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Animoca to cover victims’ losses in Phantom Galaxies-related hack

Blockchain gaming company Animoca reacts to a US$1.1 million scam on a Discord server for its upcoming new game release.

India proposes crypto ban; Metaverse race heats up

India proposes crypto ban meanwhile Metaverse race heats up

Shenzhen introduces incentives to promote cross-border e-CNY

Shenzhen’s special zone for cooperating with Hong Kong, Qianhai District, will allocate 10 million yuan (US$1.57 million) to motivate enterprises to develop e-CNY-compatible businesses, especially in cross-border e-CNY and fintech labs. Fast facts The Qianhai Administration introduces the policies in a document released on Monday called “Interim Measures for Managing Special Funds for Supporting Financial […]

What would Jerome Powell’s second term mean for crypto?

Top blockchain and crypto news: Fed nominations suggest no sudden moves. El Salvador’s Bitcoin lava affair. Dodgy dealings in China’s digital yuan.

AMC rival Regal enables crypto payments for moviegoers

Regal, a subsidiary of Cineworld Group, has partnered with digital payments network Flexa to allow customers to pay for movie tickets, popcorn and more with cryptocurrencies in its theaters. Fast facts The firm will accept cryptocurrencies including Bitcoin, Ethereum, Litecoin and Dogecoin, stablecoins such as Dai, USD Coin and Gemini Dollar, as well as digital […]

Elon Musk takes on Binance with Dogecoin withdrawal glitch

Another day, another fight, on Twitter. Tesla CEO Elon Musk, who has supported Dogecoin, tagged Binance CEO Changpeng Zhao (CZ) and tweeted Tuesday that “what’s going on with your Doge customers? Sounds shady,” after a technical glitch appeared to occur during a recent upgrade of the Dogecoin network. Fast facts A network upgrade of Dogecoin […]

South Korea’s Upbit launches NFT trading platform; FNC launches K-pop digital collectibles

Dunamu, the operator of South Korean crypto exchange Upbit, launched a beta service of “Upbit NFT,” an NFT (non-fungible token) trading platform, while another K-pop agency, FNC Entertainment, plans to launch its first NFT collection. Fast facts Upbit NFT consists of two sections, Drops and Marketplace. Drops is where NFTs will be put up for […]

New law for crypto industry in the works in South Korea

South Korea’s Financial Services Commission (FSC) compiled a set of proposals for a new crypto law including criminal punishment to unfair actors in the market. The compiled report has been submitted to the national assembly for review. Fast facts Yesterday, the FSC submitted a basic outline for the national assembly’s consideration in constructing the new […]

How will decentralized hosting change the future of social media? | Part 2

As social media’s influence on broader society continues to grow, decentralized platforms will mean less central moderation — for better or worse.

ConstitutionDAO to shut down after unsuccessful bid for copy of U.S. Constitution

The decentralized autonomous organization (DAO) that formed to buy a rare copy of the U.S. Constitution will soon be shutting down after failing to win an auction for the document last week, despite raising over US$40 million in ETH to do so, as the Verge reports. Fast facts As Forkast.News reported last week, 17,437 members […]

Aussie watchdog obtains cold wallet holding US$20M in Bitcoin involved with alleged scam

The Australian Securities and Investments Commission (ASIC) has accused the owners of Gold Coast-based business A One Multi of scamming 92 investors out of AU$25 million (US$18 million) and are now in possession of a cold wallet believed to hold almost US$20 million in Bitcoin purchased with the defrauded funds, according to a report by […]

More Chinese regional equity exchanges pilot blockchain application

Two more regional equity exchanges in the Chinese cities of Tianjin and Qingdao have been approved by the China Securities Regulatory Commission this week to pilot blockchain applications over equity trading. Fast facts The regional equity exchanges are private equity markets in provincial or municipal administrative regions for medium to micro enterprises to trade equity. […]

Palau partners Ripple on national stablecoin using XRP Ledger

The Pacific island nation of Palau has partnered with San Francisco-based blockchain payments company Ripple on a U.S. dollar-backed digital currency for the country — the world’s first government-based national stablecoin — using the XRP Ledger, according to a Ripple announcement. Fast facts Ripple will provide Palau with technical, business, design and policy support for […]

How to survive an IRS crypto tax audit

The US Internal Revenue Service is taking a hard look at cryptocurrency transactions to crack down on tax dodgers. How can crypto holders protect themselves?
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U.S. develops crypto-asset ‘roadmap’; is the Fedcoin on its way?

