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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.

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 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 […]

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 […]

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 […]

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 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 […]

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 […]

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 […]

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 […]

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

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.

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’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 […]

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 […]

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 […]

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 […]

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 […]

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 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 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 […]

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

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

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

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 […]

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 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 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 […]

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 […]

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, […]

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 […]

Bitcoin once again falls below the US$20,000 mark. Meanwhile, Celsius pays over US$113 million in debt and recovers more.

Shanghai released a policy paper setting a goal to cultivate its metaverse-related industry to a total value of 350 billion yuan (US$52 billion) by the end of 2025.  See related article: Hong Kong gears up for its first metaverse ETF Fast facts See related article: China’s zero-Covid policy realigning global economy, financial markets

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.

Voyager Digital said in a Monday blog update that customers’ USD deposits will be returned in full “after a reconciliation and fraud prevention process” but it has yet to receive the green light on its cryptocurrency refund proposal.  See related article: Voyager faces delisting from Toronto Stock Exchange after bankruptcy filing Fast facts Voyager filed […]

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 […]

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.

Celsius Network repaid around US$78 million in USDC to Aave and US$35 million in DAI to Compound on Monday, blockchain data on Etherscan shows.  See related article: Celsius repays debts, cuts jobs amid bankruptcy fears Fast facts The troubled cryptocurrency lender unlocked at least US$122 million in collateral through its latest set of repayments.  Celsius […]

GameStop has launched its non-fungible token (NFT) marketplace, allowing artists, gamers, content creators and community members to buy, sell and trade NFTs, the video game retailer announced on Tuesday.  See related article: eBay acquires NFT marketplace KnownOrigin Fast facts The marketplace can be accessed through Web3 wallets such as the GameStop Wallet unveiled in May. […]

South Korean payment services platform Danal has partnered with LG CNS to develop a payments network that hopes to bring Web3-related digital assets payments to the existing financial system. See related article: South Korea’s SK Telecom to build its first Web3 wallet Fast facts LG CNS is an information technology consulting and solutions subsidiary of […]

Many cryptocurrency miners in Texas, one of the largest Bitcoin mining hubs in the U.S., are halting their operations as the state’s electrical grid faces surging power demand amid a heat wave. See related article: Marathon Digital says Montana storm knocked out most Bitcoin rigs Fast facts Nasdaq-listed miner Core Scientific on Tuesday said that […]

Crypto trading platform CrossTower has partnered with Ripple to add non-fungible tokens (NFTs) minted on the XRP Ledger (XRPL) to its marketplace.  See related article: China’s ‘Instagram’ gets into virtual fashion with users strutting NFT clothes Fast facts The partnership will significantly lower the costs and entry barrier for creators who want to mint their […]

Singapore wants to attract institutional capital while shielding its people from crypto — but it can’t have it both ways, writes Donovan Choy.

Bitcoin’s price fell below US$20,000 Tuesday morning in Asia, erasing last week’s gains, as both crypto and traditional markets await the latest U.S. inflation data due on Wednesday. See related article: Bitcoin price crosses US$22K; Fed cools recession fears Fast facts The world’s largest cryptocurrency fell 4.5% in the past 24 hours to trade at […]

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.

BTC remains a safe haven for investors for the long term amid this year’s soaring inflation and market volatility, writes Josef Tětek of SatoshiLabs.

Gains made by two of the world’s largest cryptocurrencies were partially eroded as speculation of a glut of Bitcoin from Mt. Gox’s customers and creditors and Celsius Network’s payback of its debt circulated over the weekend.

SK Telecom has partnered with blockchain firms AhnLab Blockchain Company and Atomrigs Labs to develop and operate a digital wallet for cryptocurrency management and Web3 access, the South Korean telecommunications giant announced on Monday.  See related article: South Korea’s second-largest conglomerate to issue own cryptocurrency Fast facts SK Telecom said users of its wallet will […]

Binance’s third approval in Europe came after the Bank of Spain allowed its Spanish subsidiary to register as a virtual asset services provider (VASP), the world’s largest crypto exchange by volume said Friday.  See related article: SEC said to probe Binance for rule violation in 2017 initial coin offering: report Fast facts The registration will […]

Celsius deployed over US$1 billion of assets in decentralized finance (DeFi) and incurred over US$350 million in losses, according to a report by blockchain analytics firm Arkham Intelligence.  See related article: Celsius repays debts, cuts jobs amid bankruptcy fears Fast facts Celsius handed over about US$530 million in corporate funds to an asset manager who […]

