Crypto’s biggest problem is not volatility, but scalability
Notwithstanding this bear market, Web3’s more pressing issue is its inability to handle large volumes, writes Greg Gopman. Can sidechains offer a solution?
MAS mulls crypto limits; Pacquiao’s Pacman NFTs
Singapore’s monetary authority mulls on crypto limits. Meanwhile, Manny Pacquiao drops his NFT collection despite the crypto winter.
Polium’s NFT/Web3 game console plan meets with plenty of skepticism
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 repays debts, cuts jobs amid bankruptcy fears
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’s music app tests NFT avatars, virtual music room
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 […]
Can Cardano pack a punch with Pacquiao NFTs?
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 […]
S.Korean dancer NO:ZE uses NFTs to safeguard choreography IP
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 halts withdrawals, trading, deposits; explores restructuring
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 […]
Singapore may limit retail participation in crypto
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 […]
Crypto lender CoinLoan reduces its daily withdrawal limit by 99%
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 […]
Crypto winter hits NFTs; Three Arrows Capital files for bankruptcy
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.
Monthly NFT sales fall below US$1 billion for first time in 12 months
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.
CEL soars 17%; reclaims spot in top 100 crypto by market cap
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, […]
BlockFi’s deal with Sam Bankman-Fried’s FTX will prioritize clients
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 […]
Meitu’s Bitcoin, crypto investments down by over US$50 mln
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 […]
Samsung produces 3nm chips that can be used for Bitcoin mining
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 […]
Indian crypto trading volume drops as much as 63% after new tax
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 […]
Three Arrows Capital files for Chapter 15 bankruptcy
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 […]
As the frenzy fades, what value do NFTs really have?
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.
EU’s new crypto rule requires stablecoin issuers to hold more reserves
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 […]
Roger Ver says he will issue statement on default dispute with CoinFLEX
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 […]
VanEck files for spot Bitcoin ETF despite Grayscale rejection
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 […]
OSL cryptocurrency exchange cuts 15% of its staff
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 a clear danger: India central bank chief
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 […]
China’s Ant Group, Tencent, Baidu, JD.com push for NFT self-regulation
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 […]
CFTC Commissioner Pham suggests regulators stay tech-neutral on stablecoins
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.
MAS takes aim at Three Arrows Capital, does not impose penalty
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 drops below US$19K as crypto bleeds further losses
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 […]
Garbage Pail Kids — NFTs 80’s legacy | NFT Moments in History Ep. 5
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 contagion fears; Saylor buys more Bitcoin
3AC has reportedly been told to liquidate. Meanwhile, Microstrategy’s Saylor buys another US$10 million worth of BTC.
India’s latest tax assault on crypto exchanges starts Friday
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?
K-pop logs in to the metaverse strung by idols’ vagaries, inability to tour
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.
North Korea said to be responsible for Harmony Horizon hack
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 sues SEC over spot Bitcoin ETF rejection
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, crypto fall amid reports of 3AC’s court-ordered liquidation
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 […]
Genesis Trading at risk of nine-figure losses in 3AC contagion: report
Crypto market maker and lender Genesis Trading may lose “hundreds of millions” due to its exposure to troubled crypto firms Three Arrows Capital (3AC) and Hong Kong-based lender Babel Finance, CoinDesk reported. See related article: Wall Street seems to sense opportunity in distressed crypto markets Fast facts Genesis is seeking at least partial reimbursement from its […]
Pantera Capital says more crypto meltdowns likely
The U.S. Federal Reserve has created a “self-inflicted disaster” with its “twin policy errors,” Pantera Capital’s chief executive officer Dan Morehead said. See related article: Bitcoin, Ether recover as Fed guidance reduces policy uncertainty Fast facts Keeping overnight rates too low for too long was a mistake that the Fed is now beginning to slowly […]
Michael Saylor’s MicroStrategy buys more Bitcoin
MicroStrategy chief executive Michael Saylor announced via Twitter an additional purchase of 480 Bitcoins (BTC) for roughly US$10 million, as the company remains steadfast on its Bitcoin strategy after speculation of a margin call on a US$205 million loan. See related article: MicroStrategy, crypto firm shares plunge with Bitcoin’s freefall Fast facts MicroStrategy, a business […]
Why tougher crypto regulations are urgently needed
Lack of public trust remain a big barrier to crypto adoption, writes Tristan Roozendaal. Here’s why regulators should ‘move fast and break things.’
