Search results: Forkast.News

Cryptocurrency lender Celsius has hired new restructuring lawyers from Kirkland & Ellis LLP for advice on bankruptcy filing amid severe liquidity issues, the Wall Street Journal (WSJ) reported on Sunday.  See related article: Celsius said to be hiring restructuring attorneys, exploring financing options Fast facts Kirkland & Ellis is also advising Voyager Digital, which filed […]

The Philippines’ Department of Trade and Industry (DTI) said it cannot ban Binance for cryptocurrency-related sales and promotion as there are no clear regulations issued by the Banko Sentral ng Pilipinas (BSP), the nation’s central bank.  See related article: Crypto is based on the greater fool theory: Philippines’ incoming central bank chief Fast facts “Cryptocurrency […]

Paris Saint-Germain F.C. (PSG), the winning football club of the French Ligue 1, is selling non-fungible token (NFT) tickets worth 30 million yen (US$220,000) each for its friendly matches this month with local teams in Japan as well as VIP access to players. See related article: NFTs Explained in Less than 4 Minutes Fast facts […]

CoinFLEX has entered arbitration in the Hong Kong International Arbitration Centre (HKIAC) to recover US$84 million from a “large individual customer,” according to a blog post published by the crypto trading platform’s cofounders Sudhu Arumugam and Mark Lamb on Saturday. See related article: Roger Ver says he will issue statement on default dispute with CoinFLEX  […]

Investor confidence in stablecoins has plummeted since the Terra fiasco. Circle’s chief of finance assesses how they’re holding up amid a barrage of “FUD”.

In an exclusive interview with Forkast Editor-in-Chief Angie Lau, Circle Chief Financial Officer Jeremy Fox-Geen said reserves backing the so-called USDC stablecoin are ring-fenced from any potential fallout from the contagion engulfing crypto markets.

Players are being educated to turn into writers, content creators, streamers or e-sports players as earnings from play-to-earn games aren’t enough to substitute for a day job.

Bitcoin briefly returns to the US$22,000 mark. Meanwhile, InfraWatch PH calls for a ban on Binance in the Philippines.

A large number of Japanese Web 3.0 companies are moving to or at least setting up new offices in Singapore, executives from Japanese blockchain gaming infrastructure builder Oasys told Forkast on Friday. See related article: Japan’s government approves policy to drive Web 3.0 adoption Fast facts Japanese firms operating in the Web3 sector need to […]

The country’s federal agency charged with investigating money laundering and violations of foreign exchange laws has reportedly reached out to Indian crypto exchanges to probe possible violations of foreign exchange rules. See related article: CoinDCX double downs as the going gets tough in India Fast facts The Enforcement Directorate has sought “further details and documents” […]

Infrawatch PH, a public policy think tank in the Philippines, wrote to the country’s Department of Trade and Industry calling for a ban on Binance for promoting cryptocurrencies without proper licensing, according to a letter accessed by Bitpinas.  See related article: Crypto is based on the greater fool theory: Philippines’ incoming central bank chief Fast […]

The U.K. Treasury on Friday named Hong Kong Securities and Futures Commission (SFC) CEO Ashley Alder as chairman of the U.K. Financial Conduct Authority (FCA). He is expected to start in January next year. See related article: UK finance watchdog to spend £11M to warn young people off crypto investment Fast facts See related article: […]

In a letter to the U.S. Commerce Department, the National Association of Federally-Insured Credit Unions (NAFCU) warned that the cost of developing a central bank digital currency (CBDC) outweighs the “hypothesized benefits.”  See related article: Hong Kong to research retail CBDC cybersecurity with Israel, BIS Fast facts The organization’s July 5 letter was in line […]

Decentralized autonomous organizations are spinning off new ways to bring communities together. Will ecosystem DAOs be the wave of the future?

