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November 2022

Kraken pays over US$360K to US Treasury to settle Iran sanctions allegations

U.S.-based cryptocurrency exchange Kraken has agreed to pay over US$362,000 to settle claims that it violated sanctions against Iran, the Treasury said Monday.

Will the future metaverse amplify the good or the evils of the real world?

The metaverse has the potential to improve access to opportunities and create a better version of the offline world. How do we prevent it from perpetuating society’s ills?

U.S. cryptocurrency lender BlockFi files for Chapter 11 bankruptcy, will lay off about 200 staff

Crypto lender BlockFi Inc. and eight of its affiliates have filed for Chapter 11 bankruptcy reorganization in the U.S.
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Markets: Top 10 crypto fall as BlockFi enters bankruptcy, macroeconomic concerns spread

Bitcoin and Ether fell in Tuesday morning trading in Asia as U.S.-based crypto lender Blockfi filed for bankruptcy overnight in what is seen as another casualty of the collapse of the FTX exchange this month.

LINE’s crypto exchange BITFRONT announces closure, to suspend trading by 2023

LINE’s cryptocurrency exchange based in the U.S., BITFRONT, has announced closure on Monday to shift its focus to developing LINE’s blockchain ecosystem.

Blockchain is transforming capital markets, and Singapore is leading the way: Opinion

Asset tokenization and DeFi hold tremendous potential for the finance sector, writes Han Kwee Juan of DBS Bank. Here’s how the Singaporean government is at the forefront of change.

Terra-Luna cofounder Daniel Shin may face fraud charges in South Korea, prosecutors say

South Korean prosecutors may charge Terraform Labs cofounder Daniel Shin with fraud for promoting the Terra stablecoin as a payment method despite multiple warnings from financial regulators that it was against the law.

Changpeng Zhao says Binance has ‘no negative balances involved’ in proof of reserves

Changpeng Zhao tweeted that Binance’s proof of reserves have “absolutely no negative balances involved” after the exchange released its PoR on Friday.

Markets: Bitcoin little changed, Dogecoin leads pack in muted morning of trading

Bitcoin was little changed in Monday morning trading amid mixed results from the other top 10 non-stablecoin cryptocurrencies following a relatively muted few days of trading over the Thanksgiving weekend in the U.S.

Binance releases proof of reserves

The world’s largest cryptocurrency exchange Binance released its proof of reserves (PoR) on Friday to provide transparency on user funds.

Can crypto return?

Terra, 3AC and now FTX, it’s been a difficult year, but can crypto come back stronger?

Sam Bankman-Fried could face decades in jail if convicted of law violations in FTX collapse, lawyers say

The former CEO of the collapsed crypto exchange “needs to keep his mouth shut” and stop making public comments that could be used against him in future court cases, lawyers tell Forkast.

S.Korean Wemade’s stock falls 30% after exchanges announce WEMIX token delisting; CEO blames Upbit exchange

The delisting poses a great obstacle to the game maker’s growing blockchain empire, while Wemade’s CEO blames the crypto exchange

MetaMask says “we changed nothing” in response to criticism update collects more user data

ConsenSys, which operates the popular cryptocurrency wallet MetaMask, said an update to the wallet has made no change to the data the platform collects from its users, only the wording had changed.

Stablecoin project Ardana on Cardano halts operation

Ardana, a stablecoin project being built on the Cardano blockchain, announced the project has been halted due to funding and uncertainty over its timeline.

Singapore police say they are investigating crypto lender Hodlnaut on fraud allegations

Singapore’s white-collar crime unit is investigating Hodlnaut on allegations of fraud, according to a statement on the website of the Singapore police dated Nov. 23.

Binance says it will set up US$1 billion ‘recovery’ fund for distressed crypto businesses

Binance said it will establish a US$1 billion fund for its “Industry Recovery Initiative” to mitigate the damage from the collapse of the FTX exchange. 

Binance CEO Changpeng Zhao says he should have tweeted sooner about FTX woes

The chief executive officer of Binance, Changpeng Zhao, regrets sending ‘too late’ a tweet that contributed to the collapse of FTX.com.

