China’s mining exodus flows to U.S. Is Texas the new promised land?

Poolin, a major mining pool in China, has set sail for America. ‘Large players are all over the U.S. now looking for deals.’

Why honest centralization is superior to chaotic decentralization

Are DAOs and decentralization always beneficial for the group or the user? Antoni Trenchev of Nexo urges you to think again.

Chinese DeFi platform Poly Network suffers US$600M hack

Impact of one of the biggest heists in the industry looks set to be mitigated as hackers agree to return funds.

BitMEX pays US$100M to settle AML, KYC compliance breach charges

After nearly a year under investigation, crypto exchange and derivatives trading platform Bitmex has agreed to pay as much as US$100 million to settle charges brought by the U.S. Commodity Futures Trading Commission and the Financial Crimes Enforcement Network, according to a company blog post. Fast facts Alex Höptner, BitMEX’s CEO, told Forkast.News in a […]

Cardano ADA surges 20% with smart contracts on the horizon

As Cardano’s Alonzo Purple upgrade launches and the full roll-out of smart contract support is teased, the price of ADA — the native cryptocurrency of the Cardano blockchain network — surged more than 20% in the past 24 hours. ADA was trading at US$1.71 at press time — its highest in over two months, according to […]

NFTs and the music industry: K-pop’s new token economy | Part 2

K-pop superstars Brave Girls, Se7en and A.C.E. are among the latest to jump on the non-fungible token bandwagon. Are fans buying it?
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US Senate passes $1 trillion infrastructure bill with crypto tax requirements

Despite strong lobbying attempts from the crypto industry for last-minute amendments, the Biden administration’s US$1 trillion infrastructure bill passed the Senate last night with heightened tax reporting requirements for crypto “brokers” and possible ramifications for crypto miners, as Yahoo News reports. Fast facts A compromise amendment requiring unanimous consent to be added to the bill […]

HK artists embrace NFT’s; NFTs new top K-Pop merchandise

Hong Kong artists embrace NFTs. NFT’s to become must-have merchandise for K-Pop fans.  And an Indonesian resort offers NFT timeshares. We’ll have more on that story — and other news shaping the cryptocurrency and blockchain world — in this episode of The Daily Forkast, August 10th. Transcript Welcome to The Daily Forkast, August 10th 2021. […]

SEC seeks 1 million Slack messages from Ripple for XRP litigation

The US Securities and Exchange Commission wants to review ‘terabytes’ of Ripple’s Slack chats for evidence of XRP-related wrongdoing. How much is too much?

Hong Kong artists embrace NFTs as OpenSea trading volume explodes

Despite speculation that the NFT market is cooling, OpenSea continues to post record transaction volumes, and Hong Kong artists are getting in on the action.

Tencent blockchain applet IOU accused of breaking Chinese competition law

Chinese blockchain company RongxinChain has alleged that Tencent’s IOU applet is operating in breach of the country’s Unfair Competition Law, according to a report by the Shenzhen Baoan District Credit Promotion Association. Fast facts Tencent’s IOU blockchain applet went online in July on the company’s “super app,” Wechat, allowing users to issue legally valid IOUs […]

India’s CoinDCX crypto exchange becomes unicorn with US$90M in funding

CoinDCX, an Indian cryptocurrency exchange, has become the country’s first crypto unicorn with a US$90 million Series C fundraise, the company announced today. The funding was led by Facebook co-founder Eduardo Saverin’s B Capital. The fresh funding pegs CoinDCX’s valuation at US$ 1.1 billion. Fast facts Founded in 2018, CoinDCX offers a range of crypto […]

Ethereum investment product market share rises to 26% amid fund outflows

Despite a recent recovery in crypto prices, digital asset investment products last week saw outflows of US$26 million, according to CoinShares, Europe’s largest digital asset fund manager. It was the fifth consecutive week in which institutional money flowed out of cryptocurrencies, mainly Bitcoin. Fast facts Bitcoin — the largest cryptocurrency by market value — bore […]

