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 […]
Sam Bankman-Fried buys 7.6% of Robinhood; stock jumps
Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, has bought a 7.6% stake in Robinhood for US$648 million, according to a filing with the U.S. Securities and Exchange Commission. See related article: Terra shuts down indefinitely after coming back online; LUNA, UST still on life support Fast facts Bankman-Fried bought the stake through a firm called […]
S.Korean president’s plan to raise crypto tax threshold hits road bump
The South Korean National Assembly Research Service (NARS) asserted a 20% tax on cryptocurrency gains set for 2023 must maintain a 2.5 million won (US$1,942.20) threshold, contradicting new president Yoon Suk-yeol’s initiative to raise the limit to 50 million won, according to a report released on Thursday. See related article: S.Korea finance minister nominee wants […]
Binance pulls the plug on TerraUSD (UST) trading pairs
The world’s largest cryptocurrency exchange will delist a number of trading pairs linked to TerraUSD (UST), an algorithmic stablecoin that has been in a freefall since earlier this week. See related article: Tether stabilizes after burning 3 billion tokens amid redemptions Fast facts Binance Friday said it will remove and cease the trading of several […]
Tether stabilizes after burning 3 billion tokens amid redemptions
The world’s largest stablecoin destroyed a total of 3 billion USDT tokens in an account known as Tether Treasury through two separate burns on Thursday, according to data from blockchain tracker Whale Alert. See related article: Terra shuts down indefinitely after coming back online; LUNA, UST still on life support Fast facts “Burn burn burn,” […]
Terra shuts down indefinitely after coming back online; LUNA, UST still on life support
Terra officially halted block production at 09:58 am HKT on Friday, block height 7607789, after restarting the network from an overnight shutdown to prevent possible governance attacks. Terra said validators are working on a plan to restart the network but did not release any further details. See related article: Terra plunges back to earth as […]
Terra’s LUNA sacrifice; Australian crypto ETFs launch
Terra’s sacrifice of LUNA pushes the UST up to US$0.84. Meanwhile, South Korea plans the institutionalization of crypto.
Bitcoin, Ethereum, crypto at 2022’s lowest point
Bitcoin’s price has dipped to its lowest point since December 2020 amidst bearish cryptocurrency market sentiments to trade at US$28,652, according to CoinMarketCap data at press time. See related article: Terra LUNA’s sacrifice pushes UST to US$0.84 Fast facts The crypto bear run extended on Thursday, as China’s inflation rose by 1.5% in April from […]
Hong Kong police arrest suspect in nearly US$200,000 crypto theft
Hong Kong police announced on Tuesday the arrest of a 24-year-old who is suspected of stealing HK$1.5 million (US$191,076) in cryptocurrencies in a physical cash-to-crypto transaction. See related article: Hong Kong sees high engagement with crypto, Visa research shows Fast facts The police labeled the rare on-site cryptocurrency theft as a serious crime punishable by […]
South Korea hopes to institutionalize crypto by 2024
South Korea’s new administration under President Yoon Suk-yeol announced it plans to establish a new regulatory framework for crypto institutionalization to go into effect by 2024 after proposing legislation in 2023. See related article: A crypto bull wins the presidency: What it means for South Korea Fast facts Yoon’s administration intends to develop a bill […]
Terra LUNA’s sacrifice pushes UST to US$0.84
TerraUSD (UST) climbed to a high of US$0.84 on Thursday after Terra proposed a network upgrade to increase the blockchain’s native token LUNA, in hopes to save its algorithmic stablecoin’s peg to the greenback. See related article: Run on UST cuts the ground from under Terra’s feet Fast facts The UST is minted by locking […]
China’s industry lobby forms metaverse committee to help draft standards
China’s state-backed computer industry association set up a dedicated committee for metaverse development on Wednesday amid the country’s growing expansion into the virtual-reality world, local media reported. See related article: ‘Metaverse’ enters government radar at China’s Two Sessions Fast facts In an online seminar organized Wednesday by the industry lobby, Tan Jianrong, a professor of […]
How Yuga Labs’ NFT sale failed to put its community first
The ‘virtual land’ sale that broke Ethereum was also a fiasco for buyers. Should Yuga Labs have seen it coming and taken preventative action?
