crypto licenses as blockchain data comes to rescue

Welcome to Forkast IQ, presented by Forkast’s Megha Chaddah, where we look beyond the headlines to get you insights that power smarter decisions.

ESMA publishes second MiCA consultation paper

The European Securities and Markets Authority (ESMA) is seeking feedback on the second consultation paper on the Markets in Crypto-Assets (MiCA) bill, published on Thursday.  See related article: Binance ICO raised less than US$5 mln: Forbes Fast Facts See related article: What Europe’s new spot Bitcoin ETF means for global markets

Ledger cuts 12% of workforce, citing macroeconomic conditions

Cryptocurrency hardware wallet developer Ledger said it is cutting 12% of its workforce, according to a Thursday letter to employees by chief executive officer Pascal Gauthier. See related article: Binance ICO raised less than US$5 mln: Forbes Fast Facts See related article: Governments could access Ledger wallet private keys, says CEO

Binance ICO raised less than US$5 mln: Forbes

Binance’s 2017 initial coin offering (ICO) of its Binance Coin (BNB) reportedly raised less than US$5 million, contrary to the US$15 million claimed by the company and its Chief Executive Officer Changpeng Zhao.  See related article: U.S. SEC denied immediate access to Binance.US software Fast Facts See related article: Binance Japan partners with mega bank […]

Little-known FTX co-founder Gary Wang testifies in Sam Bankman-Fried trial

Wang admits he implemented special privileges in the exchange’s code to enable Alameda Research to withdraw unlimited funds.

Crypto fundraising in Q3 lowest in three years: Messari

The amount of funds raised by cryptocurrency firms dropped to a three-year low of US$2.1 billion in the third quarter of 2023, according to a new report published by on-chain intelligence firm Messari. See related article: CMCC Global raises US$100 mln to launch Hong Kong Web3 fund Fast Facts See related article: HKEX to launch […]

Crypto trust on trial: Bankman-Fried faces judgment

Top blockchain and crypto news: Spotlight on Bankman-Fried, Pudgy Penguins’ new revenue stream and Google’s Web3 goggles

HKEX to launch smart contract settlement platform

Hong Kong Exchanges and Clearing Limited (HKEX) announced on Wednesday that it is implementing a smart contract upgrade to its Connect, a system that bridges Hong Kong and China’s stock markets, to enhance post-trade workflows and reduce settlement risk. See related article: SFC to monitor illegal VATP activities with Hong Kong Police Force Fast Facts […]

CMCC Global raises US$100 mln to launch Hong Kong Web3 fund

CMCC Global, a Hong Kong-based blockchain-focused venture capital fund, announced Wednesday that it raised US$100 million to launch the “Titan Fund.” See related article: SFC to monitor illegal VATP activities with Hong Kong Police Force Fast Facts See related article: Valkyrie CIO expects US spot Bitcoin ETF approval in Q2 2024 (Update adds comment from […]

Sam Bankman-Fried committed ‘massive fraud,’ says prosecutor in opening statements

Prosecutors allege the founder of the failed FTX cryptocurrency exchange had a reputation that was “built on lies” as hotly awaited trial begins.

SFC to monitor illegal VATP activities with Hong Kong Police Force

The Securities and Futures Commission (SFC) of Hong Kong and the Hong Kong Police Force announced Wednesday the establishment of a working group to monitoring and investigating illegal activities related to Virtual Asset Trading Platforms (VATPs).  See related article: Hong Kong crypto network Mixin loses US$200 million in hack Fast Facts See related article: JPEX […]

Bank of Korea to kick off wholesale CBDC pilot

South Korea’s central bank will be launching a pilot program for its central bank digital currency (CBDC) to explore infrastructure requirements, according to an Oct. 4 joint statement by the Bank of Korea (BOK), the nation’s Financial Services Commission (FSC) and the Financial Supervisory Service (FSS). See related article: CBDCs are coming. Here’s why you […]

EU wholesale CBDC plans to publish within weeks, France central bank governor says

European Union central banks will publish plans for a wholesale central bank digital currency (CBDC) in the coming weeks, François Villeroy de Galhau, the governor of France’s central bank, said at a Tuesday event in Paris. See related article: US legislators to discuss CBDC prevention bill on Sept. 20 Fast Facts See related article: Nepal […]

XRP up over 4% after judge denies SEC’s interlocutory motion

The XRP token rose 4.42% after a federal judge denied the U.S. Securities and Exchange Commission’s (SEC) motion to overturn its recent loss against Ripple Labs. XRP traded at US$0.5308 at 2:45 p.m. in Hong Kong on Tuesday, according to CoinMarketCap data.  See related article: HK’s SFC & US SEC crack the whip as Blockchain […]

How the NFT market peaks and bottoms differently from the rest of the industry

Cryptocurrencies and NFTs are evolving and carving out distinct niches, prompting a closer look at their diverging paths and the emerging trends in the digital financial landscape.

To succeed, Web3 must become human-centered

Web2 may be easier than ever to use, but its users are plagued by personal data theft and other security risks. Here’s how Web3 can do better.

Ripple attains Singapore license to offer digital payment token services

The Asia-Pacific branch of Ripple Labs has received a Major Payments Institution license from the Monetary Authority of Singapore.

Silver Lining? Google Cloud’s head of Web3 talks Big Tech possibilities for the blockchain

At the Token 2049 crypto conference in Singapore held Sept. 13 to 14, Google Cloud’s James Tromans spoke to Forkast about a possible marriage between Webs 2 and 3.

