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Cryptocurrencies

1523 articles

July 2022

Female founders underrepresented in Web3.0: survey

Male-dominated workplaces, lack of proper educational resources, challenge women and act as barriers for them to engage in Web3.0, according to a survey by KuCoin.  See related article: NEAR Foundation, Forkast partner to showcase talented, socially mindful women in Web3 Fast facts Despite challenges, 60% of female professionals recognize their unique value in facilitating better […]

Singapore’s FOMO Pay partners with Ripple for XRP-based treasury payments

FOMO Pay will partner with Ripple, the San Francisco-based blockchain payments company, to utilize its XRP-based tool that enables instant low cost settlement without the need to hold pre-funded capital in a destination market, the Singapore based company said. See related article: CrossTower in pact with Ripple to offer NFTs on XRP Ledger Fast facts […]

‘Soft rug pull’ sees US$4.5 mln in TEDDY memecoin sold over weekend

The price of BNB Chain-based Teddy Doge (TEDDY) fell over 99.9% in 24 hours on Monday in Asia as over US$4.5 million of the token was sold over the weekend, in what some analysts described as a “soft rug pull.” The token was trading at just a fraction of a dollar on Tuesday in Asia. […]

Bitcoin, Ether trade lower ahead of FOMC meeting

Bitcoin and Ether were trading lower in anticipation of an upcoming U.S. Fed meeting that is widely expected to raise interest rates by 75 basis points. See related article: Crypto market pain will continue but still bullish on Bitcoin lending: Silvergate Fast facts Bitcoin was trading at US$21,130 at 12:30 p.m. on Tuesday HKT, down […]

Aptos raises US$150 mln from FTX Ventures, Jump Crypto

Founded by former employees of Meta stablecoin arm Diem, blockchain company Aptos Labs announced a US$150 million Series A funding round led by FTX Ventures and Jump Crypto on Monday, according to a press release. See related article: Crypto startup funding falls by 26% in H1 2022: report Fast facts Venture capital and crypto firms […]

KuCoin dismisses rumors, eyes India for growth: report

Cryptocurrency exchange KuCoin has “no exposure to LUNA & wLUNA,” and its recent fundraising “has nothing to do with the market downtrend,” the firm’s CEO said on his verified Twitter handle.  See related article: How cold storage can ward against this crypto winter’s freeze Fast facts KuCoin CEO Johnny Lyu was responding to rumors about […]

What is the crypto industry’s public responsibility?

The crypto world is consumed by a spiritual battle between its believers and haters, and it is in need of a rebirth and new identity, writes Prof. Yanto Chandra of Hong Kong Polytechnic University.

Tesla’s Bitcoin dump leaves accountants puzzled: report

Tesla’s announcement to convert bulk of its Bitcoin holdings to fiat currency has opened a Pandora’s box for accountants, a Bloomberg report said.  See related article: Bitcoin falls as Tesla announces it sold 75% of BTC holdings Fast facts Based on Tesla’s letter to shareholders, the sale of Bitcoin added US$936 million in cash to […]

Total number of crypto users likely to reach 1 billion by 2030: report

The adoption of cryptocurrencies is still low compared to traditional investment classes such as equities, payment technologies and private equity allocation by institutions, a joint report by Boston Consulting Group (BCG), Bitget and Foresight Ventures said.  See related article: Led by Vietnam and India, global crypto adoption jumps over 880% Fast facts The report estimates […]

Mind the gap: Fixing the female deficit in Web 3.0

Despite some recent progress, the Web 3.0 industry is still coming up short on women’s participation, says NEAR Foundation chief Marieke Flament

South Korean prosecutors said to have raided Terra cofounder Shin’s residence

South Korean prosecutors’ search and seizure campaign on Terra-LUNA and affiliates includes raiding the private home of Terraform Labs cofounder Daniel Shin, or Shin Hyun-seung, among others on Wednesday, local media reported. See related article: S.Korea prosecutors raid crypto exchanges as part of Terra-LUNA investigation Fast facts Shin, who founded Terraform Labs with current chief […]

Philippine central bank governor says no plan to ban crypto

New Bangko Sentral ng Pilipinas Governor Felipe Medalla is no fan of crypto, but in an exclusive interview with Forkast, he said there’s no plan to outlaw the digital asset.

