AI has taken over crypto’s share of VC funding, says Mysten Labs founder
Crypto’s share of venture capital money is now going to artificial intelligence, says Mysten Labs founder, Evan Cheng.
South Korean prosecutors to freeze US$5.36 million of Do Kwon’s assets, some in Switzerland
Seoul Southern District Prosecutors’ Office is in the process of freezing 7.1 billion won worth of assets that belong to Terraform Labs CEO Do Kwon.
Bitcoin trades under US$28,000, Dogecoin biggest loser
Bitcoin rose as Ether fell during Asian trading hours on Friday, with most of the top 10 non-stablecoin cryptocurrencies by market capitalization dropping. XRP rose the most, while Dogecoin was the biggest loser.
The TradFi vs. DeFi rivalry is hitting a new peak — and that’s bad for everyone
Amid the current banking crisis, each side is exhibiting disdain for the other when neither holds the moral high ground, writes Rachel Lin of SynFutures.
S.Korea to expand probe on token listing bribes if it sees ‘more evidence’
Taking bribes in exchange for listing cryptocurrencies has been common practice among South Korean exchanges, one expert told Forkast.
Bitcoin fluctuates to hold US$28,000, Binance BNB token rises despite regulatory threat
Bitcoin dipped in Friday morning trading in Asia but held above US$28,000. The top 10 non-stablecoin cryptocurrencies traded mixed. Binance’s BNB led the winners.
Binance faces legal battle as US regulator gets ready to rumble
Top blockchain and crypto news: Binance targeted in CFTC lawsuit. Law catches up with Do Kwon. Chinese banks bet on Hong Kong crypto.
Bitcoin, Ether, Forkast 500 NFT index rise; gold nears year-high over banking sector concerns
Bitcoin and Ether rose during Asian trading hours on Friday, along with most of the top 10 non-stablecoin cryptocurrencies by market capitalization, with Litecoin posting the biggest gains.
Bitcoin rebounds above US$28,000 as equities gain in U.S. on Treasury easing bank worries
Bitcoin bounced back above US$28,000 on Friday morning in Asia amid a rebound in all top 10 non-stablecoin cryptocurrencies and gains in equities overnight.
Bitcoin breaks above US$28,000 as Do Kwon detained in Montenegro
Welcome to The Daily Forkast – March 24, 2023 – presented by Joel Flynn for the latest in the crypto markets. Most major cryptocurrencies have seen a increase in their prices amid the Federal Reserve’s decision to raise the Fed rate by another 25-basis points. Terra Luna founder Do Kwon has been arrested by Montenegrin […]
Bitcoin buoyed as bank busts spook investors
Top blockchain and crypto news: Banking woes boost Bitcoin. Arbitrum counts down to launch. Chinese billionaire faces US crypto scam charges.
What the crypto industry should do to rebuild public trust
Many crypto users see losses as the cost of doing business. In fact, we can and must improve the sector’s deficiencies, writes Pelle Brændgaard of Notabene.
Circle’s USDC bounces back after Silicon Valley Bank bust
Top blockchain and crypto news: USDC stabilizes after SVB collapse. Silvergate closes shop. China tightens financial supervision.
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.
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.
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.
SEC shuts Miami hedge fund for alleged ties to US$100 mln crypto fraud
The SEC announced emergency action against crypto hedge fund BKCoin and co-founder Kevin Kang in connection with an alleged fraud scheme.
Bitcoin’s price gains this year bring needed relief to cash-strapped crypto mining industry
Officials at Bitcoin mining companies say the rebound in prices so far this year for the world’s biggest cryptocurrency has thrown a lifeline to the industry after some miners sought protection from creditors last year amid the slump in the token’s price.
Blur lives up to name as its trading volume surpasses OpenSea
Top blockchain and crypto news: Blur’s success spurs changes at OpenSea. Is Binance eyeing US exit? Taiwan asset disclosure rules may include crypto.
Paxos ordered to stop minting Binance stablecoin as SEC mulls legal action
Top blockchain and crypto news: Paxos halts BUSD issuance. Kraken faces disclosure charges. Beijing backs new blockchain research center.
Be careful what you wish for? Regulators pick up pace in the crypto industry crackdown
Last year was memorable in the emerging world of digital assets for the sheer number of corporate failures. The industry itself has been asking for clearer legal guidelines to help development. Is that what’s happening now?
Head of crypto, FX trading platform EminiFX pleads guilty to US$248 million fraud charges
Mastermind of the EminiFX fraud has pleaded guilty to soliciting investments worth more than US$248 million from tens of thousands of investors, says US DOJ.
Weekly Market Wrap: Bitcoin retreats below US$22,000 after a record January. Is the strong start to 2023 reversing?
After the strongest January price increase since 2013, Bitcoin gave up some of its gains this week to dip below the US$22,000 support line on Friday. The crypto market was buffeted by bearish comments on interest rates by U.S. Federal Reserve officials this week, along with concerns about a regulatory crackdown. Is this the start of a downtrend, a healthy correction, or the beginning of a so-called “crab” market moving sideways?
