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UK seeks to regulate stablecoins for payments in new markets bill

The Financial Services and Markets Bill introduced in the U.K. parliament on Wednesday seeks to regulate stablecoins as a means of payment.  See related article: Financial Stability Board calls for high regulatory standards for stablecoins Fast facts The legislation was largely awaited as it aimed at strengthening the U.K. financial system post-Brexit.  In April, then-Chancellor […]

Polygon’s ZK solution aims to slash current layer 1 Ethereum network costs by 90%

Polygon, the Ethereum layer 2 scaling network, Wednesday said it is launching the testnet of its highly-anticipated zero-knowledge (ZK) rollup dubbed Polygon zkEVM, in what it called “a giant leap forward for Ethereum scaling and ZK innovation.” See related article: What is Polygon (MATIC) — ‘Ethereum’s internet of blockchains’? Fast facts In a series of […]

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 […]

Singapore crypto lender Vauld reportedly owes retail investors US$363 million

Singapore-based Vauld owes creditors US$402 million, with 90% of the debt owed to individual investors, according to a document filed to Singapore’s High Court on July 8 by Vauld co-founder and CEO Darshan Bathija, The Block reported. See related article: Crypto trading volumes dip to 18-month low amid bear market Fast facts The troubled crypto […]

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 […]

Crypto exchange Zipmex freezes withdrawals

Singapore-based cryptocurrency exchange Zipmex became the latest firm to block customers from withdrawing their tokens, citing volatile market conditions and financial difficulties of its partners, reportedly Babel Finance. See related article: Celsius says users can settle for cash at a discount or go long on crypto Fast facts “Due to a combination of circumstances beyond […]

This is what the metaverse will look like 20 years from now

The metaverse of the future will transform how we work and our sense of self — and what we see now is only scratching the surface, writes Eaven Portillo.

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.

Bitcoin’s real role examined; 3AC’s complex ties revealed

A report says Bitcoin users are looking beyond investment. Meanwhile, court document reveals strong ties between 3AC and TPS Capital.

Bitcoin education accelerates adoption, lowers volatility: Ben Caselin, AAX

The price is bouncing back for the world’s favorite cryptocurrency and one Bitcoin expert tells Forkast now’s a good time to shift focus from price volatility to use cases.

Seeking Bitcoin alpha: How I learned crypto day trading

Hoping to strike crypto riches, Joel Stein follows the footsteps of a master degen investor. Here are the secrets revealed to him.

Sam Bankman-Fried says ‘moderately bad’ deals OK during bailouts

Prioritizing customers getting back their deposits means it is OK to do a “moderately bad” deal when rescuing troubled cryptocurrency companies, FTX founder and CEO Sam Bankman-Fried said on Tuesday.  See related article: What Sam Bankman-Fried thinks will happen with NFTs and crypto exchanges in 2022 Fast facts Speaking at the Bloomberg Crypto Summit, Bankman-Fried, […]

Aave to partner with Pocket to increase blockchain access to dApp developers

The decentralized finance (DeFi) lending protocol will use Pocket’s distributed network to increase access for decentralized app (dApp) developers across 50 blockchain networks.  See related article: DeFi lending platform Aave to ‘build Twitter on Ethereum’ Fast facts Pocket, which on Tuesday tweeted a Cointelegraph report on the partnership, offers Aave a distributed network of over […]

Shanghai turns to metaverse, NFTs to counter lockdown economic fallout

China’s second-most populous city will introduce a three-year plan to promote the metaverse in the tourism industry, and encourage non-fungible tokens (NFTs) in the art and culture industry, as part of a recovery plan for the city’s economy. See related article: ‘Metaverse’ enters government radar at China’s Two Sessions Fast facts See related article: 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 […]

Dubai scorches crypto winter with plans to support 40,000 ‘virtual jobs’

Dubai aims to be one of the top 10 cities globally in the metaverse economy, creating 40,000 virtual jobs and adding US$4 billion to the city’s economy in five years.  See related article: Dubai could be crypto’s promised land, Citi says Fast facts The launch of the Dubai Metaverse Strategy on Monday was aimed at […]

US crypto bill may not pass the Senate this year, Lummis says

The U.S. Senate is unlikely to vote on the bipartisan cryptocurrency bill this year, Republican Senator Cynthia Lummis said Tuesday at the Bloomberg Crypto Summit.  See related article: US crypto bill leaves ‘open question’ on securities: Tessler Fast facts “It’s a big topic, it’s comprehensive, and it’s still new to many U.S. senators,” Lummis said […]

Celsius plans repayment options; Bitcoin breaks US$22,000

Celsius says users can settle for cash or go long on crypto. Meanwhile in the markets, Bitcoin breaks US$22,000.

