Forkast.News is now Forkast Labs

Safe as houses? How tokenizing real estate offers a new approach to bricks-and-mortar investment

Putting property on-chain is a novel way of opening up opportunities for investors and landlords alike. The second article in Forkast’s three-part series on real estate tokenization explores what they stand to gain.

Hong Kong’s SFC appoints new chief who calls for stronger crypto regulation

Julia Leung, the next chief executive of Hong Kong’s Securities and Futures Commission (SFC) due to start her three-year term on Jan. 1, called for stricter crypto regulation when speaking at the city’s Fintech Week last month.

US lawyers, Bahamas liquidators trade barbs over who rules FTX bankruptcy jurisdiction

Sam Bankman-Fried has reportedly made a second application for bail in the Bahamas – this as lawyers feud over control of the FTX bankruptcy, raising concern the sour grapes may seep into efforts to have Bankman-Fried extradited to face fraud charges in the U.S.

Hong Kong Stock Exchange debuts ‘Asia’s first’ crypto futures ETFs

Hong Kong launched two exchange-traded funds (ETFs) tracking cryptocurrency futures on Friday, the first of their kind in Asia, the local exchange said.

Japan plans to ease corporate tax rates for cryptocurrency issuers

Japan’s ruling party approved a proposal that exempts companies issuing crypto from taxes on unrealized gains on retained tokens.

Markets: Bitcoin, Ether fall with equities as concerns about recession knock Wall Street lower

Bitcoin and Ether prices fell Friday morning in Asia, along with most of the top 10 non-stablecoin crypto, as U.S. stocks had their biggest declines in weeks.

Crypto Job Troubles

The crypto winter is far from over, but perhaps the bear market could also present new opportunities for the industry.

Animoca founder says Asia is ‘moving on’ from FTX fiasco

Asia’s cryptocurrency community is “on the path of moving on” from the FTX fiasco, following the arrest of FTX founder Sam Bankman-Fried, said Yat Siu, cofounder and chairman of Hong Kong-based blockchain gaming studio and venture capital firm Animoca Brands.

Markets: Bitcoin, Ether fall; Solana rises as top 10 cryptos retreat

Bitcoin and Ether weakened in Asian trading on Thursday afternoon, with Solana rising amid drops across other top 10 non-stablecoin cryptocurrencies

Binance “deliberately” caused FTX collapse, Kevin O’Leary claims

Kevin O’Leary Kevin O’Leary, chairman of venture capital firm O’Leary Ventures and star of TV’s Shark Tank, said in a congressional hearing on Wednesday that Binance Global Inc.’s chief executive and founder Changpeng Zhao deliberately caused the collapse of Bahamas-based cryptocurrency exchange FTX.com. 

FTX Bahamas Co-CEO warned authorities on Nov. 9 of illegal customer asset transfers, documents show

Ryan Salame, the former co-CEO of FTX’s Bahamian entity tipped off the Securities Commission of the Bahamas about FTX violating its internal procedures in transferring customer funds to Alameda Research.

Japan ruling party lawmaker calls for regulatory clarity after FTX debacle

A Japanese lawmaker called for more transparent regulations following the FTX meltdown, where investors were not warned of the risks with FTX Token.

MetaMask partners with PayPal for Ethereum purchases through wallet

ConsenSys Inc., the company behind leading crypto wallet MetaMask, announced on Thursday a new partnership with PayPal Holdings Inc.

Could NFTs have prevented Taylor Swift’s concert tickets debacle?

The trillion-dollar concert ticketing sector is plagued by scalping and other Web2-era problems, writes Ryan Kenny of SeatlabNFT. Here’s how blockchain can help fans and artists.

US Senator Elizabeth Warren submits crypto know-your-customer bill in wake of FTX collapse

As U.S. prosecutors line up charges against Sam Bankman-Fried, the founder of the collapsed FTX cryptocurrency exchange, Senator Elizabeth Warren is seeking to pass bipartisan regulation to rein in the “dark underbelly” of the crypto industry.

FTX collapse not the worst for crypto investors this year, says Chainalysis study

The bankruptcy of cryptocurrency exchange FTX doesn’t represent the biggest losses for crypto investors in 2022, according to a report from Chainalysis.

Markets: Bitcoin rebounds then retraces amid hawkish Fed comments, Solana gains

Bitcoin held onto gains in Thursday morning trading in Asia, though had pulled back from an earlier spike above US$18,000 as the U.S. Federal Reserve raised interest rates in line with expectations.