Why DeFi remains niche and what might get it out of its market rut
DeFi is still a Wild West, and many would-be users are wary of its lawlessness and anonymity. Could decentralized IDs foster greater trust and growth in the sector?
Why the cloud will be critical to US competitiveness in world finance
The future global financial system will be reliant on the cloud, especially when it comes to CBDCs and stablecoins, writes Michael Greenwald and Logan Weber.
Hong Kong to mandate stablecoin licensing as early as this year
The HKMA said in a consultation conclusion that algorithmic stablecoins will not be allowed in the city.
What we must learn from FTX so that history does not repeat itself
Tighter regulations are necessary but not enough. The industry also needs to address its issues with custody and transparency, writes Chen Zhuling of RockX.
Biden administration urges U.S. congress to pursue crypto regulation
Four senior officials in U.S. President Joe Biden’s administration called for Congress to “step up its efforts” in regulating the cryptocurrency market.
World Economic Forum’s digital asset head expects real-world blockchain adoption in 2023
Cryptocurrencies post the Terra-Luna, FTX failures were a debated topic at the World Economic Forum meeting in Davos in the week through Jan. 20, with some authorities calling for a doubling down on regulations. Others had a more nuanced view.
Will Genesis meet its maker amid creditors closing in?
Top blockchain and crypto news: Genesis bankruptcy begins. FTX chief ponders a reboot. China’s CBDC gets a smart-contract upgrade.
Japan’s financial regulator aims to lift ban on foreign stablecoins by June this year
Japan plans to introduce regulations by June this year that will allow domestic investors to trade certain stablecoins from overseas.
Genesis’s trading arm moving funds on blockchain, bankrupt units reveal extent of liabilities
According to on-chain data, the trading arm of bankrupt crypto lending firm Genesis is still moving funds around on the blockchain.
2023 Should be the Year of Web3 Security
Despite 2022’s turbulent impact on the crypto industry, Immunefi CEO Mitchell Amador believes this year could encourage better Web3 security.
Stuck in stone? Why DLT transactions should be reversible
Why insist that ‘code is law’ when the reality is riddled with human error, sloppy design and tampering? Paul Madsen of HBAR Foundation reexamines one of the central tenets of blockchain technology.
Why crypto crashes are just like Nascar collisions
Small details can make a big difference on performance, and one careless error can lead to calamity. How should those in crypto drivers’ seats navigate their path?
CEO of South Korea’s V Global US$2 bln crypto pyramid scheme gets 25 years in prison
Lee Byung-gul, the CEO of V Global, will serve 25 years in prison after his conviction was upheld by the Supreme Court of Korea on Friday.
Crypto lender Hodlnaut’s creditors reject restructuring plan, prefer liquidation: report
Creditors of Singapore-based crypto lending and borrowing platform Hodlnaut have rejected a proposed restructuring plan and wish to liquidate the company.
Digital Currency Group in spotlight over suspicious fund transfers
Top blockchain and crypto news: DCG under investigation. Lido DAO surges as Ethereum’s Shanghai upgrade looms. Hong Kong burnishes crypto credentials.
India’s CoinSwitch exchange to add non-crypto products amid punishing taxes on digital asset trading
Indian cryptocurrency exchanges faced a flurry of taxes on trading last year that saw volumes across most platforms drop as much as 90%, slashing income from trading fees. What’s a crypto exchange to do? Maybe sell mutual funds?
Where is the stablecoin market heading in 2023?
FTX’s collapse triggered a stablecoin sell-off, but we will need them to survive the Crypto Winter, writes Vladimir Gorbunov of Choise.com.
Blockchain in Davos
Welcome to The Daily Forkast – January 4, 2022 – presented by Angie Lau. As the bells rang in the new year, many said goodbye and good riddance to a year of headline grabbing failures in the blockchain space. From Ronin’s bridge hack, the collapse of Terra Luna, to the bankruptcy of FTX, 2022 was […]
Alameda Research transfers spark suspicions as SBF denies involvement
Top blockchain and crypto news: Where is Alameda Research’s money going? US tax loophole may give crypto investors a break. China’s blockchain momentum builds.
Ripple expects SEC ruling in first half, clearer global regulations for digital assets in 2023
Ripple Labs Inc. expects a court decision in the first six-months of this year in the case filed against the company by the U.S. Securities Exchange Commission. The SEC sued Ripple in December 2020 for allegedly selling US$1.3 billion in unregistered securities.
A series of events: Crypto’s 2022 timeline
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.
A year to remember, a year to forget: Crypto highs and lows of 2022
From Terra and FTX crises to Ethereum’s triumphant Merge and China’s inventive NFT industry, Forkast reviews a rollercoaster year and its consequences.
Biggest blockchain trends for 2023 and beyond
After a year of new all-time highs for major cryptocurrencies in 2021, 2022 was a challenging year for Web3. Industry experts tell Forkast what crypto has in store for 2023 and beyond.
14 years on, why Bitcoin will survive its growing pains
Like an awkward teen, Bitcoin is facing a crisis of confidence, writes Eddie Hui of MetaComp. What lies in store for the original cryptocurrency in 2023?
Time for reflection: How will FTX’s implosion impact crypto regulation?
