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MAS takes aim at Three Arrows Capital, does not impose penalty

The Monetary Authority of Singapore (MAS) has “reprimanded” cryptocurrency hedge fund Three Arrows Capital (3AC) for misleading information and ignoring assets under management (AUM) limits, the central bank said in a statement on Thursday.  See related article: Three Arrows Capital lines up for liquidation Fast facts In August 2013, 3AC obtained its registered fund management […]

India’s latest tax assault on crypto exchanges starts Friday

India’s government can’t seem to decide on following China with an outright ban on crypto trading. So is it bent instead on suffocating traders and exchanges with taxes?

K-pop logs in to the metaverse strung by idols’ vagaries, inability to tour

South Korea’s behemoth music industry is trying to sidestep its reliance on human performers by debuting virtual stars in the metaverse. But severing ties with fallible K-pop idols is easier said than done.

Grayscale sues SEC over spot Bitcoin ETF rejection

Grayscale Investments filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) within an hour of the markets regulator rejecting an application that would have allowed its spot Bitcoin exchange-traded fund (ETF) to trade on the New York Stock Exchange (NYSE). See related article: Bitcoin ETF rejection could trigger Greyscale to sue the SEC […]

Bitcoin, crypto fall amid reports of 3AC’s court-ordered liquidation

Bitcoin was trading below US$20,000 in late morning trade in Asia on Thursday as reports of a court-ordered liquidation of Three Arrows Capital (3AC) added to fears of a contagion in crypto. See related article: Three Arrows Capital lines up for liquidation Fast facts The world’s largest cryptocurrency fell to as low as US$19,937.79 in […]

Why tougher crypto regulations are urgently needed

Lack of public trust remain a big barrier to crypto adoption, writes Tristan Roozendaal. Here’s why regulators should ‘move fast and break things.’

Marathon Digital says Montana storm knocked out most Bitcoin rigs

Marathon Digital, a major Bitcoin miner in the U.S., had to halt three-fourths of its mining operations in Montana due to power outages caused by a storm, reinforcing an earlier decision to move out of the region. See related article: Compass Mining CEO, CFO resign after utility payment default allegations Fast facts The Nasdaq-listed company […]

Voyager calls time on Three Arrows as crypto fund teeters on the brink

Top blockchain and crypto news: Three Arrows fallout spreads. BIS calls BS on crypto. Chinese regulatory vacuum chills an NFT platform.

Wall Street seems to sense opportunity in distressed crypto markets

While critics say the bubble has burst on crypto, Wall Street is moving in to take advantage of what could be some fire-sale asset prices.

Taiwan completes trials of its prototype CBDC for retail use

Taiwan has completed trials of its prototype central bank digital currency (CBDC) in technical simulations, paving the way for the distribution of the digital currency to the public for retail use.  See related article: Crypto is based on the greater fool theory: Philippines’ incoming central bank chief Fast facts Taiwan started to study and test […]

Compass Mining CEO, CFO resign after utility payment default allegations

Delaware-based Bitcoin mining hosting firm Compass Mining announced Tuesday that its chief executive officer Whitney Gibbs and chief finance officer Jodie Fisher have resigned, effective immediately. See related article: U.S. leads in Bitcoin mining as China’s share drops to zero: Cambridge data Fast facts The firm’s board has appointed chief technology officer Paul Gosker and […]

China’s alcohol lobby group seeks to standardize liquor NFTs

The China Alcoholic Drinks Association on Tuesday said its standards will cover but not be limited to cultural and creative products of liquor-based “digital collectibles” or the physical liquor accompanying such assets. See related article: Looking to invest in vintage wine? There’s an NFT coming for that Fast facts The group said the standards will […]

Singapore’s central bank says cryptocurrencies have ‘no fundamental value’

Whither Singapore in the cryptocurrency world? The Monetary Authority of Singapore has some views on that and as with most markets, there are winners and losers.