FTX Probe Begins

SBF was arrested by Bahamian authorities just a day before he was due to testify before Congress – but his successor has been revealing much about FTX’s collapse.

South Korean official says no confirmation Binance pulling out of Busan city crypto exchange project

An official in the South Korean city of Busan said the authorities have received no confirmation that Binance has pulled out of a partnership to establish the country’s first city-backed crypto exchange, as reported by local media.

Sam Bankman-Fried in Bahamas police custody, faces criminal charges in U.S.

Top blockchain and crypto news: SBF denied bail, US extradition likely next. The Block chief quits over secret FTX loans. Hong Kong readies digital asset rules.

Markets: Bitcoin, Ether strengthen; Solana leads gains in most top 10 cryptos

Bitcoin and Ether increased in Asian trading on Wednesday afternoon, with Solana leading gains across most top 10 non-stablecoin cryptocurrencies

Terra fugitive Do Kwon has registered address in Serbia: S. Korean local media

Interpol fugitive and chief of Terraform Labs Pte. Ltd. Kwon Do-hyung has registered his residential address in the Republic of Serbia.

FTX an ‘old-fashioned embezzlement’ says new CEO as US authorities charge Bankman-Fried with fraud

Members of a U.S. Congressional hearing expressed frustration about the timing of Bankman-Fried’s arrest, saying they wanted him to testify under oath so the public could get the answers they are seeking about the collapse of FTX.

Wemade appeals against the court ruling in favor of WEMIX delisting

Wemade Co. filed an immediate appeal against the court’s Dec. 7 decision that rejected the developer’s request to disallow four of the nation’s largest crypto exchanges from delisting its native cryptocurrency, WEMIX.

Markets: Bitcoin, Ether prices rise as November U.S. inflation reading lower than expected

Bitcoin and Ether both rose more than 3% in Wednesday morning in Asia, as the U.S. consumer price index came in lower than expected.

Binance resumes USDC withdrawals amid record stablecoin outflows

Binance, the world’s largest cryptocurrency exchange, announced at 12:54 a.m. on Wednesday in Hong Kong that USDC stablecoin withdrawals have resumed.

Crypto savings, staking products not protected in Hong Kong, finance regulator says

The Hong Kong SFC said that virtual asset investments offering high-interest returns on cryptocurrency deposits and those that guarantee additional assets at fixed rates are unregulated products that are not protected by law. 

Bitcoin up 5% as U.S. inflation cools in November

Bitcoin jumped more than 5% on Tuesday evening Hong Kong time, after the U.S. Bureau of Labor Statistics said that the consumer price index (CPI), a key inflation indicator, was up 7.1% in November from a year earlier, less than the expected 7.3%, and down from 7.7% in October. The CPI rose 0.1% in November from October.

Binance ‘temporarily’ freezes USDC stablecoin withdrawals, cites need for NY banks to reopen

The Binance cryptocurrency exchange “temporarily paused” USDC stablecoin withdrawals while it carried out a “token swap,” the company announced Tuesday.

SEC charges FTX founder Sam Bankman-Fried with defrauding investors

FTX’s Sam Bankman-Fried has been charged by the U.S. SEC for orchestrating a years-long fraud on investors, the agency announced on Tuesday.

The Taxman Cometh

Crypto tax laws aren’t easy to follow, and as more investors are moving to put their cryptocurrencies into ledgers, how do traders keep track?

Markets: Bitcoin, Ether rise; BNB is biggest loser in top 10 cryptos

Bitcoin and Ether rallied in Asian trading on Tuesday afternoon. BNB was the biggest loser across the top 10 non-stablecoin cryptocurrencies

Crypto market implosions, bankruptcies bring sweeping job losses … and opportunity

By some estimates, job cuts in the cryptocurrency-specific industry are running at about 30-40%, which means tough times for employers and employees, and compensation packages are also taking a hit.

New FTX CEO says he found ‘utter failure of corporate controls’ at the exchange

John J. Ray III, the new CEO of FTX.com, said the company’s failure was caused by the “concentration of control in a very small group of grossly inexperienced and unsophisticated individuals.”

Sam Bankman-Fried arrested in Bahamas — could other FTX executives be next?