KuCoin raises US$10 mln despite cool off in crypto venture funding

KuCoin raised US$10 million from quantitative trading firm Susquehanna International Group (SIG), the crypto exchange said on Friday. See related article: How the crypto winter is laying groundwork for Web3 to reach its potential Fast facts KuCoin plans to use the funds to upgrade the platform’s infrastructure and improve product line-up, the company said.  KuCoin […]

Vitalik Buterin says Ethereum to be 55% complete post-merge

Ethereum co-founder Vitalik Buterin said on Thursday that Ethereum will be about 55% complete after the “merge,” when the network moves from proof-of-work (PoW) to a proof-of-stake (PoS) consensus system.  See related article: Eth2 merger closer as ninth shadow fork goes live Fast facts “Proof of stake is much more secure than proof of work, […]

Thai SEC seeks additional clarification from Zipmex

The Securities and Exchange Commission of Thailand (Thai SEC), has sought clarification from cryptocurrency exchange Zipmex on its decision to freeze withdrawals, according to a statement on its website.  See related article: Celsius bankruptcy deepens chill over crypto sector Fast facts The regulatory authority for Thailand’s capital markets, in a letter dated July 20 issued […]

Taiwan says credit cards can’t be used to buy crypto

Taiwan’s financial regulator is asking banks and credit card companies not to allow credit cards as a means of payment for virtual assets services, local media reported Thursday. See related article: Taiwan has a chance to develop crypto amid China’s clampdown, Filecoin Foundation director says Fast facts Taiwan’s Financial Supervisory Commission Friday told Forkast that […]

Indonesia’s wholesale CBDC to be ready for bank use by year end: report

Indonesia’s central bank is working on releasing the conceptual design of its own digital currency for banks to use by the end of this year, Bank Indonesia Governor Perry Warjiyo said on Thursday. See related article: Governments pushing for CBDCs smell blood in Terra Classic’s struggles Fast facts Bank Indonesia’s digital rupiah will be the […]

Bitcoin mining difficulty records largest fall in a year

Bitcoin mining difficulty dropped by 5.01% on Friday, marking the third decline in a row and the largest fall since July 2021, according to data from BTC.com. See related article: Celsius Network could add to crypto mining struggles Fast facts The mining difficulty reading is now at 27.69 trillion at a block height of 745,920, […]

Tesla’s Bitcoin bump; Zipmex freezes withdrawals

Bitcoin drops after Tesla sells 75% of its bitcoin holdings. Meanwhile, South Korean authorities raid 15 companies as part of their Terra Luna investigations.

NEAR Foundation, Forkast partner to showcase talented, socially mindful women in Web3

The partnership will celebrate the progress, impact and innovation of exceptional women leaders across the globe.

How crypto trading can become a life-consuming addiction

Residential rehabilitation centers around the world are starting to see a new kind of patient with an old problem: gambling addiction focused on crypto trading.

Bitcoin falls as Tesla announces it sold 75% of BTC holdings

Bitcoin fell 5% on Thursday morning in Asia — after briefly moving above US$24,000 overnight — as Tesla Inc. said it had sold 75% of its Bitcoin holdings. The cryptocurrency was at US$22,767 in midday trading, per CoinMarketCap. See related article: Ethereum price breaks US$1,600, Ethereum Classic surges 22% Fast facts In a shareholder letter […]

India won’t offer respite from steep crypto taxes

The Indian government won’t reduce taxes on cryptocurrency transactions, a minister said, despite repeated pleas by the industry. See related article: India’s latest tax assault on crypto exchanges starts Friday Fast facts In a written reply to a query in India’s upper house of Parliament, Minister of State for finance Pankaj Chaudhary clarified that the […]