USDC issuer Circle to become full-reserve digital currency bank

Amid a period of increasing regulatory interest in stablecoins, Circle, the digital payment company that issues USDC, the world’s second-largest stablecoin , has announced plans to become a full-reserve national digital currency bank in the U.S. Fast facts In a company blog post, CEO and co-founder Jeremy Allaire said the company was prepared to operate […]

Bitcoin’s price rises above $45K as gold and silver slump

After hovering aroud the US$35,000 mark through most of June and July, Bitcoin’s price has started rising again this past month. In the past 24 hours, Bitcoin’s price broke US$45,000 for the first time since mid-May amid the market-wide crash from the historic highs in April, according to data from CoinMarketCap. Fast facts Conversely, gold […]

Crypto platform Poloniex agrees to $10M settlement with SEC

Cryptocurrency platform Poloniex has agreed to pay more than US$10 million to settle charges for operating an unregistered online digital asset exchange, according to an announcement by the U.S. Securities and Exchange Commission (SEC). Fast facts According to the SEC’s order, Poloniex violated securities laws from July 2017 to November 2019 as the company did […]

Tether unveils reserves and backing for its USDT stablecoin in new report

To assuage critics and to abide by a legal settlement, Tether Holdings Limited, the issuer of the world’s largest stablecoin USDT, has released a report by an independent accountant, which found that Tether’s tokens are 100% backed by its reserves. Fast facts In its review of Tether’s latest Consolidated Reserves Report, Cayman Island-based accounting firm […]

Unocoin offers bitcoin vouchers; Alonzo upgrade onboards users

Unocoin offers bitcoin vouchers as Alonzo upgrade onboards users

Unocoin now allows Indians to buy pizza, coffee with Bitcoin

Several cryptocurrency payment methods exist around the world, but new service is the first major one of its kind in India.

Crypto miners set to be snared by U.S. infrastructure bill

A landmark US$1 trillion infrastructure bill moved one step closer to becoming law on Sunday, notably without carve-outs for cryptocurrency miners and network validators. What does it mean for the industry?

First SEC DeFi bust made in US$30M fraud case

The U.S. Securities and Exchange Commission has taken its first regulatory action involving decentralized finance in a case involving the “unregistered sales of more than US$30 million in securities,” according to an agency press release. Fast facts Gregory Keough and Derek Acree were charged along with their Cayman Islands-based company, Blockchain Credit Partners, over allegedly […]

Cardano’s Alonzo Purple testnet begins onboarding users

Cardano’s much-anticipated Alonzo Purple upgrade has begun onboarding users to its testnet, according to a 12-part Twitter thread by developer Input Output Hong Kong. Fast facts Alonzo Purple is the third and final stage of the Alonzo upgrade, following Blue and White, and when complete will be the first fully public Cardano testnet to support […]

What is the regulatory outlook for virtual asset exchanges in Hong Kong and Singapore?

Singapore and Hong Kong are at the forefront of regulations over crypto exchanges, writes Vince Turcotte of Eventus Systems. Here’s why trade surveillance and risk management will be critical.

Are DAOs a new way for companies to go public?

As more crypto companies go public, some are returning to a decentralized business model. ShapeShift CEO Erik Voorhees explains the ethos and reasons why.

Binance bans derivatives in Hong Kong: Ethereum fork boosts trading

Binance bans derivatives in Hong Kong while Ethereum fork boosts trading

Latest digital yuan trial launches with backing of JD.com, Bank of Communications

E-commerce company’s tie-up with government-owned lender suggests hybrid private-state future for central bank digital currency.

China’s central bank to accelerate digital yuan pilots for Winter Olympics

The Business Administration Department at China’s central bank has said it will push forward pilots of the e-CNY digital currency in the Winter Olympics area to cover all payment scenarios. Fast facts To promote the digital yuan for the Winter Games, two batches of e-CNY red packets were distributed in Beijing in February and June, totaling 50,000,000 yuan […]

TBCASoft raises $25M from Naver, SoftBank

Blockchain startup TBCASoft has announced the initial close of its series-B funding round, raising US$25 million from Naver Financial and SoftBank as it aims to tap more commercial growth. Fast facts U.S.-based TBCASoft announced its latest financing round on Wednesday, led by Naver Financial — the fintech arm of Korean internet giant Naver Corp. — […]

