Forkast.News is now Forkast Labs

What NFT.NYC missed that Coachella got right

2022’s marquee NFT event in America’s biggest city failed to capitalize on its namesake technology, while an iconic music festival in the California desert understood the possibilities, writes Mirwan Suwarso of Mola TV.

US crypto bill pile up; Philippines Binance warning

US Senate proposes the CFTC takes responsibility of Bitcoin and Ethereum. Meanwhile, Philippine authorities warn against Binance

Blockchain in India got off on wrong foot, says former finance chief 

India’s government doesn’t like cryptocurrencies and has made that clear in statements and with heavy taxes on the asset class, but what does that say about blockchain adoption?

MicroStrategy’s share price hits 2-month high following Saylor reshuffle

MicroStrategy’s share price jumped nearly 15% in early trading on Wednesday in the U.S. following Tuesday’s announcement that current CEO Michael Saylor is stepping down from that role to become executive chairman and will lead the company’s Bitcoin acquisition focus. See related article: MicroStrategy CEO Michael Saylor moves to chairman role to focus on Bitcoin […]

Why crypto and DeFi are key to building wealth in times of high inflation

As wages stagnate and prices spiral, crypto offers investment and growth opportunities unmatched by the traditional financial system, writes Tarik Moon, CEO of Alpine.

Solana blames Slope for exploit

The massive Solana wallet exploit that began on Wednesday Hong Kong time is believed to be related to the Slope mobile wallet app, while there is no evidence to show the blockchain’s code was compromised, Solana said. See related article:  Bitcoin, Ethereum little changed; Solana still lower after network hack Fast facts See related article: […]

Filecoin on a tear as cautious optimism returns to crypto markets

Top blockchain and crypto news: Filecoin leads in market uptick. CryptoPunks in new glow as Tiffany jewelry. Chinese firms flock to Singapore.

Nomad’s US$200 million hack; Saylor steps down

Nomad loses US$200 million after over 300 suspected of participating in the hack. Meanwhile, Michael Saylor moves from CEO to Chairman of Microstrategy.

Chinese mining rig maker Canaan says global expansion on track despite ‘crypto winter’

Beijing’s drive to stamp out crypto mining and the slump in crypto prices are headwinds that Canaan says it knows how to deal with, adding that the crypto winter may be shorter than expected.

Gucci begins accepting BAYC-tied token ApeCoin as payment

Gucci has further embraced cryptocurrencies, announcing in a tweet on Tuesday that it is accepting in-store purchases with ApeCoin through payment service provider BitPay. See related article: How high fashion is waking up to blockchain’s possibilities Fast facts ApeCoin is a cryptocurrency tied to Bored Ape Yacht Club (BAYC), a non-fungible token (NFT) project created […]

Flippening ahead?; NFT sales fall again

Is the flippening coming soon? And NFT sales drop 25% in July as the crypto winter continues.

Solana an investor favorite as July registers strongest crypto inflows year-to-date: report

Crypto investments totaled US$474 million in July, mostly reversing outflows of US$481 million in June, even as Solana (SOL) witnessed year-to-date inflows of US$114 million, a report by Coinshares said. See related article: Ethereum needs scalability to retain market share: report Fast facts See related article: ETH crosses Bitcoin in options market for first time […]

Prominent Chinese ETH miner plans proof-of-work fork amid The Merge

Ahead of Ethereum’s upcoming “Merge,” prominent Chinese crypto miner Chandler Guo has indicated he wishes to fork Ethereum to maintain a version of the network that remains proof of work (PoW), according to a report by Decrypt. See related article: Ethereum will soon turn 7 — and its upcoming ‘Merge’ will be well worth the […]

Recovering crypto from insolvent companies may be easier than you think

A stolen painting may be lost forever, but a fraudulent Bitcoin transaction — with these legal strategies and tracing tools — can lead right to the criminal.
, and

ETH merge delay concerns; Buterin’s clown call

The ETH2 merge could once again be delayed. Meanwhile, Vitalik Buterin calls Michael Saylor “a total clown”.

