Search results: Forkast.News

Embattled cryptocurrency lender Celsius Network has reorganized its board of directors amid bankruptcy speculation, according to filings published by U.K. government executive agency Companies House on Wednesday. See related article: Celsius repays debts, cuts jobs amid bankruptcy fears Fast facts Celsius appointed David Barse and Alan Jeffrey Carr as directors in late June, filings show. […]

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 […]

After Voyager Digital filed for Chapter 11 bankruptcy on Tuesday, the Toronto Stock Exchange suspended trading in Voyager shares on Wednesday, announcing an expedited delisting review.  See related article: Voyager crypto firm loaned US$377 mln to Sam Bankman-Fried’s Alameda Research Fast facts According to Voyager’s bankruptcy filing, the firm has over 100,000 creditors and US$1.1 […]

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 […]

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 […]

Genesis Chief Executive Officer Michael Moro confirmed on Wednesday the cryptocurrency brokerage was exposed to the now-bankrupt hedge fund Three Arrows Capital (3AC). See related article: Three Arrows Capital files for Chapter 15 bankruptcy Fast facts Genesis sold collateral and hedged downside once 3AC was unable to meet margin call requirements on a loan, Moro […]

Crypto exchange Vauld is in buyout talks with Nexo. Meanwhile, other exchanges are in a fight against bankruptcy as Celsius pushes on despite short squeeze.

Bad mortgages once dragged the world into a financial crisis. Can smart contracts prevent the worst from happening again?

Alameda Research, the crypto trading firm cofounded by Sam Bankman-Fried, owes Voyager Digital Holdings US$377 million in loans, according to the crypto broker’s new bankruptcy filing. See related article: Three Arrows, Voyager failures raise questions of who is next in crypto fall from grace Fast facts Voyager Digital entered a loan agreement for a revolving […]

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 […]

Top blockchain and crypto news: Three Arrows target bankruptcy protection. Polium’s Web3 game plan pilloried. China’s tech giants get hands-on with NFTs.

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?

India’s 30% tax on cryptocurrencies, which met with a public outcry, has deterred the trading frequency of 83% traders, according to a survey conducted by crypto exchanges WazirX and ZebPay. See related article: Only the big fish will survive as India cracks the whip on crypto: Binance-backed WazirX Fast facts The survey included 9,500 respondents […]

Jordan Belfort, the man who inspired Martin Scorsese’s film “Wolf of Wall Street” and a once-avowed crypto critic, said Bitcoin is a long play while speaking on Yahoo Finance’s show The Crypto Mile.  See related article: Bank of England calls for greater crypto regulation Fast facts The former convicted financial criminal turned famous consultant and […]

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 […]

Former TikTok game division executive Jason Fung is starting up a blockchain-based game developer, Meta0, to allow transfer of non-fungible tokens (NFTs) between different blockchains, according to a Reuters report on Tuesday. See related article: Game theory: What’s holding back an explosion of play-to-earn? Fast facts According to its product proposal, Meta0 aims to allow […]

South Korea’s largest convenience store chain CU said on Tuesday it is launching its alcohol brands on JJAANN, a local metaverse platform dedicated to drinking culture. See related article: To improve focus on studies, South Korean students turn to the metaverse Fast facts JJAANN, which calls itself the world’s first corner of the metaverse dedicated […]

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 […]

Notwithstanding this bear market, Web3’s more pressing issue is its inability to handle large volumes, writes Greg Gopman. Can sidechains offer a solution?

Singapore’s monetary authority mulls on crypto limits. Meanwhile, Manny Pacquiao drops his NFT collection despite the crypto winter.

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 […]

Celsius Network has paid back US$142.8 million of its debt to Maker since July 1, data from DeFi Explore shows, as the embattled cryptocurrency lender looks to avoid a complete collapse.  See related article: Goldman Sachs said to raise US$2B for Celsius assets: report Fast facts With the repayment, Celsius’ liquidation price for its Wrapped […]

Tencent on Monday said it started testing non-fungible token (NFT) profile picture (PFP) avatars and the “virtual room” Music Zone on its QQ Music app. See related article: Tencent launches XR unit to develop ‘benchmark’ VR products Fast facts These NFT PFP avatars are two-dimensional cartoon characters based on Tencent’s blockchain, Zhixin Chain. QQ Music […]

The boxer-dog themed collection by Filipino boxing legend Manny “Pacman” Pacquiao, scheduled for minting on July 15, will be released on the Cardano blockchain, the team behind the official non-fungible tokens (NFTs) said on Monday.  See related article: Manny Pacquiao is launching NFTs in memory of dog ‘Pacman’ Fast facts The collection is named in […]

