Vauld has suspended all withdrawals, trading and deposits on its platform, the Singapore-headquartered cryptocurrency exchange said on Monday. See related article: Three Arrows Capital files for Chapter 15 bankruptcy Fast facts The firm, backed by PayPal founder Peter Thiel’s Valar Ventures, Pantera Capital and Coinbase Ventures, said it is exploring “potential restructuring options.” Vauld said […]
Crypto industry sales are slumping, but it’s not just hedge funds and lenders that have been hit hard by the crypto winter. The NFT industry has also begun to feel the chill.
Crypto hedge fund Three Arrows Capital (3AC) filed for Chapter 15 bankruptcy in a federal bankruptcy court in the Southern District of New York on Friday, in hopes to shield its U.S. assets after a court in the British Virgin Islands reportedly ordered the firm into liquidation last week. See related article: Three Arrows Capital […]
With NFT trading volumes slumping and regulators stepping in, Vignesh Sundaresan, who paid US$69 million for a Beeple artwork, shares his views on the space.
Early Bitcoin adopter and Bitcoin Cash promoter Roger Ver told Forkast he will issue an official statement before Monday responding to allegations he defaulted on a US$47 million loan in USDC from CoinFLEX. See related article: Roger Ver denies defaulting on US$47 mln loan from CoinFLEX Fast facts Ver told Forkast in a phone interview […]
The Monetary Authority of Singapore (MAS) has “reprimanded” cryptocurrency hedge fund Three Arrows Capital (3AC) for misleading information and ignoring assets under management (AUM) limits, the central bank said in a statement on Thursday. See related article: Three Arrows Capital lines up for liquidation Fast facts In August 2013, 3AC obtained its registered fund management […]
India’s government can’t seem to decide on following China with an outright ban on crypto trading. So is it bent instead on suffocating traders and exchanges with taxes?
Crypto market maker and lender Genesis Trading may lose “hundreds of millions” due to its exposure to troubled crypto firms Three Arrows Capital (3AC) and Hong Kong-based lender Babel Finance, CoinDesk reported. See related article: Wall Street seems to sense opportunity in distressed crypto markets Fast facts Genesis is seeking at least partial reimbursement from its […]
The U.S. Federal Reserve has created a “self-inflicted disaster” with its “twin policy errors,” Pantera Capital’s chief executive officer Dan Morehead said. See related article: Bitcoin, Ether recover as Fed guidance reduces policy uncertainty Fast facts Keeping overnight rates too low for too long was a mistake that the Fed is now beginning to slowly […]
Lack of public trust remain a big barrier to crypto adoption, writes Tristan Roozendaal. Here’s why regulators should ‘move fast and break things.’
Crypto hedge fund Three Arrows Capital (3AC) has been ordered to liquidate as plummeting crypto prices left the firm unable to repay creditors, Sky News reported. See related article: Contagion risk from Three Arrows Capital weighs on Bitcoin, crypto Fast facts A court in the British Virgin Islands appointed two senior members of global advisory […]
Top blockchain and crypto news: Three Arrows fallout spreads. BIS calls BS on crypto. Chinese regulatory vacuum chills an NFT platform.
While critics say the bubble has burst on crypto, Wall Street is moving in to take advantage of what could be some fire-sale asset prices.
Early Bitcoin adopter and Bitcoin Cash promoter Roger Ver has denied defaulting on a US$47 million loan in USDC to beleaguered cryptocurrency exchange CoinFLEX. See related article: CoinFLEX to issue US$47 mln in tokens as it waits for ‘crypto whale’ to pay up Fast facts Ver tweeted overnight in Asia time that rumors of the […]
Delaware-based Bitcoin mining hosting firm Compass Mining announced Tuesday that its chief executive officer Whitney Gibbs and chief finance officer Jodie Fisher have resigned, effective immediately. See related article: U.S. leads in Bitcoin mining as China’s share drops to zero: Cambridge data Fast facts The firm’s board has appointed chief technology officer Paul Gosker and […]
CoinFLEX to solve its liquidity problems by issuing a recovery token. Meanwhile, Singapore’s central bank doubts crypto capabilities.
Whither Singapore in the cryptocurrency world? The Monetary Authority of Singapore has some views on that and as with most markets, there are winners and losers.
