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SEC fails to block XRP holders from aiding in Ripple case

A U.S. federal district court dismissed the U.S. Securities and Exchange Commission’s motion to revoke the “amici curiae” or “friends of the court” status granted to XRP holders in an order on Tuesday.  See related article: SEC wins time to resist crucial document handover to Ripple in XRP lawsuit Fast facts In a letter to […]

Bad actors in North Korea, Russia send record-high funds to crypto mixers

A new report by Chainalysis shows that sanctioned actors, especially in North Korea and Russia, are sending record sums to crypto mixers.

Immutable lays off 6% of workforce

Immutable has let go of about 6% of its workforce, including lead designer James Wakeham who was involved in the development of the game developer’s popular non-fungible token (NFT) game Gods Unchained.  See related article: Play-to-earn game developers pivot to engaging fans Fast facts A spokesperson from Immutable’s U.S. branch told gaming media outlet Kotaku […]

Ethereum price surges amid bounceback, tenth shadow fork going live

Ethereum has been on a tear, gaining 14% in the past 24 hours. The world’s second-biggest cryptocurrency by market capitalization is now up ​​more than 47% in the past 14 days ahead of the Merge. See related article: Vitalik Buterin says Ethereum to be 55% complete post-merge Fast facts Ethereum is up 13.9% over the […]

Dubai police launch 2nd edition of NFTs, see use case for digital assets

Dubai police are dropping a second round of non-fungible tokens (NFTs), as digital assets conform to their interests in innovation, security and communication. In a statement on their website, Dubai police claim to be the first government entity in the United Arab Emirates (UAE) to create its own digital assets and the first police organization […]

Hong Kong to launch US$637 mln tech fund for startups: report

Hong Kong will launch a HK$5 billion (US$637 million) fund to support startups seeking to reach unicorn status, the city’s Financial Secretary Paul Chan Mo-po said. See related article: Hong Kong’s Cyberport invests in digital asset custodian Hex Trust Fast facts See related article: Animoca Brands ups valuation to US$5.9B despite slumping markets

Why DeFi remains attractive to institutions in a bear market

Despite the bleak macro outlook, more institutions are looking to gain exposure to the DeFi sector, writes Robert Alcorn of Clearpool. Here’s why.

Crypto, traditional markets see bump as Fed raises rates

Both crypto and traditional markets saw significant gains overnight Monday in Asia after the U.S. Federal Reserve announced a 75-basis point interest rate increase to battle the worst inflation in the country in some 40 years. See related article: Fed may increase interest rates amid rising inflation Fast facts Interest rates in the U.S. are […]

Voyager gives Sam Bankman-Fried’s ‘low-ball’ bailout offer a single digit

Top blockchain and crypto news: SBF’s Voyager rescue deal spurned. Tesla pulls U-turn with BTC sale. Tencent cuts local NFT staff as it looks abroad.

Scarred by Terra-LUNA, South Korea moves ahead with digital asset reform

Aiming to uncover the next “BTS in finance,” Chairman Kim Joo-hyun of the Korean Financial Services Commission (FSC) is calling for “bold reforms” in financial regulations, including in crypto assets.

US stablecoin bill draft may be released this week: report

Lawmakers in the U.S. House of Representatives are pushing to introduce a stablecoin bill draft this week before the House breaks for August recess, according to four unnamed sources “familiar with the plan” cited by The Block.  See related article: Hold onto your crypto bags, the regulators are coming Fast facts The proposal on stablecoin […]

3,000 Biggie Smalls-inspired NFTs sell out in 10 minutes

The 3,000 generative non-fungible token (NFT) collection featuring late rapper Christopher Wallace, better known as Notorious B.I.G. or Biggie Smalls, sold out in about 10 minutes at marketplace OneOf.  See related article: China’s ‘Instagram’ gets into virtual fashion with users strutting NFT clothes Fast facts Sky’s the Limit is an NFT profile picture collection that […]

