Search results: Terra LUNA

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.

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?

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?

The HKMA said in a consultation conclusion that algorithmic stablecoins will not be allowed in the city.

Four senior officials in U.S. President Joe Biden’s administration called for Congress to “step up its efforts” in regulating the cryptocurrency market.

Japan plans to introduce regulations by June this year that will allow domestic investors to trade certain stablecoins from overseas.

According to on-chain data, the trading arm of bankrupt crypto lending firm Genesis is still moving funds around on the blockchain.

Despite 2022’s turbulent impact on the crypto industry, Immunefi CEO Mitchell Amador believes this year could encourage better Web3 security.

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?

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.

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?

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.

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.

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.

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?

This year hasn’t been the easiest for investors, will 2023 be better?

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, 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.

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.

Patrick Lee, who cofounded Rotten Tomatoes and PKO Investments, says the US$35 million investment company has slowed Web 3.0 investments significantly.

Several venture funds tell Forkast they have become conservative and are only investing in ‘true believers’ of Web 3.0

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.

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.

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.

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.

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.

Bitcoin rose back above the US$17,000 mark in Friday morning trading in Asia, helped by gains in U.S. equities overnight.

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?

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.

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.

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 investors seemingly see opportunities in a month full of surprises and headwinds for the broader cryptocurrency market.

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

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

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.

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?

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.

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.

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 […]

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 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, […]

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.

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.