Search results: Terra

Top blockchain and crypto news: Grayscale’s cryptic reserves. Binance rides to the rescue? China hit by protests and digital dissent.

The cryptocurrency lender was hit by the earthquake set off across the industry by the collapse and bankruptcy of the FTX crypto exchange this month, and other companies are looking vulnerable.

Crypto lender BlockFi Inc. and eight of its affiliates have filed for Chapter 11 bankruptcy reorganization in the U.S.

Terra, 3AC and now FTX, it’s been a difficult year, but can crypto come back stronger?

Singapore’s white-collar crime unit is investigating Hodlnaut on allegations of fraud, according to a statement on the website of the Singapore police dated Nov. 23.

Top blockchain and crypto news: Fear stalks crypto as Genesis wobbles. FTX cleanup begins. China’s NFT scene shrinks.

While the crypto industry grapples with the definition of blockchain-based digital tokens, South Korea wants to nail down the terminology.

Proof-of-stake blockchain platform Cardano and blockchain payment platform Coti will launch an algorithmic stablecoin Djed in January 2023

Investors are unnerved by the possibility of more failures among companies linked to the now bankrupt FTX exchange, fearing a repeat of the Terra-Luna stablecoin collapse in May that also brought down other businesses.

Investor confidence may be shaken, but crypto is here to stay, writes Alex Manson of Standard Chartered’s SC Ventures. Here’s how to restore trust and make the sector more resilient.

South Korea, Singapore and Japan were the biggest users of FTX.com based on the number of monthly unique visitors from January to October 2022

Despite the crypto meltdown, there’s plenty to be optimistic about.

Bitcoin and Ether inched up in Friday evening trade in Asia with most other top 10 cryptocurrencies by market capitalization, excluding stablecoins. Dogecoin and Solana lost ground for a second consecutive day.

The Genesis brokerage arm of the Digital Currency Group is one of the latest cryptocurrency platforms to lock down withdrawals following the bankruptcy of crypto exchange FTX, and the freeze is spreading.

Yes, there is rivalry between the two global finance hubs. But their strengths are also complementary for Asia to become an even bigger crypto powerhouse, writes Lily Z. King.

Top blockchain and crypto news: FTX fallout spooks sector. Crypto.com’s $400 million ‘accident.’ Hong Kong’s new digital asset drive.

The former CEO of FTX may face questioning by authorities in the U.S. as scrutiny over the role he played in the exchange’s sudden collapse and bankruptcy intensifies.

BlockFi Inc. is preparing for possible bankruptcy filings after it acknowledged “significant exposure” to bankrupt cryptocurrency exchange FTX.com.

Panelists at Forkast’s livestreamed event ‘Crypto Rising: How Top VCs Are Investing Out of Crypto Winter’ shared their thoughts on the future of the industry following FTX.

Unlike the 2008 crash, the government won’t be bailing out FTX’s investors, writes Nick Saponaro of Divi Labs. Will regulators see this as a cue to crack down on exchanges?

Regulators in the Bahamas, where FTX is headquartered, say the bankrupt exchange’s claims that Bahamian fund withdrawals were requested by officials are false.

The following is a running compilation of views and comments on the possible short- and long-term outcomes of FTX’s liquidity crunch.

Bitcoin recovered slightly in Wednesday afternoon trading in Asia after hitting a year-low of US$17,604 this morning amid news of Binance’s takeover of the FTX exchange following speculation of solvency issues at FTX, although several coins extended their declines.

“Pharma bro” Martin Shkreli has tried to reassure Terra chief Do Kwon that life in jail is “not the worst”, while they discussed the Binance-FTX deal on the UpOnlyTV podcast.

Binance chief executive officer Changpeng Zhao already runs the world’s largest cryptocurrency exchange so just what are his ambitions?

Binance steps in with deal to buy FTX.com, but with so many moving parts to consider how messy could this pending acquisition get?

The following is a running compilation of views and comments on Binance’s takeover of the FTX exchange amid speculation of solvency problems at FTX.

Bitcoin fell to a year’s low of US$17,603 in Tuesday morning trading in Asia as Binance Global Inc.’s takeover of the FTX exchange unnerved investors.