UK seeks to regulate stablecoins for payments in new markets bill

The Financial Services and Markets Bill introduced in the U.K. parliament on Wednesday seeks to regulate stablecoins as a means of payment.  See related article: Financial Stability Board calls for high regulatory standards for stablecoins Fast facts The legislation was largely awaited as it aimed at strengthening the U.K. financial system post-Brexit.  In April, then-Chancellor […]

Polygon’s ZK solution aims to slash current layer 1 Ethereum network costs by 90%

Polygon, the Ethereum layer 2 scaling network, Wednesday said it is launching the testnet of its highly-anticipated zero-knowledge (ZK) rollup dubbed Polygon zkEVM, in what it called “a giant leap forward for Ethereum scaling and ZK innovation.” See related article: What is Polygon (MATIC) — ‘Ethereum’s internet of blockchains’? Fast facts In a series of […]

S.Korea prosecutors raid crypto exchanges as part of Terra-LUNA investigation

South Korean prosecutors raided 15 companies, including seven cryptocurrency exchanges, on Wednesday as part of their investigation into the Terra-LUNA debacle. See related article: Terra subsidiary used as funds channel for overseas affiliates: report Fast facts “[The search and seizure] is to secure any physical evidence needed to prove the allegations,” Choi Sung-kook, prosecutor in […]

Singapore crypto lender Vauld reportedly owes retail investors US$363 million

Singapore-based Vauld owes creditors US$402 million, with 90% of the debt owed to individual investors, according to a document filed to Singapore’s High Court on July 8 by Vauld co-founder and CEO Darshan Bathija, The Block reported. See related article: Crypto trading volumes dip to 18-month low amid bear market Fast facts The troubled crypto […]

Crypto trading volumes in India recover

Trading volumes at Indian crypto exchanges are recovering on the back of a rally in digital asset prices. Volumes had dropped after the government had imposed steep taxes.  See related article: Bitcoin bounces back after US reports worst inflation in 41 years Fast facts Trading volumes at crypto exchange WazirX rose about 35% to US$7.18 […]

Bitcoin’s real role examined; 3AC’s complex ties revealed

A report says Bitcoin users are looking beyond investment. Meanwhile, court document reveals strong ties between 3AC and TPS Capital.

Bitcoin education accelerates adoption, lowers volatility: Ben Caselin, AAX

The price is bouncing back for the world’s favorite cryptocurrency and one Bitcoin expert tells Forkast now’s a good time to shift focus from price volatility to use cases.

Seeking Bitcoin alpha: How I learned crypto day trading

Hoping to strike crypto riches, Joel Stein follows the footsteps of a master degen investor. Here are the secrets revealed to him.

Sam Bankman-Fried says ‘moderately bad’ deals OK during bailouts

Prioritizing customers getting back their deposits means it is OK to do a “moderately bad” deal when rescuing troubled cryptocurrency companies, FTX founder and CEO Sam Bankman-Fried said on Tuesday.  See related article: What Sam Bankman-Fried thinks will happen with NFTs and crypto exchanges in 2022 Fast facts Speaking at the Bloomberg Crypto Summit, Bankman-Fried, […]

Dubai scorches crypto winter with plans to support 40,000 ‘virtual jobs’

Dubai aims to be one of the top 10 cities globally in the metaverse economy, creating 40,000 virtual jobs and adding US$4 billion to the city’s economy in five years.  See related article: Dubai could be crypto’s promised land, Citi says Fast facts The launch of the Dubai Metaverse Strategy on Monday was aimed at […]

US crypto bill may not pass the Senate this year, Lummis says

The U.S. Senate is unlikely to vote on the bipartisan cryptocurrency bill this year, Republican Senator Cynthia Lummis said Tuesday at the Bloomberg Crypto Summit.  See related article: US crypto bill leaves ‘open question’ on securities: Tessler Fast facts “It’s a big topic, it’s comprehensive, and it’s still new to many U.S. senators,” Lummis said […]

Celsius plans repayment options; Bitcoin breaks US$22,000

Celsius says users can settle for cash or go long on crypto. Meanwhile in the markets, Bitcoin breaks US$22,000.