Cambodian state digital currency sees strong uptake

Since its launch in October 2020, Cambodia’s central bank digital currency project, Bakong, has reached 5.9 million users across the country, according to a report by Nikkei Asia. Fast facts The figure includes users of member bank mobile apps, with the number of Bakong electronic wallet addresses doubling in June from three months before to […]

Binance winds down derivatives trading in Hong Kong

Binance — the world’s largest cryptocurrency exchange by trading volume — today announced that it will be restricting the use of its derivatives products for customers from Hong Kong. Fast facts Hong Kong customers will, with immediate effect, not be able to open new Binance deriviative product accounts, according to a Binance announcement posted at […]

Ripple expands XRP into NFTs amid escalating legal battles

As court grants CEO request to obtain info from Binance to bolster defense in SEC lawsuit, Ripple seeks to expand use cases for XRP Ledger.

Indian Olympic medalists to get free cryptocurrencies

Indian athletes who have won medals at the Tokyo Olympics have been promised free cryptocurrencies by Indian crypto exchange Bitbns, according to a report by the Economic Times. Fast facts Bitbns will create systematic investment plans denominated in Bitcoin and Ethereum worth around US$2,695 for gold medalists, US$1,348 for silver medalists and US$674 for bronze […]

New York Times article explores underbelly of memecoins

A revealing feature article on the hidden world of “hypecoins” was published by the New York Times yesterday, in which journalist David Segal recounted the process of creating and then selling his own hypecoin, which he called IdoitCoin. Fast facts Hypecoins, otherwise known as memecoins, are tokens with little or no intrinsic value, created only […]

Decentralized music streaming platform Audius reaches 5M users

As blockchain begins to make its way into more consumer applications, decentralized, Ethereum-based music streaming platform Audius has reached 5 million monthly users for the first time, Yahoo! Finance reports. That milestone makes Audius one of the biggest consumer-centric blockchain applications. Fast facts Launched in 2019, Audius boasts approximately 100,000 artists, including big names such […]

Ether price and trading volume surging as Ethereum upgrade goes live

Ethereum’s London hard fork sees a smooth launch as the crypto market sends Ether’s price soaring.

Venezuela launches CBDC amid runaway inflation and currency redenomination

In an effort to curb runaway inflation, Venezuela’s central bank is removing six zeros from its currency and putting a digital bolivar into circulation on Oct. 1, according to reporting by Bloomberg. Fast facts An example of a central bank digital currency, the digital bolivar was announced by the Venezuelan central bank’s Twitter account yesterday […]

China continues e-CNY pilot; Google allows crypto advertising

China continues e-CNY pilot also Google allows crypto advertising

Ethereum rising: 3 reasons why Ether’s price could soon break $3,000

Will Google greenlighting US crypto ads, Ethereum’s London upgrade and clearer regulations pave the way for another Ether price rally?

Google lifts crypto advertising ban

In a long-awaited reversal of a 2018 policy decision, Google will allow crypto exchanges and wallets to advertise on its platform in the U.S. But not everyone’s happy.

Bosch starts machine learning trials with Fetch.ai using AI, blockchain

Bosch, a German manufacturing and technology company, today announced that it will be using a decentralized machine learning network built by Fetch.ai, an artificial intelligence lab based in the British city of Cambridge, to predict potential failures in manufacturing machinery. Fast facts The Bosch research team will be initiating machine learning trials on the Fetch.ai […]

The9 expands to Kazakhstan with new crypto mining joint venture

The9 Ltd., a Chinese gaming company that only a few months ago pivoted to crypto mining, has signed a term sheet through a company unit with an enterprise in Kazakhstan to set up a joint venture. The move is a bid to ramp up crypto mining operations in the Central Asian nation. Fast facts Nasdaq-listed […]

DBS Bank’s digital exchange assets surge 60% in Q2

DBS eyes bigger investor base as digital assets under custody top US$100 million.