In a period of toxic divide between the Democrats and Republicans, the need to figure out how to regulate the growing cryptocurrency industry is one of the few issues both parties seem to agree on.

The South Korean founder of the collapsed Terra stablecoin faces multiple allegations of wrongdoing, the latest being price manipulation.

‘Bad actor’ or a ‘sliding market’? Blockchain industry leaders at Hong Kong FinTech Week offer insights into the Terra-LUNA crash.

Digital asset and blockchain highlights of event draw huge crowds, even as industry figures say they want the technology behind them to become just a normal component of the finance system.

The country looks to pass an initial bill that focuses on protecting digital asset investors and preventing unfair trade acts, ahead of wider legislation.

Cryptocurrency exchanges in Singapore are shifting focus to heavy-hitter investors, such as family offices and financial institutions, in line with the central bank’s warnings about the risks in retail crypto trading.

A stablecoin that is not stable is an ‘oxymoron,’ said Henry Chang, CEO of South Korea-based blockchain game developer Wemade.

The central bank is also considering options such as banning crypto firms from offering credit facilities, leverage or staking services to retail traders.

As a leading financial institution of South Korea, Shinhan is gearing up for business expansion into crypto — while a local ban remains on the books.

Cryptocurrency was created to be accessible to the masses. So why are retail investors getting shut out from the best analytical and trading tools?

South Korean police raided local software company Hancom and home of chairman Kim Sang-cheol on Thursday amid speculation that Kim created a slush fund using crypto token Arowana, according to local media reports.

South Africa’s financial markets regulator has declared crypto assets as a financial product, setting the legal grounds to bring cryptocurrencies under regulatory purview. See related article: Nigeria to become 1st African country to launch a central bank digital currency Fast facts Crypto is not issued by a central bank but can be traded, transferred and […]

Kwon has been issued with an Interpol “red notice” requesting his extradition on charges brought by South Korea related to the implosion of the Terra Luna cryptocurrency project he founded

German crypto bank Nuri (formerly known as Bitwala) has asked customers to withdraw their funds by Dec. 18 so that the “business can be terminated and liquidated.”

The Commodity Futures Trading Commission and the Securities and Exchange Commission of the U.S. are investigating whether bankrupt crypto hedge fund Three Arrows Capital (3AC) misled investors about its balance sheet and failed to register with the two agencies, according to a Bloomberg report which cites two people familiar with the matter. See related article: […]

The market may be in the doldrums, but there’s no better time to clean house and build for the future, writes Clayton Roche of UMA. Here are 5 areas of opportunity.

Web3 communities need to join forces with policymakers to draft rules for the next iteration of the online world, says Haun Ventures’ Tomicah Tillemann

The Monetary Authority of Singapore (MAS) said illegal crypto-related businesses are operating in the city state and it is working with the police to identify and prosecute them. See related article: Singapore’s MAS says needs to do better job explaining crypto policy Fast facts In a reply to a Parliamentary question, Tharman Shanmugaratnam, senior minister […]

Kim Joo-hyun, the chairman of South Korea’s top financial regulator, the Financial Services Commission (FSC), said on Thursday the agency will promote blockchain technology and user protections in the crypto market. See related article: South Korea’s all-encompassing crypto law is coming — what we know so far Fast facts “In cooperation with the National Assembly, […]

Top blockchain and crypto news: Celsius founder in hot water. European bank woes cast crypto shadow. Will BSN’s Chinese roots thwart its global ambitions?

The country’s judiciary says Bitcoin loans not affected by interest limitation act, as crypto is not ‘money’

The Financial Stability Oversight Council report says the lack of clear regulations in the cryptocurrency industry could pose a risk to overall U.S. financial stability and urges congress to write up new rules of the road.

The crypto market has been down for months, but the industry’s long-term future is brighter than ever, writes Guilhem Chaumont of Flowdesk. Here’s why.

Do Kwon – the founder of Terraform Labs, has been issued with a red notice from Interpol. But where on earth is he?

As the crypto slump drives job cuts and worse, some exchanges are seeing opportunity for expansion in the downturn, call it the fortune-favors-the-brave mantra.