Crypto startup VC funding reaches US$17.5B in H1 2022: report

Venture capitalists (VCs) poured at least US$17.5 billion into the crypto and blockchain industry in the first half of this year, Reuters reported, citing PitchBook data.  See related article: Blockchain, crypto investment soars in H1 2021 Fast facts VC investments in blockchain and crypto startups topped US$26.9 billion in 2021. North American startups were at […]

Crypto market quickly rebounds after IMF predicts increased recession risk

Bitcoin quickly rebounded above US$21,000 coming into Asian trading hours on Wednesday after falling below the mark overnight since the International Monetary Fund (IMF) cut its global growth outlook for this year and next, warning that the world economy may soon be on the cusp of an outright recession. See related article: IMF says crypto crash […]

S.Korea slaps ‘notification upon arrival’ on Terra’s Do Kwon

South Korean prosecutors investigating Terra-LUNA have requested the Ministry of Justice to place a “notification upon arrival” on Terraform Labs chief executive officer Do Kwon and a travel ban on Terra cofounder Shin Hyun-seung, according to local media reports. See related article: South Korean prosecutors said to have raided Terra cofounder Shin’s residence Fast facts […]

IMF says crypto crash hasn’t quite harmed broader financial system

The International Monetary Fund (IMF) said Tuesday that the cryptocurrency market turmoil hasn’t quite affected global financial stability. See related article: Crypto volatility hasn’t had macroeconomic implications so far: Jerome Powell Fast facts In a report published Tuesday, the IMF said crypto assets have “experienced a dramatic selloff” that has led to losses in crypto […]

Female founders underrepresented in Web3.0: survey

Male-dominated workplaces, lack of proper educational resources, challenge women and act as barriers for them to engage in Web3.0, according to a survey by KuCoin.  See related article: NEAR Foundation, Forkast partner to showcase talented, socially mindful women in Web3 Fast facts Despite challenges, 60% of female professionals recognize their unique value in facilitating better […]

Philippine President Marcos Jr pushes tax on digital services

In his first State of the Nation address, Philippine President Bongbong Marcos Jr. laid out his administration’s plans for the next six years including the imposition of tax on digital service providers that could include crypto exchanges.

‘Soft rug pull’ sees US$4.5 mln in TEDDY memecoin sold over weekend

The price of BNB Chain-based Teddy Doge (TEDDY) fell over 99.9% in 24 hours on Monday in Asia as over US$4.5 million of the token was sold over the weekend, in what some analysts described as a “soft rug pull.” The token was trading at just a fraction of a dollar on Tuesday in Asia. […]

HTC partners with Japan’s pixiv to launch 3D anime avatars in the metaverse

Taiwan-based smartphone and virtual reality (VR) headset maker HTC is partnering with Japanese creator platform pixiv to launch Japanese anime-style three-dimensional (3D) avatars on its metaverse platform VIVERSE, a press release said. See related article: HTC launches metaverse phone with Ethereum, Polygon support Fast facts “The partnership with pixiv will rapidly increase the number of […]

Zipmex targets raising US$50 mln to cover exposure to embattled crypto lenders

Crypto exchange Zipmex, which announced that it is in serious discussions with potential investors on Monday, is looking to raise US$50 million to cover its exposure to Babel Finance and Celsius Network, Bloomberg reported.  See related article: Zipmex says considering possible offer Fast facts Zipmex’s fundraising target is close to its exposure to Babel Finance, […]

Sam Bankman-Fried lashes out at Voyager for rejecting FTX’s proposal 

After bankrupt crypto broker Voyager Digital rejected a proposal to buy out its assets and loans — except the loan to insolvent crypto hedge fund Three Arrows Capital — FTX CEO Sam Bankman-Fried (SBF) took to Twitter to lash out.  See related article: FTX proposes buying out Voyager assets and loans except for 3AC to […]