Australia’s first Bitcoin and Ethereum spot ETFs go live
Australia’s first three cryptocurrency exchange-traded funds (ETF) launched on the Cboe exchange on Thursday, bringing Bitcoin and Ethereum products to the stock market. See related article: Launch of three crypto ETFs in Australia delayed Fast facts One of the funds, the Cosmos Purpose Bitcoin Access ETF (CBTC) from Cosmos Asset Management, tracks the Purpose Bitcoin […]
Coinbase blames India’s central bank for exit
The travails of the largest cryptocurrency exchange in the U.S., highlight the perilous path foreign companies have to brave in India’s evolving, but often ambivalent regulatory environment, especially when it comes to new technologies, and industries.
Yellen’s stablecoin warning; China’s e-CNY plans looking shaky
Treasury Secretary Janet Yellen cites UST’s downfall as warning over stablecoins. Meanwhile, China postpones Asian Games and e-CNY rollout.
Terra plunges back to earth as UST stablecoin loses dollar peg
Top blockchain and crypto news: UST knocked out of Luna orbit. Making NFTs Instagrammable. China’s black market ‘digital collectibles’ trade.
KuCoin raises US$150 mln at US$10B valuation
The series B round, led by Jump Crypto, helped push the cryptocurrency exchange’s valuation to US$10 billion, KuCoin said.
Covid-19, postponed Asian Games to push digital yuan into the slow lane?
China’s central bank is driving the adoption of the digital currency, but a spate of lockdowns is slowing the economy and raising questions about the rollout.
Coinbase halted India services due to RBI’s ‘informal pressure’: Armstrong
Coinbase CEO Brian Armstrong admitted in Tuesday’s earnings call that the exchange disabled the unified payments interface (UPI) in India because of the central bank’s “informal pressure.” See related article: Coinbase snafu sets the cat among the crypto pigeons in India Fast facts Armstrong’s comments come a month after Coinbase suspended its India services three […]
Coinbase shares extend free fall on drop in crypto trading, loss
Coinbase shares are down some 80% from their 52-week high of US$368.90 a share on Nov. 9 through Monday, closing at US$72.99. The stock dropped 19.5% overnight after the U.S.-based cryptocurrency exchange reported a Q1 net loss of US$430 million as trading volume declined 44%. See related article: Coinbase NFT marketplace is now open to […]
ADDX, Fullerton partner to tokenize PE fund of funds
Singapore-based private market exchange ADDX has partnered with Temasek subsidiary Fullerton Fund Management to list Fullerton’s private equity fund of funds (FOF) on its digital platform, ADDX said in a statement. See related article: Digital securities exchange ADDX join Investcorp to offer tokenized US real estate fund Fast facts The Fullerton Optimized Alpha Fund is […]
Bitcoin mining difficulty at a record high
Bitcoin mining difficulty hit another all-time-high on Wednesday, recording a 4.9% increase from the previous adjustment last month. See related article: SEC places Chinese crypto mining rig maker Canaan on pre-delisting list Fast facts The mining difficulty reading is now at 31.25 trillion at a block height of 735,840, according to BTC.com data. The previous […]
Not worried about Bitcoin margin call: MicroStrategy’s Michael Saylor
The CEO of business analytics software firm MicroStrategy took to Twitter to reassure investors as an outsized bet on Bitcoin faltered. See related article: Has Bitcoin become a victim of its own success? Fast facts If the price of Bitcoin falls below US$3,562, the company could post some other collateral, Saylor claimed. MicroStrategy has a […]
Bitcoin kimchi premium spikes to 2022 high before dropping to 3%
South Korea’s kimchi premium dropped to around 3.39% on Wednesday after climbing up to its highest since December, 6.28%, on Tuesday, according to CryptoQuant data. See related article: Korea’s Bitcoin kimchi premium explodes as Kakao rises on Upbit rumors Fast facts Kimchi premium describes the higher price gap between tokens on South Korean exchanges and […]
Terra’s UST fiasco cited by Yellen, who warns about stablecoins
U.S. Treasury Secretary Janet Yellen reiterated her stance on stablecoin regulations and said it’s “highly appropriate” to have a framework ready by the end of this year, as TerraUSD (UST) loses its dollar peg. See related article: Run on UST cuts the ground from under Terra’s feet Fast facts Yellen said at a Tuesday hearing […]
Azuki fortunes reverse as sales soar after floor price drop
Azuki non-fungible token (NFT) sales rose by more than 800% in the past 24 hours after a 50% floor price dive due to rug pull allegations against the founder. See related article: Twitter hacker takes over verified accounts to promote fake Azuki NFT drop Fast facts More than US$50 million worth of Azukis have been […]
Terra’s UST loses dollar peg; Philippines expects Marcos Jr win
Coinhako becomes third Singaporean exchange to receive full license. Meanwhile, the blockchain industry reacts to Philippine election results.