The crypto market gained along with traditional markets overnight in Asia as investors responded to updated guidance on Thursday from U.S. Federal Reserve officials claiming recessionary concerns are overblown. See related article: Bitcoin, Ether recover as Fed guidance reduces policy uncertainty Fast facts Bitcoin gained 8% to trade above US$22,000 in the past 24 hours […]

Some of Animoca Brands’ most successful investments were made during the previous crypto winter, Gen Kanai, director of strategic partnerships at the Hong Kong-based blockchain gaming studio, told Forkast. See related article: Animoca Brands investments have crossed US$1.5B Fast facts In a sit-down interview with Forkast at the IVS Crypto 2022 event held in downtown […]

Forkast x CryptoSlam! are proud to present Moments in NFT History — an explainer video series hosted by Forkast’s Joel Flynn that gives you a front-row seat to history-in-the-making. CryptoPunks is one of the most popular NFTs. Some argue that it’s the collection that started the entire NFT movement.  Watch and learn how these pixelated […]

Will fashion shows move from Paris and Tokyo catwalks to potential audiences of millions in the metaverse? China’s Xiaohongshu social media site is testing the idea.

SBF’s Alameda Research debt to Voyager emerges. Meanwhile, South Korea agrees to cooperate with the US on Terra-Luna investigation.

Embattled cryptocurrency lender Celsius Network has reorganized its board of directors amid bankruptcy speculation, according to filings published by U.K. government executive agency Companies House on Wednesday. See related article: Celsius repays debts, cuts jobs amid bankruptcy fears Fast facts Celsius appointed David Barse and Alan Jeffrey Carr as directors in late June, filings show. […]

South Korea’s Justice Minister Han Dong-hoon met with U.S. investigative agencies in New York on Tuesday amid the countries’ separate investigations into Terra and its cofounder Do Kwon. See related article: South Korean authorities cite LUNA debacle to call for speedier crypto oversight Fast facts The minister met with Andrea M. Griswold, co-chief of the […]

After Voyager Digital filed for Chapter 11 bankruptcy on Tuesday, the Toronto Stock Exchange suspended trading in Voyager shares on Wednesday, announcing an expedited delisting review.  See related article: Voyager crypto firm loaned US$377 mln to Sam Bankman-Fried’s Alameda Research Fast facts According to Voyager’s bankruptcy filing, the firm has over 100,000 creditors and US$1.1 […]

Transaction volumes on the Chinese state-backed blockchain’s non-fungible token (NFT) ecosystem were higher than that of Ethereum, the most popular blockchain for such deals, China’s Blockchain-based Service Network (BSN) said in a press release on Wednesday. See related article: China’s Ant Group, Tencent, Baidu, JD.com push for NFT self-regulation Fast facts With 974,517 transactions, the […]

The South Korean fintech startup that operates digital asset management and trading services reportedly had over US$20 million, or 99% of its client funds, liquidated amid the Terra-LUNA collapse in May. See related article: What lessons can we learn from Terra’s LUNA/UST meltdown? Fast facts The startup’s trading unit had placed client funds on a […]

Genesis Chief Executive Officer Michael Moro confirmed on Wednesday the cryptocurrency brokerage was exposed to the now-bankrupt hedge fund Three Arrows Capital (3AC). See related article: Three Arrows Capital files for Chapter 15 bankruptcy Fast facts Genesis sold collateral and hedged downside once 3AC was unable to meet margin call requirements on a loan, Moro […]

Crypto exchange Vauld is in buyout talks with Nexo. Meanwhile, other exchanges are in a fight against bankruptcy as Celsius pushes on despite short squeeze.

Bad mortgages once dragged the world into a financial crisis. Can smart contracts prevent the worst from happening again?

Alameda Research, the crypto trading firm cofounded by Sam Bankman-Fried, owes Voyager Digital Holdings US$377 million in loans, according to the crypto broker’s new bankruptcy filing. See related article: Three Arrows, Voyager failures raise questions of who is next in crypto fall from grace Fast facts Voyager Digital entered a loan agreement for a revolving […]

In February 2020, Canadian banks froze assets of truckers protesting against vaccine mandates called Freedom Convoy. This is known as financial censorship and it can happen to anyone. Can decentralized crowdfunding combat financial censorship? Find out in this Forkast video explainer.  What you’ll learn: How financial censorship highlights the downsides of centralized crowdfunding. How Freedom […]

Top blockchain and crypto news: Three Arrows target bankruptcy protection. Polium’s Web3 game plan pilloried. China’s tech giants get hands-on with NFTs.

