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The U.S. Justice Department seized about US$500,000 from North Korea-backed hackers using ransomware, Deputy Attorney General Lisa Monaco announced on Tuesday. See related article: US Treasury says prioritize sanctioning North Korea for crypto hacking Fast facts Hackers demanded Bitcoin ransom from Kansas and Colorado medical providers that were attacked by a never-before-seen ransomware strain called […]

Dubai aims to be one of the top 10 cities globally in the metaverse economy, creating 40,000 virtual jobs and adding US$4 billion to the city’s economy in five years.  See related article: Dubai could be crypto’s promised land, Citi says Fast facts The launch of the Dubai Metaverse Strategy on Monday was aimed at […]

Celsius says users can settle for cash or go long on crypto. Meanwhile in the markets, Bitcoin breaks US$22,000.

According to a report by AAX crypto exchange and Forrester Consulting, 51% of Bitcoin owners in Southeast Asia used it to save money and preserve their wealth. See related article: Crypto trading volumes dip to 18-month low amid bear market Fast facts Some 47% of Bitcoin users in Southeast Asia sought a profit while 44% […]

The Monetary Authority of Singapore (MAS) said it will seek consultation in the next months on proposed measures toward regulating the crypto industry. See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’ Fast facts Singapore’s regulatory focus on crypto has been mainly toward containing money laundering and terrorist financing risks, MAS Managing […]

In a presentation on Monday, embattled crypto lender Celsius Network presented a plan of action as it enters Chapter 11 proceedings to restructure and stabilize its business in an effort to placate stakeholders.   See related article: Celsius says it owes its users US$4.72B amid a US$1.19B balance sheet deficit Fast facts The firm expects to […]

Ethereum (ETH) hit a high of US$1,610 on Tuesday morning in Asia, before retracing to trade at US$1,521 at press time, according to data from CoinMarketCap. See related article: Three Arrows, Voyager failures raise questions of who is next in crypto fall from grace Fast facts The world’s second-largest cryptocurrency by market capitalization was up […]

The Indian cryptocurrency industry is looking to create an independent association to liaison with the government on policies and highlight issues with relevant stakeholders. See related article: India’s latest tax assault on crypto exchanges starts Friday Fast facts Key stakeholders have engaged in preliminary talks but the association’s establishment is not expected to be immediate, […]

As a world leader, the US now offers a regulatory template for crypto that others are sure to follow, writes Michael Shing of XREX. Here are the key provisions.

Cryptocurrency exchange Binance has been fined in the Netherlands for operating without proper registration, the Dutch central bank said on Monday. See related article: Binance gets nod from Spain to offer crypto exchange, custody services Fast facts De Nederlandsche Bank (DNB), which oversees crypto service provider registrations, said it imposed a 3.3 million euro (US$3.4 […]

While the Reserve Bank of India has sought to prohibit cryptocurrencies, a ban is only possible after significant international collaboration and evaluation, India’s finance minister said on Monday. See related article: India’s finance minister calls on G20 to share information on crypto Fast facts “RBI (Reserve Bank of India) is of the view that cryptocurrencies […]

Digital assets are powering new industries, and DeFi will be the financial system of the future internet economy, writes Alex Tapscott in his new book, ‘Digital Asset Revolution.’

Crypto trading volumes plummet as the crypto winter continues. Meanwhile, India calls on G20 to share information on crypto.

The country’s major game developers continue to focus on overseas markets as there are no signs of a thaw in the government’s stance on games that include elements of blockchain and play-to-earn.