More than half of Bitcoin investors in SE Asia use the crypto to preserve wealth: report

According to a report by AAX crypto exchange and Forrester Consulting, 51% of Bitcoin owners in Southeast Asia used it to save money and preserve their wealth. See related article: Crypto trading volumes dip to 18-month low amid bear market Fast facts Some 47% of Bitcoin users in Southeast Asia sought a profit while 44% […]

Singapore’s MAS to further strengthen crypto regulations

The Monetary Authority of Singapore (MAS) said it will seek consultation in the next months on proposed measures toward regulating the crypto industry. See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’ Fast facts Singapore’s regulatory focus on crypto has been mainly toward containing money laundering and terrorist financing risks, MAS Managing […]

Ethereum price breaks US$1,600, Ethereum Classic surges 22%

Ethereum (ETH) hit a high of US$1,610 on Tuesday morning in Asia, before retracing to trade at US$1,521 at press time, according to data from CoinMarketCap. See related article: Three Arrows, Voyager failures raise questions of who is next in crypto fall from grace Fast facts The world’s second-largest cryptocurrency by market capitalization was up […]

India’s crypto industry plans new liaison group

The Indian cryptocurrency industry is looking to create an independent association to liaison with the government on policies and highlight issues with relevant stakeholders. See related article: India’s latest tax assault on crypto exchanges starts Friday Fast facts Key stakeholders have engaged in preliminary talks but the association’s establishment is not expected to be immediate, […]

The Lummis-Gillibrand bill could reshape global crypto regulations

As a world leader, the US now offers a regulatory template for crypto that others are sure to follow, writes Michael Shing of XREX. Here are the key provisions.

India says a crypto ban would require international collaboration

While the Reserve Bank of India has sought to prohibit cryptocurrencies, a ban is only possible after significant international collaboration and evaluation, India’s finance minister said on Monday. See related article: India’s finance minister calls on G20 to share information on crypto Fast facts “RBI (Reserve Bank of India) is of the view that cryptocurrencies […]

How the crypto winter is laying groundwork for Web3 to reach its potential

Digital assets are powering new industries, and DeFi will be the financial system of the future internet economy, writes Alex Tapscott in his new book, ‘Digital Asset Revolution.’

Crypto trading volumes tank; India’s crypto info call to G20

Crypto trading volumes plummet as the crypto winter continues. Meanwhile, India calls on G20 to share information on crypto.

Crypto startup funding falls by 26% in H1 2022: report

Following a record first half last year, investments in startups focusing on the cryptocurrency industry are down amid the so-called crypto winter, data showed.  See related article: Polkadot is top crypto held by VCs and hedge funds in Q4 2021 Fast facts Venture capital funding in crypto startups fell nearly 26% to US$9.3 billion across […]

Crypto trading volumes dip to 18-month low amid bear market

Spot and derivatives crypto trading volumes have declined by over 15% since May to around US$4.2 trillion, the lowest since January 2021, Bloomberg reported citing data from CryptoCompare.  See related article: Indian crypto trading volume drops as much as 63% after new tax Fast facts In June alone, spot trading volumes dropped by 28% to […]

India’s finance minister calls on G20 to share information on crypto

Cryptocurrencies need to be brought under the purview of tax information shared by countries, India’s finance minister Nirmala Sitharaman said at a G20 Ministerial Symposium on Tax and Development in Bali. See related article: India to make life hell for crypto investors: MP Fast facts The G20 should examine the feasibility of exchanging information on […]

Celsius reveals US$1.2B financial hole; Terra subsidiary investigated

Celsius reveals it has a US$1.2 billion hole in its balance sheet. Meanwhile, a Terra subsidiary is under investigation by South Korean authorities.