Vitalik Buterin calls MicroStrategy’s Michael Saylor a ‘total clown’

Ethereum cofounder Vitalik Buterin has taken a shot at MicroStrategy chief executive officer Michael Saylor, calling him a “total clown” after the latter called the world’s second-largest cryptocurrency “inherently unethical.” See related article: Crypto continues tear while Vitalik Buterin says Eth2 ‘not priced in’ Fast facts “Why do maximalists keep picking heroes that turn out […]

Apple iPhone maker’s founder distances himself from crypto fraudsters using his image

Terry Gou, founder of Apple iPhone maker Foxconn, Saturday said that fraudsters have been using his images to promote cryptocurrency scams and that he has never invested in the crypto industry. See related article: Foxconn pledges to boost metaverse development this year Fast facts In a Facebook post on Saturday, the Taiwanese mogul said through […]

Back to the future: Blockchain returns to the real world

As the once febrile crypto market cools, it’s time to look again at the enterprise capabilities of blockchain, says the Hyperledger Foundation’s Daniela Barbosa

Crypto continues tear while Vitalik Buterin says Eth2 ‘not priced in’

The crypto market continued its tear overnight Thursday in Asia with Bitcoin and Ethereum trading up 4% and 6%, respectively, in the 24 hours before business hours on Friday. See related article: Crypto, traditional markets see bump as Fed raises rates Fast facts Bitcoin was changing hands at its highest point in over a week […]

Bad actors in North Korea, Russia send record-high funds to crypto mixers

A new report by Chainalysis shows that sanctioned actors, especially in North Korea and Russia, are sending record sums to crypto mixers.

Why DeFi remains attractive to institutions in a bear market

Despite the bleak macro outlook, more institutions are looking to gain exposure to the DeFi sector, writes Robert Alcorn of Clearpool. Here’s why.

Crypto, traditional markets see bump as Fed raises rates

Both crypto and traditional markets saw significant gains overnight Monday in Asia after the U.S. Federal Reserve announced a 75-basis point interest rate increase to battle the worst inflation in the country in some 40 years. See related article: Fed may increase interest rates amid rising inflation Fast facts Interest rates in the U.S. are […]

Voyager gives Sam Bankman-Fried’s ‘low-ball’ bailout offer a single digit

Top blockchain and crypto news: SBF’s Voyager rescue deal spurned. Tesla pulls U-turn with BTC sale. Tencent cuts local NFT staff as it looks abroad.

Crypto market quickly rebounds after IMF predicts increased recession risk

Bitcoin quickly rebounded above US$21,000 coming into Asian trading hours on Wednesday after falling below the mark overnight since the International Monetary Fund (IMF) cut its global growth outlook for this year and next, warning that the world economy may soon be on the cusp of an outright recession. See related article: IMF says crypto crash […]

MicroStrategy shares fall after Jefferies downgrade to ‘underperform’

Investment banking firm Jefferies downgraded the MicroStrategy stocks from “hold” to “underperform.” See related article: Michael Saylor’s MicroStrategy buys more Bitcoin Fast facts MicroStrategy, the largest corporate holder of Bitcoin, has a premium valuation for a low-growth asset, Jefferies said in a research report released on Tuesday. Jefferies kept the MicroStrategy price target unchanged at […]

HK crypto exchange OSL sells security tokens to institutional investors

Hong Kong-based digital asset trading platform OSL has started selling security tokens to institutional investors via a private placement, with the first purchasers including blockchain game company Animoca Brands, according to a press release on Tuesday. See related article: Chinese logistics network plans US fundraise via tokenized offerings Fast facts Each security token represents a […]

Crypto exchange Bullish’s 2Q average daily volume rises 3-fold on the quarter

Average daily volumes (ADV) at Bullish cryptocurrency exchange in the second quarter of the year rose by about 212% to US$522 million, up from US$167 million in the first quarter, according to a business update released on July 26. The exchange is operated by Bullish (GI) Limited and regulated by the Gibraltar Financial Services Commission.  […]

Fed nerves hit crypto; Philippines crypto tax pushed

Crypto prices fall ahead of the Fed meeting. Meanwhile, the Philippines pushes for a crypto tax.

Aptos raises US$150 mln from FTX Ventures, Jump Crypto

Founded by former employees of Meta stablecoin arm Diem, blockchain company Aptos Labs announced a US$150 million Series A funding round led by FTX Ventures and Jump Crypto on Monday, according to a press release. See related article: Crypto startup funding falls by 26% in H1 2022: report Fast facts Venture capital and crypto firms […]

What is the crypto industry’s public responsibility?