U.S. infrastructure bill set for possible change following crypto industry backlash

An amendment has been introduced to the US$1 trillion infrastructure bill currently before the U.S. Senate that would exempt bitcoin miners and other validators from a provision seeking to raise funds for its fulfilment, according to a report by CNBC. Fast facts As Forkast.News has reported, the provision sought to raise US$28 billion over the […]

Binance partners with Shopify and others to offer crypto payments online

Amid a turbulent time for the world’s largest crypto exchange, Binance has announced a new partnership with Alchemy Pay to bring crypto payment options to e-commerce platforms such as Shopify. Fast facts Running on the exchange’s Binance Pay feature, the partnership will allow users and merchants to send and receive crypto globally in over 40+ […]

Rothschild’s RIT Capital leads funding round for Aspen Digital to provide crypto services for institutional investors

Hong Kong-based Aspen Digital, a digital asset management platform for institutional investors, announced on Wednesday that it has secured US$8.8 million in pre-A funding to develop a one-stop shop for asset managers to invest in digital assets and manage their clients’ portfolios. Fast facts The funding round was led by RIT Capital Partners, the London-based […]

Could Ethereum’s upgrade affect miners’ manipulations for extra profits?

Cryptocurrency miners are front-running Ethereum transactions to make profits called MEV that critics decry as unfair. What can be done about it?

How blockchain can bring litigation finance to small investors

Investing in litigation was once limited to the wealthy. But a lawsuit’s monetary potential can now be tokenized for sale to the masses. Is that a good idea?

Ethereum upgrade closely watched; India launches e-RUPI voucher

Ethereum upgrade closely watched also India launches e-RUPI voucher

Taxing times for crypto. Ethereum hard fork takes knife to fees. Tencent bets on NFTs.

Top blockchain and crypto news: Is Ethereum’s price flatlining on eve of revolution? Uncle Sam wants pay to play. China’s Big Tech toes the line with NFTs.

Canaan grows crypto rig sales as Chinese miners tool up abroad

North America emerges as hardware demand hotspot amid Beijing’s regulatory onslaught against cryptocurrency sector.

Ethereum prices hit resistance as major London Upgrade looms

ETH rose in a historic run in anticipation of ‘Ethereum halving’ — but dipped on the eve of the London hard fork. Forkast.News asks top cryptocurrency analysts to find out why.

Mastercard partners with Australian exchange for crypto card

In a further move towards cryptocurrency adoption, Mastercard has partnered with one of Australia’s oldest crypto exchanges, CoinJar, to launch one of the country’s first crypto payment cards. Fast facts The card became available on Tuesday in a digital form through integration with Apple Pay and Google Pay, and will be available in a physical […]

SEC chair labels crypto industry ‘Wild West,’ asks for more powers

The cryptocurrency trading industry has been labeled a “Wild West,” riddled with fraud and investor risk, by U.S. Securities and Exchange Commission Chair Gary Gensler, according to a Reuters report. Fast facts Calling on Congress at the Aspen Security Forum to give the SEC more power to regulate the industry, Gensler said many of the […]

Bitcoin SV suffers a new 51% attack

Bitcoin SV has suffered another 51% attack beginning around 11:45 am EDT on Tuesday resulting in up to three versions of the chain being mined simultaneously, as initially reported by analytics firm CoinMetrics.io. It is the fifth such attack on the network since late June. Fast facts Further reporting by the firm reported all of […]

HSBC blocks UK customer payments to Binance

Binance’s woes continue to mount as global banking giant HSBC is now blocking its customers in the United Kingdom from making credit card payments to Binance, according to Yahoo News. Binance is the world’s largest cryptocurrency exchange. Fast facts HSBC’s move follows similar actions taken by NatWest — a Scotland-based bank with 12.5 million customers […]

Ethereum addresses using DeFi soar 65% to over 2.9M

The Ethereum ecosystem is continuing to see strong growth, with institutional capital ‘flooding’ into decentralized finance and decentralized autonomous organizations flourishing.

United Nations-associated NFT art project builds on Polkadot to fight climate change

The DigitalArt4Climate NFT initiative aims to promote art via blockchain technology to inspire environmental activism around the world.

Hong Kong crypto crime surges; Tencent launches NFT platform

Hong Kong crypto crime surges as Tencent launches NFT platform.

