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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.

Play-to-earn game developers pivot to engaging fans

A focus on economic sustainability, or play-and-earn, is driving the P2E industry to rein in incentives and instead attract and engage gamers in the hope that they will end up spending on in-game assets.

Circle’s reserve breakdown shows US$13.58B cash and US$42.12B U.S. Treasurys

Circle Internet Financial, the issuer of USDC, on Thursday released a detailed but unaudited breakdown of the reserves backing the second-largest stablecoin by market capitalization. See related article: Questions over Circle’s USDC reserves linger despite assurances Fast facts The breakdown showed that Circle had US$42.12 billion in U.S. Treasurys and US$13.58 billion in cash as […]

Eth2 merger closer as ninth shadow fork goes live

Ethereum’s ninth shadow fork went live overnight Wednesday in Asia, marking one of the final steps before the merge with the proof-of-stake (PoS) Beacon Chain as part of the network’s transition to Ethereum 2.0. See related article: Vitalik Buterin defends Ethereum ahead of merge; ‘not a security’ Fast facts A shadow fork is a test […]

Celsius files for bankruptcy after closing DeFi loans

The embattled U.S. crypto lender wants to continue certain operations during the restructuring process but customers will have to wait for the Chapter 11 proceedings to address their claims.

Questions over Circle’s USDC reserves linger despite assurances

Fresh claims that emerged over the weekend about the status of Circle’s USDC reserves cast doubts on the ability of the so-called stablecoin to maintain its peg. In a deep dive, Forkast examined the allegations and reached out to the company for its version of events.

Chinese logistics network plans US fundraise via tokenized offerings

HGC Info Tech (HGC) announced Tuesday that it will start offering its securities tokens at U.S. digital asset exchange INX, as Chinese firms face delisting risks in the states due to regulatory differences. See related article: SEC places Chinese crypto mining rig maker Canaan on pre-delisting list Fast facts Xiamen-based HGC provides order matching and […]

Bitcoin hashrate slumps to lowest in over five months amid 100-degree-plus weather in Texas

Bitcoin’s hashrate dropped by more than 27% in 24 hours to 159.41 exahashes per second (EH/s) on Wednesday, the lowest since February this year, according to data from BTC.com.  See related article: Bitcoin miners in Texas halt operations amid heat wave Fast facts Multiple crypto miners in Texas, a mining hub in the U.S., have […]

NFTs are democratizing content creator revenue | The Great Disruption Ep. 12

Did you know that artists received about 12% of the music industry’s 2017 revenue? The other 88% was swallowed by record labels, managers, and numerous other business intermediaries. Can blockchain decentralize the music industry and drive more artist empowerment? Find out in this Forkast video explainer.  What you’ll learn: How non-fungible tokens (NFTs) can be […]

Crypto exchange Fasset, Mastercard seek expansion in Indonesia

Middle East crypto exchange Fasset Technologies Ltd. is collaborating with global payments technology company Mastercard to expand its financial reach in Indonesia. See related article: Crypto exchange Fasset expands to Southeast Asia Fast facts The announcement comes after Fasset said it raised US$22 million in series A funding.  According to a survey, 41% of Indonesians […]

Ethereum will soon turn 7 — and its upcoming ‘Merge’ will be well worth the wait

The ‘Merge’ will have a major impact on the Ethereum ecosystem and beyond, and getting it right is more important than speed, writes Kevin Loo of IDEG.

Bitcoin bounces back after US reports worst inflation in 41 years

Bitcoin recovered past US$20,000 on Thursday morning in Asia following a steep 3.4% drop within an hour following the U.S. announcing its fastest inflation growth in 41 years. See related article: Bitcoin price crosses US$22K; Fed cools recession fears Fast facts Inflation levels in the U.S. soared 9.1% in June compared to a year ago […]

Will Mt. Gox Bitcoin eruption smother hopes of rapid crypto recovery?

Top blockchain and crypto news: Payback time for Mt. Gox investors. USDC issuer strikes back as critics circle. Chinese bank fiasco hits a nerve.

NFTs, metaverse, blockchain, Web3 included in Shanghai’s five-year plan

The Shanghai government has included metaverse entertainment, non-fungible tokens (NFTs) and Web3 technologies into its five-year digital economy plan, according to a policy paper published on Tuesday. See related article: ‘Metaverse’ enters government radar at China’s Two Sessions Fast facts See related article: Xiamen reveals plan to bolster its metaverse, NFT-related firms

Court gives liquidators green light to claim 3AC assets

U.S. Bankruptcy Judge Martin Glenn gave liquidators authority to subpoena and lay claim to bankrupt crypto firm Three Arrows Capital (3AC)’s U.S-based assets on Tuesday. See related article: 3AC crypto contagion spreads to Blockchain.com: report Fast facts Liquidators can subpoena two dozen banks and crypto exchanges to obtain information about the bankrupt crypto hedge fund’s […]

Lightspeed launches US$500 mln fund for India, SEA

Lightspeed India Partners (LSIP) announced on Tuesday the closing of a US$500 million early stage fund (LSIP Fund IV) for India and Southeast Asia, as part of venture capital firm Lightspeed Venture Partners’ (LSVP) US$7.1 billion commitment. See related article: Huobi Ventures bets on DeFi and gaming in $10M GameFi fund Fast facts In addition […]