South Korean star dancer NO:ZE unveiled Dance with NO:ZE on Friday, a non-fungible token (NFT) project that sets out to safeguard intellectual properties of choreographers with blockchain technology. See related article: S.Korean music sharing platform to use NFTs for copyright protection Fast facts “The choreographies created so far have not been copyrighted,” NO:ZE said in […]

Vauld has suspended all withdrawals, trading and deposits on its platform, the Singapore-headquartered cryptocurrency exchange said on Monday.  See related article: Three Arrows Capital files for Chapter 15 bankruptcy Fast facts The firm, backed by PayPal founder Peter Thiel’s Valar Ventures, Pantera Capital and Coinbase Ventures, said it is exploring “potential restructuring options.” Vauld said […]

The Monetary Authority of Singapore (MAS) is mulling additional consumer protection safeguards on crypto, Tharman Shanmugaratnam, the minister in charge of the central bank, told Parliament.  See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’ Fast facts MAS is considering introducing rules on the use of leverage and limits on retail participation […]

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 […]

Three Arrows Capital files for bankruptcy in the US. Meanwhile, SBF and FTX agrees deal with option to buy for up to US$240 million.

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.

Celsius Network’s cryptocurrency CEL is up 32.1% over the past 14 days leading to Monday in Asia, even as speculation around the lender filing for bankruptcy heats up.  See related article: Celsius community adopts GameStop tactics to squeeze out short sellers Fast facts CEL token gained 17% over the past 24 hours, peaking at US$0.94, […]

The crypto lender signed definitive agreements with FTX US for a US$400 million revolving credit facility that will be subordinate to all client funds. The crypto exchange also has an option to acquire BlockFi for about US$240 million based on performance targets. See related article: Sam Bankman-Fried steps in to bail out BlockFi Fast facts […]

Hong Kong-listed beauty app Meitu said on Friday it is expecting a net loss of up to 349.9 million yuan (US$52 million) in the first half of 2022, driven by tumbling cryptocurrency prices.  See related article: Hong Kong-listed Meitu buys more Bitcoin, now has US$100 million in crypto Fast facts See related article: Software firm […]

South Korean tech giant Samsung has started producing chips using its latest 3-nanometer (nm) technology, the company said Thursday. The new chips can be used for Bitcoin mining hardware.  See related article: LG to follow Samsung adding NFT features to flagship TVs Fast facts One of the earliest clients for Samsung’s 3nm chips could be […]

Trading volume in Indian cryptocurrency exchanges dropped by as much as 63% since July 1, when a 1% tax deducted at source (TDS) was imposed.  See related article: India’s latest tax assault on crypto exchanges starts Friday Fast facts Daily trading volume at cryptocurrency exchange WazirX fell more than 63% on July 1 to US$5.36 […]

Crypto hedge fund Three Arrows Capital (3AC) filed for Chapter 15 bankruptcy in a federal bankruptcy court in the Southern District of New York on Friday, in hopes to shield its U.S. assets after a court in the British Virgin Islands reportedly ordered the firm into liquidation last week. See related article: Three Arrows Capital […]

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.

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 […]

Early Bitcoin adopter and Bitcoin Cash promoter Roger Ver told Forkast he will issue an official statement before Monday responding to allegations he defaulted on a US$47 million loan in USDC from CoinFLEX. See related article: Roger Ver denies defaulting on US$47 mln loan from CoinFLEX Fast facts Ver told Forkast in a phone interview […]

Investment firm VanEck has filed an application for a spot Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), despite Grayscale’s application getting rejected on Tuesday.  See related article: Next step for spot Bitcoin ETF in the US may be a courtroom battle Fast facts VanEck had filed for a spot Bitcoin […]

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 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 […]

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 […]

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.

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 […]

Bitcoin dropped below US$19,000 for the first time since December 2020 as the crypto market wrapped up Q2 with further downturns as of Friday morning in Asia. See related article: Bitcoin, crypto fall amid reports of 3AC’s court-ordered liquidation Fast facts The world’s largest cryptocurrency hit a low of US$18,729 and was trading at US$20,352 […]

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 of history-in-the-making. The Covid-driven NFT boom paved the way for businesses to explore alternative blockchains as Ethereum gas fees soared to eye-watering heights.  At the forefront of that […]

3AC has reportedly been told to liquidate. Meanwhile, Microstrategy’s Saylor buys another US$10 million worth of BTC.

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?

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.