The second Forkast report on Asia Crypto Week’s anchor event explores what bets TradFi players are making, how Asian investment patterns differ from those elsewhere, and what cooperation between crypto companies and regulators should look like

In the first of a two-part report on this year’s cryptocurrency gathering in Singapore, defiance outshone defeatism despite industry’s struggles.

The Terra UST disaster is spurring regulators to converge on global stablecoin standards, writes Michael Shing of XREX. But major issuers still fall short.

Kevin O’Leary plans to launch a Web 3.0-focused investment fund called Cipher, the Shark Tank investor told Forkast Editor-in-Chief Angie Lau at the Converge22 blockchain and cryptocurrency conference on Wednesday in San Francisco.  See related article: Capital gains: How Web3 property rights can transform the digital economy Fast facts “We’ve got to get away from this […]

The man behind Terra-LUNA contradicts the basis of the new action South Korean authorities took to corner and locate him.

Alex Mashinsky, the chief executive officer of cryptocurrency lender Celsius Network LLC which has filed for bankruptcy, has resigned from his position, according to a statement released by the company on Tuesday. See related article: Regulator alleges Celsius resembled Ponzi scheme in new filing Fast facts The company’s chief financial officer, Chris Ferraro, has been […]

Upbit, South Korea’s largest cryptocurrency exchange, is using fees it collected from Luna Classic (LUNC) transactions to establish a crypto monitoring center in a gesture to help compensate for the losses from the Terra-LUNA debacle, according to local media reports. See related article: Interpol issues red notice for Do Kwon, says South Korean prosecutor Fast […]

South Korea’s crypto market was worth 23 trillion won (about US$16.1 billion) in the first half of 2022, down 58% from 55.2 trillion won in the six-month period at the end of last year, according to data from the Financial Intelligence Unit (KoFIU). See related article: South Korea seizes US$184 mln in crypto towards unpaid […]

South Korea is pursuing different options to get custody of Do Kwon as the Terraform Labs CEO faces charges for his alleged involvement in the multibillion collapse of the Terra-LUNA stablecoin project.

Linda Jeng, chief regulatory officer and general counsel at the Crypto Council for Innovation said the U.S. has seen the writing on the wall and is expanding the conversation about cryptocurrency, in comments at Forkast’s “Crypto Rising: CBDCs & Stablecoins: The Asia Perspective.”

Binance generated controversy when it told customers it would convert their holdings in three stablecoins to its own stablecoin. Some analysts say the concerns are overblown, others disagree.

South Korea’s top financial watchdog Monday said it is difficult for the country to establish laws overseeing the cryptocurrency industry in the country ahead of a common global regulatory framework as cross-border enforcement would be a key determinant of effectiveness.

The U.S. Department of Treasury is seeking public opinion on the “responsible development of digital assets” and has requested comments from the general public on national security and illicit financing risks posed by digital assets.  See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’ Fast facts Comments can be submitted until Nov. […]

Amid the worsening relationship with China, one Australian Senator is trying to address possible national security concerns that may arise from Beijing’s Central Bank Digital Currency project.

South Korean prosecutors are in the process of requesting Interpol to issue a red notice for Terraform Labs Pte. Ltd. Chief Executive Officer Kwon Do-hyung, also known as Do Kwon, according to media reports.  See related article: Terra CEO Do Kwon faces ‘illegal alien’ status in Singapore as Seoul cancels passport Fast facts An Interpol […]

Maja Vujinovic, founder and CEO of OGroup, a financial services company with a focus on artificial intelligence and blockchain, spoke to Forkast about the future of digital assets at StartmeupHK Festival 2022.

The Fed will continue its CBDC research as Republicans pressure the central bank to clarify its stance on digital dollar issuance.

A member of the prosecuting team tells Forkast additional charges are likely to be leveled against Terraform Labs Chief Executive Officer Do Kwon following this week’s issuance of an arrest warrant for violating the country’s Capital Markets Act.

When is a cryptocurrency a security and when is it not? Financial regulators around the world are raising that question. The answer that comes out of the U.S. may set the tone, but South Korea is also ahead in tackling it.