The fall from grace: Once one of the most admired figures in crypto, the former head of the FTX exchange is unlikely to see his Bahamas penthouse anytime soon after being arrested Monday on U.S. charges that are expected to lead to his extradition.
and

Why local currency stablecoins are needed in non-US countries

Stablecoins in USD are becoming the digital world’s default currency — which burdens ordinary crypto users and monetary policies in smaller nations, writes Wei Zhou of Coins.ph.

Markets: Bitcoin, Ether rise in mixed trading; U.S. equities gain ahead of inflation data

Bitcoin and Ether rose in Tuesday morning trading in Asia, with other top 10 non-stablecoin cryptocurrencies putting in a mixed performance.

Sam Bankman-Fried arrested in the Bahamas, expected to be extradited to U.S.

Sam Bankman Fried, founder and former CEO of FTX exchange, was arrested and taken into custody by the Royal Bahamas Police on Monday.

U.S. Justice Department mulls charging Binance over potential money laundering violations: report

Prosecutors at the U.S. Department of Justice (DOJ) are reportedly split on filing charges against Binance and its executives on possible money laundering and sanctions violations, as part of a long-running criminal investigation.

NFTs a safe haven?

Sales and value of NFTs sold has ticked up for the first time in seven months. Could this be a sign the NFT market is starting to mature?

KuCoin’s BTC, ETH reserves overcollateralized, says auditor Mazars

KuCoin, a Seychelles-based cryptocurrency exchange, on Monday released its proof of reserves report issued by third-party auditor Mazars, which concluded that the exchange’s reserves of Bitcoin, Ether, USDT and USDC are overcollateralized.

Markets: Bitcoin, Ether fall; Dogecoin leads retreat in top 10 cryptos

Bitcoin and Ether weakened in Asian trading on Monday afternoon, with Dogecoin leading the decline across top 10 non-stablecoin cryptocurrencies

Coniferous crypto: What the industry must do to survive this winter

Crypto is weathering this year’s extreme turbulence so far. But its long-term health will require the sector’s urgent attention to regulation, education and security, writes Oliver Linch, CEO of Bittrex Global.

Hong Kong mulls regulatory requirements for local licensed crypto exchanges: report

The Hong Kong Securities and Futures Commission (SFC) is drafting regulatory requirements for the local licensed crypto exchanges, in light of the FTX debacle, according to a report on Monday by Hong Kong public broadcaster RTHK

S.Korea discusses control over crypto listings after WEMIX delisting

S.Korean authorities may mandate companies to pursue direct approval from regulators to list their crypto on local digital assets exchanges.

The Block CEO resigns after reports of undisclosed loans from Alameda Research

Michael McCaffrey, the CEO of crypto news outlet The Block, resigned after reports revealed that he received undisclosed multi-million dollar loans from Alameda Research.

Terra cryptocurrency fugitive Do Kwon flew to Serbia last month, South Korean prosecutor says

Interpol fugitive Kwon Do-hyung flew to the Republic of Serbia last month, South Korean prosecutors told Forkast, confirming local media reports.

Markets: Bitcoin, Ether down as markets brace for November inflation data

Bitcoin and Ether fell slightly in Monday morning trading in Asia, along with all other non-stablecoin cryptocurrencies in the top 10, excluding Litecoin.

Crypto Mining Woes

Crypto miners worldwide are turning off their computers as the cost of mining rises and the value of bitcoin falls.

Sam Bankman-Fried misses deadline to respond to Senate Committee hearing

Sam Bankman-Fried, the founder of the now-bankrupt FTX exchange, has missed the deadline set by the U.S. Senate Committee to confirm his appearance at an upcoming hearing.

Markets: Bitcoin rises, Ether is biggest gainer in top 10 cryptos

Bitcoin and Ether gained in Asian trading on Friday afternoon, with Ether leading the rally across all the top 10 non-stablecoin cryptocurrencies

SEC advises public firms to disclose crypto risks

The U.S. Securities and Exchange Commission (SEC) has advised publicly-listed firms to disclose their exposure to the cryptocurrency market, in light of the fallout of the FTX collapse.

Bankman-Fried’s parents cancel classes at Stanford Law School for next year

The Stanford Law School professor parents of Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX.com who has been accused of misusing customer funds, are not on next year’s class schedule at the school.

Wemade to buyback US$10 mln in WEMIX after delisting verdict

Wemade, a S.Korean blockchain game maker, announced that it will buyback and burn US$10 million worth of its WEMIX token to stabilize its value.