Chainalysis cuts 150 employees 

Chainalysis, a New York-headquartered blockchain intelligence firm, is reportedly laying off about 150 employees, or approximately 15% of the 900 staff members. See related article: ‘There’s no doubt we picked a side here’ — Chainalysis founder Michael Gronager talks analytics, Ukraine and crypto adoption in Asia Fast Facts See related article: Bitwise to launch two […]

Bitwise to launch two Ethereum Futures ETFs

Bitwise Asset Management, a U.S.-based cryptocurrency index fund, announced that its two Ethereum futures exchange-traded funds (ETFs), the Bitwise Ethereum Strategy ETF (AETH) and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF (BTOP), will start trading on Monday, Oct. 2.  See related article: Valkyrie CIO expects US spot Bitcoin ETF approval in Q2 2024 […]

Coinbase obtains Singapore’s Major Payment Institutions license

The Major Payment Institution license from Singapore’s central bank allows the exchange to expand its digital payment token services in the Lion City.

Why regulated decentralized exchanges are the wave of crypto trading’s future

Bringing together the best parts of centralized and decentralized exchanges, RDEXs also take into account the inevitability of regulations.

Back from the dead: Can FTX stage a comeback?

The prospect of FTX’s return to the competitive exchange landscape is being keenly watched by stakeholders, reflecting on its meteoric rise, groundbreaking approach, and tumultuous fall.

Philippines no plans to mirror U.S. SEC’s ‘crypto crackdown’, to publish crypto framework by H1 of 2024, says securities regulator

The Philippine Securities and Exchange Commission delayed the publishing of a crypto framework earlier this year citing the FTX collapse in late 2022 as the reason.

Taiwan tightens crypto governance, HK acts on JPEX; El Salvador stockpiles Bitcoin

Asia is stepping up the regulatory ground for the digital asset and take a look at El Salvador’s Bitcoin future.

Quantum computing is coming out of the shadows. Web3 should be scared

Quantum computers may one day crack the cryptographic algorithms that underpin everything from Bitcoin to digital IDs. What can be done to secure Web3’s future?

‘There’s no doubt we picked a side here’ — Chainalysis founder Michael Gronager talks analytics, Ukraine and crypto adoption in Asia

In the second in a series of 1-on-1 interviews from the Token 2049 crypto conference in Singapore held Sept. 13-14, Michael Gronager, founder of blockchain analytics firm Chainalysis, spoke to Forkast about crypto use in the Ukraine conflict, tracking illicit on-chain activity and digital asset adoption in Asia.

SEC Chair Gensler faces bipartisan backlash over strict crypto regulations

Top blockchain and crypto news: U.S. lawmakers berate SEC over ETF applications. NFTs down but not dead. Hong Kong sees year’s biggest crypto heist so far.

Bitcoin, Ether gain; Wall Street on edge amid government shutdown fears

Bitcoin traded above US$26,300 Thursday morning in Asia after briefly breaching US$26,800. Ether also rose above US$1,600 before falling back.

Top 10 cryptos mixed, SEC again delays decision on Ark Invest ETF filing

Toncoin led losses among top 10 cryptos. Bitcoin dropped while Ether rose marginally.

South Korea sentences ex-Coinone crypto exchange executives for bribery

Two former employees at Coinone were sentenced Tuesday for accepting bribes in exchange for listing certain cryptocurrencies on the platform.

JPMorgan’s U.K. bank Chase bans payments linked to crypto

Chase, the U.K.-based digital bank, told customers Tuesday in an email that it will ban U.K. clients from making crypto-related payments.

Have we learned anything from Curve Finance and DeFi’s susceptibility to attacks?

The DeFi giant may have escaped a death spiral, but exploits and code problems like what it recently suffered are more commonplace — and preventable — than what the industry acknowledges.

Bitcoin, Ether tread water; U.S. equities slide with mega-cap tech giants leading the declines

Bitcoin dipped on Wednesday morning in Asia to trade range-bound below US$26,300. Ether edged higher but failed to reclaim the US$1,600 mark.

Bitcoin, Ether rise; BNB leads gains among top 10 cryptos

Binance’s BNB token gained the most after Binance Japan and Mitsubishi UFJ Trust and Banking Corporation jointly announced they are collaborating on the issuance of fiat-pegged stablecoins.

Binance Japan partners with mega bank MUFJ on stablecoin project

Mitsubishi UFJ and Binance Japan will collaborate on the issuance of fiat-pegged stablecoins.

Hong Kong crypto network Mixin loses US$200 million in hack

Mixin Network announced Monday that the database of its cloud service provider was hacked, resulting in the loss of approximately US$200 million.

PayPal’s stablecoin is a big step forward for crypto’s legitimacy but not much yet for the cause

PYUSD’s launch is injecting much-needed trust into crypto’s turbulent landscape, but its current form does not come with any of the benefits of real crypto, writes Danny Chong, co-founder of Tranchess.

Bitcoin, Ether flat; MicroStrategy adds to Bitcoin holdings

Bitcoin traded flat below US$26,300 Tuesday morning in Asia. Ether edged up but remained below the US$1,600 mark.

Bitcoin, Ether fall with Toncoin leading losses in top 10 cryptos

Bitcoin fell below US$26,500 while Ether dipped below US$1,600 in the past 24 hours.