Forkast.News is now Forkast Labs

How blockchain is creating a more inclusive voting system | The Great Disruption Ep. 05

Did you know that 38% of Americans lack confidence in election fairness? No wonder, since the paper ballot voting system has been in place since the beginning of the 19th century. Can a blockchain-based voting system restore trust in democratic elections? Learn more about the promise of blockchain voting in this Forkast video explainer. What […]

How blockchain is solving the climate crisis | The Great Disruption Ep. 04

Did you know that the supply chain is responsible for 90% of companies’ environmental impact? This is because our fragmented logistics process doesn’t account for the environmental cost of the products. Can blockchain help create a global environmental standard? Find out in this Forkast video explainer.  What you’ll learn: How blockchain can track the environmental […]

Blockchain-based financial systems are creating more financial neutrality | The Great Disruption Ep 02

While the banking system has been working well for citizens in first-world economies, people in underdeveloped regions often struggle to gain access to the same financial services that others are taking for granted. Can a blockchain-based financial system restore financial neutrality and bank the world’s unbanked? Find out in this Forkast.News video explainer.  What you’ll […]

Solving the privacy issues of the financial system with Zero-Knowledge Proofs | The Great Disruption Ep 01

From credit card transactions to shopping habits and browsing histories, our digital footprints are recorded and preserved in centralized databases. These data are monetized for profit by third parties. Could blockchain-based Zero-Knowledge Proof put an end to mass surveillance? Find out in this Forkast.News video explainer. What you’ll learn: What is financial surveillance and how […]

‘Crypto is not something that can be ignored anymore’: NEAR Foundation CEO

Flament’s comments come as governments around the world step up regulation of the sector plagued by frequent frauds, high-profile run-on-the-banks and misrepresentation from the anonymity blockchain and cryptocurrency offer.

CoinDCX offers to let Indians earn yield on crypto holdings

The operator of the Indian cryptocurrency exchange is working with large institutional borrowers, third-party lending partners and staking platforms to generate yield on cryptocurrency and digital assets, CoinDCX said in a statement. See related article: CoinDCX investment arm to invest US$13 mln in Web3 startups Fast facts The yield program doesn’t come with lock-in periods […]

Why a Hong Kong CBDC is coming — for institutions

Governments around the world are racing to develop their own digital currencies, but an e-HKD may not make sense for Hong Kong’s people. John Mitchell of Episode Six explains why Hong Kong is unique.

Crypto tax preparer CoinTracker launches in India

The digital assets tax compliance and portfolio tracking firm’s launch in India comes after the country announced a series of measures to benefit off the gains made in cryptocurrencies.  See related article: India tax breaks crypto’s back Fast facts Crypto users in India can use CoinTracker to aggregate and reconcile cryptocurrency and non-fungible token (NFT) […]

Bitcoin mining hashrate, difficulty drop since crypto crash

Bitcoin’s hashrate dropped by 10.6% to 204.4 exahashes per second on Wednesday on a seven-day average from its peak earlier this month, Blockchain.com data show. See related article: Beijing banned crypto mining, so China miners went underground Fast facts The Bitcoin mining difficulty level fell by 4.33% to 29.9 trillion at block height 737,856 on […]

Terra, LUNA vote ends in favor of Do Kwon’s new chain proposal

Terra’s governance vote closed on Wednesday evening Asia time with 65.50% of governance voters in favor of Terraform Labs CEO Do Kwon’s proposal to create a new blockchain. See related article: Terra raises aUST initial token float to 30% in revival plan amendment Fast facts Kwon’s “Terra Ecosystem Revival Plan 2” ditches the algorithmic stablecoin […]

Tether USDT shaken by stablecoin market storm

Top blockchain and crypto news: Billions cut ties with Tether. Are Terra’s UST troubles just beginning? China’s miners stay one step ahead.

Kerner at Blockchain Coinvestors says Terra was a Ponzi strategy

The crypto community is still dealing with the fallout from the multibillion-dollar collapse of Terra-LUNA. At a Davos event organized by Forkast, we asked what caused the crash and if it was foreseeable.

How can I become a metaverse real estate mogul?

If buying a home is the American Dream and key to building wealth, what is that like in the metaverse? Crypto newcomer Joel Stein finds out.