KuCoin dismisses rumors, eyes India for growth: report

Cryptocurrency exchange KuCoin has “no exposure to LUNA & wLUNA,” and its recent fundraising “has nothing to do with the market downtrend,” the firm’s CEO said on his verified Twitter handle.  See related article: How cold storage can ward against this crypto winter’s freeze Fast facts KuCoin CEO Johnny Lyu was responding to rumors about […]

How cold storage can ward against this crypto winter’s freeze

As the Celsius bankruptcy shows, moving to decentralized ways to hold crypto is not only sensible, it’s what Satoshi envisioned all along, writes Ruben Merre, CEO and cofounder of NGRAVE.

Market bottom being tested?; Zipmex in buyout talks.

Silvergate issues warnings about the crypto winter. Meanwhile, Zipmex considers a buyout by FTX and Alameda Research.

SEC says 9 out of 25 assets in crypto insider trading case are securities

The U.S. Securities and Exchange Commission (SEC) alleged in a civil suit filed last week that nine of the 25 crypto assets traded in the first-ever cryptocurrency insider trading case were securities and that leaking confidential information, therefore, amounted to securities fraud.  See related article: Former Coinbase manager arrested on insider trading charges Fast facts […]

Japanese bank SMBC plans to develop NFT business

Sumitomo Mitsui Financial Group (SMBC Group), which runs one of Japan’s largest banks, said Friday it will work together with blockchain startup HashPort to develop non-fungible token (NFT) and Web3 projects. See related article: PSG sells US$220,000 NFT tickets for first Japan tour in 27 years Fast facts SMBC and HashPort plan to set up […]

DeFi TVL plunged 67% in Q2

The total value locked (TVL) in decentralized finance (DeFi) plunged 66.9% in the second quarter of this year amid market turmoil, according to data from DefiLlama. See related article: Sinking TRON takes DeFi TVL to US$63B, lowest since April 2021 Fast facts The DeFi space recorded US$220 billion in TVL at the beginning of the […]

Dunamu’s NFT venture with BTS’s HYBE to launch services later this year

Dunamu, the operator of South Korea’s Upbit crypto exchange, told local media that Levvels, its Los Angeles-based joint venture established in May this year with HYBE Co., will start services in the latter half of this year. See related article: NFT credit card in the works for top S. Korean crypto exchange Fast facts Dunamu […]

Zipmex says considering possible offer

Singapore-based crypto exchange Zipmex said on Sunday it’s in serious discussions with potential investors looking to buy the firm, days after halting all customer withdrawals citing market volatility and financial difficulty at some partners. See related article: Crypto exchange Zipmex freezes withdrawals Fast facts One of the interested parties has offered to start financial due […]

Mind the gap: Fixing the female deficit in Web 3.0

Despite some recent progress, the Web 3.0 industry is still coming up short on women’s participation, says NEAR Foundation chief Marieke Flament

BSP says no crypto ban; Rehab for crypto addicts

Philippine BSP governor denies plans on banning crypto. Meanwhile, a former Coinbase employee has been arrested for insider trading.

South Korean prosecutors said to have raided Terra cofounder Shin’s residence

South Korean prosecutors’ search and seizure campaign on Terra-LUNA and affiliates includes raiding the private home of Terraform Labs cofounder Daniel Shin, or Shin Hyun-seung, among others on Wednesday, local media reported. See related article: S.Korea prosecutors raid crypto exchanges as part of Terra-LUNA investigation Fast facts Shin, who founded Terraform Labs with current chief […]

3AC cofounders resurface after five weeks, deny allegations

Three Arrows Capital (3AC) cofounders Su Zhu and Kyle Davies denied allegations by 3AC liquidators that they moved money out of the crypto hedge fund before its collapse. See related article: 3AC founders moved money out of troubled hedge fund, allege liquidators Fast facts Zhu and Davies claimed that they were forced into hiding due […]

Philippine central bank governor says no plan to ban crypto

New Bangko Sentral ng Pilipinas Governor Felipe Medalla is no fan of crypto, but in an exclusive interview with Forkast, he said there’s no plan to outlaw the digital asset.

