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How DeFi can overcome the stench of shitcoins and ponzinomics

DeFi Summer has cooled into Crypto Winter, but with a silver lining — investors are finally asking sensible questions like: ‘Where does the yield come from?’ writes Julian Koh of Ribbon Finance.

Markets: Bitcoin, Ether continue run up ahead of U.S. inflation report; Avalanche surges

Bitcoin and Ether prices rose in Thursday morning trading in Asia along with most other top 10 non-stablecoin cryptocurrencies, continuing almost a week’s run of price gains on signs of slower inflation in the U.S.

CBDCs may drive more funds into DeFi protocols, says Immunefi’s Mitchell Amador

Immunefi founder Mitchell Amador believes the future security risks of CBDCs will highlight the benefits of DeFi.

Hong Kong crypto exchanges to follow same laws as traditional finance

Hong Kong has passed a new licensing regime on for crypto exchanges that will subject providers to the same legislation and rules as traditional finance.

India’s WazirX crypto exchange releases proof of reserves, says 90% of user assets in Binance wallets

Some 90% of user assets at WazirX, India’s largest crypto exchange by volume, are held in wallets at Binance while the remaining 10% are stored in hot and warm wallets, revealed WazirX’s proof of reserves that the company released on Wednesday.

Thai regulator probes Zipmex crypto exchange amid acquisition: report

Thailand’s Securities and Exchange Commission (SEC) has written to cryptocurrency exchange Zipmex Thailand seeking clarification on whether it has been operating as a digital-asset fund manager without permission, according to a Bloomberg report. 

Binance U.S. gets court approval to buy Voyager Digital for US$20 mln

Binance’s U.S. wing has received court approval to buy Voyager Digital’s crypto platform for US$20 million, as part of Voyager’s plan to liquidate in bankruptcy.

Digital Currency Group in spotlight over suspicious fund transfers

Top blockchain and crypto news: DCG under investigation. Lido DAO surges as Ethereum’s Shanghai upgrade looms. Hong Kong burnishes crypto credentials.

India’s CoinSwitch exchange to add non-crypto products amid punishing taxes on digital asset trading

Indian cryptocurrency exchanges faced a flurry of taxes on trading last year that saw volumes across most platforms drop as much as 90%, slashing income from trading fees. What’s a crypto exchange to do? Maybe sell mutual funds?

DCG writes to shareholders to detail finances amid US$900 mln Twitter feud with Winklevoss

Barry Silbert of the Digital Currency Group wrote to shareholders on Tuesday to explain loans from its subsidiary Genesis Global Capital.

Bitcoin named dirtiest crypto of 2022, tops major tokens in carbon emissions: Forex Suggest

A Bitcoin transaction produced close to a metric ton of carbon emissions, while XRP was the most energy-efficient among the top 10 cryptocurrencies by market capitalization last year.

Binance’s BUSD-peg stablecoin has not always been fully collateralized: report

Binance Global, the world’s largest crypto exchange, has acknowledged flaws in its systems that allowed its BNB Smart Chain-based BUSD stablecoin to be under-collateralized by up to US$1 billion on at least three occasions, according to a Wednesday report from Bloomberg.

MetaMask developer ConsenSys to slash 100 or more staffers: report

ConsenSys, the Ethereum software firm behind cryptocurrency wallet MetaMask, is reportedly planning to lay off at least 100 employees.

Markets: Bitcoin, Ether follow U.S. equities higher on view inflation starting to ease despite hawkish Fed

Bitcoin and Ether prices rose in Wednesday morning trading in Asia along with most other top 10 non-stablecoin cryptocurrencies, continuing a strong start to the year on signs inflation is slowing in the U.S.

Coinbase to cut 20% of its remaining workforce

Coinbase, the largest cryptocurrency exchange in the U.S., will be letting go of about 950 employees, or about 20% of its current workforce, as part of “a further restructuring plan,” which is expected to be “substantially complete” by the second quarter of 2023. 

Stopping Scalpers

Taylor Swift’s Eras Tour was met with a series of ticketing nightmares as scalpers tried to resell tickets for as high as US$22,000. But could NFTs have solved that problem?

India’s Decimal Point Analytics gets US$750,000 grant funding to develop tokenization solutions

India’s Decimal Point Analytics (DPA), a research and data analytics firm, has received grant funding of up to US$750,000 from The Hashgraph Association, a Switzerland-headquartered non-profit organization, to develop an asset tokenization platform on Hedera’s distributed ledger technology (DLT) network. 

Markets: Bitcoin slips, Cardano leads losses in top 10 cryptos

Bitcoin dropped in afternoon trading on Tuesday along with most other top 10 non-stablecoin cryptocurrencies by market capitalization. Ethereum rose further while Dogecoin led gains. 

Paycoin seeks reapproval after S.Korea suspends the payments token: report

PayProtocol, the South Korean issuer of payments-focused cryptocurrency Paycoin (PCI), will reapply for a local license to stay in business.

Can human psychology help save blockchain gaming?

NFTs in gaming have drawn mixed reactions, including gamer backlash and vitriol. What can the sector do to better meet gamers’ innermost needs?

Markets: Bitcoin, Ether rise with most of crypto market, Solana posts best start to the year for major token, BNB retreats amid Binance probe

Bitcoin and Ether gained in Tuesday trading in Asia along with most other top 10 non-stablecoin cryptocurrencies, helped by signs inflation pressure is easing in the U.S.