Voyager Digital issues notice of default to 3AC

Crypto broker Voyager Digital issued a notice of default on Monday to hedge fund Three Arrows Capital (3AC), for failing to service a loan worth about US$665 million. See related article: Amid 3AC exposure, Voyager Digital cuts daily withdrawal limit Fast facts Last week, Voyager said it had asked for US$25 million worth of USD […]

CoinFLEX to issue US$47 mln in tokens as it waits for ‘crypto whale’ to pay up

The crypto derivatives trading platform that halted withdrawals last week will issue the tokens that can be swapped into USDC or its own coin. See related article: Crypto winter ushers in account freezes as platforms feel the chill Fast facts CoinFLEX is issuing “rvUSD” tokens towards an outstanding debt owed by an unnamed high-net-worth individual, […]

Chinese marketplace repurchases NFTs, citing uncertain policies

Non-fungible token (NFT) marketplace Yucang Digital Collectibles announced that it is buying back assets sold on its platform due to lack of regulatory clarity.  See related article: NFTs in China must be reviewed: China media watchdog Fast facts The marketplace said operations will continue, but sales and transfers of digital collectibles will be frozen and […]

Chinese blockchain developer calls crypto a Ponzi scheme

Cryptocurrency is a huge Ponzi scheme, Blockchain-based Service Network (BSN) — the developer behind China’s state-backed blockchain infrastructure — said on Sunday.  See related article: China’s BSN to launch overseas public chain without crypto support Fast facts Crypto is an old hoax in a new form, Zhiguang Shan, chair of BSN Development Alliance, and Yifan […]

Are we helpless against attacks on blockchain bridges?

Harmony’s Horizon cross-chain bridge is now the third of its kind to suffer a major hack this year. What are the alternatives that may be more secure?

S.Korea’s Korbit issues employee IDs in CryptoPunk-like NFTs

South Korean cryptocurrency exchange Korbit said on Monday that it has issued employee identification cards (IDs) in CryptoPunks-inspired non-fungible tokens (NFTs). See related article: NFT credit card in the works for top S. Korean crypto exchange Fast facts Various South Korean industries have experimented with NFTs for official documentation, such as graduation certificates. Korbit, one […]

What will be the law of the metaverse?

The legal and ethical dilemmas plaguing technology today will only grow more acute in the metaverse, writes Brian Harley. How will real-world laws apply?

Warnings on crypto, Bitcoin have materialized, says central bank body BIS

Deeper structural flaws in crypto make it unsuitable as the basis of a monetary system that serves society, the Bank for International Settlements said in its annual report.
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India’s CoinDCX says it restricted crypto withdrawals

“There is a larger compliance requirement due to evolving regulatory needs resulting in increased scrutiny,” a senior executive at the Coinbase Ventures and B Capital backed cryptocurrency exchange said.  See related article: CoinDCX double downs as the going gets tough in India Fast facts “We have restricted crypto withdrawal from our platform,” with users being […]

Goldman Sachs said to raise US$2B for Celsius assets: report

The U.S. investment bank is looking to raise the money to buy up distressed assets from the troubled crypto lender, a Fortune report said, citing people familiar with the matter. See related article: Celsius said to be hiring restructuring attorneys, exploring financing options Fast facts A deal would allow investors to buy up Celsius Network’s […]

Morgan Creek said to try to counter FTX’s BlockFi bailout

Asset manager Morgan Creek Digital is trying to raise US$250 million to counter crypto exchange FTX’s bailout of beleaguered crypto lender BlockFi, according to a report by CoinDesk. See related article: Sam Bankman-Fried steps in to bail out BlockFi Fast facts Morgan Creek is attempting to raise funds to purchase a majority stake in BlockFi, […]

Mind the gap: Bridging the divide between DeFi and CeFi to grow yield

As traditional finance sector firms continue to seek upside crypto exposure, bringing DeFi yields to TradFi has a bright future, says B2C2’s Phillip Gillespie.

Horizon’s US$100 mln crypto hack prompts FBI investigation

The Federal Bureau of Investigation (FBI) and multiple cybersecurity companies have started investigating the US$100 million hack on Harmony Protocol’s Horizon cross-chain bridge. See related article: Axie Infinity hack proceeds continue to be laundered despite US sanctions Fast facts Harmony Protocol announced it was attacked on Friday morning Asia time, adding it had alerted exchanges […]

How a market slump may be helping Singapore’s stance against retail crypto

One door closes and another opens, which seems to be what’s happening in Singapore as the crypto price slump restructures the trading environment.

Crypto lending platforms, DeFi seem to be having an Animal Farm moment

In a decentralized society envisaged under crypto, everybody is reportedly equal. But as the market strains under considerable stress, it’s showing some are more equal than others.