State-affiliated hacker group Lazarus is allegedly connected to the US$100 million hack on Harmony Protocol’s Horizon cross-chain bridge, blockchain analytics firm Elliptic said. See related article: Horizon’s US$100 mln crypto hack prompts FBI investigation Fast facts The attack on Harmony resembled previous hacks attributed to the Lazarus Group, such as exploiting multi-signature wallet keys, extensive […]

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 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 […]

Crypto market maker and lender Genesis Trading may lose “hundreds of millions” due to its exposure to troubled crypto firms Three Arrows Capital (3AC) and Hong Kong-based lender Babel Finance, CoinDesk reported. See related article: Wall Street seems to sense opportunity in distressed crypto markets Fast facts Genesis is seeking at least partial reimbursement from its […]

The U.S. Federal Reserve has created a “self-inflicted disaster” with its “twin policy errors,” Pantera Capital’s chief executive officer Dan Morehead said. See related article: Bitcoin, Ether recover as Fed guidance reduces policy uncertainty Fast facts Keeping overnight rates too low for too long was a mistake that the Fed is now beginning to slowly […]

MicroStrategy chief executive Michael Saylor announced via Twitter an additional purchase of 480 Bitcoins (BTC) for roughly US$10 million, as the company remains steadfast on its Bitcoin strategy after speculation of a margin call on a US$205 million loan.   See related article: MicroStrategy, crypto firm shares plunge with Bitcoin’s freefall Fast facts MicroStrategy, a business […]

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, 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 […]

Crypto hedge fund Three Arrows Capital (3AC) has been ordered to liquidate as plummeting crypto prices left the firm unable to repay creditors, Sky News reported. See related article: Contagion risk from Three Arrows Capital weighs on Bitcoin, crypto Fast facts A court in the British Virgin Islands appointed two senior members of global advisory […]

Protecting an artist’s intellectual property can be difficult in the digital age. Proving a stolen track or digital painting belongs to its creator seemed to be impossible in the near past. Can non-fungible tokens (NFTs) bring more artist empowerment and protect digital property rights? Find out in this Forkast video explainer.  What you’ll learn: What […]

The big data market had an estimated value of US$162.2 billion in 2021, where most of the revenue came from personal data. As centralized online platforms are generating eye-watering revenues from users’ digital footprints, data owners and producers get nothing in return. Can blockchain-based Web3 identity return personal data ownership to users? Find out in […]

Top blockchain and crypto news: Three Arrows fallout spreads. BIS calls BS on crypto. Chinese regulatory vacuum chills an NFT platform.

Bitcoin CEO Roger Ver denies defaulting on a loan to CoinFLEX. Meanwhile, Youtuber Bitboy takes aim at Celsius Network.

Tencent has launched an extended reality (XR) division, local media reported on Tuesday, citing Steven Ma, the senior vice president of the Chinese tech giant’s gaming arm Interactive Entertainment Group (IEG).  See related article: Tencent calls dibs on metaverse virtual concerts in patent application Fast facts Tencent will develop “benchmark” products for virtual reality (VR) […]

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 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 […]

Early Bitcoin adopter and Bitcoin Cash promoter Roger Ver has denied defaulting on a US$47 million loan in USDC to beleaguered cryptocurrency exchange CoinFLEX. See related article: CoinFLEX to issue US$47 mln in tokens as it waits for ‘crypto whale’ to pay up Fast facts Ver tweeted overnight in Asia time that rumors of the […]

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 […]

Sky Mavis’ Ronin Bridge is back online after one of the largest decentralized finance (DeFi) heists in history prompted a three-month network hiatus, Ronin announced in a Tuesday newsletter. See related article: Are we helpless against attacks on blockchain bridges? Fast facts Ronin Bridge is used by non-fungible token (NFT) game Axie Infinity players to […]

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 […]

Cypherpunk Holdings Inc. has liquidated all of its Bitcoin and Ethereum treasury holdings, the Canadian investment firm said on Tuesday.  See related article: Warnings on crypto, Bitcoin have materialized, says central bank body BIS Fast facts “In the interest of all shareholders, the company transitioned its treasury to cash,” said Moe Adham, investment chief at […]

HTC launched metaverse phone “Desire 22 Pro” on Tuesday, which comes with a digital assets wallet and virtual reality (VR) headset pairing feature, as part of the Taiwanese firm’s Web3 expansion. See related article: Solana bets on mobile, launches US$1,000 ‘Saga’ Web3 phone Fast facts HTC preloaded its 6.6-inch phone with applications from its metaverse […]