The crypto winter is killing off companies that took on big risks when markets were booming. So is this the shakeout all financial markets go through?

India’s 30% tax on cryptocurrencies, which met with a public outcry, has deterred the trading frequency of 83% traders, according to a survey conducted by crypto exchanges WazirX and ZebPay. See related article: Only the big fish will survive as India cracks the whip on crypto: Binance-backed WazirX Fast facts The survey included 9,500 respondents […]

Jordan Belfort, the man who inspired Martin Scorsese’s film “Wolf of Wall Street” and a once-avowed crypto critic, said Bitcoin is a long play while speaking on Yahoo Finance’s show The Crypto Mile.  See related article: Bank of England calls for greater crypto regulation Fast facts The former convicted financial criminal turned famous consultant and […]

Nexo said it plans to not only protect Vauld’s existing customer base but also to give them access to an improved range of services. See related article: Celsius repays debts, cuts jobs amid bankruptcy fears Fast facts Nexo said it signed an indicative term sheet with Vauld that grants it a 60-day exclusive exploratory period […]

Former TikTok game division executive Jason Fung is starting up a blockchain-based game developer, Meta0, to allow transfer of non-fungible tokens (NFTs) between different blockchains, according to a Reuters report on Tuesday. See related article: Game theory: What’s holding back an explosion of play-to-earn? Fast facts According to its product proposal, Meta0 aims to allow […]

South Korea’s largest convenience store chain CU said on Tuesday it is launching its alcohol brands on JJAANN, a local metaverse platform dedicated to drinking culture. See related article: To improve focus on studies, South Korean students turn to the metaverse Fast facts JJAANN, which calls itself the world’s first corner of the metaverse dedicated […]

The Bank of England (BoE) called for stricter financial regulations on the back of the recent cryptocurrency crash in its Financial Stability Report released Tuesday. See related article: Crypto crash justifies RBI’s stance: central bank chief Fast facts Risk is growing with the cryptocurrency industry’s expanding connection with the wider financial system, the U.K. central […]

Notwithstanding this bear market, Web3’s more pressing issue is its inability to handle large volumes, writes Greg Gopman. Can sidechains offer a solution?

Singapore’s monetary authority mulls on crypto limits. Meanwhile, Manny Pacquiao drops his NFT collection despite the crypto winter.

Web 3.0 company Polium’s plan to make the world’s first “multi-chain gaming console” to support games across different blockchains is an ambitious goal that has met a chorus of skepticism.  See related article: What is Axie Infinity and how is it ushering in gaming 3.0? Fast facts Polium, a startup that first announced its plans […]

Celsius Network has paid back US$142.8 million of its debt to Maker since July 1, data from DeFi Explore shows, as the embattled cryptocurrency lender looks to avoid a complete collapse.  See related article: Goldman Sachs said to raise US$2B for Celsius assets: report Fast facts With the repayment, Celsius’ liquidation price for its Wrapped […]

Tencent on Monday said it started testing non-fungible token (NFT) profile picture (PFP) avatars and the “virtual room” Music Zone on its QQ Music app. See related article: Tencent launches XR unit to develop ‘benchmark’ VR products Fast facts These NFT PFP avatars are two-dimensional cartoon characters based on Tencent’s blockchain, Zhixin Chain. QQ Music […]

The boxer-dog themed collection by Filipino boxing legend Manny “Pacman” Pacquiao, scheduled for minting on July 15, will be released on the Cardano blockchain, the team behind the official non-fungible tokens (NFTs) said on Monday.  See related article: Manny Pacquiao is launching NFTs in memory of dog ‘Pacman’ Fast facts The collection is named in […]