Three U.S. agencies released a joint statement outlining a plan to fast-track crypto-asset regulation in 2022.

Hedge fund rockstar sets the stage for the next NFT wave

The digital print of the U.S. Constitution grew an estimated 35% in value by the time Ken Griffin made the winning bid, surely ushering in more NFT interest.

Ontology partners with bloXmove on decentralized transport infrastructure

BloXmove will use the Ontology blockchain to allow people to have one decentralized, secure identifier to share across multiple transportation apps.

Solana’s Ethereum virtual machine Neon integrates Aleph.im for interoperability data

Neon, an Ethereum virtual machine on the Solana blockchain, today announced that it is integrating Aleph.im, a cross-blockchain computing network and decentralized indexing provider, for on-chain data on Solana — a first step towards bringing cross-chain decentralized finance (DeFi) between Ethereum and Solana. Fast facts Ethereum is currently the dominant blockchain for general-use smart contracts, […]

Another e-CNY scam busted; SCMP to tokenize history

Another e-CNY scam busted, meanwhile SCMP to tokenize history

Hong Kong’s SCMP plans first batch of NFTs documenting history

The 118-year-old Hong Kong newspaper South China Morning Post released a white paper today on its non-fungible-token (NFT) project called ARTIFACT, as well as announcing the launch of the first series of collections of historical events called ARTIFACTs by SCMP. Fast facts ARTIFACT is a project that the SCMP designed to tokenize their reports of […]

What is Algorand and why is it a blockchain to watch?

Algorand ‘re-imagines’ blockchain by trying to solve key weaknesses of Bitcoin. Learn about this wannabe Ethereum killer in this Forkast.News explainer.

OliveX to raise $5.8M via share placement to build fitness metaverse

OliveX, a digital health and fitness company listed on the national stock exchange of Australia (NSX), today announced it will be raising AUD$8 million (US$5.8 million) via a share placement with investors including Hong Kong-based blockchain gaming company Animoca Brands, One Football, a digital media platform for football, and Bombora Investment, as it builds out a […]

South Korean crypto exchange acquires stake in major bank

Dunamu — the owner of Upbit, South Korea’s largest cryptocurrency exchange — became a shareholder of Woori Bank, one of the largest banks in South Korea. Fast facts Dunamu purchased 1% of Woori Financial from Korea Deposit Insurance Corporation, which recently put 9.3% of its shares in Woori on auction. Another 4% went to Eugene […]

China’s Fujian authority reiterates crackdown on crypto mining

More provinces in China are taking serious actions to crack down on crypto mining following the all-out ban announced on Sept. 24 by the country’s top authorities. Fast facts Southeast China’s Fujian provincial development and reform commission on Friday held a video conference meeting with local authorities to clarify their responsibilities and pledged to “clear […]

Digital yuan scams emerge across China as central bank readies e-CNY

Inner Mongolia police bust yet another digital yuan money laundering case.

Indian banks continue to resist crypto a week before legislation hits Parliament

As the Indian government is due to introduce crypto legislation for discussion in the Parliament next week, Indian banks are cautioning customers against investing in crypto. Fast facts According to a report by the Economic Times, HDFC, Axis and ICICI banks have sent emails to customers warning them about the risks of investing in crypto […]

NFL players accept salary in crypto and DAO forms to buy NBA team

A week after the announcement that the famed Staples Center in Los Angeles will be renamed the Crypto.com Arena, the city plays host to another landmark crypto event, as a player for the NFL team the L.A. Rams has announced he will receive his US$4.25 million salary for the 2021-22 season in Bitcoin. Fast facts […]