Five-member credit committee established to liquidate Three Arrows Capital

A creditors committee to liquidate the bankrupt, Singapore-based cryptocurrency hedge fund Three Arrows Capital (3AC) was established at a meeting on Monday and comprised Digital Currency Group, Voyager, CoinList, Blockchain.com, and Matrixport, according to a document published the same day on the Three Arrows bankruptcy website.  See related article: 3AC crypto contagion spreads to Blockchain.com: […]

More than half of Bitcoin investors in SE Asia use the crypto to preserve wealth: report

According to a report by AAX crypto exchange and Forrester Consulting, 51% of Bitcoin owners in Southeast Asia used it to save money and preserve their wealth. See related article: Crypto trading volumes dip to 18-month low amid bear market Fast facts Some 47% of Bitcoin users in Southeast Asia sought a profit while 44% […]

Singapore’s MAS to further strengthen crypto regulations

The Monetary Authority of Singapore (MAS) said it will seek consultation in the next months on proposed measures toward regulating the crypto industry. See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’ Fast facts Singapore’s regulatory focus on crypto has been mainly toward containing money laundering and terrorist financing risks, MAS Managing […]

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 […]

India’s crypto industry plans new liaison group

The Indian cryptocurrency industry is looking to create an independent association to liaison with the government on policies and highlight issues with relevant stakeholders. See related article: India’s latest tax assault on crypto exchanges starts Friday Fast facts Key stakeholders have engaged in preliminary talks but the association’s establishment is not expected to be immediate, […]

Animoca Brands poaches Tencent Insurance arm’s CEO Alan Lau

Tencent’s insurance business WeSure chief executive officer Alan Lau has officially joined Hong Kong-based blockchain and game venture Animoca Brands as chief business officer, Lau’s LinkedIn page showed on Tuesday. See related article: Tencent launches XR unit to develop ‘benchmark’ VR products Fast facts Lau will be responsible for managing all of Animoca Brands’ portfolio […]

The Lummis-Gillibrand bill could reshape global crypto regulations

As a world leader, the US now offers a regulatory template for crypto that others are sure to follow, writes Michael Shing of XREX. Here are the key provisions.

Binance fined by Dutch central bank for improper registration

Cryptocurrency exchange Binance has been fined in the Netherlands for operating without proper registration, the Dutch central bank said on Monday. See related article: Binance gets nod from Spain to offer crypto exchange, custody services Fast facts De Nederlandsche Bank (DNB), which oversees crypto service provider registrations, said it imposed a 3.3 million euro (US$3.4 […]

India says a crypto ban would require international collaboration

While the Reserve Bank of India has sought to prohibit cryptocurrencies, a ban is only possible after significant international collaboration and evaluation, India’s finance minister said on Monday. See related article: India’s finance minister calls on G20 to share information on crypto Fast facts “RBI (Reserve Bank of India) is of the view that cryptocurrencies […]

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.

Failed promises compel South Korea’s game makers to explore foreign shores

The country’s major game developers continue to focus on overseas markets as there are no signs of a thaw in the government’s stance on games that include elements of blockchain and play-to-earn.

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 startup funding falls by 26% in H1 2022: report

Following a record first half last year, investments in startups focusing on the cryptocurrency industry are down amid the so-called crypto winter, data showed.  See related article: Polkadot is top crypto held by VCs and hedge funds in Q4 2021 Fast facts Venture capital funding in crypto startups fell nearly 26% to US$9.3 billion across […]

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 […]

Tencent shuts down one of its NFT marketplaces

Launched in January, Tencent News’ NFT marketplace was shut down, citing the need to “adjust” and “transform” the business. See related article:  China’s diktat against NFT flipping spawns an ingenious industry Fast facts Wang Shimu, former head of Tencent News, left the news division in May and was reassigned to Tencent’s NFT arm Huanhe due […]

India’s finance minister calls on G20 to share information on crypto

Cryptocurrencies need to be brought under the purview of tax information shared by countries, India’s finance minister Nirmala Sitharaman said at a G20 Ministerial Symposium on Tax and Development in Bali. See related article: India to make life hell for crypto investors: MP Fast facts The G20 should examine the feasibility of exchanging information on […]

Hyundai Motor runs NFT memberships for new IONIQ 6 EV

Hyundai Motor unveiled a non-fungible token (NFT) membership program for its new electric vehicle (EV) IONIQ 6, which unlocks exclusive access to Web3 content to holders, according to a press release. See related article: Hyundai Motor drives into metaverse branding with Meta Kongz NFT project Fast facts The IONIQ Citizenship includes access to VIP rights […]

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.

Celsius reveals US$1.2B financial hole; Terra subsidiary investigated

Celsius reveals it has a US$1.2 billion hole in its balance sheet. Meanwhile, a Terra subsidiary is under investigation by South Korean authorities.

