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Beijing banned crypto mining, so China miners went underground

Authorities and Bitcoin miners play a cat-and-mouse game as miners find means to stay off the government radar and dodge crackdowns.

Crypto crash justifies RBI’s stance: central bank chief

Reserve Bank of India (RBI) governor Shaktikanta Das said in a local media interview that the central bank has rightly been cautioning against cryptocurrencies, following the collapse of Terra’s UST and LUNA.  See related article: RBI calls for crypto ban in India, again Fast facts Das told CNBC TV18 on Monday that if crypto had […]

Hang Seng Index adds 30 metaverse-related Chinese companies

Hang Seng Index Company launched the China Metaverse Index on Monday to track the performance of 30 metaverse-related listed businesses in Hong Kong, Shanghai and Shenzhen.  See related article: Asian Games set for digital yuan, metaverse pilots, tech firm claims Fast facts Hang Seng Index Company is a subsidiary of major Hong Kong bank Hang […]

Are we heading for a post-Terra crypto winter?

Terra’s LUNA and UST implosion is dragging down an already ailing market. What do other developments suggest about crypto’s long-term future?

Russia uncovers a crypto mining farm in its oldest prison: report

A deputy warden of Russia’s oldest prison has allegedly mined cryptocurrency in the facility and is under investigation on suspicion of stealing electricity to do so, Bitcoin.com reported on Monday. See related article: To stay relevant, crypto regulations need to evolve, decentralize: Crypto Rising Fast facts The deputy manager of Butyrskaya prison in central Moscow […]

S.Korean police probe Terra employee for alleged embezzlement

Seoul Metropolitan Police Agency’s Cyber Crimes Investigations Unit revealed on Monday that it has received a report alleging a Terraform Labs employee was involved in embezzling corporate funds, according to local media reports. See related article: Terra’s S.Korean office closure ‘purely coincidental’: Do Kwon Fast facts The police are currently investigating the validity of the […]

Lockheed Martin, Filecoin Foundation partner to host blockchain nodes in space

Defense contractor Lockheed Martin and the Filecoin Foundation have partnered to demonstrate the InterPlanetary File System (IPFS) in space, the pair announced on Monday at the World Economic Forum in Davos, Switzerland. See related article: Filecoin explained: Decentralizing cloud storage for Web 3.0 Fast facts Filecoin is the economic incentive layer of the distributed storage […]

Terra cofounder Do Kwon’s taxing questions; China’s underground mining

Terra co-founder responds to office closure allegations. Meanwhile, China re-emerges as a crypto mining hub despite 2021 ban.

Blockchain bridges have failed spectacularly. Can the faith and trust in them be restored?

Solana’s $325M Wormhole breach and Axie Infinity’s $600M Ronin hack laid bare the security risks of cross-chain bridges. What are the solutions?

Looking to invest in vintage wine? There’s an NFT coming for that

Startup platform Farandole has a plan to transform the traditional wine industry with NFTs, cryptocurrency and blockchain technology.

Beeple’s Twitter account latest victim to phishing scam hacks

The Twitter account of non-fungible token (NFT) artist Mike Winkelmann, widely known as Beeple, was briefly hacked on Sunday and used to promote a phishing scam to drain over US$72,000 from Ether wallets of victims.   See related article: Twitter hacker takes over verified accounts to promote fake Azuki NFT drop Fast facts The hacker shared […]

To stay relevant, crypto regulations need to evolve, decentralize: Crypto Rising

Russia’s invasion of Ukraine has shown that cryptocurrency regulations need to expand beyond the jurisdiction of a single government and blockchain technology can help with that, said panelists at ‘Crypto Rising,’ a series of virtual monthly events organized by Forkast.