South Korea financial authority now says NFTs can be taxed

South Korea’s Financial Services Commission (FSC) says some NFTs (non-fungible tokens) will be taxed from next year, overturning the finance minister’s stance on the topic announced just last month. The scope of taxable NFTs is yet to be determined by the tax authorities. Fast facts The FSC’s vice chairman Doh Kyu-sang said at the national […]

Avalanche price breaks into crypto top 10 as market sees red

Amid a sea of red in crypto markets today Avalanche is bucking the trend, gaining 130% since the start of the month to reach a new all-time high of US$146.22 and leaping over Dogecoin to enter the crypto top 10. This clears that list of memecoins for the first time since Dogecoin’s historic run in […]

Bitcoin, Ethereum prices continue descent, but crypto funds see inflows

Bitcoin continued its descent this morning Asia time and is currently trading around US$57,050 according to CoinGecko data. The largest cryptocurrency by market value saw a brief surge Monday, crossing the US$59,000 mark, but the rally was not sustained. Ethereum, too, is trading lower at US$4,169, down 15% from its Nov. 10 all-time high of […]

Martha Stewart releases Thanksgiving-themed NFTs

American lifestyle guru Martha Stewart auctions a storytelling NFT recounting her first, disastrous Thanksgiving dinner.

Korea stands firm on NFT games; Laos introduces crypto regulations

Korea stands firm on NFT games, meanwhile Laos introduces crypto regulations

Popular NFT games made in South Korea, and banned in South Korea

Despite the global boom of play-to-earn games, South Korea will still ban blockchain-based video games that reward cashable NFTs.

Are surveillance and taxation coming soon to a blockchain near you?

The US Infrastructure Act has provisions that should make crypto advocates shudder, writes Alex Shipp of Offshift. Who will stand up for crypto’s core values?

Norway considers banning Bitcoin mining while Laos embraces it

The Scandinavian country is concerned with potential environmental harm, while the debt-laden SE Asia nation seeks to regulate.

Chinese mining rig maker Canaan boosts self-mining business in Kazakhstan

Chinese cryptocurrency mining rig maker Canaan doesn’t seem to shy away from running its own mining business in Kazakhstan despite a power shortage situation in the Central Asian nation, which has become a popular destination for Chinese miners amid China’s clampdown on the sector. Fast facts Canaan announced today it has started joint mining operations […]

Crypto exchange Bithumb gets South Korea regulatory approval

South Korea’s Bithumb exchange has been officially registered under the Financial Intelligence Unit (FIU). This makes all four major exchanges of the country licensed to operate virtual assets including cash-to-crypto services. Fast facts The FIU announced on Nov. 19 it has registered Bithumb as an official virtual asset business. The country’s other three major exchanges […]

El Salvador to build world’s first ‘Bitcoin City’ to be powered by volcanoes

El Salvador — the first country in the world to adopt Bitcoin as legal tender in September — plans on building the world’s first “Bitcoin City,” an entire city to be funded by Bitcoin bonds and powered by geothermal energy from one of the country’s many volcanoes, according to El Salvador’s official presidential Twitter page. […]

What decentralization can offer Web 3.0 and social media | Part 1

How blockchain technology can usher in the next stage of the internet and social media, through decentralized hosting and integration with cryptocurrency.

World Economic Forum launches digital currency info resource

More than 85 members of the WEF Digital Currency Governance Consortium contributed eight white papers on CBDC and stablecoins.

Crypto market cap plunges; South Korean banks head into metaverse

Crypto market cap plunges as South Korean banks head into metaverse

SEC new enforcement actions rose 7% to 434 in FY 2021

The securities markets regulator ordered $3.85B in fines, while new actions included ‘emerging threats’ in the crypto industry.

DeFi’s amorphous autonomy proves a policy puzzle

The promise of financial democratization forms the bedrock of DeFi’s appeal. But who’s in charge — and who to hold responsible when things go south?

South Korea’s great crypto mystery: What’s up with Upbit at 9 am?

Every morning at Upbit, the nation’s largest cryptocurrency exchange, a brief and odd surge in random altcoin prices takes place. Which crypto will it be tomorrow?

