Crypto crimes surge in Asia; Bitcoin cause for divorce in S. Korea | The Daily Forkast
Crypto crime is surging in Asia while Bitcoin is being blamed for splitting up married couples in South Korea.
How FTX CEO Sam Bankman-Fried navigates crypto trading’s new normal
From mass liquidations to meme trading, the characteristics unique to the crypto market can now be seen in traditional markets, says FTX CEO Sam Bankman-Fried.
Are 73 SEC actions against crypto enough warning to Ripple about XRP?
SEC says Ripple had plenty of ‘notice’ that XRP transactions could be violating the law via its many enforcement actions against other crypto companies.
Cardano launches first Alonzo smart-contract testnet
Input Output Hong Kong, one of the companies behind the Cardano blockchain, today announced the launch of the first testnet for Cardano’s Alonzo upgrade.
Crypto sector faces tougher enforcement over sanctions-busting, report says
Sanctions enforcement affecting the cryptocurrency industry has intensified rapidly in the past two years, according to a new report by crypto compliance consultancy Elliptic.
Hong Kong crypto exchanges seek to wash hands of dirty power problem
Hong Kong-based cryptocurrency exchange Crypto.com has announced that it is committed to becoming carbon-negative within 18 months, following carbon-neutral initiatives launched by other Hong Kong-based cryptocurrency exchanges FTX and BitMEX.
Chinese province’s hydropower gives hope to crypto miners following crackdown elsewhere
Energy regulators in the southwestern Chinese province of Sichuan, which has abundant hydropower resources, will hold a seminar on June 2 to assess the province’s cryptocurrency mining industry, fanning hopes among miners that the beleaguered sector may be given a reprieve from its recent hardships in China.
U.S. securities watchdog looks to regulate crypto trading like stock exchanges
Gary Gensler, chairman of the U.S. Securities and Exchange Commission, has said he wants to see regulation to protect consumers built into the operations of cryptocurrency exchanges.
Almost four in ten consumers have bought cryptocurrencies, study finds
Consumer adoption of cryptocurrencies has grown, with 38% of respondents to a survey saying they have either invested in or bought a cryptocurrency, according to digital wallet provider Skrill, part of payments provider Paysafe.
Ethereum 2 to set green future; Koreans demand regulator steps down | The Daily Forkast
Vitalik Buterin sets a green future for the Ethereum network while Bitdeer becomes the latest to block Chinese miners.
Vitalik Buterin speaks: What lies in the future of Ethereum?
Breaking into occasional Mandarin at a Hong Kong conference, Ethereum’s visionary creator tells all — including why Ethereum 2.0 is taking so long.
PayPal to let users move their crypto into third-party wallets
Global payments giant PayPal plans to let its users move the cryptocurrency they hold on its platform into third-party wallets.
Digital currencies gain ground as governments launch CBDC initiatives
Cashless payment methods are on the rise as governments step up central bank digital currencies (CBDCs) initiatives.
Can Elon Musk shrink Bitcoin mining’s carbon footprint? PancakeBunny’s $200 million hack. Ray Dalio admits to owning crypto.
Other top blockchain and crypto news: Australia signals progressive approach to crypto as Hong Kong moves closer to banning retail crypto trading.
Crypto market rebound as investors go green; Indonesia plans CBDC | The Daily Forkast
Investors are turning to green alternatives to tackle Bitcoin’s impact on the environment as Indonesia gears up for a CBDC.
Polygon and Aleph.im partner to protect NFTs from disappearing
Fast-growing Ethereum scaling platform Polygon and decentralized storage network Aleph.im join forces to ‘supercharge’ Polygon’s NFT ecosystem.
Crypto exchange Poloniex faces sanctions over alleged securities breaches
Ontario Securities Commission is taking enforcement action on crypto exchange Poloniex for its alleged violation of Ontario securities law.
BIT Mining to invest US$9M in crypto mining in Kazakhstan
Chinese crypto mining firm BIT Mining is investing US$9.33 million to construct and operate a mining data center in Kazakhstan.
Inner Mongolia takes steppes to tighten crypto mining ban
The Chinese region of Inner Mongolia – once a thriving cryptocurrency mining hub that has recently enacted a series of measures to rein in the sector – has unveiled eight new proposals designed to give added force to its recently imposed, all-out ban on crypto mining.