U.S. considering bill to require crypto miners to report carbon emissions

U.S. cryptocurrency miners would be required to report greenhouse gas emissions under a new bill submitted to the Senate, reflecting criticism the industry is adding to use of fossil fuels blamed for global warming.

Markets: Bitcoin, Ether prices rise as gains in U.S. equities help cryptocurrencies bounce back

Bitcoin rose back above the US$17,000 mark in Friday morning trading in Asia, helped by gains in U.S. equities overnight.

Sam Bankman-Fried probed over Terra-LUNA crash: report

Federal prosecutors are reportedly investigating Sam Bankman-Fried for possible market manipulation that led to the Terra-LUNA crash in May

Hong Kong’s virtual asset licensing regime to take effect next June

Hong Kong passed the amendment to the bill that includes a licensing regime VASP on Wednesday, which will come into effect on June 1, 2023.

Mark Karpeles on SBF

Former Mt. Gox CEO Mark Karpeles knows what a crypto bankruptcy looks like, and has some advice for SBF.

Trader loses 70 ETH over bug in NFT marketplace Blur 

A bug in the new bidding system of non-fungible token (NFT) marketplace Blur caused a user to lose 70 ETH by accidentally overbidding on an Art Gobbler NFT.

Markets: Bitcoin, Ether inch up; Shiba Inu leads rise across top 10 cryptos

Bitcoin and Ether inched up in Asian trading on Thursday afternoon, with Shiba Inu leading gains across most top 10 non-stablecoin cryptocurrencies. See related article: Markets: Bitcoin, Ether drop as SEC’s Gensler says crypto firms running out of time to comply with securities laws Fast facts See related article: FTX failure a ‘wake-up call’ for […]

Some 97% of Binance’s liabilities collateralized by Bitcoin, wrapped Bitcoin: Mazars

Some 97% of Binance’s scrutinized crypto liabilities are collateralized by Bitcoin and Wrapped Bitcoin, according to a report by auditing firm Mazars about Binance’s proof of reserves

South Korea’s Wemade shares drop, WEMIX token plunges after delisting verdict

The South Korean blockchain game maker’s WEMIX cryptocurrency will be removed from the country’s four major cryptocurrency exchanges that collectively account for more than 95% of the country’s crypto trading volume.

Bankman-Fried may face subpoenas if he does not testify

The embattled founder of failed cryptocurrency exchange FTX may be subpoenaed if he declines to testify at the two hearings on the platform’s meltdown in Washington DC next week.

FTX failure a ‘wake-up call’ for security, says former Mt Gox CEO Mark Karpeles

Before the FTX implosion there was Mt. Gox, an exchange that oversaw 80% of all Bitcoin trades before it collapsed in 2014. In this exclusive interview with Forkast, former Mt. Gox Chief Executive Officer Mark Karpeles says what he sees in store for the industry in 2023 in the wake of the FTX bankruptcy.
and

Demanding data privacy is a feminist fight: Opinion

Personal information privacy matters more than ever in a post-Roe world, writes Kayla Kroot of Koii Network. Can data from menstrual cycle tracking apps be used to prosecute women and girls for abortions?

Markets: Bitcoin, Ether drop as SEC’s Gensler says crypto firms running out of time to comply with securities laws

Bitcoin fell below US$17,000 in Thursday morning trading in Asia. The other top 10 non-stablecoin cryptocurrencies also retreated.

Tether launches offshore yuan-pegged stablecoin on Tron

Tether, the world’s largest stablecoin provider, will include the CNHT stablecoin on Justin Sun’s Tron network.

Salary in stablecoins?

Can crypto and stablecoins be used to pay employees across borders as remote working becomes more popular?

S.Korea court dismisses Wemade’s injunction, local exchanges to delist WEMIX

A Seoul court has dismissed the injunction filed by Wemade Co. Ltd. to stop four local digital asset exchanges from delisting WEMIX cryptocurrency

AAX’s future in doubt amid staff exodus and FTX contagion

Top blockchain and crypto news: AAX teeters on the brink. SBF hints at Congressional hearing no-show. Chinese court boosts NFT legitimacy.

Judge approves subpoenas for 3AC cofounders 

A federal judge overseeing the bankruptcy proceedings of Three Arrows Capital (3AC) has approved the delivery of subpoenas to 3AC’s cofounders, Su Zhu and Kyle Davies.