China expands use of the digital yuan to high school campuses

The Lu Xun High School in China’s Hainan province has provided students with a new campus smart card device with digital yuan payment functionalities, further expanding use of the e-currency at education institutions, China’s largest state-owned broadcaster China Central Television (CCTV) reported Tuesday. See related article: Covid-19, postponed Asian Games to push digital yuan into […]

S. Korea finance regulator to audit Terra and related exchanges

The Financial Supervisory Service (FSS) of South Korea will perform an on-site inspection of Terraform Labs and financial services linked to TerraUSD (UST) or LUNA. See related article: Are we heading for a post-Terra crypto winter? Fast facts The FSS said at an emergency National Assembly meeting on Tuesday that the audit aims to prevent […]

Terra embezzlement alleged; RBI reiterates crypto warning

A Terra employee has been accused of embezzlement. Meanwhile, a crypto mining farm has been found in Russia’s oldest prison.

Beijing banned crypto mining, so China miners went underground

Authorities and Bitcoin miners play a cat-and-mouse game as miners find means to stay off the government radar and dodge crackdowns.

Are we heading for a post-Terra crypto winter?

Terra’s LUNA and UST implosion is dragging down an already ailing market. What do other developments suggest about crypto’s long-term future?

Russia uncovers a crypto mining farm in its oldest prison: report

A deputy warden of Russia’s oldest prison has allegedly mined cryptocurrency in the facility and is under investigation on suspicion of stealing electricity to do so, Bitcoin.com reported on Monday. See related article: To stay relevant, crypto regulations need to evolve, decentralize: Crypto Rising Fast facts The deputy manager of Butyrskaya prison in central Moscow […]

S.Korean police probe Terra employee for alleged embezzlement

Seoul Metropolitan Police Agency’s Cyber Crimes Investigations Unit revealed on Monday that it has received a report alleging a Terraform Labs employee was involved in embezzling corporate funds, according to local media reports. See related article: Terra’s S.Korean office closure ‘purely coincidental’: Do Kwon Fast facts The police are currently investigating the validity of the […]

Terra cofounder Do Kwon’s taxing questions; China’s underground mining

Terra co-founder responds to office closure allegations. Meanwhile, China re-emerges as a crypto mining hub despite 2021 ban.

Looking to invest in vintage wine? There’s an NFT coming for that

Startup platform Farandole has a plan to transform the traditional wine industry with NFTs, cryptocurrency and blockchain technology.

To stay relevant, crypto regulations need to evolve, decentralize: Crypto Rising

Russia’s invasion of Ukraine has shown that cryptocurrency regulations need to expand beyond the jurisdiction of a single government and blockchain technology can help with that, said panelists at ‘Crypto Rising,’ a series of virtual monthly events organized by Forkast.

Terra’s S.Korean office closure ‘purely coincidental’: Do Kwon

Terraform Labs CEO and cofounder Do Kwon claimed on Saturday that the closure of two offices in South Korea was “purely coincidental,” and not a response to the national tax authorities’ investigation. See related article: LKB, 5 clients file lawsuit against Terra, Do Kwon to ‘Grim Reaper’ Fast facts Terraform Labs closed its two offices […]

Mastering the metaverse: TradFi’s space race to ‘the next internet’

Blockchain was once associated overwhelmingly with cryptocurrencies — and specifically its poster children, Bitcoin and Ethereum. The latter, in particular, has thrust the industry forwards into the realm of smart contracts integration.  Ethereum started to bear fruit arguably most prominently last year amid a boom in non-fungible tokens (NFTs), while decentralized finance (DeFi) offered a […]

G7 calls for regulation; Bored Ape transfer blocked

South Korean LUNA investors file lawsuit against Terra. Meanwhile, Singapore’s High Court blocks sale of a Bored Ape NFT.

Singapore court’s blocking of NFT transfer tests legal oversight

In an exclusive interview with Forkast, the lawyer representing the claimant discusses what the result means for NFTs and digital ownership.

FTX.US forays into stock trading

Crypto exchange FTX.US has introduced FTX Stocks for select U.S. customers to allow stock trading and exchange-traded funds (ETFs) through its app. See related article: FTX reaches US$32B valuation after closing $400M series C Fast facts FTX.US will provide commission-free stock market trading where orders will be routed to Nasdaq through its clearing firm Embed, […]

Nearly half of Tether reserves are now in US Treasury bills

Commercial paper backing Tether (USDT), the world’s largest stablecoin, has decreased by 17% from US$24.2 billion in Q4 2021 to US$20.1 billion in Q1 2022, according to Tether’s latest attestation report.  See related article: Tether slashes commercial paper, shows more reserves than liabilities Fast facts Commercial paper in Tether reserves has been reduced by an […]

Sony Music’s RCA Records Web3 venture breaks into Greater China

Sony Music Entertainment has set up a new Greater China venture for its American label RCA Records to explore opportunities in streaming, non-fungible tokens (NFTs) and the metaverse. See related article: John Legend’s OurSong raises US$7.5 mln to fuel music NFTs Fast facts The new label, dubbed “RCA Records Greater China,” will make key hires […]