The crypto world is consumed by a spiritual battle between its believers and haters, and it is in need of a rebirth and new identity, writes Prof. Yanto Chandra of Hong Kong Polytechnic University.

How cold storage can ward against this crypto winter’s freeze

As the Celsius bankruptcy shows, moving to decentralized ways to hold crypto is not only sensible, it’s what Satoshi envisioned all along, writes Ruben Merre, CEO and cofounder of NGRAVE.

Market bottom being tested?; Zipmex in buyout talks.

Silvergate issues warnings about the crypto winter. Meanwhile, Zipmex considers a buyout by FTX and Alameda Research.

FTX proposes buying out Voyager assets and loans except for 3AC to provide early liquidity to customers

Crypto exchange FTX launched a joint offer with West Realm Shires, which runs FTX.US, and Alameda Ventures, on Friday, which would allow bankrupt crypto lender Voyager Digital customers to get their hands on their bankruptcy claims in advance.  See related article: ​​Voyager crypto refund plan unconfirmed; fiat to be returned in full Fast facts Regarding […]

DeFi TVL plunged 67% in Q2

The total value locked (TVL) in decentralized finance (DeFi) plunged 66.9% in the second quarter of this year amid market turmoil, according to data from DefiLlama. See related article: Sinking TRON takes DeFi TVL to US$63B, lowest since April 2021 Fast facts The DeFi space recorded US$220 billion in TVL at the beginning of the […]

Mind the gap: Fixing the female deficit in Web 3.0

Despite some recent progress, the Web 3.0 industry is still coming up short on women’s participation, says NEAR Foundation chief Marieke Flament

3AC cofounders resurface after five weeks, deny allegations

Three Arrows Capital (3AC) cofounders Su Zhu and Kyle Davies denied allegations by 3AC liquidators that they moved money out of the crypto hedge fund before its collapse. See related article: 3AC founders moved money out of troubled hedge fund, allege liquidators Fast facts Zhu and Davies claimed that they were forced into hiding due […]

Philippine central bank governor says no plan to ban crypto

New Bangko Sentral ng Pilipinas Governor Felipe Medalla is no fan of crypto, but in an exclusive interview with Forkast, he said there’s no plan to outlaw the digital asset.

Vitalik Buterin says Ethereum to be 55% complete post-merge

Ethereum co-founder Vitalik Buterin said on Thursday that Ethereum will be about 55% complete after the “merge,” when the network moves from proof-of-work (PoW) to a proof-of-stake (PoS) consensus system.  See related article: Eth2 merger closer as ninth shadow fork goes live Fast facts “Proof of stake is much more secure than proof of work, […]

S.Korea prosecutors raid crypto exchanges as part of Terra-LUNA investigation

South Korean prosecutors raided 15 companies, including seven cryptocurrency exchanges, on Wednesday as part of their investigation into the Terra-LUNA debacle. See related article: Terra subsidiary used as funds channel for overseas affiliates: report Fast facts “[The search and seizure] is to secure any physical evidence needed to prove the allegations,” Choi Sung-kook, prosecutor in […]

Crypto trading volumes in India recover

Trading volumes at Indian crypto exchanges are recovering on the back of a rally in digital asset prices. Volumes had dropped after the government had imposed steep taxes.  See related article: Bitcoin bounces back after US reports worst inflation in 41 years Fast facts Trading volumes at crypto exchange WazirX rose about 35% to US$7.18 […]

3AC founders moved money out of troubled hedge fund, allege liquidators

Court filings in Singapore by the lawyers appointed by Three Arrow Capital’s creditors allege money was being moved out of the troubled crypto hedge fund into a company controlled by its founders.

Celsius bankruptcy deepens chill over crypto sector

Top blockchain and crypto news: Celsius plunges into Chapter 11. Otherside’s promised land. Mixed picture for Chinese NFTs.