Circle’s reserve breakdown shows US$13.58B cash and US$42.12B U.S. Treasurys

Circle Internet Financial, the issuer of USDC, on Thursday released a detailed but unaudited breakdown of the reserves backing the second-largest stablecoin by market capitalization. See related article: Questions over Circle’s USDC reserves linger despite assurances Fast facts The breakdown showed that Circle had US$42.12 billion in U.S. Treasurys and US$13.58 billion in cash as […]

Terra subsidiary used as funds channel for overseas affiliates: report

South Korean prosecutors have reportedly identified what is believed to be a Terraform Labs subsidiary in South Korea, FLEXE Corporation, which was allegedly used to facilitate cash flow from overseas to Terra affiliates, according to KBS News. See related article: Terra’s S.Korean office closure ‘purely coincidental’: Do Kwon Fast facts Terraform Labs chief executive officer […]

India’s industry body dissolves its crypto advocacy council

The Blockchain and Crypto Assets Council (BACC), the advocacy body representing Indian crypto industry interests, has been dissolved by its parent organization, the Internet and Mobile Association of India (IAMAI), according to a statement seen by CoinDesk.  See related article: Coinbase blames India’s central bank for exit Fast facts IAMAI made the decision without discussing […]

Eth2 merger closer as ninth shadow fork goes live

Ethereum’s ninth shadow fork went live overnight Wednesday in Asia, marking one of the final steps before the merge with the proof-of-stake (PoS) Beacon Chain as part of the network’s transition to Ethereum 2.0. See related article: Vitalik Buterin defends Ethereum ahead of merge; ‘not a security’ Fast facts A shadow fork is a test […]

The ‘CryptoArt’ Movement — It all started with Pepe | NFT Moments in History Ep. 7

Forkast x CryptoSlam! are proud to present Moments in NFT History — an explainer video series hosted by Forkast’s Joel Flynn that gives you a front-row seat to history-in-the-making. NFTs are defining what an artistic piece is in the digital age by allowing artists to open brand new frontiers and pushing the boundaries to challenge […]

Celsius files for bankruptcy; Crypto unfazed by US inflation

Celsius files for bankruptcy despite having paid off millions in loans. Meanwhile, the crypto market sees green despite US inflation rates.

Questions over Circle’s USDC reserves linger despite assurances

Fresh claims that emerged over the weekend about the status of Circle’s USDC reserves cast doubts on the ability of the so-called stablecoin to maintain its peg. In a deep dive, Forkast examined the allegations and reached out to the company for its version of events.

Bitcoin hashrate slumps to lowest in over five months amid 100-degree-plus weather in Texas

Bitcoin’s hashrate dropped by more than 27% in 24 hours to 159.41 exahashes per second (EH/s) on Wednesday, the lowest since February this year, according to data from BTC.com.  See related article: Bitcoin miners in Texas halt operations amid heat wave Fast facts Multiple crypto miners in Texas, a mining hub in the U.S., have […]

MATIC crypto skyrockets as Polygon joins Disney accelerator

Polygon was selected as one of the 2022 participants for Disney’s accelerator program on Wednesday, triggering the project’s cryptocurrency MATIC to rise by more than 15%.  See related article: Aespa, NCT’s SM Entertainment builds metaverse studio Kwangya Fast facts The Walt Disney Company did not announce any of its own crypto projects, but the 2022 […]

Ethereum will soon turn 7 — and its upcoming ‘Merge’ will be well worth the wait

The ‘Merge’ will have a major impact on the Ethereum ecosystem and beyond, and getting it right is more important than speed, writes Kevin Loo of IDEG.

Bitcoin bounces back after US reports worst inflation in 41 years

Bitcoin recovered past US$20,000 on Thursday morning in Asia following a steep 3.4% drop within an hour following the U.S. announcing its fastest inflation growth in 41 years. See related article: Bitcoin price crosses US$22K; Fed cools recession fears Fast facts Inflation levels in the U.S. soared 9.1% in June compared to a year ago […]

Will Mt. Gox Bitcoin eruption smother hopes of rapid crypto recovery?

Top blockchain and crypto news: Payback time for Mt. Gox investors. USDC issuer strikes back as critics circle. Chinese bank fiasco hits a nerve.