Celsius Mining, troubled crypto firm Celsius Network’s mining arm, still has over 80,000 crypto mining rigs, according to the lender’s bankruptcy filings. See related article: Celsius says it owes its users US$4.72B amid a US$1.19B balance sheet deficit Fast facts See related article: Celsius files for bankruptcy after closing DeFi loans

Hyundai Motor unveiled a non-fungible token (NFT) membership program for its new electric vehicle (EV) IONIQ 6, which unlocks exclusive access to Web3 content to holders, according to a press release. See related article: Hyundai Motor drives into metaverse branding with Meta Kongz NFT project Fast facts The IONIQ Citizenship includes access to VIP rights […]

A number of U.S. lawmakers urged the country’s energy and environmental protection authorities to mandate that cryptocurrency miners disclose data on energy use, as seven of the largest mining companies were found to use as much power as all of the homes in Houston. See related article: Bitcoin lobbyists rebut ‘misconceptions’ over environmental impact Fast […]

Circle Internet Financial, the issuer of USDC, on Thursday released a detailed but unaudited breakdown of the reserves backing the second-largest stablecoin by market capitalization. See related article: Questions over Circle’s USDC reserves linger despite assurances Fast facts The breakdown showed that Circle had US$42.12 billion in U.S. Treasurys and US$13.58 billion in cash as […]

A day after filing for Chapter 11 bankruptcy, Celsius Network disclosed a US$1.19 billion deficit in its balance sheet in a new filing on Thursday by restructuring lawyers Kirkland & Ellis LLP. See related article: Celsius files for bankruptcy after closing DeFi loans Fast facts The document showed that Celsius had US$4.31 billion in assets […]

A Champagne bearing five non-fungible tokens (NFTs) on the surface of its bottle, including the likes of well-known collections Bored Ape Yacht Club (BAYC) spinoff Mutant Ape Yacht Club (MAYC) and a Sneaky Vampire, sold for US$2.5 million in a private sale last Friday. See related article: Scottish whisky brand The Dalmore to offer limited-edition […]

Huobi Technology has applied to become a regulated virtual asset trading platform with Hong Kong’s securities watchdog, as the city moves on to clarify and tighten rules on cryptocurrency-related businesses.  See related article: Hong Kong to propose bill to license crypto exchanges Fast facts Huobi said on Thursday the Securities and Futures Commission (SFC) has […]

The Blockchain and Crypto Assets Council (BACC), the advocacy body representing Indian crypto industry interests, has been dissolved by its parent organization, the Internet and Mobile Association of India (IAMAI), according to a statement seen by CoinDesk.  See related article: Coinbase blames India’s central bank for exit Fast facts IAMAI made the decision without discussing […]

Ethereum’s ninth shadow fork went live overnight Wednesday in Asia, marking one of the final steps before the merge with the proof-of-stake (PoS) Beacon Chain as part of the network’s transition to Ethereum 2.0. See related article: Vitalik Buterin defends Ethereum ahead of merge; ‘not a security’ Fast facts A shadow fork is a test […]

The embattled U.S. crypto lender wants to continue certain operations during the restructuring process but customers will have to wait for the Chapter 11 proceedings to address their claims.

Celsius files for bankruptcy despite having paid off millions in loans. Meanwhile, the crypto market sees green despite US inflation rates.

Fresh claims that emerged over the weekend about the status of Circle’s USDC reserves cast doubts on the ability of the so-called stablecoin to maintain its peg. In a deep dive, Forkast examined the allegations and reached out to the company for its version of events.

HGC Info Tech (HGC) announced Tuesday that it will start offering its securities tokens at U.S. digital asset exchange INX, as Chinese firms face delisting risks in the states due to regulatory differences. See related article: SEC places Chinese crypto mining rig maker Canaan on pre-delisting list Fast facts Xiamen-based HGC provides order matching and […]

Bitcoin’s hashrate dropped by more than 27% in 24 hours to 159.41 exahashes per second (EH/s) on Wednesday, the lowest since February this year, according to data from BTC.com.  See related article: Bitcoin miners in Texas halt operations amid heat wave Fast facts Multiple crypto miners in Texas, a mining hub in the U.S., have […]

Polygon was selected as one of the 2022 participants for Disney’s accelerator program on Wednesday, triggering the project’s cryptocurrency MATIC to rise by more than 15%.  See related article: Aespa, NCT’s SM Entertainment builds metaverse studio Kwangya Fast facts The Walt Disney Company did not announce any of its own crypto projects, but the 2022 […]

The ‘Merge’ will have a major impact on the Ethereum ecosystem and beyond, and getting it right is more important than speed, writes Kevin Loo of IDEG.

