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Indian crypto exchanges may lose US$1.2 trillion of trade volume in next four years: research

India’s current cryptocurrency tax structure “may lead to a loss of approximately US$1.2 trillion of local exchange trade volume in the next four years,” according to research by Esya Centre, a technology policy think tank in India.

Blockchain in Davos

Welcome to The Daily Forkast – January 4, 2022 – presented by Angie Lau. As the bells rang in the new year, many said goodbye and good riddance to a year of headline grabbing failures in the blockchain space. From Ronin’s bridge hack, the collapse of Terra Luna, to the bankruptcy of FTX, 2022 was […]

Crypto payments firm Wyre reportedly shutting down amid market downturn

Cryptocurrency payments company Wyre is reportedly shutting down operations by the end of January, amid the broader crypto market downturn following the fall of FTX

Alameda Research transfers spark suspicions as SBF denies involvement

Top blockchain and crypto news: Where is Alameda Research’s money going? US tax loophole may give crypto investors a break. China’s blockchain momentum builds.

Indonesia to set up crypto stock exchange this year: report

Indonesia plans to set up a crypto stock exchange in 2023, ahead of moving regulatory powers to securities authorities from a commodities jurisdiction.

CeFi regulation to accelerate further 2023 

Regulators will focus on centralized finance instead of decentralized finance in 2023, Chainalysis’ Caroline Malcolm says.

Markets: Bitcoin, Ether rise; Solana surges 18% as new dog coin spikes interest

Bitcoin and Ether rose in Wednesday afternoon trading in Asia, along with all other top 10 non-stablecoin cryptocurrencies. Solana led gains with an 18% surge, followed by Cardano and BNB.

Ripple expects SEC ruling in first half, clearer global regulations for digital assets in 2023 

Ripple Labs Inc. expects a court decision in the first six-months of this year in the case filed against the company by the U.S. Securities Exchange Commission. The SEC sued Ripple in December 2020 for allegedly selling US$1.3 billion in unregistered securities.

Crypto, digital assets account for 69% of online investment scams in Hong Kong

The Hong Kong Police received 1,503 online investment scam complaints over the first 10 months of 2022, 70% were related to cryptocurrencies.

U.S. banking regulators warn against cryptocurrency fraud, contagion risks

The U.S. Federal Reserve, FDIC and the OCC have issued a joint statement to warn banks of the risks with crypto assets.

Binance declines comment on speculation it may buy South Korean crypto exchange GOPAX

Binance declined to comment on reports in local media that it is in late stage talks to acquire South Korean digital asset exchange GOPAX.

Magic Eden NFTs display explicit content, ‘Big Bang Theory’ images

Images on Magic Eden, the largest Solana-based non-fungible token (NFT) marketplace, displayed pornographic content and popular sitcom series “The Big Bang Theory” on Tuesday Asia time instead of users’ NFTs.

Markets: Bitcoin price dips, Ether little changed, Litecoin adds to gains, Dogecoin biggest loser

Bitcoin slipped back, while Ether was little changed in mixed Wednesday morning trading in Asia for the top 10 non-stablecoin cryptocurrencies.

Sam Bankman-Fried pleads not guilty to fraud charges in FTX exchange collapse

Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange that collapsed in November with billions of dollars in investor funds missing, pleaded not guilty to charges of fraud on Tuesday in New York.

Decentralized social media can change content ownership in 2023

NEAR Foundation’s Marieke Flament believes that Web3-based social media platforms could gain popularity in 2023.

Markets: Bitcoin, Ether inch up, XRP leads gains in top 10 cryptos

Bitcoin and Ethereum prices inched up in Tuesday afternoon trading in Asia, along with most other top 10 non-stablecoin cryptocurrencies by market capitalization. XRP led gains at 3.22%, followed by Polygon at 1.76% and Litecoin at 1.74%.

Bahamas regulator denies FTX CEO’s claims over seized assets

The Securities Commission of The Bahamas has rejected “material misstatements” made by FTX’s newly-appointed CEO, John J. Ray III

Final Fantasy’s Square Enix stays committed to blockchain despite backlash

Yosuke Matsuda, the president of Square Enix, has reaffirmed the gaming company’s commitment to blockchain technology.