Terra’s S.Korean office closure ‘purely coincidental’: Do Kwon

Terraform Labs CEO and cofounder Do Kwon claimed on Saturday that the closure of two offices in South Korea was “purely coincidental,” and not a response to the national tax authorities’ investigation. See related article: LKB, 5 clients file lawsuit against Terra, Do Kwon to ‘Grim Reaper’ Fast facts Terraform Labs closed its two offices […]

Tether, USDT market cap has dropped by US$10B since UST collapse

Tether, the operator of the world’s largest stablecoin USDT, has seen US$10 billion of its market capitalization shaved off since TerraUSD’s (UST) collapse.  See related article: Nearly half of Tether reserves are now in US Treasury bills Fast facts USDT’s market capitalization was at US$73.35 billion at the time of publishing, following an all-time high […]

Cryptocurrency is worthless: ECB Christine Lagarde

European Central Bank (ECB) President Christine Lagarde said cryptocurrencies are “worth nothing” on a Dutch television program aired Sunday, calling for greater regulation over what she described as “highly speculative assets.” See related article: EU to introduce bill next year to plan a digital euro Fast facts “My very humble assessment is that [cryptocurrency] is […]

Mastering the metaverse: TradFi’s space race to ‘the next internet’

Blockchain was once associated overwhelmingly with cryptocurrencies — and specifically its poster children, Bitcoin and Ethereum. The latter, in particular, has thrust the industry forwards into the realm of smart contracts integration.  Ethereum started to bear fruit arguably most prominently last year amid a boom in non-fungible tokens (NFTs), while decentralized finance (DeFi) offered a […]

G7 calls for regulation; Bored Ape transfer blocked

South Korean LUNA investors file lawsuit against Terra. Meanwhile, Singapore’s High Court blocks sale of a Bored Ape NFT.

Australia’s Commonwealth Bank slams brakes on crypto services

The Commonwealth Bank of Australia (CBA) has paused the launch of crypto trading on its app amid heightened volatility in the crypto market, The Guardian reported.    See related article: Commonwealth Bank first in Australia to offer crypto trading Fast facts Australia’s largest bank announced its plans to allow customers to trade up to 10 cryptocurrencies, […]

Singapore court’s blocking of NFT transfer tests legal oversight

In an exclusive interview with Forkast, the lawyer representing the claimant discusses what the result means for NFTs and digital ownership.

FTX.US forays into stock trading

Crypto exchange FTX.US has introduced FTX Stocks for select U.S. customers to allow stock trading and exchange-traded funds (ETFs) through its app. See related article: FTX reaches US$32B valuation after closing $400M series C Fast facts FTX.US will provide commission-free stock market trading where orders will be routed to Nasdaq through its clearing firm Embed, […]

Terra raises aUST initial token float to 30% in revival plan amendment

Terra has increased its initial token float — tokens that are tradable upon issuance — from 15% to 30% for pre-attack Anchor Protocol UST stakers (aUST) and post-attack LUNA and UST holders, in the latest update to the plan to revive its reeling ecosystem. See related article: No hard fork, governance vote in Kwon’s updated […]

Nearly half of Tether reserves are now in US Treasury bills

Commercial paper backing Tether (USDT), the world’s largest stablecoin, has decreased by 17% from US$24.2 billion in Q4 2021 to US$20.1 billion in Q1 2022, according to Tether’s latest attestation report.  See related article: Tether slashes commercial paper, shows more reserves than liabilities Fast facts Commercial paper in Tether reserves has been reduced by an […]

Sony Music’s RCA Records Web3 venture breaks into Greater China

Sony Music Entertainment has set up a new Greater China venture for its American label RCA Records to explore opportunities in streaming, non-fungible tokens (NFTs) and the metaverse. See related article: John Legend’s OurSong raises US$7.5 mln to fuel music NFTs Fast facts The new label, dubbed “RCA Records Greater China,” will make key hires […]

Chongqing reports US$43 mln digital yuan trading volume in debut month

China southwestern municipality Chongqing recorded 288 million yuan (US$43 million) in total digital yuan trading volume across 1.576 million transactions as of May 15, the People’s Bank of China’s local branch reported at a Thursday press conference.  See related article: China southeastern city tops US$3mln digital yuan transactions in pilot month Fast facts Chongqing is […]

LKB, 5 clients file lawsuit against Terra, Do Kwon to ‘Grim Reaper’

