Question: How do financial rules work when rogue individuals run companies? Answer: Not very well.

Calls for tougher rules on cryptocurrency have been echoing ever louder through the offices of global financial regulators since the collapse of the FTX exchange. But the firm did not invent dodgy business practices, so what can regulators and the industry do?
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Wallet linked to defunct crypto exchange BTC-e suddenly activates

A wallet address linked to defunct crypto exchange BTC-e sent its largest transaction since August 2017 on Wednesday.

New York Attorney General eyes ban of crypto purchases through retirement funds

New York Attorney General (NYAG) Letitia James has recommended prohibiting crypto investments in defined contribution plans and individual retirement accounts (IRAs).

Genesis jitters keep investors on edge as contagion risks grow

Top blockchain and crypto news: Fear stalks crypto as Genesis wobbles. FTX cleanup begins. China’s NFT scene shrinks.

Coinbase CEO reaffirms exchange’s BTC holdings after CZ’s tweet

Coinbase CEO Brian Armstrong is reassuring users about the financial health of the Nasdaq-listed crypto exchange, following a tweet — since deleted — from CZ of Binance.

Crypto mining firm Foundry to buy mining sites from embattled Compute North

Crypto mining firm Foundry Digital LLC plans to acquire two turnkey crypto mining facilities in the U.S. from troubled Compute North.

New York State passes two-year moratorium on some crypto mining facilities

New York became the first U.S. state to enact a temporary ban on new cryptocurrency mining permits at fossil fuel plants, despite lobbying against the measure. 

Cathie Woods buys the dip as Ark Invest scoops up Coinbase, GBTC shares: Bloomberg

Cathie Wood’s Ark Investment Management has bought over 1.3 million shares of Coinbase Global since the start of November, and 450,000 shares of Grayscale Bitcoin Trust (GBTC).

Who’s Next?

Bitcoin falls under $16K as Genesis temporarily halted withdrawals and redemptions.

Warren Buffet’s Berkshire Hathaway warns of scam crypto site with same name

Berkshire Hathaway, the investment conglomerate run by billionaire Warren Buffet, has issued a warning about a fake cryptocurrency website that uses the Berkshire Hathway name.

US senators urge Fidelity to drop BTC retirement plan after FTX collapse

U.S. Senators Elizabeth Warren, Dick Durbin and Tina Smith asked Fidelity Investments to rethink its decision to grant retirement plan exposure to Bitcoin.

Coinbase Custody holds 635,000 BTC on behalf of Grayscale that refuses to share proof of reserves

Coinbase Custody Trust, the institutional investment arm of Coinbase Global, holds 635,000 BTC on behalf of Grayscale Bitcoin Trust, according to a note by Coinbase Custody CEO Aaron Schnarch. Digital investment firm Grayscale has also declined to share proof of reserves, citing security concerns.

Man Group plans crypto hedge fund despite FTX, market turmoil: report

The world’s largest publicly traded hedge fund manager, Man Group Plc, plans to launch a cryptocurrency exclusive fund.

Beyond crypto: Why would companies want cryptocurrency-free blockchains?

Cryptocurrencies are getting in the way of the mass adoption of blockchain technology, especially by tech businesses, says Red Date Technology chief Yifan He.

Ethereum software developer ConsenSys co-launches Ethereum Climate Platform at COP27

Core Ethereum contributor ConsenSys co-launched the Ethereum Climate Platform (ECP) at the COP27 climate change conference in Egypt.

Genesis crypto broker freezes withdrawals; Winklevoss’s Gemini, S. Korea’s GOPAX exchanges affected

The Genesis brokerage arm of the Digital Currency Group is one of the latest cryptocurrency platforms to lock down withdrawals following the bankruptcy of crypto exchange FTX, and the freeze is spreading.

Australia to revamp cryptocurrency rules after FTX collapse

The country is one of the first to say it will act to set up regulations to prevent a collapse similar to FTX, which filed for bankruptcy protection and froze the assets of hundreds of thousands of investors.

Crypto winter may last until end of 2023: Coinbase research

The collapse of FTX may extend crypto winter to the end of 2023, according to a monthly outlook report by U.S.-based crypto exchange Coinbase dated Nov. 15.  

Crypto exchanges see record-high week of BTC outflows, following FTX saga

Bitcoin outflows from centralized crypto exchanges rose to a historic high this week, as investors turned to self-custody options following the collapse of FTX.

FTX collapse leaves investors jittery over crypto contagion

Top blockchain and crypto news: FTX fallout spooks sector. Crypto.com’s $400 million ‘accident.’ Hong Kong’s new digital asset drive.

Korbit is first South Korean exchange to disclose full crypto reserves, post-FTX debacle

Korbit, one of South Korea’s five fully licensed crypto exchanges, announced Wednesday that it will reveal its full list of crypto reserves.

Japan investment manager SoftBank reportedly writes down stake in FTX to zero

Masayoshi Son’s SoftBank Group is having an awful year on the investment front and has now been hit by the FTX failure.

Trezor, Ledger report surge in hard wallet sales amid FTX meltdown

What to do when one of the world’s most trusted crypto exchanges implodes? For many it’s finding a safer place for their assets, and that is typically hardware wallets.