Crypto exchange Bybit establishes US$100 million fund to aid institutional clients

Crypto exchange Bybit has established a US$100 million fund to support its institutional clients

India’s CoinDCX crypto exchange publishes proof of reserves

Cryptocurrency exchange CoinDCX, India’s first crypto unicorn, published its proof of reserves on Thursday

Question: How do financial rules work when rogue individuals run companies? Answer: Not very well.

Calls for tougher rules on cryptocurrency have been echoing ever louder through the offices of global financial regulators since the collapse of the FTX exchange. But the firm did not invent dodgy business practices, so what can regulators and the industry do?
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Digital Currency Group seeks to calm investors over Genesis loans: reports

Barry Silbert of DCG disclosed his company owes a US$575 million loan and a US$1.1 billion promissory note to its subsidiary Genesis Global Capital.

US senators call for holding FTX executives accountable to fullest extent of the law

U.S. Senators Elizabeth Warren and Sheldon Whitehouse called for holding former FTX CEO “and any complicit FTX executives” to the fullest extent of the law.

Wallet linked to defunct crypto exchange BTC-e suddenly activates

A wallet address linked to defunct crypto exchange BTC-e sent its largest transaction since August 2017 on Wednesday.

Disgraced FTX founder SBF to speak at New York Times Dealbook Summit despite controversy

Sam Bankman-Fried will speak at a time when he’s reportedly facing investigations with FTX undergoing bankruptcy protection proceedings.

The crash and burn of FTX: What lessons does it teach us?

As FTX victims and creditors sift through the pieces, how much of this blowup should regulators have seen coming — and could it happen again?

Tornado Cash developer Alexey Pertsev to remain in jail until February

Alexey Pertsev, a developer of the now-sanctioned crypto mixer Tornado Cash, has been ordered to stay in jail until Feb. 20 at least.

Genesis jitters keep investors on edge as contagion risks grow

Top blockchain and crypto news: Fear stalks crypto as Genesis wobbles. FTX cleanup begins. China’s NFT scene shrinks.

At FTX’s first bankruptcy hearing, lawyer calls out ‘substantial amount’ of missing, stolen assets

In the first day of FTX’s bankruptcy hearing, FTX counsel says the organization was run as ‘personal fiefdom’ of Sam Bankman-Fried.

India’s CoinSwitch launches platform to enable multi-exchange trading with single login

Indian crypto exchange CoinSwitch has launched CoinSwitch Pro, a multi-exchange trading platform that lets users trade crypto assets in Indian Rupees across multiple exchanges with a single login. 

One Bad Apple?

A majority of downfall of FTX was caused by a handful of people, but who else is to blame?

Markets: Bitcoin, Ether prices rise as top 10 cryptos strengthen

Bitcoin and Ether strengthened in Asia trade on Wednesday afternoon, reversing some of their losses on Monday and Tuesday. Top 10 cryptocurrencies by market capitalization, except stablecoins, also increased.

Singapore’s DBS bank completes intraday repurchase transaction on JPMorgan’s blockchain-based platform

Singapore-based DBS bank, the largest lender in Southeast Asia, has said it is the first bank in Asia to complete an intraday repurchase transaction on a blockchain-based network. 

CoinMarketCap launches proof-of-reserve tracker for crypto exchanges

CoinMarketCap has introduced a proof-of-reserve tracker for centralized crypto exchanges in a bid to improve transparency.

Coinbase CEO reaffirms exchange’s BTC holdings after CZ’s tweet

Coinbase CEO Brian Armstrong is reassuring users about the financial health of the Nasdaq-listed crypto exchange, following a tweet — since deleted — from CZ of Binance.

S.Korea’s Ifland metaverse launches globally in 49 countries

South Korea’s telecommunications giant SK Telecom (SKT) is launching its Ifland metaverse in 49 countries in North America, Europe, the Middle East and Asia.

Markets: Bitcoin, crypto rise as FTX contagion fears ease

Bitcoin recovered above US$16,000 in Wednesday morning trading as it rose along with Ether and the rest of the crypto top 10 by market capitalization, excluding stablecoins.

