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Thai crypto exchange eyes Hong Kong for possible public share sale in 2024: report

Bitkub, one of the largest crypto exchanges in Thailand, is aiming to list in Hong Kong as early as 2024 when it goes public.

US senators urge Fidelity to drop BTC retirement plan after FTX collapse

U.S. Senators Elizabeth Warren, Dick Durbin and Tina Smith asked Fidelity Investments to rethink its decision to grant retirement plan exposure to Bitcoin.

Bitcoin price falls to more than two-year low amid growing concerns about FTX fallout

Investors are unnerved by the possibility of more failures among companies linked to the now bankrupt FTX exchange, fearing a repeat of the Terra-Luna stablecoin collapse in May that also brought down other businesses.

Binance says it will hire 600 by year end, bring total employees to 8,000

The world’s largest crypto exchange seeks to hire 600 more employees by the end of this year, its founder and chief executive officer said.

Why digital assets need better infrastructure and risk management

Investor confidence may be shaken, but crypto is here to stay, writes Alex Manson of Standard Chartered’s SC Ventures. Here’s how to restore trust and make the sector more resilient.

FTX Japan readies for resumption of withdrawals by end-2022: report

FTX Japan, a subsidiary of the now-bankrupt FTX.com, is preparing to resume withdrawals by the end of 2022 to Japanese customers, said an unnamed FTX Japan executive to local broadcaster NHK

Bitcoin mining difficulty reaches all-time-high despite slump in price, FTX woes

Bitcoin mining difficulty rose 0.51% to an all-time-high in Monday’s biweekly adjustment, according to BTC.com.

FTX failed because of humans, not crypto

Human greed and deception led to FTX’s fall. That’s why the antidote is not more regulations but could be found in blockchain’s original promises, writes Marieke Flament, CEO of NEAR Foundation.

S.Korea examines exchange native tokens after FTX meltdown

S.Korean authorities are looking into self-issued cryptocurrencies that may exist within local exchanges following FTX.com’s FTT-led liquidity crisis.

FTX owes US$3.1 billion to top 50 unnamed creditors, court filing shows

Collapsed cryptocurrency exchange FTX Trading Ltd. and its affiliates owe their 50 largest creditors about US$3.1 billion, according to a court filing. The creditors were not named.

Input Output announces privacy-centric blockchain and token on Cardano

Input Output Global Inc. (IOG), the firm behind the Cardano blockchain, is releasing a new data-protection and privacy-centric blockchain and accompanying token.

Man Group plans crypto hedge fund despite FTX, market turmoil: report

The world’s largest publicly traded hedge fund manager, Man Group Plc, plans to launch a cryptocurrency exclusive fund.

South Korea, Singapore, Japan biggest users of FTX pre-collapse, says CoinGecko

South Korea, Singapore and Japan were the biggest users of FTX.com based on the number of monthly unique visitors from January to October 2022

Beyond crypto: Why would companies want cryptocurrency-free blockchains?

Cryptocurrencies are getting in the way of the mass adoption of blockchain technology, especially by tech businesses, says Red Date Technology chief Yifan He.

FTX, Alameda failures likely triggered by Terra-Luna collapse, says blockchain analytics firm Nansen

FTX’’s failure to keep its sister company Alameda Research solvent was likely attributed to the liquidity crunch brought on by the Terra-LUNA collapse, according to Nansen.

Taiwan’s top three crypto exchanges say operations unaffected amid FTX fallout

Taiwan’s three largest cryptocurrency exchanges have said their operations were unaffected by the fallout of FTX and will work to release proof of assets as soon as possible.

Ethereum software developer ConsenSys co-launches Ethereum Climate Platform at COP27

Core Ethereum contributor ConsenSys co-launched the Ethereum Climate Platform (ECP) at the COP27 climate change conference in Egypt.

HK crypto over-the-counter service Genesis Block to end trading: Reuters

Genesis Block, a cryptocurrency over-the-counter trading service in Hong Kong, will close its trading portal on Dec. 10, Reuters reported on Friday citing an email the company sent to customers.