This year’s cascade of crypto collapses should be a wake-up call to regulators, says the Independent Community Bankers of America’s Brian Laverdure.
The last 12 months the year to forget, says India’s WazirX crypto exchange
A lot of the troubles for India exchanges in 2022 will run into next year as they shed staff and run down reserves to stay afloat, and not all are expected to make it.
Crypto’s traumatic year
This year hasn’t been the easiest for investors, will 2023 be better?
US bill set to demand know-your-customer from crypto companies
Top blockchain and crypto news: US senators push for crypto KYC. SBF faces the music in US courts. Alibaba Cloud to launch blockchain node.
Will Bitcoin’s true value prevail in 2023?
As crypto investors move towards self-custody following FTX’s collapse, Brian Paik wonders whether it could teach people the true value of Bitcoin, beyond hype and price speculation.
BlockFi asks U.S. bankruptcy court to unfreeze accounts for some of its users
BlockFi, an early victim of the financial contagion caused by the collapse of the FTX cryptocurrency exchange, said it wants to return assets locked up in its bankruptcy proceedings.
Bankrupt Voyager Digital says it accepted Binance bid for assets valued at US$1 billion
The deal will need approval in a court hearing on January 5 and also faces a vote by creditors under Voyager’s chapter 11 bankruptcy filing.
Web 3.0 firms must ‘keep costs low,’ improve efficiency to navigate downturns, says Rotten Tomatoes cofounder
Patrick Lee, who cofounded Rotten Tomatoes and PKO Investments, says the US$35 million investment company has slowed Web 3.0 investments significantly.
Venture capital firms slow Web 3.0 investments as investors turn cautious
Several venture funds tell Forkast they have become conservative and are only investing in ‘true believers’ of Web 3.0
Animoca founder says Asia is ‘moving on’ from FTX fiasco
Asia’s cryptocurrency community is “on the path of moving on” from the FTX fiasco, following the arrest of FTX founder Sam Bankman-Fried, said Yat Siu, cofounder and chairman of Hong Kong-based blockchain gaming studio and venture capital firm Animoca Brands.
FTX collapse not the worst for crypto investors this year, says Chainalysis study
The bankruptcy of cryptocurrency exchange FTX doesn’t represent the biggest losses for crypto investors in 2022, according to a report from Chainalysis.
Sam Bankman-Fried in Bahamas police custody, faces criminal charges in U.S.
Top blockchain and crypto news: SBF denied bail, US extradition likely next. The Block chief quits over secret FTX loans. Hong Kong readies digital asset rules.
Crypto market implosions, bankruptcies bring sweeping job losses … and opportunity
By some estimates, job cuts in the cryptocurrency-specific industry are running at about 30-40%, which means tough times for employers and employees, and compensation packages are also taking a hit.
Sam Bankman-Fried arrested in Bahamas — could other FTX executives be next?
The fall from grace: Once one of the most admired figures in crypto, the former head of the FTX exchange is unlikely to see his Bahamas penthouse anytime soon after being arrested Monday on U.S. charges that are expected to lead to his extradition.
Coniferous crypto: What the industry must do next to weather this winter
Crypto is weathering this year’s extreme turbulence so far. But its long-term health will require the sector’s urgent attention to regulation, education and security, writes Oliver Linch, CEO of Bittrex Global.
Bankman-Fried’s parents cancel classes at Stanford Law School for next year
The Stanford Law School professor parents of Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX.com who has been accused of misusing customer funds, are not on next year’s class schedule at the school.
Markets: Bitcoin, Ether prices rise as gains in U.S. equities help cryptocurrencies bounce back
Bitcoin rose back above the US$17,000 mark in Friday morning trading in Asia, helped by gains in U.S. equities overnight.
AAX’s future in doubt amid staff exodus and FTX contagion
Top blockchain and crypto news: AAX teeters on the brink. SBF hints at Congressional hearing no-show. Chinese court boosts NFT legitimacy.
Judge approves subpoenas for 3AC cofounders
A federal judge overseeing the bankruptcy proceedings of Three Arrows Capital (3AC) has approved the delivery of subpoenas to 3AC’s cofounders, Su Zhu and Kyle Davies.
Crypto’s Next Steps?
2022 saw the collapse of FTX, Terra-Luna and 3AC, and hacks were at an all time high. How can going back to blockchain’s roots help restore faith in crypto?
S.Korea central bank puts hand up to regulate stablecoins
The Bank of Korea (BOK) claimed it needs the authority to monitor and supervise stablecoins, according to the South Korean central bank’s report published on Monday.
Majority of ‘wealthy’ South Koreans say no plan to invest in crypto, cite lack of trust
The majority (58.3%) of South Koreans with assets of 1 billion Korean won (US$760,000) said they don’t plan to invest in cryptocurrencies.
DeFi regulation: it’s not a matter of if, but when
The push to regulate DeFi is stronger than ever, and the sector would be wise not to fight but participate in that inevitability, writes Michael Shing of XREX.
NFT sales rise for first time in 7 months in November despite crypto price slump
NFT investors seemingly see opportunities in a month full of surprises and headwinds for the broader cryptocurrency market.