South Korean star dancer NO:ZE unveiled Dance with NO:ZE on Friday, a non-fungible token (NFT) project that sets out to safeguard intellectual properties of choreographers with blockchain technology. See related article: S.Korean music sharing platform to use NFTs for copyright protection Fast facts “The choreographies created so far have not been copyrighted,” NO:ZE said in […]

Vauld has suspended all withdrawals, trading and deposits on its platform, the Singapore-headquartered cryptocurrency exchange said on Monday.  See related article: Three Arrows Capital files for Chapter 15 bankruptcy Fast facts The firm, backed by PayPal founder Peter Thiel’s Valar Ventures, Pantera Capital and Coinbase Ventures, said it is exploring “potential restructuring options.” Vauld said […]

The Monetary Authority of Singapore (MAS) is mulling additional consumer protection safeguards on crypto, Tharman Shanmugaratnam, the minister in charge of the central bank, told Parliament.  See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’ Fast facts MAS is considering introducing rules on the use of leverage and limits on retail participation […]

Estonia-based crypto lending platform CoinLoan is slashing its daily withdrawal limit from US$500,000 to US$5,000, in hopes to prevent liquidity-related interruptions due to surges in customer withdrawals. See related article: Three Arrows Capital files for Chapter 15 bankruptcy Fast facts CoinLoan says its decision wasn’t driven by market instability and claims to be “probably the […]

Three Arrows Capital files for bankruptcy in the US. Meanwhile, SBF and FTX agrees deal with option to buy for up to US$240 million.

Crypto industry sales are slumping, but it’s not just hedge funds and lenders that have been hit hard by the crypto winter. The NFT industry has also begun to feel the chill.

Celsius Network’s cryptocurrency CEL is up 32.1% over the past 14 days leading to Monday in Asia, even as speculation around the lender filing for bankruptcy heats up.  See related article: Celsius community adopts GameStop tactics to squeeze out short sellers Fast facts CEL token gained 17% over the past 24 hours, peaking at US$0.94, […]

The crypto lender signed definitive agreements with FTX US for a US$400 million revolving credit facility that will be subordinate to all client funds. The crypto exchange also has an option to acquire BlockFi for about US$240 million based on performance targets. See related article: Sam Bankman-Fried steps in to bail out BlockFi Fast facts […]

Hong Kong-listed beauty app Meitu said on Friday it is expecting a net loss of up to 349.9 million yuan (US$52 million) in the first half of 2022, driven by tumbling cryptocurrency prices.  See related article: Hong Kong-listed Meitu buys more Bitcoin, now has US$100 million in crypto Fast facts See related article: Software firm […]

South Korean tech giant Samsung has started producing chips using its latest 3-nanometer (nm) technology, the company said Thursday. The new chips can be used for Bitcoin mining hardware.  See related article: LG to follow Samsung adding NFT features to flagship TVs Fast facts One of the earliest clients for Samsung’s 3nm chips could be […]

Trading volume in Indian cryptocurrency exchanges dropped by as much as 63% since July 1, when a 1% tax deducted at source (TDS) was imposed.  See related article: India’s latest tax assault on crypto exchanges starts Friday Fast facts Daily trading volume at cryptocurrency exchange WazirX fell more than 63% on July 1 to US$5.36 […]

Crypto hedge fund Three Arrows Capital (3AC) filed for Chapter 15 bankruptcy in a federal bankruptcy court in the Southern District of New York on Friday, in hopes to shield its U.S. assets after a court in the British Virgin Islands reportedly ordered the firm into liquidation last week. See related article: Three Arrows Capital […]

With NFT trading volumes slumping and regulators stepping in, Vignesh Sundaresan, who paid US$69 million for a Beeple artwork, shares his views on the space.