Top blockchain and crypto news: Payback time for Mt. Gox investors. USDC issuer strikes back as critics circle. Chinese bank fiasco hits a nerve.

U.S. Bankruptcy Judge Martin Glenn gave liquidators authority to subpoena and lay claim to bankrupt crypto firm Three Arrows Capital (3AC)’s U.S-based assets on Tuesday. See related article: 3AC crypto contagion spreads to Blockchain.com: report Fast facts Liquidators can subpoena two dozen banks and crypto exchanges to obtain information about the bankrupt crypto hedge fund’s […]

Crypto lender Celsius Network continued to repay its loans on Tuesday, paying off US$71.9 million USDC owed to Aave and freeing up over US$417 million worth of stETH, on-chain data showed.  See related article: Celsius repays over US$113 mln in debt; recovers US$122 mln in collateral Fast facts The latest repayment has closed Celsius’ USDC […]

Lightspeed India Partners (LSIP) announced on Tuesday the closing of a US$500 million early stage fund (LSIP Fund IV) for India and Southeast Asia, as part of venture capital firm Lightspeed Venture Partners’ (LSVP) US$7.1 billion commitment. See related article: Huobi Ventures bets on DeFi and gaming in $10M GameFi fund Fast facts In addition […]

JOOX, Tencent’s music streaming service for the Southeast Asian market, has launched a non-fungible token (NFT) gallery in its app, taking another step in the Chinese tech giant’s Web3 drive.  See related article: Tencent’s music app tests NFT avatars, virtual music room Fast facts In collaboration with music NFT marketplace MusicY, the new NFT gallery […]

SM Entertainment (SM) announced it is establishing Studio Kwangya, a company specializing in content production in the metaverse, the leading South Korean idol agency announced on Tuesday.  See related article: Second K-pop agency taps Binance for NFT partnership Fast facts SM has represented some generational acts in K-pop since 1995 such as H.O.T., SNSD, EXO, […]

Ethereum co-founder Vitalik Buterin tweeted a defense of the network’s transition to proof of stake (PoS) on Tuesday, responding to arguments suggesting assets secured by such consensus mechanisms are a security. See related article: Ethereum one step closer to Eth2 with Ropsten testnet merger Fast facts “The fact that you can vote on something to […]

Bitcoin once again falls below the US$20,000 mark. Meanwhile, Celsius pays over US$113 million in debt and recovers more.

Voyager Digital said in a Monday blog update that customers’ USD deposits will be returned in full “after a reconciliation and fraud prevention process” but it has yet to receive the green light on its cryptocurrency refund proposal.  See related article: Voyager faces delisting from Toronto Stock Exchange after bankruptcy filing Fast facts Voyager filed […]

The local financial regulator in China’s central Henan province said it will start releasing customer funds from the four rural banks that have reportedly frozen around 39 billion yuan (US$5.8 billion) from July 15, following Sunday’s violent clash between protesters and the police.  See related article: Client accuses Bitcoin, Ethereum backer Three Arrows Capital of […]

For central bank digital currencies to enhance cross-border payments, issuing institutions must take functionality into account to avoid unintended barriers, a joint report by three international financial bodies says.