Crypto broker Voyager Digital issued a notice of default on Monday to hedge fund Three Arrows Capital (3AC), for failing to service a loan worth about US$665 million. See related article: Amid 3AC exposure, Voyager Digital cuts daily withdrawal limit Fast facts Last week, Voyager said it had asked for US$25 million worth of USD […]
The crypto derivatives trading platform that halted withdrawals last week will issue the tokens that can be swapped into USDC or its own coin. See related article: Crypto winter ushers in account freezes as platforms feel the chill Fast facts CoinFLEX is issuing “rvUSD” tokens towards an outstanding debt owed by an unnamed high-net-worth individual, […]
Cryptocurrency is a huge Ponzi scheme, Blockchain-based Service Network (BSN) — the developer behind China’s state-backed blockchain infrastructure — said on Sunday. See related article: China’s BSN to launch overseas public chain without crypto support Fast facts Crypto is an old hoax in a new form, Zhiguang Shan, chair of BSN Development Alliance, and Yifan […]
Harmony’s Horizon cross-chain bridge is now the third of its kind to suffer a major hack this year. What are the alternatives that may be more secure?
As traditional finance sector firms continue to seek upside crypto exposure, bringing DeFi yields to TradFi has a bright future, says B2C2’s Phillip Gillespie.
The Federal Bureau of Investigation (FBI) and multiple cybersecurity companies have started investigating the US$100 million hack on Harmony Protocol’s Horizon cross-chain bridge. See related article: Axie Infinity hack proceeds continue to be laundered despite US sanctions Fast facts Harmony Protocol announced it was attacked on Friday morning Asia time, adding it had alerted exchanges […]
One door closes and another opens, which seems to be what’s happening in Singapore as the crypto price slump restructures the trading environment.
In a decentralized society envisaged under crypto, everybody is reportedly equal. But as the market strains under considerable stress, it’s showing some are more equal than others.
Cryptocurrencies were listed for the first time as a means to launder and transfer money related to the drug trade by the China Ministry of Public Security on Thursday. See related article: China explores ways to classify cryptocurrency crimes Fast facts See related article: The SEC is building a SWAT team to combat crypto crime
Testifying before the Senate Banking Committee on Wednesday, the chair of the U.S. Federal Reserve said the central bank is “not really seeing significant macroeconomic implications so far” with regard to the recent cryptocurrency volatility. See related article: Bitcoin, Ether recover as Fed guidance reduces policy uncertainty Fast facts Powell testified at the Senate Banking […]
A day after Voyager Digital disclosed its exposure to crypto hedge fund Three Arrows Capital (3AC), it slashed daily withdrawal limits to US$10,000 from US$25,000. See related article: Sam Bankman-Fried steps in to bail out BlockFi Fast facts On Wednesday, crypto trading platform Voyager said it had loaned over US$650 million worth of USDC and […]
CoinFLEX is freezing withdrawals due extreme market conditions and uncertainty involving a counterparty, the cryptocurrency futures exchange said in a blog post on Friday. See related article: Contagion risk from Three Arrows Capital weighs on Bitcoin, crypto Fast facts CoinFLEX stressed the counterparty in question was not Three Arrows Capital Ltd., the crypto hedge fund […]
Cryptocurrencies return to the red as inflation in the UK soars. Meanwhile, Sam Bankman-Fried agrees to bail out BlockFi for the second time.
After rescuing crypto-asset broker Voyager Digital last week, crypto exchange FTX founder Sam Bankman-Fried, often known as SBF, has now agreed to bail out crypto lender BlockFi. See related article: BlockFi among those that foreclosed on Three Arrows Capital: report Fast facts FTX agreed to extend a US$250 million revolving credit facility to BlockFi on […]
Top blockchain and crypto news: Investors snowed in as liquidity crunch hits. Solend harpoons anti-whale maneuver. Chinese NFTs prove a tricky target.