Five South Korean Terra (LUNA) investors with an accumulated loss of around 1.4 billion Korean won (US$1.1 million) represented by local law firm LKB & Partners have filed a complaint against Terraform Labs CEO Do Kwon and co-founder Shin Hyun-seung for two charges including fraud, according to local media reports. See related article: Knock, knock […]

Terra, UST collapse pushes G-7 call for swift crypto regulation

Finance ministers from the Group of Seven (G-7) urged the Financial Stability Board (FSB) to accelerate crypto regulations following the downfall of the Terra blockchain and its terraUSD (UST) algorithmic stablecoin, Reuters reported. See related article: LUNA pumps and dumps repeatedly in weekend’s roller coaster run Fast facts The inter-governmental political forum — consisting of […]

Bitcoin rig maker Canaan reports over US$200 mln in Q1 revenue

Chinese crypto mining rig maker Canaan booked robust revenue growth in Q1 2022 despite logistical issues and supply chains disruptions from the pandemic, the company said on Thursday. See related article: SEC places Chinese crypto mining rig maker Canaan on pre-delisting list Fast facts Canaan recorded 1.36 billion yuan (US$214 million) in revenue in the […]

Ripple to invest US$100 mln for carbon removal in race to zero emissions

Blockchain-based payments network Ripple announced its plans to invest US$100 million in climate-focused fintechs and carbon removal technology for the modernization of carbon markets, the company said in a press release.  See related article: How blockchain is solving the climate crisis Fast facts The funding will also continue to support new functionality and developer tools […]

Bitcoin correlation continues; Terra vote starts positively

Indian crypto traders may soon be able to pay the crypto tax using foreign exchanges. Meanwhile, the Terra revival plan vote finally goes live.

Pantera Capital dodged bullet, says exited Terra before crash: report

Terraform Labs backer Pantera Capital gradually withdrew nearly 80% of its Terra LUNA holdings over the past year, saving itself from significant damages from the de-pegging of TerraUSD (UST) and the network’s collapse last week, The Block reported. See related article: LUNA, UST investors in S.Korea want to seize Do Kwon’s properties: report Fast facts […]

LUNA, UST investors in S.Korea want to seize Do Kwon’s properties: report

South Korean investors that have been financially damaged by the TerraUSD (UST) and LUNA fiasco are reportedly seeking legal action and applying for property seizure from Terraform Labs CEO Kwon Do-hyung. See related article: S.Korean lawmaker proposes summoning Do Kwon to the National Assembly  Fast facts Local law firm LKB & Partners has made a […]

Terra was a ‘house of cards’: Circle CEO Jeremy Allaire

Jeremy Allaire, CEO of Circle, which issues the second-largest stablecoin USDC, claims to have foreseen Terra and algorithmic stablecoin UST’s collapse six months ago because it was “a house of cards.” See related article: Terra shuts down indefinitely after coming back online; LUNA, UST still on life support Fast facts “There were two things that […]

Terra commences voting on Do Kwon’s LUNA revival plan

A vote pertaining to Terraform Labs CEO Do Kwon’s “updated and final” Terra revival plan was posted at 7:17 p.m. Wednesday Hong Kong time, with the majority favoring the proposal, while a preliminary vote was rejected in a landslide. See related article: No hard fork, governance vote in Kwon’s updated Terra revival proposal Fast facts […]

LUNA bull Novogratz breaks silence

Mike Novogratz, founder and CEO of crypto investment firm Galaxy Digital, broke his weeklong silence on the TerraUSD turmoil, claiming “the global macro backdrop has been brutal for all risk assets this year” and that the UST is “a big idea that failed.” See related article: Blood moon: Terra’s LUNA rescue plan panned by industry, […]

Indian crypto traders may pay tax for using foreign exchanges: report

The Indian government may impose a reverse charge goods and services tax (GST) on cryptocurrency investors using foreign exchanges, according to a local media report.  See related article: India GST Council weighs 28% tax on crypto transactions Fast facts The reverse charge would levy a goods and services tax on the investor instead of the […]