Run on UST cuts the ground from under Terra’s feet
A probable run on terraUSD (UST) has weighed on the ability of the company and the non-profit behind the pioneering stablecoin project to defend its dollar peg.
CoinDCX investment arm to invest US$13 mln in Web3 startups
CoinDCX Ventures has pledged Rs 100 crore (US$13 million) to early stage cryptocurrency, blockchain and Web 3.0 startups over the next 12 months, cofounder Sumit Gupta announced on Tuesday. See related article: India’s crypto shakedown be damned, CoinDCX raises $135 million Fast facts Crypto exchange CoinDCX has vouched at least US$258,000 in blockchain and Web […]
TZ APAC, NUS join for blockchain, computing education
Blockchain consultancy TZ APAC has partnered with the National University of Singapore School of Computing (NUS Computing) to set up the Centre for Nurturing Computing Excellence, the company said in a statement. See related article: CoinDCX chimes in on India’s growing blockchain education needs Fast facts The new center will enable students to learn from […]
India GST Council weighs 28% tax on crypto transactions
Indian tax authorities are exploring the implementation of a 28% goods and services tax (GST) on all cryptocurrency transactions, adding to a 30% tax on profits from crypto asset trading that kicked in on April 1, according to local media reports. See related article: After crypto, India wants to come after DeFi Fast facts The […]
China broadens digital yuan trial to select hospitals, Tianjin civil salaries
The city of Tianjin has begun paying the wages of some finance department workers in digital yuan, while local Chinese media reported that selected hospitals in Hangzhou and Guangzhou have begun accepting digital yuan payments for medical treatments. See related article: Central banks double down on CBDC issuance: BIS report Fast facts See related article: […]
Three Australian crypto ETFs to debut on Thursday after delays
Australia’s first cryptocurrency exchange-traded funds (ETFs) are set to go live on Thursday May 12 on the country’s Cboe exchange after delays kept the financial products off the market for two weeks. See related article: Launch of three crypto ETFs in Australia delayed Fast facts Three funds were initially announced for listing in late April […]
Coinhako receives full license in Singapore
The Monetary Authority of Singapore granted the crypto exchange a Major Payment Institution license, allowing it to provide Digital Payment Token (DPT) services under the Payment Services Act, the company said. See related article: Singapore wants to bring some adult supervision to crypto Fast facts In Singapore, cryptocurrency exchanges are required to be licensed and […]
How tokenization could transform Hong Kong’s fixed income markets
Tokenizing capital markets could offer greater efficiency and liquidity. How would that work in Hong Kong’s regulatory environment?
El Salvador snaps up US$15 mln in Bitcoin after price plunge
El Salvador this week bought 500 Bitcoins for US$15.37 million, taking advantage of a sharp price decline to add to its holdings of the cryptocurrency, which is also legal tender in the Central American country. See related article: El Salvador to build world’s first ‘Bitcoin City’ to be powered by volcanoes Fast facts “El Salvador […]
UST loses dollar peg as Terra market cap slumps
Terra’s dollar-pegged stablecoin, terraUSD (UST), “depegged” for the second time this week, dropping to as low as US$0.6841 in Tuesday morning trading in Asia, according to CoinMarketCap. It has since recovered slightly. See related article: What are stablecoins, and why are some governments so afraid of them? Fast facts Terra’s price also dropped by over […]
Why Gen Z could turn to DeFi mortgages to build real estate wealth
Gen Z is already keen on metaverse real estate. Will using DeFi to finance property deals — in the real or virtual world — be the next frontier?
India’s oldest depository launches blockchain for bonds
India’s National Securities Depository Ltd. (NSDL) introduced a distributed ledger technology platform for the Debenture Covenant Monitoring system on Saturday to enhance monitoring of bonds. See related article: Indian market regulator asks depositories to use blockchain Fast facts The Debenture Covenant Monitoring system’s decentralized ledger will provide an immutable and verifiable audit trail of transactions […]
Digital yuan gets green light on buses, trains in Xiamen, Guangzhou cities
China’s digital yuan is now accepted on Guangzhou city trams and can be used to recharge Xiamen’s city public transport card, as the metropolises join an expanding network of cities using the digital currency. See related article: Chinese state media calls for wider e-CNY adoption Fast facts See related article: Xiamen issues China’s first blockchain-based […]
China’s diktat against NFT flipping spawns an ingenious industry
Despite Beijing’s rhetoric against speculation in non-fungible tokens, some in mainland China are trading on WeChat groups, spawning an industry that caters to the fervor over the asset class.