Chongqing reports US$43 mln digital yuan trading volume in debut month

China southwestern municipality Chongqing recorded 288 million yuan (US$43 million) in total digital yuan trading volume across 1.576 million transactions as of May 15, the People’s Bank of China’s local branch reported at a Thursday press conference.  See related article: China southeastern city tops US$3mln digital yuan transactions in pilot month Fast facts Chongqing is […]

LKB, 5 clients file lawsuit against Terra, Do Kwon to ‘Grim Reaper’

Five South Korean Terra (LUNA) investors with an accumulated loss of around 1.4 billion Korean won (US$1.1 million) represented by local law firm LKB & Partners have filed a complaint against Terraform Labs CEO Do Kwon and co-founder Shin Hyun-seung for two charges including fraud, according to local media reports. See related article: Knock, knock […]

Bitcoin rig maker Canaan reports over US$200 mln in Q1 revenue

Chinese crypto mining rig maker Canaan booked robust revenue growth in Q1 2022 despite logistical issues and supply chains disruptions from the pandemic, the company said on Thursday. See related article: SEC places Chinese crypto mining rig maker Canaan on pre-delisting list Fast facts Canaan recorded 1.36 billion yuan (US$214 million) in revenue in the […]

Knock, knock Do Kwon, investors have quite a lot of questions for you

The man at the center of one of crypto’s biggest flops is trying to resurrect the Terra-LUNA project as his tribe of followers and out-of-pocket investors want to know what went wrong.

Pantera Capital dodged bullet, says exited Terra before crash: report

Terraform Labs backer Pantera Capital gradually withdrew nearly 80% of its Terra LUNA holdings over the past year, saving itself from significant damages from the de-pegging of TerraUSD (UST) and the network’s collapse last week, The Block reported. See related article: LUNA, UST investors in S.Korea want to seize Do Kwon’s properties: report Fast facts […]

Terra was a ‘house of cards’: Circle CEO Jeremy Allaire

Jeremy Allaire, CEO of Circle, which issues the second-largest stablecoin USDC, claims to have foreseen Terra and algorithmic stablecoin UST’s collapse six months ago because it was “a house of cards.” See related article: Terra shuts down indefinitely after coming back online; LUNA, UST still on life support Fast facts “There were two things that […]

Terra commences voting on Do Kwon’s LUNA revival plan

A vote pertaining to Terraform Labs CEO Do Kwon’s “updated and final” Terra revival plan was posted at 7:17 p.m. Wednesday Hong Kong time, with the majority favoring the proposal, while a preliminary vote was rejected in a landslide. See related article: No hard fork, governance vote in Kwon’s updated Terra revival proposal Fast facts […]

LUNA bull Novogratz breaks silence

Mike Novogratz, founder and CEO of crypto investment firm Galaxy Digital, broke his weeklong silence on the TerraUSD turmoil, claiming “the global macro backdrop has been brutal for all risk assets this year” and that the UST is “a big idea that failed.” See related article: Blood moon: Terra’s LUNA rescue plan panned by industry, […]

Indian crypto traders may pay tax for using foreign exchanges: report

The Indian government may impose a reverse charge goods and services tax (GST) on cryptocurrency investors using foreign exchanges, according to a local media report.  See related article: India GST Council weighs 28% tax on crypto transactions Fast facts The reverse charge would levy a goods and services tax on the investor instead of the […]

Binance looks to add Germany to its license collection

Binance is looking to win a cryptocurrency license in Germany after becoming a regulated digital asset service provider in fellow G7 nation France, CEO Changpeng Zhao said.  See related story: Binance wants to play ball with regulators Fast facts Zhao said at an event in Germany on Wednesday that the cryptocurrency exchange is expanding its […]

Bitcoin, crypto drop as stocks slump in the US

Bitcoin’s increasing correlation with risk assets meant it got caught up in the overnight market selloff in the U.S. Investors dumped shares of Target and Walmart after the American retailers cautioned about possibly taking a margin hit from not being able to pass on price increases to customers. See related article: Has Bitcoin become a […]

A bipartisan case for why the US needs a Web3 regulatory overhaul

In a special op-ed, 2 former CFTC chiefs and a crypto executive make the case for why the US must prioritize policies that support the new Web3 economy.
, and

China’s mining re-emergence; Terra community wants answers

China’s nationwide ban on crypto mining has not affected it’s high mining hashrate. Meanwhile, Terra’s community become frustrated as they struggle to find answers.