Court gives liquidators green light to claim 3AC assets

U.S. Bankruptcy Judge Martin Glenn gave liquidators authority to subpoena and lay claim to bankrupt crypto firm Three Arrows Capital (3AC)’s U.S-based assets on Tuesday. See related article: 3AC crypto contagion spreads to Blockchain.com: report Fast facts Liquidators can subpoena two dozen banks and crypto exchanges to obtain information about the bankrupt crypto hedge fund’s […]

Celsius pays off USDC loan on Aave, unlocks over US$41 7 mln in collateral

Crypto lender Celsius Network continued to repay its loans on Tuesday, paying off US$71.9 million USDC owed to Aave and freeing up over US$417 million worth of stETH, on-chain data showed.  See related article: Celsius repays over US$113 mln in debt; recovers US$122 mln in collateral Fast facts The latest repayment has closed Celsius’ USDC […]

Lightspeed launches US$500 mln fund for India, SEA

Lightspeed India Partners (LSIP) announced on Tuesday the closing of a US$500 million early stage fund (LSIP Fund IV) for India and Southeast Asia, as part of venture capital firm Lightspeed Venture Partners’ (LSVP) US$7.1 billion commitment. See related article: Huobi Ventures bets on DeFi and gaming in $10M GameFi fund Fast facts In addition […]

Vitalik Buterin defends Ethereum ahead of merge; ‘not a security’

Ethereum co-founder Vitalik Buterin tweeted a defense of the network’s transition to proof of stake (PoS) on Tuesday, responding to arguments suggesting assets secured by such consensus mechanisms are a security. See related article: Ethereum one step closer to Eth2 with Ropsten testnet merger Fast facts “The fact that you can vote on something to […]

Bitcoin below US$20,000; Voyager refund questions

Bitcoin once again falls below the US$20,000 mark. Meanwhile, Celsius pays over US$113 million in debt and recovers more.

Financial Stability Board calls for high regulatory standards for stablecoins

The failure of a crypto market player may have spillover effects on traditional finance such as short-term funding markets, says the Basel-based international body.

Inter-country use key for CBDCs to reach potential: report

For central bank digital currencies to enhance cross-border payments, issuing institutions must take functionality into account to avoid unintended barriers, a joint report by three international financial bodies says.

Celsius repays over US$113 mln in debt; recovers US$122 mln in collateral

Celsius Network repaid around US$78 million in USDC to Aave and US$35 million in DAI to Compound on Monday, blockchain data on Etherscan shows.  See related article: Celsius repays debts, cuts jobs amid bankruptcy fears Fast facts The troubled cryptocurrency lender unlocked at least US$122 million in collateral through its latest set of repayments.  Celsius […]

Bitcoin miners in Texas halt operations amid heat wave

Many cryptocurrency miners in Texas, one of the largest Bitcoin mining hubs in the U.S., are halting their operations as the state’s electrical grid faces surging power demand amid a heat wave. See related article: Marathon Digital says Montana storm knocked out most Bitcoin rigs Fast facts Nasdaq-listed miner Core Scientific on Tuesday said that […]

CrossTower in pact with Ripple to offer NFTs on XRP Ledger

Crypto trading platform CrossTower has partnered with Ripple to add non-fungible tokens (NFTs) minted on the XRP Ledger (XRPL) to its marketplace.  See related article: China’s ‘Instagram’ gets into virtual fashion with users strutting NFT clothes Fast facts The partnership will significantly lower the costs and entry barrier for creators who want to mint their […]

Why Singapore needs to rethink its approach to regulating crypto

Singapore wants to attract institutional capital while shielding its people from crypto — but it can’t have it both ways, writes Donovan Choy.

Bitcoin price sinks below US$20K, erases weekly progress

Bitcoin’s price fell below US$20,000 Tuesday morning in Asia, erasing last week’s gains, as both crypto and traditional markets await the latest U.S. inflation data due on Wednesday. See related article: Bitcoin price crosses US$22K; Fed cools recession fears Fast facts The world’s largest cryptocurrency fell 4.5% in the past 24 hours to trade at […]

CoinFLEX enters arbitration; Mt Gox dump fears

CoinFLEX’s deficit rises to US$84 million as it enters arbitration. Meanwhile, a report claims Celsius Network had lost over US$350 million in DeFi.