FTX collapse ‘sad’ for crypto industry, but underlying technology still sound

Panelists at Forkast’s livestreamed event ‘Crypto Rising: How Top VCs Are Investing Out of Crypto Winter’ shared their thoughts on the future of the industry following FTX.

FTX bankruptcy and fallout; Tuesday updates and commentary

The following is a running compilation of views and comments on the FTX bankruptcy and implications for the industry.

Crypto prices recover amid plans by Binance, others to aid cash-short projects post FTX failure

Exchanges to the rescue? Cash is reportedly being made available to help blockchain and crypto projects caught in the fallout of the FTX exchange collapse.
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Mining rig maker Canaan’s stocks fall as Q3 profits shrink

Cryptocurrency mining rig maker Canaan posted shrinking revenues and profits in the third quarter of this year, as the crypto bear market continued to plague the mining industry.

Why DeFi is in dire straits — and what could save it

DeFi remains unusable for all beyond a niche community, writes Dennis Jarvis of Bitcoin.com. ‘Should it stay like this, it will never attract a wide audience.’

FTX bankruptcy and fallout: Monday updates and commentary

The following is a running compilation of views and comments on the FTX bankruptcy and implications for the industry.

Crypto prices slide as investors pull funds on concerns other exchanges may follow FTX implosion

The collapse of one of the world’s biggest crypto exchanges last week has investors worried about the finances of other trading platforms. Cold wallet time?

Shark Tank’s Kevin O’Leary says ‘FTX still has value,’ its story still being written

While FTX’s cash crunch has rattled global markets and investors, a White Knight investor could quickly turn the tide for the company, O’Leary told Forkast in an interview.

Sam Bankman-Fried apologizes in first tweet since Binance saga: I F***** Up

Sam Bankman-Fried sent his first series of tweets since Binance announced and then scrapped an offer to buy his cash-strapped cryptocurrency exchange. He apologized, acknowledged mistakes and said he will do right by FTX users.

FTX debacle has crypto industry pointing finger at regulators in call for clear rules of the road

The FTX.com unraveling has prompted crypto industry leaders to demand clearer rules of the road for trading digital assets.

Sequoia Capital marks down US$214 mln FTX stake to zero

Venture capital firm Sequoia Capital has written down its entire US$213.5 million investment in FTX, the company revealed in a tweet on Thursday.

What a difference a day makes: Options for FTX after Binance ditches buyout?

Binance cites due diligence on FTX books for pulling out of a deal to buy FTX.com, sending markets into a tailspin and leaving Bankman-Fried in need of another buyer… fast.
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Ark Invest swoops in to buy US$21.4 mln in Coinbase shares

Cathie Wood’s Ark Invest seized the opportunity provided by Wednesday’s market downturn to snatch a considerable chunk of Coinbase stock.

Why fears of a dying NFT market are overblown

The NFT ecosystem is doing better than what selective data would have us believe, writes Long Do of Anomura. But the sector should know that people want more than just a pretty picture.

Binance pulls out of FTX buyout; latest updates and commentary

The following is a running compilation of views and comments on Binance’s announcement that it will not go ahead with the acquisition of FTX.com.

Binance likely to back out of FTX deal: report

Binance may scrap its proposal to acquire cryptocurrency exchange FTX, after examining FTX’s “internal data and loan commitments,” according to an unnamed source “familiar with the matter” cited by CoinDesk on Wednesday. 

Binance’s Changpeng Zhao emerges as ‘winner on all fronts’ of FTX acquisition

Commonly known as “CZ,” the Chinese-Canadian founder of Binance appears to have stolen Sam Bankman-Fried’s shine, coming out of the FTX acquisition with the most to gain.

Binance boosts emergency insurance fund to US$1 billion on market volatility

Binance, the world’s largest cryptocurrency exchange, has raised its emergency insurance fund “SAFU” to US$1 billion equivalent in cryptocurrencies, founder Changpeng Zhao said in a Tweet on Wednesday. 

What could Binance gain from FTX’s wider investments?

FTX has invested in many projects through its FTX Ventures arm, contributing to two of the 10 biggest blockchain and crypto funding rounds in the industry. Here are the top five investments FTX has been involved in.

Binance set to swallow FTX as run on exchange allows CZ to swoop

Top blockchain and crypto news: FTX concedes defeat in long battle with Binance. Crypto eyes Congress races. Hong Kong U-turns on digital assets.

Binance’s pending acquisition of FTX may attract attention of antitrust regulators

Binance chief executive officer Changpeng Zhao already runs the world’s largest cryptocurrency exchange so just what are his ambitions?

Binance becomes white knight for fallen FTX: How did we get here?

Binance steps in with deal to buy FTX.com, but with so many moving parts to consider how messy could this pending acquisition get?
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Coinbase says it has minimal exposure to FTX, downplays risk

Coinbase said new users have registered on the exchange, while the crypto exchange claimed it has limited exposure to the underwater crypto exchange FTX.

U.S. midterms: gridlock… and progress on crypto industry regulation?