Tencent to cut domestic NFT marketplace team, look overseas: report

Tencent will lay off an undisclosed number of staff on its mainland China non-fungible token (NFT) marketplace team and adjust the platform’s business strategy, as it prepares another NFT marketplace serving overseas users, sources close to Tencent said, Chinese financial media Caixin reported on Thursday. See related article: Tencent to shut Huanhe NFT marketplace: report […]

Thai SEC seeks additional clarification from Zipmex

The Securities and Exchange Commission of Thailand (Thai SEC), has sought clarification from cryptocurrency exchange Zipmex on its decision to freeze withdrawals, according to a statement on its website.  See related article: Celsius bankruptcy deepens chill over crypto sector Fast facts The regulatory authority for Thailand’s capital markets, in a letter dated July 20 issued […]

Former Coinbase manager arrested on insider trading charges

The U.S. Department of Justice (DOJ) arrested former Coinbase product manager Ishan Wahi and his brother, Nikhil Wahi, on allegations of wire fraud in a first-ever cryptocurrency insider trading scheme, the agency said in a statement on Thursday.  See related article: Former OpenSea employee arrested amid insider trading allegations Fast facts The Wahi brothers are […]

Taiwan says credit cards can’t be used to buy crypto

Taiwan’s financial regulator is asking banks and credit card companies not to allow credit cards as a means of payment for virtual assets services, local media reported Thursday. See related article: Taiwan has a chance to develop crypto amid China’s clampdown, Filecoin Foundation director says Fast facts Taiwan’s Financial Supervisory Commission Friday told Forkast that […]

Bitcoin mining difficulty records largest fall in a year

Bitcoin mining difficulty dropped by 5.01% on Friday, marking the third decline in a row and the largest fall since July 2021, according to data from BTC.com. See related article: Celsius Network could add to crypto mining struggles Fast facts The mining difficulty reading is now at 27.69 trillion at a block height of 745,920, […]

Zipmex extends withdrawal freeze until Friday; no time specified

Singapore-based crypto exchange Zipmex said on Thursday night Hong Kong time (HKT) it will prolong its customer withdrawal freeze until Friday “to prevent any technical issues,” without specifying a time. See related article: Singapore’s MAS to further strengthen crypto regulations Fast facts See related article: Singapore crypto lender reportedly owes retail investors US$363 million

Minecraft developers not looking to integrate NFTs

Developers behind Minecraft, one of the biggest video games in the world, said they are not looking to support integration with non-fungible tokens (NFTs) or blockchain technology, arguing they “encourage profiteering.” See related article: Polium’s NFT/Web3 game console plan meets with plenty of skepticism Fast facts In a recent blog post, developer Mojang Studios said […]

Tesla’s Bitcoin bump; Zipmex freezes withdrawals

Bitcoin drops after Tesla sells 75% of its bitcoin holdings. Meanwhile, South Korean authorities raid 15 companies as part of their Terra Luna investigations.

Tencent to shut Huanhe NFT marketplace: report

Tencent this week will shut down Huanhe, the Chinese tech giant’s non-fungible token (NFT) marketplace that has been operating for less than a year, according to unnamed Tencent sources cited in a report by Shanghai-based technology news outlet Jiemian on Wednesday. See related article: WeChat bans NFT accounts, citing ‘crypto speculation’ Fast facts Tencent has […]

Celsius on thin ice well before its bankruptcy: CNBC report

Former Celsius employees allege the firm failed to ensure proper risk management and traded customer funds without proper approvals.

NEAR Foundation, Forkast partner to showcase talented, socially mindful women in Web3

The partnership will celebrate the progress, impact and innovation of exceptional women leaders across the globe.

