Upgrading The Cloud
Blockchain data storage could be a game-changer in defining the future of cloud storage. Should you also be using blockchain to store your data?
CBDCs are coming. Here’s why you should worry
Governments are pushing central bank digital currencies to exert more control over macro policy, writes Josef Tětek of Trezor. But your money and privacy are also at stake.
Alameda wallets activate, transfer millions in FTT tokens
Wallets linked to Alameda Research became active over the past week, transferring millions worth of FTX’s native token, FTT, according to Arkham Intelligence.
Crypto Regulation Race
2023 could be the defining year for crypto regulation – but who’s leading the race to regulation and what’s the best way about it?
Binance makes Korea comeback with GOPAX acquisition
Top blockchain and crypto news: GOPAX deal sees Binance return to South Korea. Inflation fight spooks crypto markets. Chinese liquor giant gives cheers to NFTs.
Beijing football club launches NFTs ahead of its virtual stadium launch
China’s Beijing Guoan Football Club has launched its first NFT collection, while building a virtual replica of its stadium.
South Korea prosecutors say Serbia ready to help fraud investigation into Terra’s Do Kwon
Prosecutors flew to Serbia earlier this month as part of an investigation into Terraform Labs chief Do Kwon, who faces fraud accusations related to the US$40 billion collapse of his Terra-Luna cryptocurrency project in May last year.
DCG to sell Grayscale holdings at a discount to pay creditors: report
Digital Currency Group has started to sell shares of its cryptocurrency funds at a significant discount, according to a Tuesday report from the Financial Times.
Gemini agrees to put US$100 mln to Earn asset recovery efforts
Gemini has agreed to put up US$100 million to the asset recovery of Earn users as part of bankrupt crypto lender Genesis Capital’s in-principle agreement with parent firm DCG and other creditors.
NFTs inspired by K-drama Crash Landing on You coming from Crypto.com, Studio Dragon
Singapore-based cryptocurrency exchange Crypto.com has partnered with Korean drama distributor Studio Dragon to issue NFTs inspired by popular Korean drama series, including the hit Crash Landing on You, the exchange said on Monday.
How regenerative finance can ease climate change and boost the bottom line
Renewable energy is plagued by financing difficulties, but blockchain technology can bridge the sector’s funding gaps, writes Brianna Welsh of Reneum.
Binance suspends international U.S. dollar transfers, CEO indicates issues with banks
Binance, the world’s largest crypto exchange, will suspend all deposits and withdrawals of U.S. dollars at its international exchanges from Feb. 8.
Markets: Bitcoin, Ether fall with bearish U.S. equities, but Bitcoin long bets jump
Bitcoin and Ether dipped in Tuesday morning trading in Asia along with all other top 10 non-stablecoin cryptocurrencies as Wall Street fell overnight on concern the Fed may crank up interest rates for longer than expected.
Control Your Crypto
As new technologies emerge, could there be a shift in crypto storage methods?
Markets: Bitcoin, Ether extend losses: Solana, Polygon biggest losers
Bitcoin and Ethereum prices dropped in afternoon trading on Monday in Asia, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization. Bitcoin continued trading under US$23,000, while Solana and Polygon led losses.
Filecoin developer Protocol Labs cuts 21% staff amid ‘crypto winter’
Crypto layoffs last month matching 41% of the total industry job cuts in 2022, a new study finds.
Bankrupt FTX threatens legal action to claw back donations to politicians, charities
The move marks a shift in tone from December when recipients of FTX donations were requested to “voluntarily” return the funds.
What is CeDeFi, and why it is the future of finance
CeDeFi offers the benefits of CeFi and DeFi without their shortcomings, writes Alexander Tkachenko of VNX. Here’s how it works.
South Korea issues guideline on cryptocurrencies as securities tokens ahead of planned legalization
South Korea published guidelines on Monday for defining what specific cryptocurrencies would fall under regulations applicable to financial securities.