Binance looks to add Germany to its license collection

Binance is looking to win a cryptocurrency license in Germany after becoming a regulated digital asset service provider in fellow G7 nation France, CEO Changpeng Zhao said.  See related story: Binance wants to play ball with regulators Fast facts Zhao said at an event in Germany on Wednesday that the cryptocurrency exchange is expanding its […]

Bitcoin, crypto drop as stocks slump in the US

Bitcoin’s increasing correlation with risk assets meant it got caught up in the overnight market selloff in the U.S. Investors dumped shares of Target and Walmart after the American retailers cautioned about possibly taking a margin hit from not being able to pass on price increases to customers. See related article: Has Bitcoin become a […]

A bipartisan case for why the US needs a Web3 regulatory overhaul

In a special op-ed, 2 former CFTC chiefs and a crypto executive make the case for why the US must prioritize policies that support the new Web3 economy.
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China’s mining re-emergence; Terra community wants answers

China’s nationwide ban on crypto mining has not affected it’s high mining hashrate. Meanwhile, Terra’s community become frustrated as they struggle to find answers.

Blood moon: Terra’s LUNA rescue plan panned by industry, investors

Top blockchain and crypto news: Terra puts down the fork. Bitcoin loses its shine in Singapore. China’s miners dig in.

No hard fork, governance vote in Kwon’s updated Terra revival proposal

Terraform Labs CEO Do Kwon posted an update to his proposal to revive Terra and LUNA at 4:55 p.m. Hong Kong time, which omitted the notice of putting the plan up for a governance vote. See related article: Do Kwon proposes Terra fork to ditch UST and ‘LUNA Classic’ Fast facts Kwon’s updated “Terra Ecosystem […]

Will ‘smart contracts’ rule the world? Maybe not in Singapore

Forkast sat down with Singapore’s biggest bank for insights into crypto regulations in the city-state. Singapore has a reputation for planning far ahead, so what’s in store for cryptocurrencies?

China banned Bitcoin mining and became world’s No.2 Bitcoin miner

The 2021 Bitcoin mining exodus has left underground miners thriving to push China’s hashrate share near to the top, new study finds.

Pakistani crypto exchange RAIN calls for tax on digital assets: report

Pakistani crypto exchange RAIN has urged the country’s finance ministry to regulate and impose a 15% tax on cryptocurrencies, local media reported. See related article: Pakistan takes a fresh look at cryptocurrency Fast facts RAIN told regulators that Pakistan can earn roughly US$90 million in taxes through a capital gains tax on cryptocurrency assets, according […]

Getty Images to launch NFT marketplace with Candy Digital

Online image gallery Getty Images announced it will launch a non-fungible token (NFT) marketplace and debut digital collectibles on the Ethereum Virtual Machine-based Palm sidechain. See related article: Hong Kong’s South China Morning Post to make NFTs to preserve history Fast facts See related article: From in-print to online to on-chain: How will Web 3.0 […]

Indian financial watchdog warns against celebrity crypto endorsements

The Securities and Exchange Board of India (SEBI) has suggested that no prominent public figures, including celebrities and sports personalities, should endorse crypto products, according to local media reports.   See related article: India’s crypto ads to get ‘highly risky’ banners starting April Fast facts Trading cryptocurrencies is not illegal in India, but the activity is […]

Netflix Sweet Home producer to build K-drama metaverse in the Sandbox

The Sandbox metaverse has partnered with Studio Dragon, a Korean drama production company behind titles Crash Landing on You, Sweet Home and Kingdom: Ashin of the North, to build a K-drama metaverse. See related article: South Korea wants to be the physical home of the metaverse Fast facts The Sandbox said on Tuesday the pair […]

OpenSea delists Solana Okay Bears knockoff Not Okay Bears

Solana-based non-fungible token (NFT) collection Okay Bears copycat “Not Okay Bears” has been delisted from marketplace OpenSea after recording millions of dollars in sales. See related article: Okay Bears NFTs record sellout helps Solana net US$2B in sales Fast facts Not Okay Bears are mirror images of the 10,000 versions of the original, and have […]

Terra hard fork proposed; Temasek ‘doesn’t own Bitcoin’

As Terra continues to crash, Do Kwon proposes a hard fork solution, Meanwhile, Singapore’s Temasek gets ready for tokenized assets.