Marathon Digital says Montana storm knocked out most Bitcoin rigs
Marathon Digital, a major Bitcoin miner in the U.S., had to halt three-fourths of its mining operations in Montana due to power outages caused by a storm, reinforcing an earlier decision to move out of the region. See related article: Compass Mining CEO, CFO resign after utility payment default allegations Fast facts The Nasdaq-listed company […]
Three Arrows Capital lines up for liquidation
Crypto hedge fund Three Arrows Capital (3AC) has been ordered to liquidate as plummeting crypto prices left the firm unable to repay creditors, Sky News reported. See related article: Contagion risk from Three Arrows Capital weighs on Bitcoin, crypto Fast facts A court in the British Virgin Islands appointed two senior members of global advisory […]
Protecting your intellectual property via tokenization | The Great Disruption Ep. 09
Protecting an artist’s intellectual property can be difficult in the digital age. Proving a stolen track or digital painting belongs to its creator seemed to be impossible in the near past. Can non-fungible tokens (NFTs) bring more artist empowerment and protect digital property rights? Find out in this Forkast video explainer. What you’ll learn: What […]
Blockchain as the self-sovereign identity layer of Web3 | The Great Disruption Ep. 10
The big data market had an estimated value of US$162.2 billion in 2021, where most of the revenue came from personal data. As centralized online platforms are generating eye-watering revenues from users’ digital footprints, data owners and producers get nothing in return. Can blockchain-based Web3 identity return personal data ownership to users? Find out in […]
Voyager calls time on Three Arrows as crypto fund teeters on the brink
Top blockchain and crypto news: Three Arrows fallout spreads. BIS calls BS on crypto. Chinese regulatory vacuum chills an NFT platform.
Bitcoin Jesus denies default; Celsius fight back planned
Bitcoin CEO Roger Ver denies defaulting on a loan to CoinFLEX. Meanwhile, Youtuber Bitboy takes aim at Celsius Network.
Tencent launches XR unit to develop ‘benchmark’ VR products
Tencent has launched an extended reality (XR) division, local media reported on Tuesday, citing Steven Ma, the senior vice president of the Chinese tech giant’s gaming arm Interactive Entertainment Group (IEG). See related article: Tencent calls dibs on metaverse virtual concerts in patent application Fast facts Tencent will develop “benchmark” products for virtual reality (VR) […]
Wall Street seems to sense opportunity in distressed crypto markets
While critics say the bubble has burst on crypto, Wall Street is moving in to take advantage of what could be some fire-sale asset prices.