How crypto trading can become a life-consuming addiction

Residential rehabilitation centers around the world are starting to see a new kind of patient with an old problem: gambling addiction focused on crypto trading.

India won’t offer respite from steep crypto taxes

The Indian government won’t reduce taxes on cryptocurrency transactions, a minister said, despite repeated pleas by the industry. See related article: India’s latest tax assault on crypto exchanges starts Friday Fast facts In a written reply to a query in India’s upper house of Parliament, Minister of State for finance Pankaj Chaudhary clarified that the […]

UK seeks to regulate stablecoins for payments in new markets bill

The Financial Services and Markets Bill introduced in the U.K. parliament on Wednesday seeks to regulate stablecoins as a means of payment.  See related article: Financial Stability Board calls for high regulatory standards for stablecoins Fast facts The legislation was largely awaited as it aimed at strengthening the U.K. financial system post-Brexit.  In April, then-Chancellor […]

Crypto exchange Zipmex freezes withdrawals

Singapore-based cryptocurrency exchange Zipmex became the latest firm to block customers from withdrawing their tokens, citing volatile market conditions and financial difficulties of its partners, reportedly Babel Finance. See related article: Celsius says users can settle for cash at a discount or go long on crypto Fast facts “Due to a combination of circumstances beyond […]

This is what the metaverse will look like 20 years from now

The metaverse of the future will transform how we work and our sense of self — and what we see now is only scratching the surface, writes Eaven Portillo.

3AC founders moved money out of troubled hedge fund, allege liquidators

Court filings in Singapore by the lawyers appointed by Three Arrow Capital’s creditors allege money was being moved out of the troubled crypto hedge fund into a company controlled by its founders.

Celsius bankruptcy deepens chill over crypto sector

Top blockchain and crypto news: Celsius plunges into Chapter 11. Otherside’s promised land. Mixed picture for Chinese NFTs.

Bitcoin’s real role examined; 3AC’s complex ties revealed

A report says Bitcoin users are looking beyond investment. Meanwhile, court document reveals strong ties between 3AC and TPS Capital.

Bitcoin education accelerates adoption, lowers volatility: Ben Caselin, AAX

The price is bouncing back for the world’s favorite cryptocurrency and one Bitcoin expert tells Forkast now’s a good time to shift focus from price volatility to use cases.

Seeking Bitcoin alpha: How I learned crypto day trading

Hoping to strike crypto riches, Joel Stein follows the footsteps of a master degen investor. Here are the secrets revealed to him.

Sam Bankman-Fried says ‘moderately bad’ deals OK during bailouts

Prioritizing customers getting back their deposits means it is OK to do a “moderately bad” deal when rescuing troubled cryptocurrency companies, FTX founder and CEO Sam Bankman-Fried said on Tuesday.  See related article: What Sam Bankman-Fried thinks will happen with NFTs and crypto exchanges in 2022 Fast facts Speaking at the Bloomberg Crypto Summit, Bankman-Fried, […]

Shanghai turns to metaverse, NFTs to counter lockdown economic fallout

China’s second-most populous city will introduce a three-year plan to promote the metaverse in the tourism industry, and encourage non-fungible tokens (NFTs) in the art and culture industry, as part of a recovery plan for the city’s economy. See related article: ‘Metaverse’ enters government radar at China’s Two Sessions Fast facts See related article: NFTs, […]

Dubai scorches crypto winter with plans to support 40,000 ‘virtual jobs’

Dubai aims to be one of the top 10 cities globally in the metaverse economy, creating 40,000 virtual jobs and adding US$4 billion to the city’s economy in five years.  See related article: Dubai could be crypto’s promised land, Citi says Fast facts The launch of the Dubai Metaverse Strategy on Monday was aimed at […]

US crypto bill may not pass the Senate this year, Lummis says

The U.S. Senate is unlikely to vote on the bipartisan cryptocurrency bill this year, Republican Senator Cynthia Lummis said Tuesday at the Bloomberg Crypto Summit.  See related article: US crypto bill leaves ‘open question’ on securities: Tessler Fast facts “It’s a big topic, it’s comprehensive, and it’s still new to many U.S. senators,” Lummis said […]

Celsius plans repayment options; Bitcoin breaks US$22,000

Celsius says users can settle for cash or go long on crypto. Meanwhile in the markets, Bitcoin breaks US$22,000.