S.Korean lawmaker proposes summoning Do Kwon to the National Assembly

South Korea’s ruling party lawmaker Yun Chang-hyun said Terraform Labs founder Do Kwon should be called in for a parliamentary hearing on the collapse of the company’s stablecoin and cryptocurrency. See related article: News of LUNA’s demise greatly exaggerated Fast facts Yun at Tuesday’s National Assembly session said investors had been damaged by the debacle […]

What’s the solution to Terra’s UST and LUNA crisis?

Terra’s LUNA and UST stablecoin implosions are roiling the crypto world and beyond. Picking up the pieces won’t be easy — nor finding a good path forward.

Singapore’s Temasek says doesn’t own Bitcoin, but prepping for tokenized assets

The Bitcoin community got a lift last year when it was reported Singapore’s sovereign wealth fund had bought Bitcoin. The company told Forkast in an interview that they do not own BTC, but they are keen on blockchain investments.

Kakao’s Klaytn to build blockchain in China with BSN

Klaytn, South Korean internet giant Kakao’s public blockchain, will build an open-permissioned blockchain for China’s state-backed Blockchain-based Service Network’s (BSN) infrastructure for the Middle Kingdom’s domestic use. See related article: Resist the temptation on NFTs, Chinese state-backed developer says Fast facts Klaytn said on Tuesday it will take part in establishing the Chongqing Chain, a […]

China southeastern city tops US$3mln digital yuan transactions in pilot month

Jinhua, a city in China’s southeastern province Zhejiang, has announced that it has totaled at least 23,929,100 yuan (US$3.5 million) in digital yuan transactions in its debut month, with 556,600 digital yuan wallets opened for individuals, and 34,700 for business and institutions.   See related article: Covid-19, postponed Asian Games to push digital yuan into the […]

UST, LUNA mess hits S.Korean P2E tokens; stocks bleed red

TerraUSD (UST) and LUNA’s crash is causing tension among South Korean play-to-earn (P2E) projects and their tokens, such as C2X, a blockchain gaming project on the Terra mainnet developed by Com2uS. See related article: Do Kwon proposes Terra fork to ditch UST and ‘LUNA Classic’ Fast facts Local gaming giant Com2uS’s P2E cryptocurrency C2X saw […]

Australia’s taxman starts knocking on cryptocurrency investors’ doors

The Australian Taxation Office (ATO) warned the country’s cryptocurrency investors to appropriately report any capital gains or losses from digital assets — including non-fungible tokens (NFTs) — in an announcement on Sunday ahead of the upcoming tax season, starting July 1. See related article: Australian Tax Office warns: taxpayers on the hook for crypto tax […]

Indian economy at risk of ‘dollarization’ from cryptocurrencies: report

Parts of the Indian economy can lead to “dollarization” due to cryptocurrencies, which would be against the national interest, top officials of the Reserve Bank of India (RBI) told a parliamentary panel, according to local media. See related article: India’s financial stability at risk from cryptos: IMF Fast facts Local media quoted unnamed officials in […]

Celsius Network’s mining arm plans public listing

Celsius Mining, a Bitcoin mining unit of cryptocurrency lender Celsius Network, is planning to go public, as the company doubles down on its mining business. See related article: SEC scrutinizing crypto lending by Celsius, Gemini, Voyager: reports Fast facts Celsius Mining said on Monday that it filed a Form S-1 draft registration with the U.S. […]

Do Kwon proposes Terra fork to ditch UST and ‘LUNA Classic’  

Terraform Labs co-founder and CEO Do Kwon proposed a hard fork of the Terra blockchain in the “Terra Ecosystem Revival Plan 2,” which will abandon the algorithmic stablecoin UST. See related article: UST loses dollar peg as Terra market cap slumps Fast facts Under the proposal, the network will be forked with the original chain […]