In a period of toxic divide between the Democrats and Republicans, the need to figure out how to regulate the growing cryptocurrency industry is one of the few issues both parties seem to agree on.
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DeFi still has a long way to go before mass adoption

Decentralized finance will stay niche unless the sector overcomes its myriad problems, including a lack of a credit system and regulations that inspire greater trust, writes Brian Pasfield.

Stablecoin, CBDC issues take center stage at Singapore’s Future of Finance Forum

Central bank digital currencies draw fire over inflation, privacy and threat to innovation, as questions raised over status of stablecoins in digital asset ecosystem.

Canada to examine risks from crypto, stablecoins, CBDCs in budget

The Canadian government will begin a consultation on the risks that digital assets and currencies may pose to the country’s traditional financial system.

Goldman Sachs launches crypto explainer, trend tool for institutional clients

After dabbling in cryptocurrency product offerings, Goldman Sachs is now offering a service to clients to help analyze tokens and market trends.

Curiosity ‘always’ fuels innovation, says blockchain co-creator Stuart Haber 

U.S. computer scientist Stuart Haber, recognized with Scott Stornetta as the co-inventor of blockchain, says he is excited to see the evolution of the technology, not only in the financial sector, but also in entertainment, business, and technology industries.

Standard Chartered invests in Partior blockchain payments platform

London-headquartered banking giant Standard Chartered announced on Thursday that it had invested in the blockchain-based interbank settlement platform Partior, a joint venture of JP Morgan, DBS bank and Temasek.

Crypto Winter will only get worse as industry adjusts: Tezos cofounder

The ongoing Crypto Winter is ‘only going to get worse’ as the industry is re-evaluated amongst tighter interest rates, the cofounder of Tezos predicts.

Hong Kong crypto policy turns on hopes of economic revival

Top blockchain and crypto news: Hong Kong rethinks digital assets. CBDC to debut in India. China’s e-yuan privacy problem.

NFT sales decline for sixth straight month despite tailwinds

While October saw the emergence of two very popular NFT collections, sales failed to break US$500 million in the lowest figures since July 2021.

Hong Kong announces policies to win back role as digital asset hub

Hong Kong reveals digital asset policies to distinguish itself from China, where cryptocurrency trading was banned in September last year.

Hong Kong seeks to allow crypto futures ETFs

The city is seeking to allow digital asset-based exchange-traded funds (ETFs) to be publicly listed and traded in the city.

Fortune favors the brave? One year on from Crypto.com’s ad with Matt Damon

Trading volume on cryptocurrency exchange Crypto.com has slumped about 90% in the 12 months since the company’s “fortune favors the brave” ad.

Visa’s trademark filings hint at launch of crypto wallet

Visa International Service Association on Oct. 22 filed two trademark applications that hinted at plans of launching a crypto wallet.

Binance says will help Busan city grow blockchain industry from bottom up

Busan, S. Korea’s designated blockchain city, plans to make itself a global center for the technology. Binance, the world’s largest crypto exchange, plans to help.

Hong Kong set to relaunch itself as digital asset hub with revamped policies

When China banned cryptocurrency trading and mining in September 2021, it was feared that policy would make its way into Hong Kong. Seems that concern is getting a rethink.

How to manage your crypto assets beyond the grave

When the Grim Reaper comes, will he take all your Bitcoins, too? Here’s how to ensure your crypto wealth will survive and live on for your heirs.

Crypto a ‘better bet’ than gold, says Ethereum cofounder Vitalik Buterin

Ethereum founder Vitalik Buterin has called crypto “the better bet” over gold, and that “gold has less adoption than crypto.”

Google to update legal compliance following lost criminal crypto exchange data

Google agreed to improve its legal compliance process in a settlement with the U.S. Department of Justice after failing to produce data on the now-defunct crypto exchange BTC-e in 2016.

How Europe’s MiCA can pave the way for crypto’s revival

Europe’s new MiCA framework for regulating crypto shows the good that can happen when government works with and not against the industry, writes Nick Saponaro of Divi Labs.

Aptos debut underwhelms amid questions over design and performance

Top blockchain and crypto news: Aptos launch falls short. Why FTX chief is calling for crypto regulations. Is Hong Kong paving way for a retail CBDC?

UK lawmakers vote to regulate digital assets as financial instruments

Lawmakers in the British Parliament’s lower house voted in favor of recognizing cryptocurrency assets as regulated financial instruments and products Tuesday.

As US midterms approach, poll says voters want policy interests to align with crypto, technology

Survey reveals popularity of crypto ownership among voters, their hopes for the industry’s growing potential and the need for regulation to protect consumers.

The crypto industry needs to do more to help ordinary investors

Cryptocurrency was created to be accessible to the masses. So why are retail investors getting shut out from the best analytical and trading tools?

Is crypto dead? No, but doomsayers may profit from your panic

A lack of regulations means anyone can say bad things about crypto to stir up fear — and push you to sell. Even if they stand to make money from your losses.

Reinventing banking: Why is Standard Chartered so drawn to Web3?

Institutional adoption of Web3 in finance means getting traditional banks involved, which will in turn reshape the way banks work, says SC Ventures’ Alex Manson.