Bitcoin mining difficulty drops 3.6% in latest adjustment

The Bitcoin mining difficulty level fell 3.59% on Tuesday morning in Asia, after some U.S. mining firms unplugged due to deadly winter storms over the holiday season on top of continued cash shortages mainly caused by low Bitcoin prices and high energy costs. 

DCG’s Silbert, Gemini’s Winklevoss start Twitter spat over frozen funds, billion dollar loans

Barry Silbert, the CEO of Digital Currency Group rejected claims that the company borrowed US$1.6 billion from its Genesis Global Capital.

Bitcoin ATM rush Down Under: Australia leapfrogs El Salvador, Poland

Australia had a total of 225 Bitcoin ATMs by the end of 2022 after installing around 150 machines in the final four months of the year, overtaking El Salvador and Poland to become home to the fourth-highest number of crypto ATMs in the world, according to data from CoinATMRadar.com.

Happy birthday to Bitcoin! What will it become when it’s all grown up?

It takes a village to raise a child, and Bitcoin is no different — we must support its growth but also set firm boundaries, writes Justin d’Anethan of Amber Group.

Markets: Bitcoin, Ether edge higher with crypto top 10; Litecoin surges after record transactions in 2022

Bitcoin and Ether prices rose in Tuesday morning trading in Asia, along with all the non-stablecoin top ten cryptocurrencies.

Hong Kong financial service providers gear up for retail crypto traders

Hong Kong’s financial services providers, including local brokers and fund managers, are seeking advice to prepare for new licensing requirements which will allow them to provide services to retail traders, according to a media report.

Will 2023 be the year of institutional DeFi adoption?

Despite a potential regulatory crackdown, 1inch Network’s Sergej Kunz believes institutions will start adopting DeFi on a large scale.

How crypto custodians can help centralized exchanges win back public trust

In the post-FTX world, crypto exchanges must offer stronger protection for investors’ assets, writes Colin Brooks, chairman of the advisory board of Hex Trust.

OKX’s OKB, OKT tokens surge at least 13% each after 85% quarter

OKB, the utility token of OKX, jumped by up to 15% during Asia trading hours on Monday. OKT, the native token of the OKX Chain, was up 13%.

Markets: Bitcoin, Ethereum up, Cardano leads gains

Bitcoin and Ethereum prices were little changed on Monday morning in Asia along with most non-stablecoin top 10 cryptocurrencies by market capitalization. Cardano led gains with 1.65% while BNB lost most with 0.96%.

FTX founder Sam Bankman-Fried allegedly cashes out US$684,000, on-chain data show

On-chain data showed that Sam Bankman-Fried, the founder of the now-bankrupt FTX exchange, sent around 570 Ether worth US$684,000 to a Seychelles-based exchange and Ren Protocol’s Bitcoin bridge on Wednesday

‘Tis the season for crypto tax-loss harvesting: IRS, regulators remain silent on crypto tax loophole ahead of new year

The past year has been tumultuous for crypto investors, with a bear market wiping out over half of Bitcoin’s market capitalization. However, with the end of the American tax year just days ahead, taxpayers could get some money back.

Bahamas regulators hold US$3.5 bln of FTX assets, to be delivered to customers, creditors

The Securities Commission of the Bahamas is temporarily holding US$3.5 billion of digital assets seized from FTX Digital Markets

Stablecoins likely next in risk line, Karpelès says

A downward spiral of an algorithmic stablecoin was the beginning of the cryptocurrency industry’s troubles in 2022. Former Mt.Gox CEO Mark Karpelès says that the stablecoin drama is not over.

Markets: Bitcoin, Ether slip; Dogecoin biggest loser among top 10 cryptos

Bitcoin and Ether inched down during Asia trading hours on Friday afternoon, with Dogecoin leading losses among the top 10 largest non-stablecoin cryptocurrencies.

A series of events: Crypto’s 2022 timeline

Cryptocurrencies had a turbulent 2022 to say the least. Blockchain technology made progress but that failed to offset the multiple bankruptcies and hacks that plagued the industry through the year.
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Second set of transactions from Alameda wallets likely liquidators: Nansen

FTX liquidators may be behind the latest transactions from Alameda Research wallets, but someone else may have sent the first set of cryptocurrencies to decentralized exchanges.