Singapore’s MAS to further strengthen crypto regulations

The Monetary Authority of Singapore (MAS) said it will seek consultation in the next months on proposed measures toward regulating the crypto industry. See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’ Fast facts Singapore’s regulatory focus on crypto has been mainly toward containing money laundering and terrorist financing risks, MAS Managing […]

Celsius says users can settle for cash at a discount or go long on crypto

In a presentation on Monday, embattled crypto lender Celsius Network presented a plan of action as it enters Chapter 11 proceedings to restructure and stabilize its business in an effort to placate stakeholders.   See related article: Celsius says it owes its users US$4.72B amid a US$1.19B balance sheet deficit Fast facts The firm expects to […]

The Lummis-Gillibrand bill could reshape global crypto regulations

As a world leader, the US now offers a regulatory template for crypto that others are sure to follow, writes Michael Shing of XREX. Here are the key provisions.

Binance fined by Dutch central bank for improper registration

Cryptocurrency exchange Binance has been fined in the Netherlands for operating without proper registration, the Dutch central bank said on Monday. See related article: Binance gets nod from Spain to offer crypto exchange, custody services Fast facts De Nederlandsche Bank (DNB), which oversees crypto service provider registrations, said it imposed a 3.3 million euro (US$3.4 […]

How the crypto winter is laying groundwork for Web3 to reach its potential

Digital assets are powering new industries, and DeFi will be the financial system of the future internet economy, writes Alex Tapscott in his new book, ‘Digital Asset Revolution.’

Failed promises compel South Korea’s game makers to explore foreign shores

The country’s major game developers continue to focus on overseas markets as there are no signs of a thaw in the government’s stance on games that include elements of blockchain and play-to-earn.

Crypto startup funding falls by 26% in H1 2022: report

Following a record first half last year, investments in startups focusing on the cryptocurrency industry are down amid the so-called crypto winter, data showed.  See related article: Polkadot is top crypto held by VCs and hedge funds in Q4 2021 Fast facts Venture capital funding in crypto startups fell nearly 26% to US$9.3 billion across […]

Tencent shuts down one of its NFT marketplaces

Launched in January, Tencent News’ NFT marketplace was shut down, citing the need to “adjust” and “transform” the business. See related article:  China’s diktat against NFT flipping spawns an ingenious industry Fast facts Wang Shimu, former head of Tencent News, left the news division in May and was reassigned to Tencent’s NFT arm Huanhe due […]

Hyundai Motor runs NFT memberships for new IONIQ 6 EV

Hyundai Motor unveiled a non-fungible token (NFT) membership program for its new electric vehicle (EV) IONIQ 6, which unlocks exclusive access to Web3 content to holders, according to a press release. See related article: Hyundai Motor drives into metaverse branding with Meta Kongz NFT project Fast facts The IONIQ Citizenship includes access to VIP rights […]

Crypto miners should disclose energy data, US lawmakers say

A number of U.S. lawmakers urged the country’s energy and environmental protection authorities to mandate that cryptocurrency miners disclose data on energy use, as seven of the largest mining companies were found to use as much power as all of the homes in Houston. See related article: Bitcoin lobbyists rebut ‘misconceptions’ over environmental impact Fast […]

Touchdown: How ex-NFL players are helping college athletes score with NFTs

As the NFT market slumps, some savvy former American footballers and their business partners have been spurred to push the technology’s potential.