Binance to re-bid on bankrupt crypto lender Voyager: report

Binance.US is preparing to re-bid for bankrupt lending platform Voyager Digital’s assets, according to a CoinDesk report.

FTX’s Alameda, affiliates had US$5 bln in liabilities end of Sept, court filing shows

Alameda Research and its affiliates had about US$5.1 billion in liabilities as of Sept. 30, according to a bankruptcy court filing dated Nov. 17.

Genesis crypto broker freezes withdrawals; Winklevoss’s Gemini, S. Korea’s GOPAX exchanges affected

The Genesis brokerage arm of the Digital Currency Group is one of the latest cryptocurrency platforms to lock down withdrawals following the bankruptcy of crypto exchange FTX, and the freeze is spreading.

Terra cofounder Daniel Shin denies $100 mln LUNA cashout: report

Terra cofounder Daniel Shin reportedly told S.Korean prosecutors during an investigation on Thursday that he did not sell LUNA at a high point.

Markets: Bitcoin flat, most crypto top 10 fall as Fed indicates further rate rises

Bitcoin traded little changed Friday morning in Asia, while Ether fell along with most other non-stablecoin top 10 cryptocurrencies by market capitalization.

New FTX chief says lack of controls at bankrupt exchange ‘unprecedented’

John J. Ray III, a Chicago-based lawyer and the new CEO of now-bankrupt crypto exchange FTX, has criticized the lack of “appropriate corporate governance” across FTX Group companies under Sam Bankman-Fried, the founder and former CEO of FTX. 

China’s state blockchain infrastructure Xinghuo BIF partners Malaysian MyEG to fuel global push

China’s state blockchain infrastructure Xinghuo Blockchain Infrastructure and Facility has signed an agreement with Malaysian digital service provider MY E.G. Services Berhad to own and operate an “international supernode,” as China continues its international blockchain push.

South Korea freezes Terra cofounder Daniel Shin’s US$104 mln in assets; CEO Do Kwon tweets he was wrong, not fraudulent

Terra’s former executive Daniel Shin’s US$100 million were frozen on Thursday; Do Kwon tweets that the Terra team did everything to save UST

Indian crypto exchange CoinSwitch says proof of reserves shows sufficient reserves to match clients’ stake

Indian crypto exchange CoinSwitch’s proof of reserves summary, that was shared on Thursday, stated that as of Nov. 4, the exchange’s overall holdings of crypto and fiat balances in Indian Rupees (INR) exceeded those held by the exchange on behalf of its users.

Ripple gets support from Blockchain Association in XRP lawsuit against SEC

U.S. lobby group Blockchain Association, along with other institutions and firms, have formally filed amici briefs to support Ripple Labs Inc. in the ongoing lawsuit between the U.S. SEC and Ripple.

Sam Bankman-Fried regrets bankruptcy filing, blames “messy accounting”: Vox interview

Sam Bankman-Fried, the founder of the FTX, says he regrets the company’s bankruptcy filing, blamed the downfall on “messy accounting” and criticized regulators.

How Hong Kong and Singapore can make Asia the center of crypto’s future

Yes, there is rivalry between the two global finance hubs. But their strengths are also complementary for Asia to become an even bigger crypto powerhouse, writes Lily Z. King.

Singapore’s Temasek writes off US$275 mln in FTX

Temasek says its belief in Sam Bankman-Fried may have been ‘misplaced.’

Vitalik Buterin sounds warning over risks of DeFi

Ethereum cofounder Vitalik Buterin has sounded a warning against the pitfalls of decentralized finance (DeFi) and self-custody, namely of bugs in smart contract code.

Crypto winter may last until end of 2023: Coinbase research

The collapse of FTX may extend crypto winter to the end of 2023, according to a monthly outlook report by U.S.-based crypto exchange Coinbase dated Nov. 15.  

Crypto exchanges see record-high week of BTC outflows, following FTX saga

Bitcoin outflows from centralized crypto exchanges rose to a historic high this week, as investors turned to self-custody options following the collapse of FTX.

Twitter Users are Looking for Alternative

Elon Musk’s messy Twitter acquisition has users looking for a decentralized social media alternative.