Major South Korean banks plan virtual branches in the metaverse

The Industrial Bank of Korea (IBK) plans to launch on social media platform Cyworld Z’s metaverse. Other major banks in South Korea such as KB Kookmin, NH Nonghyup and Hana Bank plan moves toward the metaverse as well. Fast facts IBK announced yesterday its memorandum of understanding (MOU) with Cyworld Z. Cyworld Z is a […]

Alibaba: 180-day wait for NFT buyers to resell to prevent hype

Alibaba’s blockchain branch Antchain has set a time threshold for transferring “digital collectibles” — non-fungible tokens, or NFTs — to prevent what it calls “malicious hype” amid Beijing’s unsupportive attitude towards NFT trading. Fast facts “Digital collectibles” refers to NFTs. Tech giants in China began referring to NFTs as “digital collectibles” amid Chinese state media’s […]

South Korea CBDC development continues: Bank of Korea official

Bank of Korea’s (BOK) deputy governor Bae Joon-suk says its central bank digital currency (CBDC) development is “not one step behind that of any other country.” However, South Korea still has no plan to adopt a state-backed digital currency. Fast facts Bae spoke at Bank of Korea’s online conference on payment and settlement systems yesterday, […]

What is a DAO — and can it replace your employer?

Out of nowhere, a leaderless ‘flash mob’ of crypto investors pops up to buy a rare copy of the US Constitution. What are DAOs and how do they work? Forkast.News explains.

Bitcoin, crypto market downward trend continues

Bitcoin continued its downtrend today to reach a low of $55,861, its lowest price this month. The world’s first cryptocurrency has dropped by 18.6% since reaching a fresh all-time high of over US$69,000 last week. Bitcoin’s price low comes amid struggles in the overall crypto market, which has lost over US$400 billion from its total […]

Crypto exchange Gemini raises $400M for product and market expansion

Joining the slew of cryptocurrency exchanges that have completed investment rounds in recent months, New York-based cryptocurrency exchange Gemini this week announced the close of a US$400 million funding round led by Morgan Creek Digital, bringing the company’s valuation to US$7.1 billion. Fast facts Investors in the funding round — which was Gemini’s first-ever outside […]

IRS seized $3.5B in crypto in 2021, expects that number to grow in 2022

The U.S. Internal Revenue Service — the department responsible for collecting tax revenue — seized US$3.5 billion worth of cryptocurrencies during fiscal year 2021, accounting for 93% all assets seized by tax enforcement that year, according to the agency’s 2021 Criminal Investigation Report released Thursday. Fast facts An agency official said on a call with […]

ConstitutionDAO fails to win Sotheby’s auction

17,437 virtual strangers chipped in over $40 million to jointly buy a rare copy of the US Constitution. They lost their bid but now has everyone asking: What is a DAO?

Snoop Dogg, deadmau5 join Outlier Ventures to invest in the metaverse

As interest in the metaverse continues to gain pace, big names in entertainment including Snoop Dogg, deadmau5 and Shaun Neff have joined leading crypto VC firm Outlier Ventures to invest and advise start-ups to accelerate the Open Metaverse. Fast facts Since launching its Base Camp Accelerator in 2019, Outlier Ventures has helped raise over US$250 […]

Polkadot DeFi hub Acala wins first Polkadot auction after collecting over 32M DOT

Acala, a decentralized finance (DeFi) platform built for the Polkadot ecosystem, this week won the first slot in the Polkadot parachain auction with over 32 million DOT (approximately US$1.3 billion) — the native cryptocurrency of Polkadot — contributed by over 81,000 stakeholders. Fast facts The highly-anticipated first Polkadot parachain auction saw a close fight between […]

How a 12-year-old boy developed an NFT voting platform for the Philippines

Blockchain-powered iVote.ph lets users ‘vote’ on NFTs depicting presidential candidates in the Philippines. Can the underlying technology be trusted?

Amid crypto crackdown Bitmain donates US$1.7M to Chinese lab

Crypto mining rig manufacturer appears to be seeking chip-making capability in the midst of supply-chain shortages.