Cathie Woods buys the dip as Ark Invest scoops up Coinbase, GBTC shares: Bloomberg

Cathie Wood’s Ark Investment Management has bought over 1.3 million shares of Coinbase Global since the start of November, and 450,000 shares of Grayscale Bitcoin Trust (GBTC).

Crypto exchange Bitget to expand workforce by 50%, registers in Seychelles

Cryptocurrency exchange Bitget plans to hire about 400 more staff, taking its total workforce to 1,200 by the first quarter of 2023, the company said in a statement on Tuesday.

SBF’s parents, FTX executives bought Bahamas property worth US$121 million: Reuters

The parents of Sam Bankman-Fried, along with senior executives of the now-bankrupt FTX, bought at least 19 properties worth nearly US$121 million in the Bahamas over the past two years.

Who’s Next?

Bitcoin falls under $16K as Genesis temporarily halted withdrawals and redemptions.

Football most popular sport among crypto investors: KuCoin survey

Football is the most popular sport among crypto investors and 48% of fans among these investors are interested in trading fan tokens for sports teams during the FIFA World Cup, according to a new survey by Seychelles-based crypto exchange KuCoin. 

Huobi plans Southeast Asia, Europe, Caribbean expansion

Huobi Global, one of the world’s largest cryptocurrency exchanges, plans to ramp up its investments in Southeast Asia and Europe as part of its global expansion, the company said in a statement on Tuesday.

Hong Kong residents spend most time online globally: NordVPN survey

Hong Kong residents spend the most time online – almost half of their lives – mainly watching videos on YouTube followed by scrolling through social media channels, according to a new survey by virtual private network provider NordVPN. 

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.

FTX alleged hacker is moving funds to dodge authorities: analysts

The alleged hacker behind the theft of hundreds of millions of dollars from the cryptocurrency exchange FTX is moving the funds around to separate wallets.

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.

Coinbase Custody holds 635,000 BTC on behalf of Grayscale that refuses to share proof of reserves

Coinbase Custody Trust, the institutional investment arm of Coinbase Global, holds 635,000 BTC on behalf of Grayscale Bitcoin Trust, according to a note by Coinbase Custody CEO Aaron Schnarch. Digital investment firm Grayscale has also declined to share proof of reserves, citing security concerns.

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

Singapore’s central bank says not possible to protect local users from FTX fallout

The Monetary Authority of Singapore (MAS) said on Monday that it was not possible for the central bank to protect local users from FTX’s collapse as the crypto exchange operated offshore and was not licensed by MAS.

Do all Web3 projects need a token?

Should we be questioning which Web3 projects need tokens?

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.

SEC gets support from New Sports Economy Institute in XRP lawsuit against Ripple

The U.S. SEC has received support from sports investing group New Sports Economy Institute, which submitted its amicus brief on Friday to weigh in on the ongoing lawsuit between the SEC and Ripple.

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.

Bankrupt crypto exchange FTX launches strategic review of assets

Eight days after FTX Trading and some 101 affiliated companies filed for Chapter 11 bankruptcy, a strategic review of the group’s global assets was set in motion.

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

Markets: Bitcoin, other crypto start week lower as FTX collapse continues rumble through the industry

Bitcoin and Ether both fell in Monday morning trading in Asia along with all of the top 10 non-stablecoin cryptocurrencies by market capitalization.

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.

FTX requests Chapter 15 bankruptcy case moved to Delaware, hearing on Tuesday

FTX Trading will be at a hearing on Nov. 22 in a bankruptcy court in Delaware, as the troubled exchange seeks to transfer a related case from New York to the Delaware court, according to a court filing.

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.

Crypto exchange Bullish says it has no exposure to FTX

Crypto exchange Bullish has said it does not have any exposure to now-bankrupt FTX and Alameda Research, and expects FTX’s bankruptcy to have no impact on Bullish’s operations. The exchange is operated by Bullish (GI) Limited and regulated by the Gibraltar Financial Services Commission. 

Bahamas regulator orders transfer of all FTX digital assets to government wallet

The Securities Commission of The Bahamas (Commission) on Nov. 12 ordered the transfer of all digital assets of FTX Digital Markets to a digital wallet controlled by the Commission, for “safekeeping,” in an announcement on Nov. 17.

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.