Taiwan completes trials of its prototype CBDC for retail use
Taiwan has completed trials of its prototype central bank digital currency (CBDC) in technical simulations, paving the way for the distribution of the digital currency to the public for retail use. See related article: Crypto is based on the greater fool theory: Philippines’ incoming central bank chief Fast facts Taiwan started to study and test […]
Roger Ver denies defaulting on US$47 mln loan from CoinFLEX
Early Bitcoin adopter and Bitcoin Cash promoter Roger Ver has denied defaulting on a US$47 million loan in USDC to beleaguered cryptocurrency exchange CoinFLEX. See related article: CoinFLEX to issue US$47 mln in tokens as it waits for ‘crypto whale’ to pay up Fast facts Ver tweeted overnight in Asia time that rumors of the […]
Compass Mining CEO, CFO resign after utility payment default allegations
Delaware-based Bitcoin mining hosting firm Compass Mining announced Tuesday that its chief executive officer Whitney Gibbs and chief finance officer Jodie Fisher have resigned, effective immediately. See related article: U.S. leads in Bitcoin mining as China’s share drops to zero: Cambridge data Fast facts The firm’s board has appointed chief technology officer Paul Gosker and […]
Axie Infinity’s Ronin Bridge up and running after months of repairs
Sky Mavis’ Ronin Bridge is back online after one of the largest decentralized finance (DeFi) heists in history prompted a three-month network hiatus, Ronin announced in a Tuesday newsletter. See related article: Are we helpless against attacks on blockchain bridges? Fast facts Ronin Bridge is used by non-fungible token (NFT) game Axie Infinity players to […]
China’s alcohol lobby group seeks to standardize liquor NFTs
The China Alcoholic Drinks Association on Tuesday said its standards will cover but not be limited to cultural and creative products of liquor-based “digital collectibles” or the physical liquor accompanying such assets. See related article: Looking to invest in vintage wine? There’s an NFT coming for that Fast facts The group said the standards will […]
Cypherpunk dumps Bitcoin and Ether to avoid more drawdowns
Cypherpunk Holdings Inc. has liquidated all of its Bitcoin and Ethereum treasury holdings, the Canadian investment firm said on Tuesday. See related article: Warnings on crypto, Bitcoin have materialized, says central bank body BIS Fast facts “In the interest of all shareholders, the company transitioned its treasury to cash,” said Moe Adham, investment chief at […]
HTC launches metaverse phone with Ethereum, Polygon support
HTC launched metaverse phone “Desire 22 Pro” on Tuesday, which comes with a digital assets wallet and virtual reality (VR) headset pairing feature, as part of the Taiwanese firm’s Web3 expansion. See related article: Solana bets on mobile, launches US$1,000 ‘Saga’ Web3 phone Fast facts HTC preloaded its 6.6-inch phone with applications from its metaverse […]
US Treasury says prioritize sanctioning North Korea for crypto hacking
Crypto hacks facilitated by North Korea help fund its weapons of mass destruction, U.S. Treasury Department’s Brian E. Nelson said on his recent visit to South Korea. See related article: North Korea behind Ronin hack: US Fast facts Nelson met with representatives of South Korea’s Financial Services Commission (FSC) and Financial Intelligence Unit (KoFIU) on […]
CoinFLEX issues recovery tokens; MAS says cryptos not currencies
CoinFLEX to solve its liquidity problems by issuing a recovery token. Meanwhile, Singapore’s central bank doubts crypto capabilities.
Singapore’s central bank says cryptocurrencies have ‘no fundamental value’
Whither Singapore in the cryptocurrency world? The Monetary Authority of Singapore has some views on that and as with most markets, there are winners and losers.
Voyager Digital issues notice of default to 3AC
Crypto broker Voyager Digital issued a notice of default on Monday to hedge fund Three Arrows Capital (3AC), for failing to service a loan worth about US$665 million. See related article: Amid 3AC exposure, Voyager Digital cuts daily withdrawal limit Fast facts Last week, Voyager said it had asked for US$25 million worth of USD […]
CoinFLEX to issue US$47 mln in tokens as it waits for ‘crypto whale’ to pay up
The crypto derivatives trading platform that halted withdrawals last week will issue the tokens that can be swapped into USDC or its own coin. See related article: Crypto winter ushers in account freezes as platforms feel the chill Fast facts CoinFLEX is issuing “rvUSD” tokens towards an outstanding debt owed by an unnamed high-net-worth individual, […]
Chinese marketplace repurchases NFTs, citing uncertain policies
Non-fungible token (NFT) marketplace Yucang Digital Collectibles announced that it is buying back assets sold on its platform due to lack of regulatory clarity. See related article: NFTs in China must be reviewed: China media watchdog Fast facts The marketplace said operations will continue, but sales and transfers of digital collectibles will be frozen and […]
Chinese blockchain developer calls crypto a Ponzi scheme
Cryptocurrency is a huge Ponzi scheme, Blockchain-based Service Network (BSN) — the developer behind China’s state-backed blockchain infrastructure — said on Sunday. See related article: China’s BSN to launch overseas public chain without crypto support Fast facts Crypto is an old hoax in a new form, Zhiguang Shan, chair of BSN Development Alliance, and Yifan […]
Are we helpless against attacks on blockchain bridges?