Dogecoin and Shiba Inu have been staging a strong comeback since Elon Musk came out on Sunday supporting the former. See related article: Has ‘Crypto Winter’ arrived with Bitcoin, Ether prices falling? Fast facts Dogecoin rose more than 15% in morning trade on Wednesday in Asia, according to CoinMarketCap data. The memecoin rose to a […]
Input Output Global (IOG), the development company that runs the Cardano blockchain, on Monday said it will postpone the testnet of the network’s Vasil hard fork to the end of June, citing software bugs and a focus on quality and security. See related story: Cardano’s Alonzo Purple testnet begins onboarding users Fast facts The engineering […]
Another Chinese province has introduced higher retroactive electricity charges for cryptocurrency mining projects when they are discovered, a form of financial penalty on the banned activity. See related article: China seizes over 3,500 Bitcoin mining rigs, hikes electricity rates Fast facts The Guizhou Provincial Development and Reform Commission on Monday said any uncovered cryptocurrency mining […]
Did you know that average global transactions cost up to 6.5% in remittance fees? This can even go up to 20% for certain countries. Some developing nations pay up to US$600 billion in remittances every year. Could blockchain offer a better option for cross-border transactions? Find out in this Forkast video explainer. What you’ll learn: […]
Dubai-based crypto derivatives exchange Bybit is looking to cut up to 30% of its staff to reduce costs, journalist Colin Wu reported on Twitter, citing anonymous sources. See related article: Coinbase, biggest US crypto exchange, cuts workforce by 18% Fast facts “This was not an easy decision to make,” a Bybit spokesperson told Forkast in […]
Celsius and Babel Finance’s freezing of customer accounts highlights the risks of intermediaries, writes Nick Saponaro. Crypto users should take back control.
Hong Kong-based Babel Finance announced on Monday it has reached “preliminary agreements” on debt repayments to counterparties following a redemption and withdrawal freeze instituted last Friday. See related article: Contagion risk from Three Arrows Capital weighs on Bitcoin, crypto Fast facts A preliminary restructuring of the debt repayment period has “eased” the company’s short-term liquidity […]
The decentralized autonomous organization (DAO) behind Solend, a Solana-based lending protocol, overturned Sunday’s governance vote that would have allowed it to take control of a wallet at risk of liquidation. See related article: Contagion risk from Three Arrows Capital weighs on Bitcoin, crypto Fast facts Solend DAO on Monday voted to overturn Sunday’s decision that […]
Dogecoin (DOGE) has gained 11% since billionaire Elon Musk said that he would continue to support and buy the cryptocurrency. See related article: Bitcoin, crypto return to red after rate hike rally wears off Fast facts According to CoinMarketCap data, the memecoin was up more than 12% in the past 24 hours to US$0.05788 on […]
BlockFi’s Zac Prince says they have fully liquidated 3AC positions. Meanwhile, Hong Kong’s central bank works with the Bank of Israel to study CBDC security.
BlockFi CEO Zac Prince Thursday said the U.S.-based crypto lender foreclosed on a “large client that failed to meet its obligations” following reports that BlockFi was part of the lenders group that canceled some US$400 million in loans made out to Three Arrows Capital (3AC). See related article: Client accuses Bitcoin, Ethereum backer Three Arrows […]
Huobi Thailand will shut its cryptocurrency trading platform’s Thailand unit on July 1 after the country’s Securities and Exchange Commission (SEC) revoked its license. See related article: Can Thailand emerge as a ‘crypto-positive’ travel destination? Fast facts Huobi Thailand said the firm will no longer have any connections or legal bindings with Huobi Group following […]
Bitcoin, Ethereum and TRX recover as the Federal Reserve raises interest rates. Meanwhile, Three Arrows Capital faces liquidation concerns.
Top blockchain and crypto news: Cryptos sink as inflation rises. Celsius freeze sends CEL token tumbling. Are Inner Mongolia’s miners catching a break?
Crypto markets posted some gains in Asia trading after a pummeling this week, but the sentiment shifted back to negative as markets across the board try to second-guess the Federal Reserve’s thinking on interest rates.
The USDD reserves sees US$500 million worth of USDC added to it. Meanwhile, the US Federal Reserve’s rate decision has the crypto market bracing for itself.