Play-to-earn game developers pivot to engaging fans

A focus on economic sustainability, or play-and-earn, is driving the P2E industry to rein in incentives and instead attract and engage gamers in the hope that they will end up spending on in-game assets.

Circle’s reserve breakdown shows US$13.58B cash and US$42.12B U.S. Treasurys

Circle Internet Financial, the issuer of USDC, on Thursday released a detailed but unaudited breakdown of the reserves backing the second-largest stablecoin by market capitalization. See related article: Questions over Circle’s USDC reserves linger despite assurances Fast facts The breakdown showed that Circle had US$42.12 billion in U.S. Treasurys and US$13.58 billion in cash as […]

Celsius says it owes its users US$4.72B amid a US$1.19B balance sheet deficit

A day after filing for Chapter 11 bankruptcy, Celsius Network disclosed a US$1.19 billion deficit in its balance sheet in a new filing on Thursday by restructuring lawyers Kirkland & Ellis LLP. See related article: Celsius files for bankruptcy after closing DeFi loans Fast facts The document showed that Celsius had US$4.31 billion in assets […]

Bored Apes, Sneaky Vampire NFT Champagne sold for US$2.5 mln

A Champagne bearing five non-fungible tokens (NFTs) on the surface of its bottle, including the likes of well-known collections Bored Ape Yacht Club (BAYC) spinoff Mutant Ape Yacht Club (MAYC) and a Sneaky Vampire, sold for US$2.5 million in a private sale last Friday. See related article: Scottish whisky brand The Dalmore to offer limited-edition […]

Terra subsidiary used as funds channel for overseas affiliates: report

South Korean prosecutors have reportedly identified what is believed to be a Terraform Labs subsidiary in South Korea, FLEXE Corporation, which was allegedly used to facilitate cash flow from overseas to Terra affiliates, according to KBS News. See related article: Terra’s S.Korean office closure ‘purely coincidental’: Do Kwon Fast facts Terraform Labs chief executive officer […]

Huobi applies for trading license with Hong Kong SFC

Huobi Technology has applied to become a regulated virtual asset trading platform with Hong Kong’s securities watchdog, as the city moves on to clarify and tighten rules on cryptocurrency-related businesses.  See related article: Hong Kong to propose bill to license crypto exchanges Fast facts Huobi said on Thursday the Securities and Futures Commission (SFC) has […]

India’s industry body dissolves its crypto advocacy council

The Blockchain and Crypto Assets Council (BACC), the advocacy body representing Indian crypto industry interests, has been dissolved by its parent organization, the Internet and Mobile Association of India (IAMAI), according to a statement seen by CoinDesk.  See related article: Coinbase blames India’s central bank for exit Fast facts IAMAI made the decision without discussing […]

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 […]

The ‘CryptoArt’ Movement — It all started with Pepe | NFT Moments in History Ep. 7

Forkast x CryptoSlam! are proud to present Moments in NFT History — an explainer video series hosted by Forkast’s Joel Flynn that gives you a front-row seat to history-in-the-making. NFTs are defining what an artistic piece is in the digital age by allowing artists to open brand new frontiers and pushing the boundaries to challenge […]

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.

Questions over Circle’s USDC reserves linger despite assurances

Fresh claims that emerged over the weekend about the status of Circle’s USDC reserves cast doubts on the ability of the so-called stablecoin to maintain its peg. In a deep dive, Forkast examined the allegations and reached out to the company for its version of events.

Chinese logistics network plans US fundraise via tokenized offerings

HGC Info Tech (HGC) announced Tuesday that it will start offering its securities tokens at U.S. digital asset exchange INX, as Chinese firms face delisting risks in the states due to regulatory differences. See related article: SEC places Chinese crypto mining rig maker Canaan on pre-delisting list Fast facts Xiamen-based HGC provides order matching and […]

Bitcoin hashrate slumps to lowest in over five months amid 100-degree-plus weather in Texas

Bitcoin’s hashrate dropped by more than 27% in 24 hours to 159.41 exahashes per second (EH/s) on Wednesday, the lowest since February this year, according to data from BTC.com.  See related article: Bitcoin miners in Texas halt operations amid heat wave Fast facts Multiple crypto miners in Texas, a mining hub in the U.S., have […]

NFTs are democratizing content creator revenue | The Great Disruption Ep. 12

Did you know that artists received about 12% of the music industry’s 2017 revenue? The other 88% was swallowed by record labels, managers, and numerous other business intermediaries. Can blockchain decentralize the music industry and drive more artist empowerment? Find out in this Forkast video explainer.  What you’ll learn: How non-fungible tokens (NFTs) can be […]