Harmony’s Horizon cross-chain bridge is now the third of its kind to suffer a major hack this year. What are the alternatives that may be more secure?
Investors yank US$453 mln from Bitcoin: report
Investors withdrew US$423 million in funds from digital assets last week, the largest such weekly outflow on record, according to exchange data tracked by CoinShares. See related article: Crypto winter ushers in account freezes as platforms feel the chill Fast facts The outflows were almost entirely from Bitcoin (BTC), which experienced a net withdrawal of […]
S.Korea’s Korbit issues employee IDs in CryptoPunk-like NFTs
South Korean cryptocurrency exchange Korbit said on Monday that it has issued employee identification cards (IDs) in CryptoPunks-inspired non-fungible tokens (NFTs). See related article: NFT credit card in the works for top S. Korean crypto exchange Fast facts Various South Korean industries have experimented with NFTs for official documentation, such as graduation certificates. Korbit, one […]
Australia’s ANZ stablecoin used to purchase carbon credits
The Victor Smorgon Group has used ANZ Banking Group’s Australian dollar-pegged stablecoin, A$DC, to purchase tokenized carbon credits in a transaction facilitated by crypto asset investment firm ZeroCap. See related article: Australian crypto industry watches as sole trader charges two top banks with ‘debanking’ Fast facts The carbon credits were tokenized to create digital security […]
What will be the law of the metaverse?
The legal and ethical dilemmas plaguing technology today will only grow more acute in the metaverse, writes Brian Harley. How will real-world laws apply?
BIS warns over crypto; Crypto bailout battles
BIS warns over crypto, calling it unreliable as money. Meanwhile, Morgan Creek Capital counters FTX’s US$250 million BlockFi bailout.
Warnings on crypto, Bitcoin have materialized, says central bank body BIS
Deeper structural flaws in crypto make it unsuitable as the basis of a monetary system that serves society, the Bank for International Settlements said in its annual report.
India’s CoinDCX says it restricted crypto withdrawals
“There is a larger compliance requirement due to evolving regulatory needs resulting in increased scrutiny,” a senior executive at the Coinbase Ventures and B Capital backed cryptocurrency exchange said. See related article: CoinDCX double downs as the going gets tough in India Fast facts “We have restricted crypto withdrawal from our platform,” with users being […]
Goldman Sachs said to raise US$2B for Celsius assets: report
The U.S. investment bank is looking to raise the money to buy up distressed assets from the troubled crypto lender, a Fortune report said, citing people familiar with the matter. See related article: Celsius said to be hiring restructuring attorneys, exploring financing options Fast facts A deal would allow investors to buy up Celsius Network’s […]
Digital yuan transactions top US$73 mln in Guangzhou
It took two-and-a-half months for China’s southeastern city of Guangzhou to surpass 490 million yuan (US$73.2 million) in digital yuan transactions, People’s Bank of China Guangzhou branch deputy manager Guo Yunxi said, according to local media. See related article: JD.com tops US$60 mln in digital yuan sales in 618 shopping festival Fast facts See related […]
Metaverse features expected in HTC’s new phone
HTC is expected to launch a new mobile phone with metaverse features on Tuesday, as the virtual reality (VR) gear and smartphone maker continues its Web3 expansion. See related article: Smartphone giant Huawei doubles down on blockchain technology Fast facts In a tweet earlier in June, HTC’s VR and metaverse arm Viverse teased a phone-shaped […]