Terra CEO Do Kwon denies allegations of fraud

In his first interview after the collapse of TerraUSD (UST) and its sister token LUNA in May, CEO Do Kwon dismissed allegations of fraud and told The Wall Street Journal, “There is a difference between failing and running a fraud.” See related article: Winning back the trust of the Terra community a tall order for […]

Crypto volatility hasn’t had macroeconomic implications so far: Jerome Powell

Testifying before the Senate Banking Committee on Wednesday, the chair of the U.S. Federal Reserve said the central bank is “not really seeing significant macroeconomic implications so far” with regard to the recent cryptocurrency volatility. See related article: Bitcoin, Ether recover as Fed guidance reduces policy uncertainty Fast facts Powell testified at the Senate Banking […]

RBI, India banks launch blockchain-based trade financing project

The Reserve Bank of India (RBI) has launched a blockchain-based trade financing pilot project in collaboration with top lenders including HDFC bank, ICICI Bank and State Bank of India, among several others, Economic Times reported, citing unidentified sources.  See related article: India FM: RBI to issue blockchain-based digital rupee Fast facts Belgium-based SettleMint, U.S.-based Corda […]

South Korea’s SK Square said to put off crypto issuance

The tech investment arm of the South Korean conglomerate reportedly halted the plan to issue its own cryptocurrency, citing the macroeconomic environment and trust issues related to cryptocurrencies. See related article: South Korea’s second-largest conglomerate to issue own cryptocurrency  Fast facts SK Square told local news agency Newsis that preparations for trademark applications and the […]

CoinFLEX latest crypto exchange on withdrawal freeze

CoinFLEX is freezing withdrawals due extreme market conditions and uncertainty involving a counterparty, the cryptocurrency futures exchange said in a blog post on Friday. See related article: Contagion risk from Three Arrows Capital weighs on Bitcoin, crypto Fast facts CoinFLEX stressed the counterparty in question was not Three Arrows Capital Ltd., the crypto hedge fund […]

New York City pride parade will also be marching through the metaverse

LGBT event organizers see the metaverse as technology of the emerging Web3.0 world that opens doors and opportunities for marginalized communities.

Shenzhen financial regulators vow to prevent ‘further’ crypto risks

Three financial regulators in Shenzhen said they would “prevent further risks” in crypto trading, while warning that cryptocurrencies and related businesses are illegal in the mainland.  See related article: Law can’t cover crypto losses, China court reiterates Fast facts See related article: Why domestic and overseas Chinese should worry about China’s crypto ban

What is the right approach to regulating stablecoins?

Terra UST’s crash and burn is prompting calls for regulations. But lawmakers shouldn’t paint all stablecoins with the same brush, writes Alan Chiu.

Tether to offer new sterling-pegged stablecoin, GBPT

Tether said it will launch a new stablecoin pegged to the British pound sterling in early July, the issuer of the world’s largest stablecoin, USDT, announced Wednesday. See related article: Tether market cap shrinks below US$70B, lowest since October 2021 Fast facts Tether’s announcement comes a week after Circle, the operator of the world’s second-largest […]

Crypto winter ushers in account freezes as platforms feel the chill

Top blockchain and crypto news: Investors snowed in as liquidity crunch hits. Solend harpoons anti-whale maneuver. Chinese NFTs prove a tricky target.

Singapore grants Crypto.com in-principle approval toward offering payment services

The Singapore-based cryptocurrency exchange Wednesday said the approval toward a license will eventually allow it to offer a range of payment services in the city-state. See related article: Singapore warms up to crypto industry — on its own terms Fast facts Crypto.com has received an in-principle approval from the Monetary Authority of Singapore (MAS) for […]

Cardano delays upgrade; Shib and Doge make gains

Dogecoin and Shiba Inu make gains as Elon Musks tweets support. Meanwhile, Vauld joins other crypto exchanges in axing staff.

Calls for policing NFTs gain ground as fraud cases rise

A perceived failure to address increasing fraud in the NFT industry prompts calls for regulation and the adoption of a more centralized approach to weed out bad actors.

STEPN’ing it up with crypto move-to-earn

Enticed by promises of crypto rewards, Joel Stein hits the streets of Los Angeles with a beautiful NFT sneaker. What does he earn — and learn?

Chinese maker of virtual garment designing software raises nearly US$100 mln

Linctex Digital Technology, headquartered in China’s southeastern province of Zhejiang, Tuesday said the pre B+ round included commitments from existing investors Hillhouse Ventures and CDH Investments. See related article: Fashion, art, games and community: What does a decentralized metaverse mean for you? Fast facts Linctex’s software allows designers to create virtual wear, digitize physical fabric, […]

Cardano delays Vasil blockchain upgrade, citing bugs and ‘abundance of caution’

Input Output Global (IOG), the development company that runs the Cardano blockchain, on Monday said it will postpone the testnet of the network’s Vasil hard fork to the end of June, citing software bugs and a focus on quality and security. See related story: Cardano’s Alonzo Purple testnet begins onboarding users Fast facts The engineering […]