Digital yuan tops US$12B transactions in 2022 so far

China had more than 264 million digital yuan transactions, with a total volume topping 83 billion yuan (about US$12.3 billion), as of May 31, People’s Bank of China (PBoC) official Zou Lan said at a press conference on Wednesday. See related article: China’s PBoC wants to link e-CNY with Hong Kong’s Faster Payment System Fast […]

Crypto exchange Fasset, Mastercard seek expansion in Indonesia

Middle East crypto exchange Fasset Technologies Ltd. is collaborating with global payments technology company Mastercard to expand its financial reach in Indonesia. See related article: Crypto exchange Fasset expands to Southeast Asia Fast facts The announcement comes after Fasset said it raised US$22 million in series A funding.  According to a survey, 41% of Indonesians […]

MATIC crypto skyrockets as Polygon joins Disney accelerator

Polygon was selected as one of the 2022 participants for Disney’s accelerator program on Wednesday, triggering the project’s cryptocurrency MATIC to rise by more than 15%.  See related article: Aespa, NCT’s SM Entertainment builds metaverse studio Kwangya Fast facts The Walt Disney Company did not announce any of its own crypto projects, but the 2022 […]

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.

South Korea’s Ifland metaverse dives into play-to-earn

South Korea’s Ifland metaverse marked its first anniversary by announcing Ifland 2.0, which will feature an economy that allows users to earn profits in the metaverse, its operator telecommunications giant SK Telecom said Tuesday. See related article: South Korea’s SK Telecom to build its first Web3 wallet Fast facts The Ifland 2.0 economy will reward […]

Bitcoin bounces back after US reports worst inflation in 41 years

Bitcoin recovered past US$20,000 on Thursday morning in Asia following a steep 3.4% drop within an hour following the U.S. announcing its fastest inflation growth in 41 years. See related article: Bitcoin price crosses US$22K; Fed cools recession fears Fast facts Inflation levels in the U.S. soared 9.1% in June compared to a year ago […]

Will Mt. Gox Bitcoin eruption smother hopes of rapid crypto recovery?

Top blockchain and crypto news: Payback time for Mt. Gox investors. USDC issuer strikes back as critics circle. Chinese bank fiasco hits a nerve.

Three Arrows Capital founder briefly surfaces; Buterin defends Ethereum

A US Judge gave liquidators authority to lay claim to 3AC’s US-based assets. Meanwhile, Buterin defends Ethereum ahead of merge.

NFTs, metaverse, blockchain, Web3 included in Shanghai’s five-year plan

The Shanghai government has included metaverse entertainment, non-fungible tokens (NFTs) and Web3 technologies into its five-year digital economy plan, according to a policy paper published on Tuesday. See related article: ‘Metaverse’ enters government radar at China’s Two Sessions Fast facts See related article: Xiamen reveals plan to bolster its metaverse, NFT-related firms

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 […]

Celsius pays off USDC loan on Aave, unlocks over US$41 7 mln in collateral

Crypto lender Celsius Network continued to repay its loans on Tuesday, paying off US$71.9 million USDC owed to Aave and freeing up over US$417 million worth of stETH, on-chain data showed.  See related article: Celsius repays over US$113 mln in debt; recovers US$122 mln in collateral Fast facts The latest repayment has closed Celsius’ USDC […]

Animoca Brands ups valuation to US$5.9B despite slumping markets

Animoca Brands has raised US$75 million in a new round of fundraising in a move toward an “open metaverse,” defying plummeting markets and a drop in non-fungible token (NFT) sales during the crypto winter season, the Hong Kong-based blockchain game specialist announced on Tuesday.  See related article: Animoca says crypto winter ‘a great time’ for […]

Lightspeed launches US$500 mln fund for India, SEA

Lightspeed India Partners (LSIP) announced on Tuesday the closing of a US$500 million early stage fund (LSIP Fund IV) for India and Southeast Asia, as part of venture capital firm Lightspeed Venture Partners’ (LSVP) US$7.1 billion commitment. See related article: Huobi Ventures bets on DeFi and gaming in $10M GameFi fund Fast facts In addition […]

NFT gallery drops on Tencent’s SEA music app JOOX

JOOX, Tencent’s music streaming service for the Southeast Asian market, has launched a non-fungible token (NFT) gallery in its app, taking another step in the Chinese tech giant’s Web3 drive.  See related article: Tencent’s music app tests NFT avatars, virtual music room Fast facts In collaboration with music NFT marketplace MusicY, the new NFT gallery […]

Aespa, NCT’s SM Entertainment builds metaverse studio Kwangya

SM Entertainment (SM) announced it is establishing Studio Kwangya, a company specializing in content production in the metaverse, the leading South Korean idol agency announced on Tuesday.  See related article: Second K-pop agency taps Binance for NFT partnership Fast facts SM has represented some generational acts in K-pop since 1995 such as H.O.T., SNSD, EXO, […]

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 […]