Blockchain.com is at risk of losing US$270 million loaned to crypto hedge fund Three Arrows Capital (3AC) which recently filed for bankruptcy, CoinDesk reported.  See related article: Three Arrows Capital collapse sends tremors through crypto industry Fast facts “Three Arrows is rapidly becoming insolvent and the default impact is approximately [US]$270 million worth of cryptocurrency […]

The U.S. Office of Government Ethics (OGE) said federal employees of the executive branch owning cryptocurrencies or mutual funds investing in the sector need to recuse themselves from any matter related to the industry. See related article: CFTC Commissioner Pham suggests regulators stay tech-neutral on stablecoins Fast facts The July 5 memo clarified that the […]

Cryptocurrency lender Celsius has hired new restructuring lawyers from Kirkland & Ellis LLP for advice on bankruptcy filing amid severe liquidity issues, the Wall Street Journal (WSJ) reported on Sunday.  See related article: Celsius said to be hiring restructuring attorneys, exploring financing options Fast facts Kirkland & Ellis is also advising Voyager Digital, which filed […]

The Philippines’ Department of Trade and Industry (DTI) said it cannot ban Binance for cryptocurrency-related sales and promotion as there are no clear regulations issued by the Banko Sentral ng Pilipinas (BSP), the nation’s central bank.  See related article: Crypto is based on the greater fool theory: Philippines’ incoming central bank chief Fast facts “Cryptocurrency […]

Paris Saint-Germain F.C. (PSG), the winning football club of the French Ligue 1, is selling non-fungible token (NFT) tickets worth 30 million yen (US$220,000) each for its friendly matches this month with local teams in Japan as well as VIP access to players. See related article: NFTs Explained in Less than 4 Minutes Fast facts […]

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  […]

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”.

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.

Players are being educated to turn into writers, content creators, streamers or e-sports players as earnings from play-to-earn games aren’t enough to substitute for a day job.

Bitcoin briefly returns to the US$22,000 mark. Meanwhile, InfraWatch PH calls for a ban on Binance in the Philippines.

A large number of Japanese Web 3.0 companies are moving to or at least setting up new offices in Singapore, executives from Japanese blockchain gaming infrastructure builder Oasys told Forkast on Friday. See related article: Japan’s government approves policy to drive Web 3.0 adoption Fast facts Japanese firms operating in the Web3 sector need to […]

The country’s federal agency charged with investigating money laundering and violations of foreign exchange laws has reportedly reached out to Indian crypto exchanges to probe possible violations of foreign exchange rules. See related article: CoinDCX double downs as the going gets tough in India Fast facts The Enforcement Directorate has sought “further details and documents” […]

Infrawatch PH, a public policy think tank in the Philippines, wrote to the country’s Department of Trade and Industry calling for a ban on Binance for promoting cryptocurrencies without proper licensing, according to a letter accessed by Bitpinas.  See related article: Crypto is based on the greater fool theory: Philippines’ incoming central bank chief Fast […]

The U.K. Treasury on Friday named Hong Kong Securities and Futures Commission (SFC) CEO Ashley Alder as chairman of the U.K. Financial Conduct Authority (FCA). He is expected to start in January next year. See related article: UK finance watchdog to spend £11M to warn young people off crypto investment Fast facts See related article: […]

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 […]

Decentralized autonomous organizations are spinning off new ways to bring communities together. Will ecosystem DAOs be the wave of the future?

The crypto market gained along with traditional markets overnight in Asia as investors responded to updated guidance on Thursday from U.S. Federal Reserve officials claiming recessionary concerns are overblown. See related article: Bitcoin, Ether recover as Fed guidance reduces policy uncertainty Fast facts Bitcoin gained 8% to trade above US$22,000 in the past 24 hours […]

Some of Animoca Brands’ most successful investments were made during the previous crypto winter, Gen Kanai, director of strategic partnerships at the Hong Kong-based blockchain gaming studio, told Forkast. See related article: Animoca Brands investments have crossed US$1.5B Fast facts In a sit-down interview with Forkast at the IVS Crypto 2022 event held in downtown […]

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. CryptoPunks is one of the most popular NFTs. Some argue that it’s the collection that started the entire NFT movement.  Watch and learn how these pixelated […]

Will fashion shows move from Paris and Tokyo catwalks to potential audiences of millions in the metaverse? China’s Xiaohongshu social media site is testing the idea.

SBF’s Alameda Research debt to Voyager emerges. Meanwhile, South Korea agrees to cooperate with the US on Terra-Luna investigation.