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December 2022

Binance’s proof-of-reserves auditor suspends work for crypto firms

Mazars, the financial auditing firm behind Binance’s proof-of-reserves (PoR) audit, has suspended all work for crypto firms.

Venture capital firms slow Web 3.0 investments as investors turn cautious

Several venture funds tell Forkast they have become conservative and are only investing in ‘true believers’ of Web 3.0

FTX seeks permission to sell Japan, Europe entities and LedgerX

Attorneys representing FTX are requesting permission from the U.S. bankruptcy court to sell four of the company’s branches: FTX Japan, FTX Europe, Embed, and LedgerX.

US lawyers, Bahamas liquidators trade barbs over who rules FTX bankruptcy jurisdiction

Sam Bankman-Fried has reportedly made a second application for bail in the Bahamas – this as lawyers feud over control of the FTX bankruptcy, raising concern the sour grapes may seep into efforts to have Bankman-Fried extradited to face fraud charges in the U.S.

Animoca founder says Asia is ‘moving on’ from FTX fiasco

Asia’s cryptocurrency community is “on the path of moving on” from the FTX fiasco, following the arrest of FTX founder Sam Bankman-Fried, said Yat Siu, cofounder and chairman of Hong Kong-based blockchain gaming studio and venture capital firm Animoca Brands.

Binance “deliberately” caused FTX collapse, Kevin O’Leary claims

Kevin O’Leary Kevin O’Leary, chairman of venture capital firm O’Leary Ventures and star of TV’s Shark Tank, said in a congressional hearing on Wednesday that Binance Global Inc.’s chief executive and founder Changpeng Zhao deliberately caused the collapse of Bahamas-based cryptocurrency exchange FTX.com. 

FTX Bahamas Co-CEO warned authorities on Nov. 9 of illegal customer asset transfers, documents show

Ryan Salame, the former co-CEO of FTX’s Bahamian entity tipped off the Securities Commission of the Bahamas about FTX violating its internal procedures in transferring customer funds to Alameda Research.

Japan ruling party lawmaker calls for regulatory clarity after FTX debacle

A Japanese lawmaker called for more transparent regulations following the FTX meltdown, where investors were not warned of the risks with FTX Token.

MetaMask partners with PayPal for Ethereum purchases through wallet

ConsenSys Inc., the company behind leading crypto wallet MetaMask, announced on Thursday a new partnership with PayPal Holdings Inc.

US Senator Elizabeth Warren submits crypto know-your-customer bill in wake of FTX collapse

As U.S. prosecutors line up charges against Sam Bankman-Fried, the founder of the collapsed FTX cryptocurrency exchange, Senator Elizabeth Warren is seeking to pass bipartisan regulation to rein in the “dark underbelly” of the crypto industry.

FTX collapse not the worst for crypto investors this year, says Chainalysis study

The bankruptcy of cryptocurrency exchange FTX doesn’t represent the biggest losses for crypto investors in 2022, according to a report from Chainalysis.

FTX Probe Begins

SBF was arrested by Bahamian authorities just a day before he was due to testify before Congress – but his successor has been revealing much about FTX’s collapse.

South Korean official says no confirmation Binance pulling out of Busan city crypto exchange project

An official in the South Korean city of Busan said the authorities have received no confirmation that Binance has pulled out of a partnership to establish the country’s first city-backed crypto exchange, as reported by local media.

Sam Bankman-Fried in Bahamas police custody, faces criminal charges in U.S.

Top blockchain and crypto news: SBF denied bail, US extradition likely next. The Block chief quits over secret FTX loans. Hong Kong readies digital asset rules.

Markets: Bitcoin, Ether strengthen; Solana leads gains in most top 10 cryptos

Bitcoin and Ether increased in Asian trading on Wednesday afternoon, with Solana leading gains across most top 10 non-stablecoin cryptocurrencies

Terra fugitive Do Kwon has registered address in Serbia: S. Korean local media

Interpol fugitive and chief of Terraform Labs Pte. Ltd. Kwon Do-hyung has registered his residential address in the Republic of Serbia.

FTX an ‘old-fashioned embezzlement’ says new CEO as US authorities charge Bankman-Fried with fraud

Members of a U.S. Congressional hearing expressed frustration about the timing of Bankman-Fried’s arrest, saying they wanted him to testify under oath so the public could get the answers they are seeking about the collapse of FTX.