FTX collapse leaves investors jittery over crypto contagion

Top blockchain and crypto news: FTX fallout spooks sector. Crypto.com’s $400 million ‘accident.’ Hong Kong’s new digital asset drive.

Korbit is first South Korean exchange to disclose full crypto reserves, post-FTX debacle

Korbit, one of South Korea’s five fully licensed crypto exchanges, announced Wednesday that it will reveal its full list of crypto reserves.

USDC stablecoin issuer Circle expects slower growth over Binance’s BUSD conversion

Circle, the issuer of U.S. dollar-pegged stablecoin USDC, has said that stronger competition in the stablecoin market is likely to pressure Circle stablecoins, thereby slowing its growth and weighing on the financial outlook of the company. 

FTX founder Sam Bankman-Fried to potentially face questioning in US: report

The former CEO of FTX may face questioning by authorities in the U.S. as scrutiny over the role he played in the exchange’s sudden collapse and bankruptcy intensifies.

AAX crypto exchange at risk of capital deficit, says market vulnerable from FTX collapse

AAX wants to reopen withdrawal services with additional capital, while VP Caselin told Forkast AAX is caught in a market-wide vulnerability.

Terra cofounder Daniel Shin’s Chai Corp. raided by S.Korean authorities

Daniel Shin’s Chai Corporation, which partnered with Terraform Labs in 2019, is accused of violating capital market rules in past dealings with Terra.

Crypto lender BlockFi faces possible failure amid FTX collapse, WSJ says

BlockFi Inc. is preparing for possible bankruptcy filings after it acknowledged “significant exposure” to bankrupt cryptocurrency exchange FTX.com.

Trezor, Ledger report surge in hard wallet sales amid FTX meltdown

What to do when one of the world’s most trusted crypto exchanges implodes? For many it’s finding a safer place for their assets, and that is typically hardware wallets.

Markets: Bitcoin, Ether rise amid positive inflation data, despite reports of Russian missile strikes in Poland

Bitcoin and Ether rose on Wednesday morning in Asia amid reports of alleged Russian missile strikes on Poland while inflationary data out of the U.S. provided support.

DeFi’s real estate revolution: The rise of tokenization

The tokenization of property in DeFi differs greatly from the securitization that led to the global financial crisis. In this introductory part of a special series of three articles, Forkast looks at the origins of the phenomenon, what’s new about it, and the promise it holds for investors.

Why FTX Shows We Underestimate Our Risk

The FTX sage continues and brings in questions about where should we be keeping our crypto.

Enron veteran is FTX’s new head: Does he have what it takes to win back user’s funds?

The failure of cryptocurrency exchange FTX has been compared to the Lehman Brothers collapse in 2008, but it may have more similarity to the bankruptcy of energy trading giant Enron Corp. – an event FTX’s new chief executive officer knows all too well.

Retail crypto sees more new users when Bitcoin prices rise: BIS report

A rise in Bitcoin prices is the most important factor for a significant increase in the number of new investors, instead of distrust in public institutions, dislike for traditional banks, or search for a store of value, according to a report by the Bank for International Settlements. 

Shark Tank’s Kevin O’Leary says FTX debacle will never happen again

O’Leary remains committed to crypto even after losing his investment in FTX.com, but said that the industry will become more regulated.

FTX bankruptcy and fallout; Tuesday updates and commentary

The following is a running compilation of views and comments on the FTX bankruptcy and implications for the industry.

FTX is crypto’s Lehman Bros. moment. What happens now?

Unlike the 2008 crash, the government won’t be bailing out FTX’s investors, writes Nick Saponaro of Divi Labs. Will regulators see this as a cue to crack down on exchanges?

Crypto prices recover amid plans by Binance, others to aid cash-short projects post FTX failure

Exchanges to the rescue? Cash is reportedly being made available to help blockchain and crypto projects caught in the fallout of the FTX exchange collapse.
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Vitalik Buterin seeks to build proof-of-reserves protocol with Binance as ‘guinea pig,’ says Binance chief

Ethereum founder Vitalik Buterin is looking to develop a proof-of-reserves protocol and Binance may be the “guinea pig” and serve as its first test case, said Binance chief Changpeng Zhao.