Markets: Bitcoin falls below US$23,000, Ether drops as crypto market follows equities lower
Bitcoin traded below US$23,000 on Monday morning in Asia, tracking a decline in U.S. equities as unexpectedly strong job growth numbers on Friday raised concerns markets may face more interest rate hikes to slow the economy and inflation.
Binance tells Indian crypto exchange WazirX to remove funds from its platform as feud escalates
Binance has stopped providing wallet services to Indian crypto exchange WazirX, asking it to withdraw any remaining assets held in Binance wallets by Feb. 3.
Weekly Market Wrap: Bitcoin breaches US$23,000 in best monthly performance since October 2021
Bitcoin climbed more than 39% in January to break through the US$23,000 resistance ceiling in its best monthly performance since October 2021. Can the world’s first and biggest cryptocurrency maintain the upward momentum? Industry commentators share their views with Forkast.
Binance re-enters S. Korea through GOPAX equity purchase: report
Binance has returned to South Korea after a two-year break by acquiring a majority stake in the local cryptocurrency exchange GOPAX, Bloomberg reported Friday.
NFT’s Bitcoin Future
Could there be a shift in Ethereum’s monopoly of the NFT world as new technologies arise?
Crypto exchange PayBito begins to integrate ChatGPT into its platform
Cryptocurrency exchange PayBito announced its plans to integrate ChatGPT, an artificial intelligence (AI) chatbot developed by research firm OpenAI, on Friday.
Markets: Bitcoin and Ether down, Polkadot biggest winner among top 10 cryptos
Bitcoin and Ether fell during Asian trading hours on Friday, along with the rest of the top 10 non-stablecoin cryptocurrencies by market capitalization, with Polkadot’s DOT posting the biggest gains.
China should reconsider its ban on cryptocurrencies, says former central bank official
China’s blanket ban on cryptocurrency trading can have the country miss critical opportunities for technological development, says former PBOC official.
Prime Minister Fumio Kishida says NFTs and DAOs can bolster ‘Cool Japan’ strategy
NFTs and DAOs can help support Japan’s national strategy dubbed ‘Cool Japan’ to attract investment and expand the economy.
Silvergate probed by US prosecutors over FTX, Alameda accounts: Bloomberg
U.S. prosecutors are investigating California-based cryptocurrency bank Silvergate Capital Corp. for how it handled accounts tied to now-bankrupt crypto exchange FTX and its brokerage arm Alameda Research, Bloomberg reported on Thursday, citing sources familiar with the matter.
Markets: Bitcoin dips to US$23,500, Ether inches up, other top 10 crypto mixed
Bitcoin and Ether traded mostly little changed Friday morning after a strong run up in the week, with other top 10 cryptocurrencies prices mixed.
India’s Budget Disappoints
India’s position on digital assets remains status quo as the country’s parliamentary budget hearing leads to disappointment in the crypto sector.
China’s Suzhou city joins other regions in the country seeking to be metaverse hub
Suzhou has laid out plans to attract at least 200 companies in working with VR technology by 2025.
Donald Trump helps Polygon NFTs outsell Ethereum on OpenSea exchange for second month
The non-fungible token (NFT) project by former U.S. President Donald Trump has helped its host network, Polygon, outsell Ethereum on the leading NFT marketplace OpenSea for the second straight month, according to transaction data.
Meta’s metaverse division Reality Labs posts wider loss of $13.7 billion in 2022
Meta Platforms Inc., the former Facebook, said losses at its Reality Labs division developing virtual reality technologies widened last year, but the company’s Q4 earnings beat expectations and it projected overall stronger growth into 2023, according to its earnings report released Wednesday.
U.S.-based cryptocurrency exchange Bittrex lays off 83 employees
Seattle-based cryptocurrency exchange Bittrex is laying off 83 employees, according to the U.S. Employment Security Department’s layoff alert.
Why the cloud will be critical to US competitiveness in world finance
The future global financial system will be reliant on the cloud, especially when it comes to CBDCs and stablecoins, writes Michael Greenwald and Logan Weber.