Indonesia to launch digital rupiah as online payments soar
Indonesia is planning to launch a digital version of its national currency, central bank Governor Perry Warjiyo said on Tuesday.
Tether’s market cap tops US$60B despite crypto outflows
Despite recent outflows from crypto, U.S. dollar-linked stablecoin Tether (USDT) has surpassed US$60 billion for the first time this week.
DeFi has boosted challenger banks. Now it’s their customers’ turn
New and innovative lenders are taking advantage of DeFi’s low costs to offer savings account interest rates that Main Street banks simply can’t match.
China crypto crackdown fallout; Politician turns influencer in Korea | The Daily Forkast
China’s miners prepare for migration and Hong Kong reacts to possible retail ban. Meanwhile a South Korean governor becomes a crypto influencer.
Cardano sees US$10M inflows as big investors switch to proof-of-stake coins
Amid declines in Bitcoin and Ethereum, Cardano and its native cryptocurrency ADA saw US$10 million inflows as institutional investors switch to proof-of-stake coins.
Bitcoin rallies as Elon Musk meets with miners in green energy push
Bitcoin has rallied to nearly US$40,000, boosted by tweets from Tesla founder Elon Musk and MicroStrategy CEO Michael Saylor announcing that they have met with North American miners of the cryptocurrency to promote a renewable energy initiative.
What will happen if Hong Kong bans retail investors from trading crypto?
Hong Kong is poised to ban small investors from buying cryptocurrencies, while making exchanges get licences. Industry experts discuss how this might play out.
What is the outlook for Bitcoin and Ethereum for the rest of 2021?
The current dip aside, what are Bitcoin and Ethereum’s longer-term price forecasts? Finder’s brain trust of 35 crypto experts peers into a crystal ball.
Hong Kong split on retail crypto ban; Korean conglomerate on custody | The Daily Forkast
Hong Kong reacts to the region’s pending legislation on limiting crypto investment to professional investors while a conglomerate enters South Korea’s crypto custody scene.
Bitcoin dominance rises to 45% as altcoins crash over China crypto crackdown
As the crypto sell-off continued over the weekend, Bitcoin once again proved its resilience relative to other cryptocurrencies in not bleeding as much.
Half of hedge funds are now investing in crypto, says PwC report
PwC and Elwood Asset Management have published their third annual report on the global crypto hedge fund landscape. Here are its findings.
Bitcoin price plunges and altcoins sell-off as crypto market decline intensifies
Bitcoin and altcoin prices take heavy hits and sell-off deepens as more bad news, including a blatant DeFi exit scam, continue battering crypto markets.
Bybit crypto derivatives exchange launches cloud mining for Ether
Crypto exchange Bybit is launching cloud mining to provide exposure to Ether. What happens when Ethereum moves from proof of work to proof of stake?
China announces plan to crack down on Bitcoin mining
The price of Bitcoin fell by over 10% following an announcement by China’s State Council today that it is planning to crack down on Bitcoin mining and trading and “resolutely prevent the transmission of individual risks to society.” Fast Facts: The 51st meeting of the State Council Financial Stability and Development Committee called for the […]
Hong Kong to close crypto exchanges to all but ‘professional investors’
Cryptocurrency exchanges in Hong Kong will have to obtain licenses from the territory’s markets regulator and limit their service offerings to “professional investors”, according to the results of a consultation published today.
How NFTs could trigger lawsuits and anti-money laundering regulation
Non-fungible tokens may be a boon for art and sports collectibles, but the technology is also spawning a host of thorny regulatory and legal issues.
Crypto market rebound; Sotheby’s next NFT auction eyes millennials | The Daily Forkast
The crypto market has rebounded after one of its biggest crashes. Bitcoin is a ‘safe haven’ for many investors.
Solana gets Coinbase listing after SOL prices surge amid crypto market crash
Coinbase Pro adds Solana’s native token, opening the doors for US investors after SOL outperforms Bitcoin and most other cryptos amid market crash.
Singapore’s DBS Bank says no investment discussion can omit Bitcoin
Diversification to allocate funds to Bitcoin is an “opportunity that (fiat) money cannot buy”, says DBS Bank’s chief investment officer.