Markets: Bitcoin, Ether inch up; XRP biggest loser among top 10

Bitcoin and Ether prices gained on Friday morning in Asia, while other top 10 cryptocurrencies by market capitalization were mixed.

China state-backed NFT trading platform to launch on Jan. 1

“China Digital Asset Trading Platform,” a non-fungible token (NFT) marketplace developed by state-owned entities and a private sector firm, has been set for launch on Jan. 1, 2023, state media outlet China Daily reported on Tuesday. See related article: NFTs ruled virtual property in China, its sales protected by law  Fast facts See related article: […]

Are VCs looking for the next big crypto star in 2023?

Illia Polosukhin of Near Protocol believes that VC capital will flow back into early-stage startups next year, as more companies will adopt crypto and Web3.

Markets: Bitcoin, Ether little changed; XRP leads losses in top 10 cryptos

Bitcoin and Ether dropped slightly during Asian trading hours on Thursday afternoon, with XRP leading losses across the top 10 non-stablecoin cryptocurrencies by market capitalization.

Late Nexon CEO’s US$6.7 mln crypto stolen; hacker gets six years in prison

A group of S.Korean hackers stole 8.5 billion Korean won (US$6.7 million) worth of cryptocurrencies from Kim Jung-ju, the late founder of Nexon.

How crypto crimes are evolving, and what to expect in 2023

Ponzi schemes, investment scams and rug pulls have drained billions from crypto users in recent years. What new kinds of crypto crimes are on the horizon?

South Korea keeps betting on the metaverse, ignoring the current clunky technology

South Korea took a real shine to the metaverse in 2022, with the central government, regions and cities all interested in getting a piece of the virtual reality pie, despite criticism that the technology has a long way to go.

Japan game maker Gumi strikes US$52 mln metaverse deal with Square Enix, SBI

Japan-based game company Gumi has announced a business alliance with Square Enix SBI Holdings to grow its metaverse business.

Argo Blockchain shares soar after selling Texas mining facility to Galaxy Digital

Bitcoin miner Argo Blockchain PLC’s stock price spiked by more than 100% during U.K. trading hours on Wednesday and to close 73.33% higher on the London Stock Exchange.

FTX founder Sam Bankman-Fried likely to enter plea deal: report

Sam Bankman-Fried is expected to enter a plea deal next week to fraud charges connected to the collapse of cryptocurrency FTX Reuters reported.

Markets: Bitcoin, Ether fall; Solana, Cardano show bigger losses

Bitcoin and Ether fell on Thursday morning in Asia. Solana lost 11% of its value, the steepest drop among top 10 non-stablecoin cryptocurrencies.

Sam Bankman-Fried used Alameda Research money to buy Robinhood shares

FTX founder Sam Bankman-Fried took funds from his trading firm, Alameda Research, to buy stock of trading app Robinhood, court documents revealed Tuesday.

Crypto addresses linked to Alameda Research have moved over US$100,000

Several wallets associated with Alameda Research, the trading arm bankrupt cryptocurrency exchange FTX.com, came to life on Wednesday, swapping various tokens. 

FTX customers file lawsuit for priority repayment

Former customers of FTX have filed a class action lawsuit against the bankrupt cryptocurrency exchange and its top executives, including Sam Bankman-Fried, to seek priority rights to repayment before any non-customer creditors.  

Kraken to shut Japan operations

Kraken announced on Wednesday that it will “cease its operations” in Japan and deregister from the Financial Services Agency.

A year to remember, a year to forget: Crypto highs and lows of 2022

From Terra and FTX crises to Ethereum’s triumphant Merge and China’s inventive NFT industry, Forkast reviews a rollercoaster year and its consequences.

Will non-financial use cases of NFTs emerge in 2023?

MetaKovan, owner of the world’s most expensive NFT owned by an individual, believes that crypto and blockchain are still the remedy for human corruption.

Markets: Bitcoin, Ether fall, Dogecoin extends holiday blues

Bitcoin and Ethereum prices fell on Wednesday afternoon in Asia along with all other non-stablecoin top 10 cryptocurrencies by market capitalization.

Why digital assets need regulations now more than ever

In times of market volatility, regulation can restore confidence and public trust in crypto, writes Albert Isola, Gibraltar’s minister for digital and financial services.

Japan plans to lift ban on stablecoins issued overseas: report

Japan’s Financial Services Agency (FSA) reportedly plans to allow the circulation of foreign-issued stablecoins in the local market next year.