European Union officials agreed to the Markets in Crypto-Assets (MiCA) law on Thursday, placing cryptocurrencies, issuers and service providers under the EU’s first regulatory framework for the industry. The rules are expected to kick in as early as 2024. See related article: European Union to track all crypto transfers Fast facts All stablecoins will fall […]

Early Bitcoin adopter and Bitcoin Cash promoter Roger Ver told Forkast he will issue an official statement before Monday responding to allegations he defaulted on a US$47 million loan in USDC from CoinFLEX. See related article: Roger Ver denies defaulting on US$47 mln loan from CoinFLEX Fast facts Ver told Forkast in a phone interview […]

Investment firm VanEck has filed an application for a spot Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), despite Grayscale’s application getting rejected on Tuesday.  See related article: Next step for spot Bitcoin ETF in the US may be a courtroom battle Fast facts VanEck had filed for a spot Bitcoin […]

Hong Kong-based cryptocurrency exchange OSL is reportedly laying off 40 to 60 employees, or about 15% of its workforce, to join a growing list of digital asset companies in scaling down operations amid tanking cryptocurrency prices. See related article: Coinbase, biggest US crypto exchange, cuts workforce by 18% Fast facts The job cuts are not […]

Cryptocurrencies are a “clear danger” and have the potential to disrupt financial stability, Reserve Bank of India (RBI) governor Shaktikanta Das said.  See related article: Crypto crash justifies RBI’s stance: central bank chief Fast facts “Anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name,” Das said […]

Chinese tech giants including Ant Group, Tencent, Baidu and JD.com are joining yet another self-disciplinary initiative on eliminating speculation of non-fungible tokens (NFTs), also known as “digital collectibles.” See related article: China’s diktat against NFT flipping spawns an ingenious industry Fast facts The companies pledged to resist secondary trading and ensure real-name identification in a […]

The crash of Terra-LUNA threw the entire crypto space into a dark funk, and raised questions about the safety and role of stablecoins. CFTC Commissioner Caroline D. Pham offers a regulators’ viewpoint at a Forkast+ exclusive event.

The Monetary Authority of Singapore (MAS) has “reprimanded” cryptocurrency hedge fund Three Arrows Capital (3AC) for misleading information and ignoring assets under management (AUM) limits, the central bank said in a statement on Thursday.  See related article: Three Arrows Capital lines up for liquidation Fast facts In August 2013, 3AC obtained its registered fund management […]

Bitcoin dropped below US$19,000 for the first time since December 2020 as the crypto market wrapped up Q2 with further downturns as of Friday morning in Asia. See related article: Bitcoin, crypto fall amid reports of 3AC’s court-ordered liquidation Fast facts The world’s largest cryptocurrency hit a low of US$18,729 and was trading at US$20,352 […]

Forkast x CryptoSlam! are proud to present Moments in NFT History — an explainer video series hosted by Forkast’s Joel Flynn that gives you a front-row seat of history-in-the-making. The Covid-driven NFT boom paved the way for businesses to explore alternative blockchains as Ethereum gas fees soared to eye-watering heights.  At the forefront of that […]

3AC has reportedly been told to liquidate. Meanwhile, Microstrategy’s Saylor buys another US$10 million worth of BTC.

India’s government can’t seem to decide on following China with an outright ban on crypto trading. So is it bent instead on suffocating traders and exchanges with taxes?

South Korea’s behemoth music industry is trying to sidestep its reliance on human performers by debuting virtual stars in the metaverse. But severing ties with fallible K-pop idols is easier said than done.

State-affiliated hacker group Lazarus is allegedly connected to the US$100 million hack on Harmony Protocol’s Horizon cross-chain bridge, blockchain analytics firm Elliptic said. See related article: Horizon’s US$100 mln crypto hack prompts FBI investigation Fast facts The attack on Harmony resembled previous hacks attributed to the Lazarus Group, such as exploiting multi-signature wallet keys, extensive […]

Grayscale Investments filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) within an hour of the markets regulator rejecting an application that would have allowed its spot Bitcoin exchange-traded fund (ETF) to trade on the New York Stock Exchange (NYSE). See related article: Bitcoin ETF rejection could trigger Greyscale to sue the SEC […]

Bitcoin was trading below US$20,000 in late morning trade in Asia on Thursday as reports of a court-ordered liquidation of Three Arrows Capital (3AC) added to fears of a contagion in crypto. See related article: Three Arrows Capital lines up for liquidation Fast facts The world’s largest cryptocurrency fell to as low as US$19,937.79 in […]