No hard fork, governance vote in Kwon’s updated Terra revival proposal

Terraform Labs CEO Do Kwon posted an update to his proposal to revive Terra and LUNA at 4:55 p.m. Hong Kong time, which omitted the notice of putting the plan up for a governance vote. See related article: Do Kwon proposes Terra fork to ditch UST and ‘LUNA Classic’ Fast facts Kwon’s updated “Terra Ecosystem […]

Will ‘smart contracts’ rule the world? Maybe not in Singapore

Forkast sat down with Singapore’s biggest bank for insights into crypto regulations in the city-state. Singapore has a reputation for planning far ahead, so what’s in store for cryptocurrencies?

China banned Bitcoin mining and became world’s No.2 Bitcoin miner

The 2021 Bitcoin mining exodus has left underground miners thriving to push China’s hashrate share near to the top, new study finds.

Pakistani crypto exchange RAIN calls for tax on digital assets: report

Pakistani crypto exchange RAIN has urged the country’s finance ministry to regulate and impose a 15% tax on cryptocurrencies, local media reported. See related article: Pakistan takes a fresh look at cryptocurrency Fast facts RAIN told regulators that Pakistan can earn roughly US$90 million in taxes through a capital gains tax on cryptocurrency assets, according […]

Indian financial watchdog warns against celebrity crypto endorsements

The Securities and Exchange Board of India (SEBI) has suggested that no prominent public figures, including celebrities and sports personalities, should endorse crypto products, according to local media reports.   See related article: India’s crypto ads to get ‘highly risky’ banners starting April Fast facts Trading cryptocurrencies is not illegal in India, but the activity is […]

Netflix Sweet Home producer to build K-drama metaverse in the Sandbox

The Sandbox metaverse has partnered with Studio Dragon, a Korean drama production company behind titles Crash Landing on You, Sweet Home and Kingdom: Ashin of the North, to build a K-drama metaverse. See related article: South Korea wants to be the physical home of the metaverse Fast facts The Sandbox said on Tuesday the pair […]

Terra hard fork proposed; Temasek ‘doesn’t own Bitcoin’

As Terra continues to crash, Do Kwon proposes a hard fork solution, Meanwhile, Singapore’s Temasek gets ready for tokenized assets.

S.Korean lawmaker proposes summoning Do Kwon to the National Assembly

South Korea’s ruling party lawmaker Yun Chang-hyun said Terraform Labs founder Do Kwon should be called in for a parliamentary hearing on the collapse of the company’s stablecoin and cryptocurrency. See related article: News of LUNA’s demise greatly exaggerated Fast facts Yun at Tuesday’s National Assembly session said investors had been damaged by the debacle […]

Singapore’s Temasek says doesn’t own Bitcoin, but prepping for tokenized assets

The Bitcoin community got a lift last year when it was reported Singapore’s sovereign wealth fund had bought Bitcoin. The company told Forkast in an interview that they do not own BTC, but they are keen on blockchain investments.

Kakao’s Klaytn to build blockchain in China with BSN

Klaytn, South Korean internet giant Kakao’s public blockchain, will build an open-permissioned blockchain for China’s state-backed Blockchain-based Service Network’s (BSN) infrastructure for the Middle Kingdom’s domestic use. See related article: Resist the temptation on NFTs, Chinese state-backed developer says Fast facts Klaytn said on Tuesday it will take part in establishing the Chongqing Chain, a […]

Indian economy at risk of ‘dollarization’ from cryptocurrencies: report

Parts of the Indian economy can lead to “dollarization” due to cryptocurrencies, which would be against the national interest, top officials of the Reserve Bank of India (RBI) told a parliamentary panel, according to local media. See related article: India’s financial stability at risk from cryptos: IMF Fast facts Local media quoted unnamed officials in […]

How Bitcoin in gaming could spur greater crypto use in the everyday economy

The future world will run on digital money—the most trusted being Bitcoin, writes André Neves of Zebedee. Here’s how gaming can bring BTC to the masses.

China state paper slams crypto and LUNA crash; applauds crypto ban

Chinese state-backed publication Economic Daily cited LUNA and UST’s crash to state cryptocurrencies “once again, proved its own risks and that it is a bubble” amid the Federal Reserve’s rate hike. See related article: Chinese runners offer substitute running to earn StepN’s GMT for commission Fast facts See related article: Tax authorities in China jump […]

LUNA pumps and dumps repeatedly in weekend’s roller coaster run

The price of LUNA, the native token of Terra, is now as volatile as low-cap meme currencies, and is currently at 23,716.5% from its all-time low set on Friday, according to CoinGecko data. See related article: UST loses dollar peg as Terra market cap slumps Fast facts The Terra network suffered a major meltdown last […]

Gimme shelter: Crypto companies head offshore as they hanker for regulation

A developmental shift in the cryptocurrency industry is ushering in geographical shifts among crypto companies, with a number of businesses abandoning locations once hailed as crypto hubs in favor of jurisdictions with regulatory regimes more to their liking.  Forkast sat down with two of the crypto industry’s rainmakers who are among those spearheading this trend […]

Terra halts network; Do Kwon security concerns

Terra shuts down its networks indefinitely. Meanwhile, TerraLabs founder Do Kwon’s whereabouts are in question as his wife requests police protection.