Valar Ventures-backed Vauld to lay off 30% of staff

The Singapore-based cryptocurrency exchange said the actions of a “few market participants” are creating a lot of uncertainty in the eyes of customers. See related article: ‘Buckle up’ for downsizing crypto market as employees laid off Fast facts The layoffs impact every team with marketing and talent acquisition departments being affected the most, as Vauld […]

Getting rid of remittance fees with blockchain | The Great Disruption Ep. 08

Did you know that average global transactions cost up to 6.5% in remittance fees? This can even go up to 20% for certain countries. Some developing nations pay up to US$600 billion in remittances every year. Could blockchain offer a better option for cross-border transactions? Find out in this Forkast video explainer.  What you’ll learn: […]

S.Korea blocks ex-Terra employees from leaving country amid investigation

Prosecutors said they also wish to interview Terraform Labs Chief Executive Officer Kwon Do Hyung as part of an investigation into the multibillion dollar collapse of the company.

Chinese NFT platform apologizes for using Hong Kong movie star Louis Koo’s images

Lianwan, a Chinese “digital collectibles” platform that sells blockchain-based images, had claimed it was working with the Hong Kong action star. But Koo’s agency has denied any involvement. See related article: Storm in a teacup? WeChat bans account for flipping NFTs Fast facts On Saturday, Lianwan apologized for using Hong Kong action star Louis Koo […]

Storm in a teacup? WeChat bans account for flipping NFTs

The ban comes as Chinese companies seek to comply with Beijing’s diktat against speculative activity in non-fungible tokens (NFTs). See related article: China’s diktat against NFT flipping spawns an ingenious industry Fast facts WeChat banned the official account of a Chinese NFT platform for “business activities related to secondary trading of digital collectibles or cryptocurrency.” […]

ProShares to launch Bitcoin short ETF

ProShares will launch a short Bitcoin-backed exchange-traded fund (ETF) on the New York Stock Exchange (NYSE), the U.S.-based ETF issuer announced on Monday. See related article: Bitcoin price hits all-time high after ProShares ETF debut Fast facts ProShares Short Bitcoin Strategy ETF is scheduled to begin trading on the NYSE on Tuesday under the ticker […]

Tax, bear market temper India’s enthusiasm for NFTs

High taxes amid a bear market are tempering the enthusiasm for NFTs among Indians. But industry participants expect the country’s unique cultural and demographic characteristics to provide a long-term fillip to the industry.

You can’t spell nonprofit without ‘NFT’

More than a passing fad, NFTs can empower philanthropic organizations in ways never thought possible before, writes Nick Lynch of Collidescope.io.

Bitcoin investments will grow ‘immensely’: El Salvador president

El Salvador President Nayib Bukele took to Twitter on Sunday to reassure Bitcoin investors, claiming such investments are safe and will grow “immensely” after the bear market. See related article: El Salvador’s Bitcoin adoption, one week on Fast facts “My advice: stop looking at the graph and enjoy life. If you invested in #BTC your […]

Elon Musk pumps Dogecoin amid lawsuit

Dogecoin (DOGE) has gained 11% since billionaire Elon Musk said that he would continue to support and buy the cryptocurrency. See related article: Bitcoin, crypto return to red after rate hike rally wears off Fast facts According to CoinMarketCap data, the memecoin was up more than 12% in the past 24 hours to US$0.05788 on […]

JD.com tops US$60 mln in digital yuan sales in 618 shopping festival

Chinese online retail platform JD.com reported 400 million yuan (US$60 million) in digital yuan sales at the “618” shopping festival, accounting for about 0.1% of the event’s total sales.  See related article: Double Eleven: 240,000 orders by e-CNY on top e-commerce platform Fast facts See related article: China’s zero-Covid policy realigning global economy, financial markets

Game theory: What’s holding back an explosion of play-to-earn?

Despite its rising popularity, GameFi has lessons to learn from Web 2.0 and elsewhere before it can gain a comparable user base, says Ethlas chief Wui Ngiap Foo.

Contagion risk from Three Arrows Capital weighs on Bitcoin, crypto

After a short-lived recovery, Bitcoin, Ether and other cryptocurrencies are trading lower on fears of a contagion risk from a possible financial implosion at Three Arrows Capital.

3AC foreclosure concerns grow; Fed boost short lived

BlockFi’s Zac Prince says they have fully liquidated 3AC positions. Meanwhile, Hong Kong’s central bank works with the Bank of Israel to study CBDC security.