Biggest blockchain trends for 2023 and beyond

After a year of new all-time highs for major cryptocurrencies in 2021, 2022 was a challenging year for Web3. Industry experts tell Forkast what crypto has in store for 2023 and beyond.

Markets: Bitcoin, Ether slide; BNB leads gains across top 10 cryptos

Bitcoin and Ether prices dropped on Wednesday morning in Asia while other non-stablecoin top 10 cryptocurrencies posted mixed results with BNB leading gains.

Will FTX’s collapse decentralize the industry? 

While the collapse of FTX may invite more scrutiny for centralized exchanges, Binance’s Patrick Hillmann believes it could benefit the industry through more decentralization.

Markets: Bitcoin, Ether extend gains; XRP biggest winner in top 10 cryptos

Bitcoin and Ethereum extended gains on Tuesday afternoon in Asia along with almost all other non-stablecoin top 10 cryptocurrencies by market capitalization. XRP was the biggest winner, rising nearly 4.8% in the last 24 hours.

India’s religious festivals coming to a metaverse near your avatar?

India loves religious festivals, but are its citizens ready to attend such celebrations in virtual reality? An Indian startup reckons they are and launched its first effort this year, saying 20,000 avatars showed up.

Top Solana NFT projects find new homes on Ethereum, Polygon

Top Solana-based NFT projects DeGods and Y00ts are moving away from the network, both projects announced on Twitter on Monday.

BTC.com hacked, around US$3 mln assets stolen

Blockchain browser and mining pool BTC.com said on Monday that it got hacked earlier this month, and lost around US$2.3 million of its own assets and US$700,000 of clients’ assets.

Markets: Bitcoin, Ether rise; XRP leads gains

Bitcoin and Ether edged up slightly on Tuesday morning in Asia, along with nearly all other non-stablecoin top 10 cryptocurrencies. XRP led the gains with about 5.6%, followed by Cardano and Polygon.

Blockchain gets religion? Taiwan temple mints NFTs of local sea goddess

A centuries old Taiwan temple dedicated to a popular goddess has latched onto non-fungible tokens or NFTs as a means for worshippers to get access to pilgrimages and other events.

Will the crypto industry grow beyond speculation in 2023?

The FTX collapse was a pivotal point the cryptocurrency industry needed to grow beyond just a speculative asset class, Ledger’s Alex Zinder says.

Markets: Bitcoin, Ether inch up, Dogecoin leads decline across top 10 cryptos

Bitcoin and Ethereum inched up in Monday afternoon trading in Asia. Most other non-stablecoin top 10 cryptocurrencies by market capitalization were little changed

14 years on, why Bitcoin will survive its growing pains

Like an awkward teen, Bitcoin is facing a crisis of confidence, writes Eddie Hui of MetaComp. What lies in store for the original cryptocurrency in 2023?

Sam Bankman-Fried, FTX misled investors, lent billions to Alameda, Caroline Ellison says

Caroline Ellison, former chief executive of trading firm Alameda Research, told a federal judge last week that she agreed with executives of FTX, including former CEO Sam Bankman-Fried, to mislead lenders and customers on how much Alameda was borrowing from the now-bankrupt exchange.

Bitcoin hashrate drops nearly 40% as deadly U.S. storm unplugs miners

The Bitcoin network hashrate has dropped by more than 38.8% from its peak on Wednesday, as many U.S.-based miners have been forced to switch down their facilities due to deadly blizzards. See related article: British Columbia suspends new electricity connections for crypto miners Fast facts See related article: Bitcoin mining difficulty rises 3.27% in latest […]

Markets: Bitcoin, Ether little changed; Dogecoin falls

Bitcoin and Ether changed little on Monday morning, along with nearly all other non-stablecoin top 10 cryptocurrencies by market capitalization.

No change in community banks’ view of crypto after FTX’s collapse, says ICBA’s Brian Laverdure

ICBA vice-president Brian Laverdure believes that community banks are unfazed by FTX’s collapse, but remain split on cryptocurrencies.

Time for reflection: How will FTX’s implosion impact crypto regulation?

This year’s cascade of crypto collapses should be a wake-up call to regulators, says the Independent Community Bankers of America’s Brian Laverdure.