South Korea arrests head of Bithumb crypto exchange for alleged embezzlement
A South Korean court approved the prosecutor’s request to issue an arrest warrant for Kang Jong-hyun for alleged embezzlement.
Markets: Bitcoin breaks US$24,000 ceiling after Fed says ‘disinflationary process’ started in U.S. economy
Bitcoin rose above US$24,000 for the first time since mid-August in Thursday morning trading in Asia before sliding back slightly.
Bankrupt FTX held US$1.4B in cash at the end of 2022
Bankrupt cryptocurrency exchange FTX.com had around US$1.4 billion in cash reserves at the end of 2022, according to a financial update released Tuesday.
Cardano’s Djed stablecoin locks US$10 mln in reserves on its first day
Djed, a Cardano-based algorithmic stablecoin, has collected over US$10 million in its reserves within the first 24 hours since it was launched on Wednesday.
Islamic Crypto Finance
Islamic finance has seen growth in a time where most of the world’s economy has suffered losses. How could its integration into crypto help the industry?
Bitcoin mining fund soars as BTC powers into 2023
Top blockchain and crypto news: BTC mining ETF outperforms. SBF under pressure as accusations mount. ‘China’s Instagram’ embraces NFTs.
New Bitcoin protocol may shake up the NFT market
Bitcoin has long been the world’s largest cryptocurrency blockchain, but non-fungible tokens or NFTs were always the domain of Ethereum. A new protocol could change that, and some in the Bitcoin community are not too pleased.
Bitcoin miner Greenidge Generation cuts NYDIG debt 78% to US$17 million
Troubled U.S.-based Bitcoin mining firm Greenidge Generation Holdings Inc. has restructured more of its debt to investment management service provider NYDIG and investment bank B. Riley Commercial Capital, the company announced on Tuesday.
Judge rules secondary sale of LBC does not classify as security in SEC vs LBRY appeal
In the SEC’s case against decentralized publishing platform LBRY Inc., the judge ruled that the secondary sale of LBC does not qualify as a security.
Hong Kong to mandate stablecoin licensing as early as this year
The HKMA said in a consultation conclusion that algorithmic stablecoins will not be allowed in the city.
Alameda Research sues Voyager Digital for US$445.8 mln
Alameda Research has sued bankrupt digital assets lender Voyager Digital to reclaim US$445.8 million worth in loan payments before FTX filed for its own bankruptcy.
Crypto’s Biggest Concern
There’s always the possibility of a bigger scam or a bigger hack this year than the ones we saw in 2022. So what can the crypto industry do to survive 2023?
Markets: Bitcoin, Ether drop; Dogecoin rebounds
Bitcoin and Ethereum prices fell during Tuesday afternoon trading in Asia along with most other top 10 non-stablecoin cryptocurrencies. Dogecoin was the exception in that list as it rebounded from morning losses.
January weekly crypto product investment reaches highest since July, says CoinShares report
Digital asset investment products reached US$117 million in the week ending Jan. 27 — the highest since July 2022 — with nearly all of that going into Bitcoin.
South Korea regulator recommends unified crypto disclosure system to protect investors
South Korea’s Financial Supervisory Service has recommended a unified system for mandatory disclosure from issuers of cryptocurrencies.
What we must learn from FTX so that history does not repeat itself
Tighter regulations are necessary but not enough. The industry also needs to address its issues with custody and transparency, writes Chen Zhuling of RockX.
Bitcoin falls in broad crypto pull back ahead of U.S. Fed meeting on interest rates
Bitcoin fell along with Ether and all other top 10 non-stablecoin cryptocurrencies in Tuesday morning trading in Asia, wiping out most of Monday’s gains.
Valkyrie’s WGMI Bitcoin Miners ETF named best-performing U.S. fund, surges 105% in 2023
Valkyrie’s Nasdaq-listed Bitcoin Miners exchange-traded fund (ETF), WGMI, has been the best-performing fund of 2023 so far, rising over 105% throughout January.