Wemade appeals against the court ruling in favor of WEMIX delisting

Wemade Co. filed an immediate appeal against the court’s Dec. 7 decision that rejected the developer’s request to disallow four of the nation’s largest crypto exchanges from delisting its native cryptocurrency, WEMIX.

Binance resumes USDC withdrawals amid record stablecoin outflows

Binance, the world’s largest cryptocurrency exchange, announced at 12:54 a.m. on Wednesday in Hong Kong that USDC stablecoin withdrawals have resumed.

Binance ‘temporarily’ freezes USDC stablecoin withdrawals, cites need for NY banks to reopen

The Binance cryptocurrency exchange “temporarily paused” USDC stablecoin withdrawals while it carried out a “token swap,” the company announced Tuesday.

The Taxman Cometh

Crypto tax laws aren’t easy to follow, and as more investors are moving to put their cryptocurrencies into ledgers, how do traders keep track?

Markets: Bitcoin, Ether rise; BNB is biggest loser in top 10 cryptos

Bitcoin and Ether rallied in Asian trading on Tuesday afternoon. BNB was the biggest loser across the top 10 non-stablecoin cryptocurrencies

New FTX CEO says he found ‘utter failure of corporate controls’ at the exchange

John J. Ray III, the new CEO of FTX.com, said the company’s failure was caused by the “concentration of control in a very small group of grossly inexperienced and unsophisticated individuals.”

Sam Bankman-Fried arrested in Bahamas — could other FTX executives be next?

The fall from grace: Once one of the most admired figures in crypto, the former head of the FTX exchange is unlikely to see his Bahamas penthouse anytime soon after being arrested Monday on U.S. charges that are expected to lead to his extradition.
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Sam Bankman-Fried arrested in the Bahamas, expected to be extradited to U.S.

Sam Bankman Fried, founder and former CEO of FTX exchange, was arrested and taken into custody by the Royal Bahamas Police on Monday.

U.S. Justice Department mulls charging Binance over potential money laundering violations: report

Prosecutors at the U.S. Department of Justice (DOJ) are reportedly split on filing charges against Binance and its executives on possible money laundering and sanctions violations, as part of a long-running criminal investigation.

S.Korea discusses control over crypto listings after WEMIX delisting

S.Korean authorities may mandate companies to pursue direct approval from regulators to list their crypto on local digital assets exchanges.

Terra cryptocurrency fugitive Do Kwon flew to Serbia last month, South Korean prosecutor says

Interpol fugitive Kwon Do-hyung flew to the Republic of Serbia last month, South Korean prosecutors told Forkast, confirming local media reports.

Sam Bankman-Fried misses deadline to respond to Senate Committee hearing

Sam Bankman-Fried, the founder of the now-bankrupt FTX exchange, has missed the deadline set by the U.S. Senate Committee to confirm his appearance at an upcoming hearing.

SEC advises public firms to disclose crypto risks

The U.S. Securities and Exchange Commission (SEC) has advised publicly-listed firms to disclose their exposure to the cryptocurrency market, in light of the fallout of the FTX collapse.

Wemade to buyback US$10 mln in WEMIX after delisting verdict

Wemade, a S.Korean blockchain game maker, announced that it will buyback and burn US$10 million worth of its WEMIX token to stabilize its value.

Sam Bankman-Fried probed over Terra-LUNA crash: report

Federal prosecutors are reportedly investigating Sam Bankman-Fried for possible market manipulation that led to the Terra-LUNA crash in May

Mark Karpeles on SBF

Former Mt. Gox CEO Mark Karpeles knows what a crypto bankruptcy looks like, and has some advice for SBF.

Some 97% of Binance’s liabilities collateralized by Bitcoin, wrapped Bitcoin: Mazars

Some 97% of Binance’s scrutinized crypto liabilities are collateralized by Bitcoin and Wrapped Bitcoin, according to a report by auditing firm Mazars about Binance’s proof of reserves

South Korea’s Wemade shares drop, WEMIX token plunges after delisting verdict

The South Korean blockchain game maker’s WEMIX cryptocurrency will be removed from the country’s four major cryptocurrency exchanges that collectively account for more than 95% of the country’s crypto trading volume.