LFG looks to compensate small holders of UST

The Luna Foundation Guard (LFG) Monday said it is looking to use assets remaining with it to compensate UST users, prioritizing the smallest holders first. See related article: News of LUNA’s demise greatly exaggerated Fast facts The Singapore-based foundation was left with 313 Bitcoin compared with 80,393 Bitcoin on May 7, LFG said on its […]

Chinese report slams LUNA; Terra’s LUNA revival plan response

Authorities in Asia use the LUNA debacle as rationale for oversight. Meanwhile, the LUNA community offers damage control solutions.

How Bitcoin in gaming could spur greater crypto use in the everyday economy

The future world will run on digital money—the most trusted being Bitcoin, writes André Neves of Zebedee. Here’s how gaming can bring BTC to the masses.

China state paper slams crypto and LUNA crash; applauds crypto ban

Chinese state-backed publication Economic Daily cited LUNA and UST’s crash to state cryptocurrencies “once again, proved its own risks and that it is a bubble” amid the Federal Reserve’s rate hike. See related article: Chinese runners offer substitute running to earn StepN’s GMT for commission Fast facts See related article: Tax authorities in China jump […]

ECB study says anonymous CBDC may get outshined by private coins

The European Central Bank (ECB) said a central bank digital currency (CBDC) with a focus on anonymity is preferable to traditional electronic payments like bank deposits, but it “may become supplanted by payment tokens” issued by large tech firms. See related article: EU to introduce bill next year to plan a digital euro Fast facts […]

South Korean authorities cite LUNA debacle to call for speedier crypto oversight

South Korean financial regulators have reportedly begun an emergency assessment of digital assets, geared toward accelerating the establishment of the “Digital Asset Basic Act” — the country’s upcoming regulation on cryptocurrencies. See related article: LUNA pumps and dumps repeatedly in weekend’s roller coaster run Fast facts The LUNA debacle will likely speed up the enactment […]

LUNA pumps and dumps repeatedly in weekend’s roller coaster run

The price of LUNA, the native token of Terra, is now as volatile as low-cap meme currencies, and is currently at 23,716.5% from its all-time low set on Friday, according to CoinGecko data. See related article: UST loses dollar peg as Terra market cap slumps Fast facts The Terra network suffered a major meltdown last […]

Gimme shelter: Crypto companies head offshore as they hanker for regulation

A developmental shift in the cryptocurrency industry is ushering in geographical shifts among crypto companies, with a number of businesses abandoning locations once hailed as crypto hubs in favor of jurisdictions with regulatory regimes more to their liking.  Forkast sat down with two of the crypto industry’s rainmakers who are among those spearheading this trend […]

Terra halts network; Do Kwon security concerns

Terra shuts down its networks indefinitely. Meanwhile, TerraLabs founder Do Kwon’s whereabouts are in question as his wife requests police protection.

News of LUNA’s demise greatly exaggerated

LUNA, the collateral used by Terraform Labs to back its TerraUSD (UST), has been in a freefall. But experts tell Forkast the crisis is likely to make the pioneering stablecoin stronger, and the community behind stablecoins better.

Do Kwon’s wife seeks police protection

The wife of the CEO of Terraform Labs sought protection after an unidentified individual visited their home in South Korea, local police told Forkast.

Can ETFs in Australia do for Bitcoin what they did for gold trading?

After the launch of three cryptocurrency exchange-traded funds on Thursday, Forkast spoke with company officials behind two of the funds, along with others in the industry, to see what the new investment platforms offer to investors.

Chinese runners offer substitute running to earn STEPN’s GMT for commission

Over 170 advertisements in Chinese tech titan Alibaba’s second-hand marketplace are offering running services to earn cryptocurrency GMT for STEPN users in exchange for fiat commissions.  See related article: China’s diktat against NFT flipping spawns an ingenious industry Fast facts STEPN is a blockchain-based decentralized application that allows users to earn GMT cryptocurrency rewards by […]