DeFi TVL lowest since October, Terra leads losses
The total value locked (TVL) in decentralized finance (DeFi) protocols has dropped from US$217.82 billion to US$179.5 billion in the past 30 days, reaching its lowest point since October 2021, according to DefiLlama data. See related article: DeFi wizard Cronje’s departure sends TVL sinking Fast facts Terra’s Anchor Protocol played a significant role by dropping […]
Instagram to support NFTs for crypto art
Instagram, the social media platform owned by Meta, plans to support non-fungible tokens (NFTs) for crypto art from several blockchain networks, with the pilot project happening as soon as Monday, CoinDesk reports. See related article: Bored Apes Instagram hack nets millions in stolen NFTs Fast facts Instagram will allow users to post and share NFTs […]
Nvidia to pay US$5.5 mln for inadequate disclosure of crypto mining earnings
Graphics card giant Nvidia has agreed to pay a US$5.5 million fine for inadequate disclosure on its sales related to cryptocurrency mining in its 2018 financial statements. See related article: SEC places Chinese crypto mining rig maker Canaan on pre-delisting list Fast facts Crypto mining was a “significant element of its material revenue growth from […]
Bitcoin, crypto market dive to lowest mark since February
Almost US$250 billion has been wiped from the cryptocurrency market since Thursday, with Bitcoin tumbling below US$35,000 on Monday for the first time since February. See related article: Bitcoin falls with Nasdaq’s worst performance since 2020 Fast facts Fellow market leader Ethereum was trading at US$2,532 at press time. Terra LUNA was among the biggest […]
De-layered and durable: How DeFi will boost the finance sector’s resilience
As decentralized finance redefines the way money moves, a do-or-die moment is approaching for traditional finance sector businesses, says Anthony Scaramucci.
Global NFT Sales Rise; Hong Kong Embraces NFTs
Bitcoin falls as Nasdaq hits its worst drop since 2020. Meanwhile, NFT exhibitions are popping up in Hong Kong.
Hong Kong retail, art hub rolls out the carpet for NFTs. What would Bruce Lee think?
Hong Kong’s K11 retail and art complex is host to three events to showcase the new, wild and expensive world of non-fungible tokens as (debatable) art.
Central banks double down on CBDC issuance: BIS report
A 2021 poll of 81 central banks by the BIS reveals that work on retail CBDCs has moved into more advanced stages, driven by a need to increase financial stability amid the pandemic, and the emergence of stablecoins.
De Beers to use Tracr blockchain to assure sourcing of diamonds
The diamond firm De Beers said it is deploying its Tracr blockchain, at scale, to provide immutable records of every diamond’s origin. See related article: Diamond sets record for most expensive object bought with crypto Fast facts De Beers, which developed Tracr, has already registered a quarter of its production by value on the network. […]
Bumper April helps NFTs break out of bear-market territory
The non-fungible token market posted a strong bounceback in April. As one industry watcher tells Forkast, the nature of the rebound points to more room for recovery.
Gaming startup Untamed Planet gets US$24.3 mln to build natural world in the metaverse
Untamed Planet has closed a Series A funding round led by Animoca Brands and built a partnership with Animoca’s video game arm nWay to create a natural world in the metaverse, Animoca said in a press release. See related article: Need for Speed gets Hong Kong’s Animoca in driver’s seat Fast facts The project, the […]
Twitter spinoff Bluesky releases its first code ADX
Twitter-backed Bluesky, a company researching and developing open and decentralized standards for social media, released its first code on Thursday called Authenticated Data Experiment (ADX) on GitHub. See related article: Twitter’s Bluesky announces new project lead Fast facts Unlike centralized social media platforms where user-generated content is stored in the platform’s servers, ADX data is […]
Binance, a16z among investors backing Musk’s Twitter bid with US$7B
Three dozen investors, including Binance, Sequoia Capital, Andreessen Horowitz and Fidelity Management & Research, have provided financing commitments of US$7.14 billion in support of Elon Musk’s bid to buy Twitter, regulatory filings show. See related article: Twitter accepts Musk’s US$44B bid, sends Dogecoin to crypto top 10 Fast facts Oracle co-founder Lawrence Ellison was the […]