Blockchain applications that will change the world in the next 5 years

The next half decade will see mass adoption of decentralized technology, writes Max Kordek of Lisk. Here are the leading uses.

Marathon Digital to buy more mining rigs from Bitmain

Nasdaq-listed Marathon Digital Holdings, one of the biggest Bitcoin mining companies in North America, has announced a deal to buy an additional 30,000 mining machines from Bitmain to boost its mining capacity. Fast facts Marathon has entered into a contract with Bitmain to purchase 30,000 Antminer S19j Pros worth a total of US$120.7 million, the […]

Tencent climbs aboard NFT bandwagon with new trading app

Chinese internet giant Tencent is making a foray in the world of non-fungible tokens, launching an NFT trading platform named Huanhe. Fast facts The tech conglomerate has rolled out the Huanhe app — built on the company’s own Zhixin chain — on its Android application platform. Its debut sales feature 300 audio NFTs created based […]

Crypto mining rig maker Canaan names new CFO

Cryptocurrency mining rig manufacturer Canaan has announced the appointment of James Jin Cheng as its new CFO, following the resignation of his predecessor in February. Fast facts Cheng was previously vice president of Chinese internet recruiting platform Zhaopin Ltd., which listed on the New York Stock Exchange in 2014 before being taken private in 2017. […]

Miami prepares launch of city cryptocurrency

The city of Miami is set to launch its own cryptocurrency, MiamiCoin, tomorrow. The token will allow people to invest in the city to fund infrastructure projects and events, according to a report by Decrypt. Fast facts The token is being released in partnership with CityCoin, a project that facilitates cities releasing their own tokens […]

Square acquires Afterpay for $29B to expand into ‘buy now pay later’

Global payments giant Square — which recently made moves into decentralized finance — is acquiring Australian “buy now pay later” fintech company Afterpay for US$29 billion (AU$39 billion) to expand its range of services, according to a recent company press release. Fast facts The purchase will enable Square’s CashApp and Seller business units to offer […]

Singapore poised to grant one of first approvals to crypto exchange Independent Reserve

Australian cryptocurrency exchange Independent Reserve said Monday that it had received an “in-principle approval” for a Major Payment Institution License in Singapore to operate as a regulated digital payment token (DPT) service provider, according to a company statement. Fast facts Founded in Australia in 2013, Independent Reserve set up its first overseas operations in Singapore […]

Crypto crimes surge to record levels in Hong Kong

Crypto-related crime has hit record levels in Hong Kong for the first six months of this year, with one victim losing HK$124 million (US$15.95 million) to fraudsters, according to the South China Morning Post. Fast facts Hong Kong police recorded 496 such cases totaling HK$214.4 million (US$27.58 million) in just the first half of this […]

Will Facebook’s metaverse future transform how we live online?

Facebook CEO Mark Zuckerberg has a vision for metaverses — online worlds that one day will replace big parts of our offline lives. But some say that future is already here.

China maintains crypto market pressure; J-Pop stars offer NFT advice

China maintains crypto market pressure. On the other hand, J-Pop stars offer NFT advice.

NFT market OpenSea transaction volume hits record high

Non-fungible token marketplace OpenSea’s July transaction volume reached a new high of almost US$325 million, a 118% increase from an historic high attained in June. Fast facts The new numbers make OpenSea the most active NFT marketplace. OpenSea’s July NFT transaction numbers and transaction fees were also records, at 457,700 and US$21.78 million, respectively, breaking […]

Chinese central bank shows no sign of softening stance on crypto

People’s Bank of China vows to keep sector under ‘heavy pressure’ as it pushes digital yuan.

Binance in Malaysia ban as it ends derivatives trading in Germany, Italy, Netherlands

World’s biggest cryptocurrency exchange steps up compliance and cuts product offerings, with a ban in Malaysia and end of lucrative derivatives business in three EU nations.

U.S. infrastructure bill could bring sweeping regulatory changes to crypto

A provision in an infrastructure bill being debated by the U.S. Senate has prompted concerns in the crypto industry as it boosts Internal Revenue Service reporting requirements for investors and brokers. Fast facts According to the New York Times, the provision is an effort to help fund a US$ 1 trillion bipartisan bill and could […]