Tether market cap shrinks below US$70B, lowest since October 2021

The market capitalization of Tether, the world’s largest stablecoin, has dipped to an eight-month low of US$69.4 billion, according to CoinGecko data. See related article: Tether, USDT market cap has dropped by US$10B since UST collapse Fast facts Tether’s market cap has fallen almost US$3 billion since June 14 as investors pull out in a […]

USDC operator Circle introduces new Euro Coin stablecoin

USD Coin (USDC) creator Circle announced on Thursday it will release the Euro Coin (EUROC), a redeemable stablecoin pegged to the euro, on June 30. See related story: US$500 mln in USDC added to TRON DAO USDD reserve Fast facts Ethereum-based EUROC will join Circle’s USDC, which is the world’s second-largest stablecoin with over US$54 […]

Huobi closes Thai crypto unit, regulator revokes license

Huobi Thailand will shut its cryptocurrency trading platform’s Thailand unit on July 1 after the country’s Securities and Exchange Commission (SEC) revoked its license. See related article: Can Thailand emerge as a ‘crypto-positive’ travel destination? Fast facts Huobi Thailand said the firm will no longer have any connections or legal bindings with Huobi Group following […]

MLB Champions — Sport’s big NFT pitch | NFT Moments in History Ep. 03

Forkast x CryptoSlam! is proud to present Moments in NFT History — an explainer video series hosted by Forkast’s Joel Flynn, that gives you a front-row seat of history-in-the-making. In Episode Three, we take a look at how NFTs are loading the bases in the world of sports. Here’s how MLB Champions hit a home […]

Client accuses Bitcoin, Ethereum backer Three Arrows Capital of misappropriating funds

The crypto hedge fund got called out on social media Thursday for allegedly misappropriating US$1 million to cover risks of insolvency.

Cryptocurrencies take a pounding as inflation worries spark sell-off

Top blockchain and crypto news: Cryptos sink as inflation rises. Celsius freeze sends CEL token tumbling. Are Inner Mongolia’s miners catching a break?

Crypto on a roller coaster as market braces for Fed guidance on rates

Crypto markets posted some gains in Asia trading after a pummeling this week, but the sentiment shifted back to negative as markets across the board try to second-guess the Federal Reserve’s thinking on interest rates.

Has ‘Crypto Winter’ arrived with Bitcoin, Ether prices falling?

After what seems like a dead cat bounce, cryptocurrencies are falling again in Asian trade as markets head into the Federal Reserve’s announcement of its decision on interest rates on June 15.
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US$500 mln in USDC added to TRON DAO USDD reserve

TRON DAO announced it has added US$500 million in USDC to its reserve to bolster its algorithmic stablecoin’s dollar parity, but USDD has been off its peg to the greenback for about two days.  See related article: Michael Saylor, MicroStrategy stick to their guns on Bitcoin Fast facts See related article: Bitcoin, Ether bear brunt […]

Celsius said to be hiring restructuring attorneys, exploring financing options

Amid the ongoing insolvency risk, crypto lender Celsius has hired restructuring attorneys from the law firm Akin Gump Strauss Hauer & Feld LLP, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. See related article: CEL down over 50% since Celsius Network’s withdrawal freeze Fast facts Celsius is exploring financing options […]

Coinbase, biggest US crypto exchange, cuts workforce by 18%

U.S.-based cryptocurrency exchange Coinbase will cut its global workforce by about 18% to ensure it stays “healthy during this economic downturn,” CEO Brian Armstrong said in a blog post. See related article: Coinbase is the first crypto firm to make the Fortune 500 list Fast facts Coinbase will cut approximately 1,100 employees, or 18% of […]

Crypto market slumps; USDD depegging fears

USDD loses its dollar parity. Meanwhile, Binance resumes Bitcoin withdrawals.

Bitcoin, Ether bear brunt of market selloff amid fears of Fed rate increase

Still recovering from the Terra-LUNA debacle that wiped off billions of dollars in investor wealth, people sold off cryptocurrencies amid a market slump over expectations that the Fed will act faster to tame inflation.
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TRON founder pledges US$2B defense fund after USDD stablecoin loses dollar parity

TRON founder Justin Sun on Monday said he will set up a US$2 billion fund to support the dollar peg of the project’s stablecoin USDD and “fight” against short sellers, after the stablecoin’s price fell to US$0.97. See related article: Binance resumes Bitcoin withdrawals Fast facts USDD uses an algorithmic mechanism to keep its dollar […]