Crypto payments firm Wyre limits withdrawals as it mulls ‘strategic options’ amid market downturn

Wyre Payments, a San Francisco-based crypto payments firm, will implement withdrawal limits for user accounts, it said in a Twitter statement on Jan.7.

Markets: Bitcoin, Ether extend rise; Cardano leads gains in top 10 cryptos

Bitcoin, Ethereum extended gains in afternoon trade in Asia on Monday along with the top 10 non-stablecoin cryptocurrencies by market capitalization. Cardano rose the most in the last 24 hours, followed by Polygon, BNB and Dogecoin.

Where is the stablecoin market heading in 2023?

FTX’s collapse triggered a stablecoin sell-off, but we will need them to survive the Crypto Winter, writes Vladimir Gorbunov of Choise.com.

Hong Kong pushes ahead with crypto hub plans as tech firms, startups show interest: financial secretary

Hong Kong will continue pushing ahead with the development of the Web 3.0 industry as it aims to become a regional hub for the nascent industry despite the series of collapses of crypto exchanges, said Paul Chan, the city’s financial secretary on Monday.

U.S. subpoenas hedge funds in Binance probe: report 

Federal prosecutors have issued subpoenas to several U.S. hedge funds that have dealt with the world’s largest cryptocurrency exchange, Binance Global Inc.

US prosecutors, SEC probes Digital Currency Group: report

U.S. prosecutors and the Securities and Exchange Commission (SEC) have started to investigate cryptocurrency-focused conglomerate Digital Currency Group (DCG), Bloomberg reported on Saturday, citing unnamed sources.

Markets: Bitcoin back above US$17,000; Ether, crypto market extend weekend gains

Bitcoin and Ether rose in Monday morning trading in Asia, rising with the rest of the top 10 non-stablecoin cryptocurrencies by market capitalization, with Cardano and BNB changing the most.

Will crypto’s decentralized application layer boost mass adoption in 2023? 

ChainSafe’s Aidan Hyman believes that crypto’s fully decentralized application layer may finally be complete in 2023.

Ripple Decision Soon?

Ripple expects a SEC ruling on a two-year-old suit and what regulations it could bring about.

Crypto exchange Huobi latest firm to slash staff: Reuters

Seychelles-based crypto exchange company Huobi plans to lay off about 20% of its staff, according to a Friday report from Reuters.

CeFi regulation may create an advantage for DeFi, Bitcoin.com CEO says

Dennis Jarvis of Bitcoin.com believes the incoming regulatory crackdown on CeFi may tip the scales in DeFi’s favor next year.

Markets: Bitcoin, Ether slip; Cardano extends gains

Bitcoin and Ether dipped in Friday afternoon trading in Asia, with nearly all other top 10 non-stablecoin cryptocurrencies slipping. Dogecoin was the biggest loser, while Cardano’s ADA was the sole gainer in the top 10 cryptos.

Digital Currency Group shuts down wealth management unit: report

Cryptocurrency-focused conglomerate Digital Currency Group (DCG) is shutting down its wealth management unit called HQ, CoinDesk, a DCG-owned media outlet, reported on Friday.

Markets: Bitcoin, Ether little changed; Polygon, XRP lead losers; Cardano holds onto gains

Bitcoin and Ether traded little changed Friday morning in Asia, with most other top 10 non-stablecoin cryptocurrencies losing ground.

NFT December sales surge to highest since June amid ‘tax-loss harvesting’

Slump in prices of some non-fungible tokens and other digital assets allows U.S. holders to take advantage of a loophole to reduce capital gains taxes.

Silvergate cuts 40% of staff after facing US$8.1B in withdrawals amid FTX collapse

Cryptocurrency bank Silvergate Capital has laid off 40% of its staff, or about 200 employees, after the collapse of FTX.com, which sparked mass withdrawals of around US$8.1 billion.

India’s Crypto Outlook

WazirX VP Rajagopal Menon sits down with Forkast to provide some insight as survival becomes a huge concern for crypto exchanges in India.

Will crypto’s real-world impact become more evident in 2023?

Crypto Council’s Sheila Warren hopes to see more of crypto’s real-world use cases emerging in the media next year.

Crypto P2E game investments not protected by law, China court says

A Shanghai court ruled that investments in cryptocurrency-powered play-to-earn (P2E) games are not protected by law in China.

U.S. authorities to seize US$460 mln of Robinhood shares in FTX fraud case

U.S. prosecutors are moving to seize the US$460 million worth of Robinhood Markets Inc., shares linked to Sam Bankman-Fried, the former chief executive officer of Bahamas-based bankrupt cryptocurrency exchange FTX.com

How ‘naming collisions’ threaten the promise of Web3

What are ‘naming collisions,’ and why will unique user-owned identities play a pivotal role in Web3’s future success? Matthew Gould explains.

Markets: Bitcoin, Ether rise with most other tokens amid mixed signals on U.S. economic outlook

Bitcoin and Ether rose in Thursday morning trading in Asia along with most other top 10 non-stablecoin cryptocurrencies. Cardano led the gainers, while Litecoin and Tron were the only ones on that list to fall.

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.

CeFi regulation to accelerate further 2023 

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

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.

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.

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.

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.

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%.

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.

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.

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.

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.

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.