Crypto.com claims user funds safe despite ‘accidental’ Ether transaction

The chief executive of Crypto.com, said the exchange’s exposure to FTX when it shut was under US$10 million.

Mining rig maker Canaan’s stocks fall as Q3 profits shrink

Cryptocurrency mining rig maker Canaan posted shrinking revenues and profits in the third quarter of this year, as the crypto bear market continued to plague the mining industry.

Why DeFi is in dire straits — and what could save it

DeFi remains unusable for all beyond a niche community, writes Dennis Jarvis of Bitcoin.com. ‘Should it stay like this, it will never attract a wide audience.’

Hong Kong said it remains upbeat on digital assets after FTX debacle

Hong Kong remains bullish on virtual assets in the financial sector after the FTX debacle, while maintaining the view that regulation of businesses is a prerequisite for market development.

FTX, authorities investigate potential US$477 mln theft

FTX officials confirmed on Sunday that unauthorized transactions have drained millions of remaining user funds from wallets over the weekend.

FTX bankruptcy and fallout: Monday updates and commentary

The following is a running compilation of views and comments on the FTX bankruptcy and implications for the industry.

S.Korea summons ex-Terra exec Daniel Shin over US$100M in LUNA gains

Daniel Shin has been summoned by South Korean prosecutors to attend an investigation as a suspect for allegedly earning ill-gotten profits with LUNA.

Bahamian regulator contradicts FTX, says no approval given for fund withdrawals

Regulators in the Bahamas, where FTX is headquartered, say the bankrupt exchange’s claims that Bahamian fund withdrawals were requested by officials are false.

AAX crypto exchange says it is suspending withdrawals amid FTX fallout

Hong Kong-based crypto exchange AAX is suspending withdrawals for seven to 10 days for a scheduled system upgrade to protect users.

Crypto prices slide as investors pull funds on concerns other exchanges may follow FTX implosion

The collapse of one of the world’s biggest crypto exchanges last week has investors worried about the finances of other trading platforms. Cold wallet time?

FTX files for bankruptcy, Sam Bankman-Fried steps down as CEO

FTX.com, FTX US and 130 additional affiliates have filed for bankruptcy, its new CEO John J. Ray III says.

Binance chief says FTX bailout deal ‘didn’t make sense’

Changpeng Zhao, founder of the world’s largest crypto exchange, said its earlier pledge to acquire FTX fell through partially due to regulatory concerns.

Could FTX woes bring on another crypto freeze resembling Terra-Luna?

Crypto exchanges and lending platforms are starting to use the dreaded F word for Freeze amid worries about the possible collapse of FTX.com, part of one of the world’s biggest cryptocurrency trading networks.
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FTX Japan resumes withdrawals, FTX Turkey firms up plans

FTX Japan, the Japanese arm of the embattled crypto exchange FTX.com, said on Friday it has resumed yen withdrawals after the country’s Financial Services Agency (FSA) ordered the exchange on Thursday to suspend operations and put together a “business improvement plan.”

FTX Contagion Worries

SBF apologized to FTX customers and investors in a Twitter thread earlier, but can people recover their money?

Shark Tank’s Kevin O’Leary says ‘FTX still has value,’ its story still being written

While FTX’s cash crunch has rattled global markets and investors, a White Knight investor could quickly turn the tide for the company, O’Leary told Forkast in an interview.

Markets: Bitcoin, Ether prices rise as crypto market shows sign of pick-up

Bitcoin and Ether strengthened in Friday afternoon trading in Asia, reversing some of Wednesday’s and Thursday’s sharp losses. All other top 10 cryptocurrencies by market capitalization, excluding stablecoins, also increased.

FTX liquidity crunch leads to contagion fears; Friday updates and running commentary

The following is a running compilation of views and comments on the possible short- and long-term outcomes of FTX’s liquidity crunch.
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U.S. regulators reportedly talking with Binance over failed FTX bail out

US regulators want to know more about what Binance discovered when it took a look at FTX’s books, and then canceled a bailout deal.