Taproot unlocks Bitcoin opportunities; Mintable aims big

Taproot unlocks Bitcoin opportunities meanwhile Mintable aims big

Indians may be allowed to trade, but not pay with, crypto

While fears of a complete ban on virtual currencies have been dispelled, Indian investors are still in the lurch about what may or may not be allowed.

More Chinese crypto news services appear to become unavailable

A few more Chinese cryptocurrency news sites are currently unavailable amid the country’s ongoing clampdown on the sector. Fast facts The website of ChainNews, one of China’s largest crypto news websites, was not available as of press time on Thursday. It tweeted on Nov. 15 that the site will be down for eight to 10 […]
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Algorand price soars over 50% to new two-year high

Algorand (ALGO) — the native cryptocurrency of the Algorand blockchain — soared 50% from just under US$1.70 noon Asia time today to a new two-year high of US$2.66, according to CoinGecko data. But the surge was short-lived, with ALGO currently trading just under US$2 as of publishing time. Fast facts Algorand’s surge amidst the wider […]

DeFi fraud and thefts rose 600% in 2021 to reach $10.5B

Billions have been stolen through hacks from decentralized finance protocols, with Ethereum seeing the bulk of losses, according to a report by Elliptic.

Bit Digital completes mining rig migration from China to US

Bit Digital, a Nasdaq-listed Bitcoin mining company headquartered in New York that had significant operations in China, said in its latest Q3 update that the exit of its mining fleet from China is now complete, with all of its miners having arrived in North America. Fast facts Bit Digital said it started the migration back in […]

Miramax files lawsuit against Quentin Tarantino over Pulp Fiction NFTs

Movie director Quentin Tarantino is being sued by Hollywood studio Miramax over his recent plan to auction off a series of non-fungible tokens (NFTs) based on his 1994 film “Pulp Fiction.” Miramax alleges that Tarantino’s planned offerings violate the copyright it holds to the director’s film, including the rights to the property he intends to […]

Crypto exchange Coinhako receives in-principle approval for Singapore license

Singapore-based cryptocurrency trading platform Coinhako has received in-principle approval from the Monetary Authority of Singapore for a digital payment token (DPT) service license — making it the first local native cryptocurrency exchange to announce that it is close to being granted the much-coveted license. Fast facts Coinhako is now working through the conditions of its […]

Mintable wants to be the world’s largest NFT market by cataloging all Ethereum-based NFTs

How to sift through millions of NFTs before buying? NFT marketplace Mintable is hoping to attract more users with these new organizing and ranking features.

Bitcoin hoarding, another sign crypto is an inflation hedge

Bitcoin’s scarcity premium puts crypto into direct competition with gold and treasuries.

AVAX hits all-time high after Ava Labs’ deal with Deloitte

Following news of a strategic alliance with Big Four accounting firm Deloitte, AVAX rose above US$106, up 90% for the month.

What causes crypto market volatility?

Seasoned investors are no strangers to the sometimes sudden and extreme ups and downs of the crypto market. Some cryptocurrency prices have been known to fluctuate 20% to 30% within a single trading day. What causes these wild price swings? What you will learn from watching this Forkast.News video: What drives cryptocurrency price movements? How […]

ConsenSys raises US$200M as MetaMask surpasses 21M monthly active users

Ethereum blockchain software company ConsenSys today announced the completion of a US$200 million funding round, bringing the company’s valuation to US$3.2 billion as it seeks to spearhead the growth of Web 3.0. Fast facts ConsenSys’ announcement comes as the number of monthly active users of its MetaMask non-custodial wallet product exceeded 21 million — a 38-fold increase from […]

How will CBDCs benefit economies in Southeast Asia?

Central banks around the world are exploring digital currencies, writes Aymeric Salley of StraitsX. Here’s why Southeast Asia may be especially ripe for them.

South Korea a metaverse hub; NFTs go from digital to physical

South Korea a metaverse hub, also NFTs go from digital to physical

TV home shopping in South Korea moves to the metaverse

A ticket to the metaverse is highly coveted in South Korea, whether it’s by an individual, a public company or a city government.