S. Korean crypto exchange Bithumb distances itself from scandal-hit ex-chairman
Bithumb, one of South Korea’s biggest cryptocurrency exchanges, is attempting to disassociate itself from its former chairman amid fears that its links to him may pose a threat to its license to operate.
US Treasury calls on firms to report to IRS on crypto transactions over US$10K
The U.S. Department of the Treasury is calling for business to report cryptocurrency transactions worth more than US$10,000 to the Internal Revenue Service.
Bank on change: DeFi’s challenge to traditional finance and fintech
As mainstream finance embraces decentralized finance, neither it nor its younger challengers are likely to escape the evolutionary forces at work.
Thailand’s The Brooker Group still bullish on crypto, planning US$3M investment in DeFi
The Booker Group announced that it now holds approximately US$35 million in crypto and plans to invest US$3 million into DeFi in Q2.
U.S. SEC chair Gary Gensler says regulator will enforce crypto rules ‘aggressively and consistently’
U.S. SEC chair Gary Gensler says as technology and markets evolve, regulators should be ready to bring cases involving crypto.
What’s really behind the Bitcoin market crash? Tether USDT lifts veil on reserves. Facebook-backed Diem going to California.
Other top blockchain and cryptocurrency news: BlockFi’s accidental BTC millionaires. China’s Inner Mongolia asks citizens to report illegal crypto mining.
Crypto chaos continues; mass BTC liquidations in exchanges across Asia | The Daily Forkast
Mass liquidations are observed across exchanges as the crypto market continues to struggle. Meanwhile, institutions explore DeFi.
South Korea switches course on crypto amid backlash over regulator’s remarks
Newly elected South Korean Prime Minister Kim Boo-kyum appears to be leading an embrace of the cryptocurrency sector among lawmakers.
Judge denies Ripple’s bid to bar SEC from seeking foreign info on XRP
In a win for the SEC, a judge knocks back Ripple’s request to stop the SEC from asking foreign regulators for info on Ripple and XRP transactions overseas.
Illegal crypto mining in Inner Mongolia’s crosshairs as reporting hotline set up
The Chinese region of Inner Mongolia is urging members of the public to report all cases of cryptocurrency mining, setting up a reporting hotline, an office address and an email address to solicit tips for law enforcement authorities.
China’s BIT Mining inks deal for U.S. data center joint venture
Chinese cryptocurrency miner BIT Mining has signed a deal to build a data center in Texas.
Rejecting traditional finance, some firms now turn to DeFi for growth capital
DeFi project Maple Finance is launching a $17 million lending pool to provide crypto startups with capital. Is this the start of a DeFi credit underwriting trend?
Bitcoin appears to stabilize after dramatic correction
The world’s biggest cryptocurrency may have found a new trading range after being battered yesterday following an apparent Chinese clampdown on cryptos, partly reversing losses of around 30% seen when investors dumped their coins on Wednesday.
Digital dollar’s values to fortify USD hegemony, says ex-CFTC chair
Former CFTC chairman Chris Giancarlo and Accenture’s David Treat are not in a CBDC race, but a ‘contest’ to develop money that reflects societal values.
Bitcoin drops below US$40,000; China sends another crypto warning | The Daily Forkast
China’s newest warning against crypto sends market into nosedive and Bitcoin dips below US$40,000 for the first time since February.
Bitcoin’s rollercoaster ride leaves market players unfazed as upside beckons
Professional crypto traders appear to be taking the recent plunge in the price of Bitcoin in their stride as they look ahead to an upswing in the cryptocurrency’s fortunes.
Bitcoin long positions worth $1.5 billion liquidated amid crypto crash
Around US$1.5 billion of Bitcoin long positions were liquidated today across some of the world’s top crypto exchanges, including Binance and FTX, according to Bybt data.
XRP whale moves coins worth US$93M to unknown wallet, price dips
XRP’s price has slumped almost 7% in the past 24 hours after a so-called whale transferred US$93 million of the cryptocurrency to an unknown wallet on May 18, according to blockchain analytics platform WhaleAlert.
China-based SOS announces activation of 6,039 mining rigs for ETH, BTC
Qingdao-headquartered tech company SOS Ltd. has announced the launch of more than 6,000 ETH and BCT mining rigs, claiming 90% renewable energy sources.