TRON DAO announced it has added US$500 million in USDC to its reserve to bolster its algorithmic stablecoin’s dollar parity, but USDD has been off its peg to the greenback for about two days. See related article: Michael Saylor, MicroStrategy stick to their guns on Bitcoin Fast facts See related article: Bitcoin, Ether bear brunt […]
TRON founder Justin Sun on Monday said he will set up a US$2 billion fund to support the dollar peg of the project’s stablecoin USDD and “fight” against short sellers, after the stablecoin’s price fell to US$0.97. See related article: Binance resumes Bitcoin withdrawals Fast facts USDD uses an algorithmic mechanism to keep its dollar […]
Inflation hits crypto markets hard as Bitcoin drops almost 8%. Meanwhile, South Korean exchanges work on new rules to prevent another Terra Luna incident.
CEL has dropped 53.1% over the past 24 hours and was trading at US$0.20, at press time, according to CoinGecko. Fast facts Crypto staking and lending platform Celsius Network paused user withdrawals, swaps, and transfers on Monday, citing “extreme market conditions,” driving its native token to shed more than half of its value. The lending […]
An open and interoperable metaverse economy will drive consumer activity — and it’s on a similar track for growth as e-commerce, writes Ben Caselin of AAX.
Inner Mongolia has closed 49 cryptocurrency mining farms in total, but only four since September, according to the Inner Mongolia Daily, indicating either the process has been successful or the shutdown drive mandated by Beijing is slowing. See related article: Beijing banned crypto mining, so China miners went underground Fast facts See related article: Crypto […]
JPMorgan Chase & Co. blockchain business unit Onyx aims to bring trillions of dollars in tokenized assets to decentralized finance (DeFi), Onyx head of digital assets Tyrone Lobban said at CoinDesk’s Consensus 2022 conference. See related article: JPMorgan sees upside for Bitcoin, crypto amid market downturn Fast facts “Over time, we think tokenizing U.S. Treasurys […]
Indian crypto investors got lucky after February’s tax announcements reduced trading activities ahead of the market crash, Nithin Kamath, founder and CEO of online stockbroker Zerodha said. See related article: Short selling is good for any market, including crypto: Jim Rogers Fast facts “Even when trading stocks, the biggest reason for losses is trying to […]
Singapore investment behemoth Temasek has been in the digital asset space for several years, and it’s doubling down on its commitment, says its blockchain chief.
Cryptocurrencies can offer citizens in emerging economies a potential buffer against runaway inflation and financial mismanagement by governments. But buying them increasingly means navigating onerous regulations and punishing taxes.
Ethereum’s successful merge of the Ropsten testnet overnight Wednesday Asia time brought the world’s largest smart contract blockchain closer to becoming a proof-of-stake (PoS) network. See related article: Vitalik Buterin: Why Eth2 will propel Ethereum’s use in enterprise Fast facts One of Ethereum’s oldest testnets, Ropsten, successfully merged the proof-of-work (PoW) execution layer with the […]
Top blockchain and crypto news: Binance BNB slips amid allegations. STEPN marches through attacks. Is China’s slowdown straining crypto prices?
Falling prices, an imploding stablecoin, and more reports of hacks have occupied the cryptocurrency headlines in recent weeks, so it’s perhaps no surprise that regulators have noticed and they intend to do something about it.
High taxes and lack of support from traditional finance make it difficult for smaller crypto operators to survive in India, a senior executive at one of the country’s largest crypto exchanges said.
Non-fungible tokens (NFTs) can be regulated if they represent similar characteristics to securities, particularly in the category of “collective investment schemes,” Hong Kong’s Securities and Futures Commission (SFC) said on Monday. See related article: Hong Kong retail investors blocked from Bitcoin spot ETFs Fast facts See related article: Hong Kong to propose bill to license […]
Web 3.0 lifestyle app, StepN, was hit by a denial-of-service attack. Meanwhile, South Korean students are looking at metaverse as a platform to prepare for exam.
Beijing’s official GDP growth target is 5.5% this year, but some analysts don’t see how that makes sense in the face of Shanghai-size lockdowns. Could a China slowdown be good news for central bankers trying to tame inflation?
The prospect of tighter codes for the crypto industry has given some players the jitters. Others, such as Crypto.com’s Eric Anziani, see it as an opportunity.
The industry should fasten its seat belt, an industry watcher told Forkast, as the largest of crypto firms headline widespread layoffs amid the 2022 market crunch.
Crypto companies have voted with their feet in response to the city-state’s restrictions on their business. But they are still keeping an eye on opportunities.