Celsius Network repaid around US$78 million in USDC to Aave and US$35 million in DAI to Compound on Monday, blockchain data on Etherscan shows.  See related article: Celsius repays debts, cuts jobs amid bankruptcy fears Fast facts The troubled cryptocurrency lender unlocked at least US$122 million in collateral through its latest set of repayments.  Celsius […]

South Korean payment services platform Danal has partnered with LG CNS to develop a payments network that hopes to bring Web3-related digital assets payments to the existing financial system. See related article: South Korea’s SK Telecom to build its first Web3 wallet Fast facts LG CNS is an information technology consulting and solutions subsidiary of […]

Many cryptocurrency miners in Texas, one of the largest Bitcoin mining hubs in the U.S., are halting their operations as the state’s electrical grid faces surging power demand amid a heat wave. See related article: Marathon Digital says Montana storm knocked out most Bitcoin rigs Fast facts Nasdaq-listed miner Core Scientific on Tuesday said that […]

Crypto trading platform CrossTower has partnered with Ripple to add non-fungible tokens (NFTs) minted on the XRP Ledger (XRPL) to its marketplace.  See related article: China’s ‘Instagram’ gets into virtual fashion with users strutting NFT clothes Fast facts The partnership will significantly lower the costs and entry barrier for creators who want to mint their […]

Singapore wants to attract institutional capital while shielding its people from crypto — but it can’t have it both ways, writes Donovan Choy.

Bitcoin’s price fell below US$20,000 Tuesday morning in Asia, erasing last week’s gains, as both crypto and traditional markets await the latest U.S. inflation data due on Wednesday. See related article: Bitcoin price crosses US$22K; Fed cools recession fears Fast facts The world’s largest cryptocurrency fell 4.5% in the past 24 hours to trade at […]

Gains made by two of the world’s largest cryptocurrencies were partially eroded as speculation of a glut of Bitcoin from Mt. Gox’s customers and creditors and Celsius Network’s payback of its debt circulated over the weekend.

SK Telecom has partnered with blockchain firms AhnLab Blockchain Company and Atomrigs Labs to develop and operate a digital wallet for cryptocurrency management and Web3 access, the South Korean telecommunications giant announced on Monday.  See related article: South Korea’s second-largest conglomerate to issue own cryptocurrency Fast facts SK Telecom said users of its wallet will […]

Binance’s third approval in Europe came after the Bank of Spain allowed its Spanish subsidiary to register as a virtual asset services provider (VASP), the world’s largest crypto exchange by volume said Friday.  See related article: SEC said to probe Binance for rule violation in 2017 initial coin offering: report Fast facts The registration will […]

Celsius deployed over US$1 billion of assets in decentralized finance (DeFi) and incurred over US$350 million in losses, according to a report by blockchain analytics firm Arkham Intelligence.  See related article: Celsius repays debts, cuts jobs amid bankruptcy fears Fast facts Celsius handed over about US$530 million in corporate funds to an asset manager who […]

Blockchain.com is at risk of losing US$270 million loaned to crypto hedge fund Three Arrows Capital (3AC) which recently filed for bankruptcy, CoinDesk reported.  See related article: Three Arrows Capital collapse sends tremors through crypto industry Fast facts “Three Arrows is rapidly becoming insolvent and the default impact is approximately [US]$270 million worth of cryptocurrency […]

The U.S. Office of Government Ethics (OGE) said federal employees of the executive branch owning cryptocurrencies or mutual funds investing in the sector need to recuse themselves from any matter related to the industry. See related article: CFTC Commissioner Pham suggests regulators stay tech-neutral on stablecoins Fast facts The July 5 memo clarified that the […]

Cryptocurrency lender Celsius has hired new restructuring lawyers from Kirkland & Ellis LLP for advice on bankruptcy filing amid severe liquidity issues, the Wall Street Journal (WSJ) reported on Sunday.  See related article: Celsius said to be hiring restructuring attorneys, exploring financing options Fast facts Kirkland & Ellis is also advising Voyager Digital, which filed […]

The Philippines’ Department of Trade and Industry (DTI) said it cannot ban Binance for cryptocurrency-related sales and promotion as there are no clear regulations issued by the Banko Sentral ng Pilipinas (BSP), the nation’s central bank.  See related article: Crypto is based on the greater fool theory: Philippines’ incoming central bank chief Fast facts “Cryptocurrency […]

Investor confidence in stablecoins has plummeted since the Terra fiasco. Circle’s chief of finance assesses how they’re holding up amid a barrage of “FUD”.