Bitcoin trades higher in Nigeria amid cashless economy drive
Bitcoin price was trading at a premium in Nigerian cryptocurrency exchanges on Monday following the central bank’s limit on ATM cash withdrawals.
A crypto regulatory storm front is coming in 2023. Are we ready for it?
Laws to prevent another FTX blowup, crackdowns on crypto tax cheats, and a ruling on Ripple are likely imminent. A bull’s eye is also on DeFi, writes Gergo Varga of SEON.
Bitcoin mining difficulty hits new all-time high with 4.7% rise
Bitcoin’s mining difficulty level rose 4.68% on Sunday, hitting an all-time high, as the networks’ hashrate also continued to increase.
China’s ‘Instagram’ gets NFT makeover with Conflux
Xiaohongshu, or “Little Red Book,” a popular social media application widely described as the Chinese equivalent of Instagram, has integrated layer-1 public blockchain Conflux Network, allowing users to showcase their non-fungible tokens on their profile pages, Conflux announced on Thursday.
S.Korea to adopt crypto tracking software in the first half of 2023
The South Korean Ministry of Justice (MOJ) announced Thursday that it will adopt a cryptocurrency tracking system within the first half of 2023.
Biden administration urges U.S. congress to pursue crypto regulation
Four senior officials in U.S. President Joe Biden’s administration called for Congress to “step up its efforts” in regulating the cryptocurrency market.
Markets: Bitcoin closes in on US$24,000, lifts crypto top 10
Bitcoin was up on Monday morning in Asia, reaching its highest price in five months. Ether also rose along with all other top 10 non-stablecoin cryptocurrencies, with Solana and Litecoin posting the biggest gains.
DOJ, FBI hack Hive Network, save US$130 mln from crypto ransomware attacks
The FBI and the DOJ have concluded a month-long disruption campaign against the Hive ransomware group, preventing victims from having to pay US $130 million.
Stablecoins To Rebound?
2023 looks to be the year of stablecoin regulation, but will that be enough to recover its market?
Bankrupt BlockFi asks court to approve bonuses to keep staff
BlockFi said it needed bonus payments to keep employees from fleeing the company. But creditors argue the plan is excessive when compared to other crypto bankruptcies.
More bad news for South Korea’s Bithumb exchange with “Kimchi coin” manipulation allegations
Prosecutors raided the Bithumb crypto exchange on Thursday on allegations of price manipulation and fraudulent transactions in local tokens,
Are weak DAOs inviting attacks and manipulation?
Decentralized autonomous organizations suffer from faulty code and lax governance, which the unscrupulous can easily exploit, writes Michael Lewellen of OpenZepplin.
Coinbase fined US$3.6 mln by Dutch central bank
The Dutch central bank (DNB) has fined U.S.-based cryptocurrency exchange Coinbase €3.3 million (US$3.6 million) for failing to obtain correct registrations
Apple, New York Times, Hong Kong Government listed among FTX creditors
Lawyers for the bankrupt cryptocurrency exchange, FTX.com, filed a document with a list of its institutional creditors on Thursday, which included major technology firms, publications and government bodies.
An open letter to Sen. Elizabeth Warren: Your shotgun approach to crypto is dangerous for America
FTX’s implosion is spurring a regulatory scramble to rein in the crypto sector. But one influential US lawmaker may do more harm than good, writes Kadan Stadelmann, CTO of Komodo.
DCG-owned Luno exchange to axe 35% of its staff
Cryptocurrency exchange Luno, the London-based trading platform owned by venture capital firm Digital Currency Group (DCG), will let go of 35% of its global workforce
EU looks to place limit on banks holding crypto
European Union lawmakers have voted in favor of a draft bill that imposes stricter capital requirements on banks holding crypto assets.
Bankrupt BlockFi’s financials show US$1.2 bln exposure to FTX, Alameda: report
Bankrupt BlockFi reportedly had over US$1.2 billion of assets tied to FTX.com and its sister trading firm Alameda Research