Aespa, NCT’s SM Entertainment builds metaverse studio Kwangya

SM Entertainment (SM) announced it is establishing Studio Kwangya, a company specializing in content production in the metaverse, the leading South Korean idol agency announced on Tuesday.  See related article: Second K-pop agency taps Binance for NFT partnership Fast facts SM has represented some generational acts in K-pop since 1995 such as H.O.T., SNSD, EXO, […]

Vitalik Buterin defends Ethereum ahead of merge; ‘not a security’

Ethereum co-founder Vitalik Buterin tweeted a defense of the network’s transition to proof of stake (PoS) on Tuesday, responding to arguments suggesting assets secured by such consensus mechanisms are a security. See related article: Ethereum one step closer to Eth2 with Ropsten testnet merger Fast facts “The fact that you can vote on something to […]

Financial Stability Board calls for high regulatory standards for stablecoins

The failure of a crypto market player may have spillover effects on traditional finance such as short-term funding markets, says the Basel-based international body.

Voyager crypto refund plan unconfirmed; fiat to be returned in full

Voyager Digital said in a Monday blog update that customers’ USD deposits will be returned in full “after a reconciliation and fraud prevention process” but it has yet to receive the green light on its cryptocurrency refund proposal.  See related article: Voyager faces delisting from Toronto Stock Exchange after bankruptcy filing Fast facts Voyager filed […]

Henan promises to release frozen bank funds after violent protest

The local financial regulator in China’s central Henan province said it will start releasing customer funds from the four rural banks that have reportedly frozen around 39 billion yuan (US$5.8 billion) from July 15, following Sunday’s violent clash between protesters and the police.  See related article: Client accuses Bitcoin, Ethereum backer Three Arrows Capital of […]

Inter-country use key for CBDCs to reach potential: report

For central bank digital currencies to enhance cross-border payments, issuing institutions must take functionality into account to avoid unintended barriers, a joint report by three international financial bodies says.

Why Singapore needs to rethink its approach to regulating crypto

Singapore wants to attract institutional capital while shielding its people from crypto — but it can’t have it both ways, writes Donovan Choy.

Bitcoin price sinks below US$20K, erases weekly progress

Bitcoin’s price fell below US$20,000 Tuesday morning in Asia, erasing last week’s gains, as both crypto and traditional markets await the latest U.S. inflation data due on Wednesday. See related article: Bitcoin price crosses US$22K; Fed cools recession fears Fast facts The world’s largest cryptocurrency fell 4.5% in the past 24 hours to trade at […]

Why Bitcoin is still a good investment despite the bear market

BTC remains a safe haven for investors for the long term amid this year’s soaring inflation and market volatility, writes Josef Tětek of SatoshiLabs.

Bitcoin, Ethereum rebound pulls back amid worries of BTC dump from Mt. Gox, Celsius

Gains made by two of the world’s largest cryptocurrencies were partially eroded as speculation of a glut of Bitcoin from Mt. Gox’s customers and creditors and Celsius Network’s payback of its debt circulated over the weekend.

3AC crypto contagion spreads to Blockchain.com: report

Blockchain.com is at risk of losing US$270 million loaned to crypto hedge fund Three Arrows Capital (3AC) which recently filed for bankruptcy, CoinDesk reported.  See related article: Three Arrows Capital collapse sends tremors through crypto industry Fast facts “Three Arrows is rapidly becoming insolvent and the default impact is approximately [US]$270 million worth of cryptocurrency […]

Crypto investments to count when determining conflict of interest: US gov’t ethics watchdog

The U.S. Office of Government Ethics (OGE) said federal employees of the executive branch owning cryptocurrencies or mutual funds investing in the sector need to recuse themselves from any matter related to the industry. See related article: CFTC Commissioner Pham suggests regulators stay tech-neutral on stablecoins Fast facts The July 5 memo clarified that the […]

DTI says no legal basis to ban Binance in the Philippines

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 […]

CoinFLEX deficit rises to US$84 mln; enters recovery arbitration

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  […]

As earnings from play-to-earn games dwindle, some turn to upskilling players

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.

Philippines think tank calls for ban on Binance

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 […]

What are ecosystem DAOs and why will they be important to Web3?

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

Bitcoin price crosses US$22K; Fed cools recession fears

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 […]

CryptoPunks —  The ultimate profile picture flex | NFT Moments in History Ep. 6

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 […]

China’s ‘Instagram’ gets into virtual fashion with users strutting NFT clothes

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.

South Korea may team up with US to investigate crypto crimes

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 […]

China’s BSN says daily NFT transactions surpass Ethereum

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 […]

South Korea’s Uprise said to have lost US$20 mln in client funds on LUNA short

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 […]

How decentralized crowdfunding is becoming essential in emergencies | The Great Disruption Ep. 11

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 […]

Three Arrows, Voyager failures raise questions of who is next in crypto fall from grace

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?

Nexo in talks to buy out Vauld

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 […]

Bank of England calls for greater crypto regulation

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 […]

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?

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 […]

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 […]

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.

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 […]

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 […]

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.

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 […]

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 […]

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.

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 […]

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 […]

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 […]

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?

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 […]