Bankman-Fried may face subpoenas if he does not testify

The embattled founder of failed cryptocurrency exchange FTX may be subpoenaed if he declines to testify at the two hearings on the platform’s meltdown in Washington DC next week.

FTX failure a ‘wake-up call’ for security, says former Mt Gox CEO Mark Karpeles

Before the FTX implosion there was Mt. Gox, an exchange that oversaw 80% of all Bitcoin trades before it collapsed in 2014. In this exclusive interview with Forkast, former Mt. Gox Chief Executive Officer Mark Karpeles says what he sees in store for the industry in 2023 in the wake of the FTX bankruptcy.
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S.Korea court dismisses Wemade’s injunction, local exchanges to delist WEMIX

A Seoul court has dismissed the injunction filed by Wemade Co. Ltd. to stop four local digital asset exchanges from delisting WEMIX cryptocurrency

AAX’s future in doubt amid staff exodus and FTX contagion

Top blockchain and crypto news: AAX teeters on the brink. SBF hints at Congressional hearing no-show. Chinese court boosts NFT legitimacy.

Judge approves subpoenas for 3AC cofounders 

A federal judge overseeing the bankruptcy proceedings of Three Arrows Capital (3AC) has approved the delivery of subpoenas to 3AC’s cofounders, Su Zhu and Kyle Davies.

Sam Bankman-Fried hires attorney Mark Cohen amid probes of failed FTX exchange

Sam Bankman-Fried, founder and former chief executive officer of the bankrupt cryptocurrency exchange FTX, has hired white-collar crime specialist Mark Cohen to represent him, said a Bankman-Fried spokesman.

Crypto’s Next Steps?

2022 saw the collapse of FTX, Terra-Luna and 3AC, and hacks were at an all time high. How can going back to blockchain’s roots help restore faith in crypto?

Unfazed by FTX fiasco, Goldman Sachs eyes investments in crypto market

Goldman Sachs plans to spend millions of dollars to buy or invest in undervalued crypto companies in the post-FTX implosion market depression, as it sees long-term market opportunity, according to Reuters

Crypto lender Nexo to quit U.S. market over ‘regulatory unclarity’

Cryptocurrency lender Nexo will pull out of the U.S. market “due to a lack of regulatory clarity.”

Bankrupt crypto lender Celsius gets court approval for extension to file restructuring plan

Cryptocurrency lender Celsius Network has received approval from the bankruptcy court of the Southern District of New York to extend the deadline to submit a restructuring plan

Bankman-Fried claims new FTX CEO’s testimony is ‘false’

Sam Bankman-Fried, the founder of the bankrupt cryptocurrency exchange FTX.com, alleged in an interview released on Monday that John J. Ray III, the new chief executive of the firm, has made statements that Bankman-Fried knows to be “false.”

DeFi regulation: it’s not a matter of if, but when

The push to regulate DeFi is stronger than ever, and the sector would be wise not to fight but participate in that inevitability, writes Michael Shing of XREX.

Innovation vs Regulation

Innovation and regulation are mutually exclusive in the world of crypto – and in the aftermath of the FTX collapse, getting the balance right is key.

Will the next wave of FTX victims be unwitting tax cheats?

When a crypto exchange fails, will your transaction records vanish, too? Here’s why investors should take responsibility over their own trading data.

S.Korean prosecutors mull second request of arrest warrant for Terra cofounder Daniel Shin

Seoul judge dismisses prosecutors’ request for arrest warrant for Terra’s Daniel Shin, derails their plan to investigate Shin in custody

Coinbase CEO Armstrong says Bankman-Fried’s US$8 bln ‘accounting error’ doesn’t stand up

Coinbase Global Inc. Chief Executive Brian Armstrong said Sam Bankman-Fried’s explanation of sloppy accounting as the reason US$8 billion moved from his crypto exchange FTX to brokerage arm Alameda Research doesn’t stand up to scrutiny.

Sam Bankman-Fried ‘not sure’ if he will testify before Congress on Dec. 13

Sam Bankman-Fried, founder and former chief executive officer of failed cryptocurrency exchange FTX, tweeted on Monday morning Hong Kong time that he may not testify before the U.S. Congress on Dec. 13.

Wemade in talks with Binance for custody of WEMIX cryptocurrency

Wemade Co. Ltd. said its in talks to have Binance Institutional Services take custody of its native cryptocurrency, WEMIX.