News of LUNA’s demise greatly exaggerated

LUNA, the collateral used by Terraform Labs to back its TerraUSD (UST), has been in a freefall. But experts tell Forkast the crisis is likely to make the pioneering stablecoin stronger, and the community behind stablecoins better.

Do Kwon’s wife seeks police protection

The wife of the CEO of Terraform Labs sought protection after an unidentified individual visited their home in South Korea, local police told Forkast.

Chinese runners offer substitute running to earn STEPN’s GMT for commission

Over 170 advertisements in Chinese tech titan Alibaba’s second-hand marketplace are offering running services to earn cryptocurrency GMT for STEPN users in exchange for fiat commissions.  See related article: China’s diktat against NFT flipping spawns an ingenious industry Fast facts STEPN is a blockchain-based decentralized application that allows users to earn GMT cryptocurrency rewards by […]

Sam Bankman-Fried buys 7.6% of Robinhood; stock jumps

Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, has bought a 7.6% stake in Robinhood for US$648 million, according to a filing with the U.S. Securities and Exchange Commission. See related article: Terra shuts down indefinitely after coming back online; LUNA, UST still on life support Fast facts Bankman-Fried bought the stake through a firm called […]

S.Korean president’s plan to raise crypto tax threshold hits road bump

The South Korean National Assembly Research Service (NARS) asserted a 20% tax on cryptocurrency gains set for 2023 must maintain a 2.5 million won (US$1,942.20) threshold, contradicting new president Yoon Suk-yeol’s initiative to raise the limit to 50 million won, according to a report released on Thursday. See related article: S.Korea finance minister nominee wants […]

Tether stabilizes after burning 3 billion tokens amid redemptions

The world’s largest stablecoin destroyed a total of 3 billion USDT tokens in an account known as Tether Treasury through two separate burns on Thursday, according to data from blockchain tracker Whale Alert. See related article: Terra shuts down indefinitely after coming back online; LUNA, UST still on life support Fast facts “Burn burn burn,” […]

Bitcoin, Ethereum, crypto at 2022’s lowest point

Bitcoin’s price has dipped to its lowest point since December 2020 amidst bearish cryptocurrency market sentiments to trade at US$28,652, according to CoinMarketCap data at press time. See related article: Terra LUNA’s sacrifice pushes UST to US$0.84 Fast facts The crypto bear run extended on Thursday, as China’s inflation rose by 1.5% in April from […]

How Yuga Labs’ NFT sale failed to put its community first

The ‘virtual land’ sale that broke Ethereum was also a fiasco for buyers. Should Yuga Labs have seen it coming and taken preventative action?

Coinbase blames India’s central bank for exit

The travails of the largest cryptocurrency exchange in the U.S., highlight the perilous path foreign companies have to brave in India’s evolving, but often ambivalent regulatory environment, especially when it comes to new technologies, and industries. 

Yellen’s stablecoin warning; China’s e-CNY plans looking shaky

Treasury Secretary Janet Yellen cites UST’s downfall as warning over stablecoins. Meanwhile, China postpones Asian Games and e-CNY rollout.

Covid-19, postponed Asian Games to push digital yuan into the slow lane?

China’s central bank is driving the adoption of the digital currency, but a spate of lockdowns is slowing the economy and raising questions about the rollout.

Coinbase halted India services due to RBI’s ‘informal pressure’: Armstrong

Coinbase CEO Brian Armstrong admitted in Tuesday’s earnings call that the exchange disabled the unified payments interface (UPI) in India because of the central bank’s “informal pressure.” See related article: Coinbase snafu sets the cat among the crypto pigeons in India Fast facts Armstrong’s comments come a month after Coinbase suspended its India services three […]

Bitcoin mining difficulty at a record high

Bitcoin mining difficulty hit another all-time-high on Wednesday, recording a 4.9% increase from the previous adjustment last month. See related article: SEC places Chinese crypto mining rig maker Canaan on pre-delisting list Fast facts The mining difficulty reading is now at 31.25 trillion at a block height of 735,840, according to BTC.com data.  The previous […]