China’s new crypto ban shouldn’t stoke fear, says Conflux network co-founder
Fan Long, a co-founder of Chinese public blockchain network Conflux, says China’s latest broadside against the use of cryptocurrencies in the financial sector should not be interpreted as a sign that Beijing is intent on shutting down digital currencies.
Banks take on enterprise blockchain; WeMade entrust crypto to KODA | The Daily Forkast
Banks in Singapore are leading blockchain and DLT developments while South Korean game developer WeMade entrusts its US$130 million crypto holdings to KODA.
Deutsche, STACS wrap up Singapore DLT test project for tokenized securities
Deutsche Bank Securities Services in Singapore and Singapore fintech firm Hashstacs, or STACS, today announced the completion of a tokenized securities proof-of-commercialization test named Project Benja.
What is Polkadot and why is it one of the hottest blockchains right now?
The final phase of Polkadot’s rollout — with parachains — just kicked off. Here’s what you need to know about Polkadot and parachains, and why it matters.
UAE study shows growing appetite for cryptocurrencies
The appetite in the United Arab Emirates for cryptocurrency investment is growing, with younger Emiratis more bullish about digital assets than their Western counterparts, according to a study by financial services firm Holborn Assets.
New coin launch seeks to curb Elon Musk’s influence over crypto markets
A group of cryptocurrency developers has launched a new coin named $STOPELON, aiming to limit Elon Musk’s influence over the cryptocurrency market.
Ripple seeks to protect legal advice on XRP from disclosure to SEC
Ripple rebuts SEC’s attempt to obtain Ripple’s confidential communications with lawyers over XRP’s legal status and seeks to bolster ‘fair notice’ defense.
‘Fear’ gets the best of Bitcoin; ‘Charlie Bit Me’ is now an NFT | The Daily Forkast
FUD has taken over Bitcoin’s FOMO sentiment as iconic YouTube video ‘Charlie Bit Me’ gets immortalized as an NFT.
Audience fave ‘Charlie bit me’ video to be auctioned off as NFT
The home video that has been viewed more than 880 million times is set to be sold as NFT to highest bidder — and then deleted forevermore from YouTube.
Led by Cardano ADA, green cryptos rise as Bitcoin, wider market sinks
ADA price holds strong as investors shift to greener cryptocurrencies and Cardano smart contracts get set to launch blockchain into DeFi and NFTs.
Fund managers urge caution amid crypto price swings
Fund managers have reacted swiftly to the latest price volatility in the cryptocurrency market triggered by recent Elon Musk tweets that have raised doubts over Tesla’s future relationship with Bitcoin, the Financial Times reports. Fast Facts: T Rowe Price President and Head of Investments Rob Sharps recognized the impact of cryptocurrencies across capital markets, but […]
New York artist takes work to new heights in partnering with crypto payment service
New York-based artist Brian Donnelly, also known as KAWS, is launching his latest project in Britain, “KAWS:HOLIDAY UNITED KINGDOM,” featuring a 42-meter tall hot-air balloon that people can pay cryptocurrency to take rides in. Fast facts Crypto and fiat payment processor FTX Pay has partnered with Hong Kong production company AllRightsReserved to be the official […]
Bitcoin slumps as Musk hints Tesla may drop its holdings
A single tweet by Tesla founder Elon Musk wiped more than US$55 billion off the cryptocurrency market after he implied on Sunday that the company might have sold its Bitcoin holdings. Fast Facts: Bitcoin’s price fell to below US$43,500 after Musk appeared to agree with a Twitter post that Tesla should divest its Bitcoin holdings. […]
Elon Musk Dogecoin tweet draws ire of crypto heavyweights
A tweet about Dogecoin by Tesla founder Elon Musk provoked a terse response from high-profile figures in the cryptocurrency industry on Sunday. Fast Facts: Musk responded to a tweet in which Twitter user @itsALLrisky claimed that Dogecoin was superior to Bitcoin, tweeting back: “Ideally, Doge speeds up block time 10X, increases block size 10X & drops […]
New York’s Bitcoin mining showdown sets stage for battles elsewhere
A dispute over a Bitcoin mine’s environmental impact leads to a push to ban crypto mines in New York state. Will other places follow Albany’s lead?