Crypto exchange Bybit to cut 30% of staff to ‘navigate market slowdown’

Cryptocurrency exchange Bybit plans to cut 30% of its staff as part of a company reorganization, cofounder and chief executive officer Ben Zhou said in a statement shared with Forkast on Sunday.

Hong Kong crypto exchange AAX has lost most staff, unlikely to reopen, says former executive

The exchange has gone silent since pausing withdrawals and liquidating all futures positions, with users fearing a repeat of the FTX collapse.

S.Korea court to settle MIR4 maker Wemade, WEMIX legal battle

Following a hearing on Friday, the court is expected to finalize its decision on an injunction Wemade filed against four exchanges.

Coinbase disables NFT transfer on iOS app, citing hefty in-app fees

Cryptocurrency exchange Coinbase has disabled its non-fungible token transfer feature for iOS users, citing a dispute over Apple’s in-app purchase policy.

Terra cofounder Daniel Shin makes court appearance for arrest warrant review

Terra cofounder Daniel Shin attended a court hearing on Friday morning in South Korea that will decide on local prosecutors’ request to issue an arrest warrant.

Sam Bankman-Fried says not aware of any improper use of funds in FTX downfall

Sam Bankman-Fried, founder of failed cryptocurrency exchange FTX, said he did not know of any improper use of customer funds at his company, in an interview with ABC News. 

VPN in China may be at risk as users report connection issues on Twitter

VPN services, a reliable tool for Chinese internet users to bypass the Great Firewall, are reporting connectivity issues in the mainland after anti-lockdown protest content flooded Twitter.

Sam Bankman-Fried points blame for FTX collapse to Alameda, says he was blindsided

Bankman-Fried beamed into New York from the Bahamas to give his version of what happened at FTX, mentioning his own failure of oversight and being “frankly surprised” by what was going on at his company’s sister brokerage.

FTX collapse will blunt activities of North Korea hackers, analyst says

The collapse of FTX.com and its far-reaching impacts will hinder North Korea’s ability to profit from cryptocurrency hacks, says one analyst.

Meta’s Mark Zuckerberg is still optimistic about the metaverse

Meta’s Mark Zuckerberg said that he remains optimistic about the future of the metaverse over a “five-to-ten-year horizon” despite widespread skepticism of his company’s venture into the technology.

Troubled Hong Kong crypto exchange AAX unlikely to reopen, says former executive

Hong Kong-based crypto exchange AAX is likely to end operations and restructure, former head of communications, Ben Caselin, told CoinDesk TV on Wednesday.

U.S. crypto exchange Kraken to lay off 30% of its workforce, cites ‘market conditions’

U.S.-based crypto exchange Kraken said it will lay off 30% of its global workforce, or approximately 1,100 people, to “adapt to current market conditions.”

November 2022

Grayscale holdings questioned amid crypto investment giant’s silence

Top blockchain and crypto news: Grayscale’s cryptic reserves. Binance rides to the rescue? China hit by protests and digital dissent.

S.Korea requests warrant to bring Terra-Luna cofounder Daniel Shin into custody

A court in South Korea will review if prosecutors are allowed to arrest and bring Terraform cofounder Daniel Shin and seven others into custody, for charges including fraud.

Diverging paths of two CEOs running FTX’s Alameda Research may meet again in court

Employee accounts of life at Sam Bankman-Fried’s flagship cryptocurrency trading arm Alameda Research paint a picture of overworked and inexperienced millennials running a ship headed for the rocks: one seemingly escaped.

FTX’s LedgerX prepping US$175 mln for bankrupt parent firm

FTX subsidiary LedgerX is reportedly preparing US$175 million for its parent company’s bankruptcy proceedings, according to unnamed sources cited by Bloomberg on Wednesday.

Sony launches motion capture wearables for the metaverse

Sony Japan unveiled Mocopi, a set of wearable motion-tracking sensors that captures user movements that are reflected by virtual avatars

Digital Currency Group receives offers to buy CoinDesk: report

CoinDesk, an online crypto news site, has attracted potential buyers to take over the media outlet from Digital Currency Group amid market turmoil, Semafor reported.

S. Korea’s Wemade files injunction against country’s top 4 crypto exchanges

The blockchain game maker fights delisting of its symbolic WEMIX crypto token.