In an exclusive interview with Forkast Editor-in-Chief Angie Lau, Circle Chief Financial Officer Jeremy Fox-Geen said reserves backing the so-called USDC stablecoin are ring-fenced from any potential fallout from the contagion engulfing crypto markets.

Bitcoin briefly returns to the US$22,000 mark. Meanwhile, InfraWatch PH calls for a ban on Binance in the Philippines.

A large number of Japanese Web 3.0 companies are moving to or at least setting up new offices in Singapore, executives from Japanese blockchain gaming infrastructure builder Oasys told Forkast on Friday. See related article: Japan’s government approves policy to drive Web 3.0 adoption Fast facts Japanese firms operating in the Web3 sector need to […]

The country’s federal agency charged with investigating money laundering and violations of foreign exchange laws has reportedly reached out to Indian crypto exchanges to probe possible violations of foreign exchange rules. See related article: CoinDCX double downs as the going gets tough in India Fast facts The Enforcement Directorate has sought “further details and documents” […]

Infrawatch PH, a public policy think tank in the Philippines, wrote to the country’s Department of Trade and Industry calling for a ban on Binance for promoting cryptocurrencies without proper licensing, according to a letter accessed by Bitpinas.  See related article: Crypto is based on the greater fool theory: Philippines’ incoming central bank chief Fast […]

The U.K. Treasury on Friday named Hong Kong Securities and Futures Commission (SFC) CEO Ashley Alder as chairman of the U.K. Financial Conduct Authority (FCA). He is expected to start in January next year. See related article: UK finance watchdog to spend £11M to warn young people off crypto investment Fast facts See related article: […]

In a letter to the U.S. Commerce Department, the National Association of Federally-Insured Credit Unions (NAFCU) warned that the cost of developing a central bank digital currency (CBDC) outweighs the “hypothesized benefits.”  See related article: Hong Kong to research retail CBDC cybersecurity with Israel, BIS Fast facts The organization’s July 5 letter was in line […]

Some of Animoca Brands’ most successful investments were made during the previous crypto winter, Gen Kanai, director of strategic partnerships at the Hong Kong-based blockchain gaming studio, told Forkast. See related article: Animoca Brands investments have crossed US$1.5B Fast facts In a sit-down interview with Forkast at the IVS Crypto 2022 event held in downtown […]

Forkast x CryptoSlam! are proud to present Moments in NFT History — an explainer video series hosted by Forkast’s Joel Flynn that gives you a front-row seat to history-in-the-making. CryptoPunks is one of the most popular NFTs. Some argue that it’s the collection that started the entire NFT movement.  Watch and learn how these pixelated […]

Will fashion shows move from Paris and Tokyo catwalks to potential audiences of millions in the metaverse? China’s Xiaohongshu social media site is testing the idea.

South Korea’s Justice Minister Han Dong-hoon met with U.S. investigative agencies in New York on Tuesday amid the countries’ separate investigations into Terra and its cofounder Do Kwon. See related article: South Korean authorities cite LUNA debacle to call for speedier crypto oversight Fast facts The minister met with Andrea M. Griswold, co-chief of the […]

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

Transaction volumes on the Chinese state-backed blockchain’s non-fungible token (NFT) ecosystem were higher than that of Ethereum, the most popular blockchain for such deals, China’s Blockchain-based Service Network (BSN) said in a press release on Wednesday. See related article: China’s Ant Group, Tencent, Baidu, JD.com push for NFT self-regulation Fast facts With 974,517 transactions, the […]

The South Korean fintech startup that operates digital asset management and trading services reportedly had over US$20 million, or 99% of its client funds, liquidated amid the Terra-LUNA collapse in May. See related article: What lessons can we learn from Terra’s LUNA/UST meltdown? Fast facts The startup’s trading unit had placed client funds on a […]

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

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