US Justice Dept. seizes US$500K from North Korea-backed hackers

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 […]

Celsius says users can settle for cash at a discount or go long on crypto

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 price breaks US$1,600, Ethereum Classic surges 22%

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 […]

How the crypto winter is laying groundwork for Web3 to reach its potential

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 tank; India’s crypto info call to G20

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

Celsius Network could add to crypto mining struggles

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

Crypto trading volumes dip to 18-month low amid bear market

Spot and derivatives crypto trading volumes have declined by over 15% since May to around US$4.2 trillion, the lowest since January 2021, Bloomberg reported citing data from CryptoCompare.  See related article: Indian crypto trading volume drops as much as 63% after new tax Fast facts In June alone, spot trading volumes dropped by 28% to […]

Crypto miners should disclose energy data, US lawmakers say

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 […]

Touchdown: How ex-NFL players are helping college athletes score with NFTs

As the NFT market slumps, some savvy former American footballers and their business partners have been spurred to push the technology’s potential.

Eth2 merger closer as ninth shadow fork goes live

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 […]

Celsius files for bankruptcy after closing DeFi loans

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; Crypto unfazed by US inflation

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

Ethereum will soon turn 7 — and its upcoming ‘Merge’ will be well worth the wait

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.

Court gives liquidators green light to claim 3AC assets

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 […]

Vitalik Buterin defends Ethereum ahead of merge; ‘not a security’

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 […]

Financial Stability Board calls for high regulatory standards for stablecoins

The failure of a crypto market player may have spillover effects on traditional finance such as short-term funding markets, says the Basel-based international body.

Henan promises to release frozen bank funds after violent protest

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 […]

Inter-country use key for CBDCs to reach potential: report

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.

CoinFLEX enters arbitration; Mt Gox dump fears

CoinFLEX’s deficit rises to US$84 million as it enters arbitration. Meanwhile, a report claims Celsius Network had lost over US$350 million in DeFi.

CoinFLEX deficit rises to US$84 mln; enters recovery arbitration

CoinFLEX has entered arbitration in the Hong Kong International Arbitration Centre (HKIAC) to recover US$84 million from a “large individual customer,” according to a blog post published by the crypto trading platform’s cofounders Sudhu Arumugam and Mark Lamb on Saturday. See related article: Roger Ver says he will issue statement on default dispute with CoinFLEX  […]

Stablecoins, USDC and the ‘Circle of trust’

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”.

Circle says customers could redeem all of USDC in one day

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.

US credit union lobby group says cost of developing CBDCs outweighs benefits

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 […]

Vauld buyout talks; Celsius fights against bankruptcy

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.

Voyager crypto firm loaned US$377 mln to Sam Bankman-Fried’s Alameda Research

Alameda Research, the crypto trading firm cofounded by Sam Bankman-Fried, owes Voyager Digital Holdings US$377 million in loans, according to the crypto broker’s new bankruptcy filing. See related article: Three Arrows, Voyager failures raise questions of who is next in crypto fall from grace Fast facts Voyager Digital entered a loan agreement for a revolving […]

How decentralized crowdfunding is becoming essential in emergencies | The Great Disruption Ep. 11

In February 2020, Canadian banks froze assets of truckers protesting against vaccine mandates called Freedom Convoy. This is known as financial censorship and it can happen to anyone. Can decentralized crowdfunding combat financial censorship? Find out in this Forkast video explainer.  What you’ll learn: How financial censorship highlights the downsides of centralized crowdfunding. How Freedom […]

Three Arrows Capital collapse sends tremors through crypto industry

Top blockchain and crypto news: Three Arrows target bankruptcy protection. Polium’s Web3 game plan pilloried. China’s tech giants get hands-on with NFTs.

Three Arrows, Voyager failures raise questions of who is next in crypto fall from grace

The crypto winter is killing off companies that took on big risks when markets were booming. So is this the shakeout all financial markets go through?

Crypto’s biggest problem is not volatility, but scalability

Notwithstanding this bear market, Web3’s more pressing issue is its inability to handle large volumes, writes Greg Gopman. Can sidechains offer a solution?

Celsius repays debts, cuts jobs amid bankruptcy fears

Celsius Network has paid back US$142.8 million of its debt to Maker since July 1, data from DeFi Explore shows, as the embattled cryptocurrency lender looks to avoid a complete collapse.  See related article: Goldman Sachs said to raise US$2B for Celsius assets: report Fast facts With the repayment, Celsius’ liquidation price for its Wrapped […]