A Terra employee has been accused of embezzlement. Meanwhile, a crypto mining farm has been found in Russia’s oldest prison.
China’s state-backed infrastructure Blockchain-based Service Network (BSN) announced on Tuesday that it is preparing the launch of BSN Spartan on Aug. 31, a new international network for non-cryptocurrency public chains. See related article: Resist the temptation on NFTs, Chinese state-backed developer says Fast facts “We’re not against public chains, but we’re against crypto,” BSN developer […]
Reserve Bank of India (RBI) governor Shaktikanta Das said in a local media interview that the central bank has rightly been cautioning against cryptocurrencies, following the collapse of Terra’s UST and LUNA. See related article: RBI calls for crypto ban in India, again Fast facts Das told CNBC TV18 on Monday that if crypto had […]
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 […]
Defense contractor Lockheed Martin and the Filecoin Foundation have partnered to demonstrate the InterPlanetary File System (IPFS) in space, the pair announced on Monday at the World Economic Forum in Davos, Switzerland. See related article: Filecoin explained: Decentralizing cloud storage for Web 3.0 Fast facts Filecoin is the economic incentive layer of the distributed storage […]
Terra co-founder responds to office closure allegations. Meanwhile, China re-emerges as a crypto mining hub despite 2021 ban.
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.
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 […]
Tether, the operator of the world’s largest stablecoin USDT, has seen US$10 billion of its market capitalization shaved off since TerraUSD’s (UST) collapse. See related article: Nearly half of Tether reserves are now in US Treasury bills Fast facts USDT’s market capitalization was at US$73.35 billion at the time of publishing, following an all-time high […]
European Central Bank (ECB) President Christine Lagarde said cryptocurrencies are “worth nothing” on a Dutch television program aired Sunday, calling for greater regulation over what she described as “highly speculative assets.” See related article: EU to introduce bill next year to plan a digital euro Fast facts “My very humble assessment is that [cryptocurrency] is […]
South Korean LUNA investors file lawsuit against Terra. Meanwhile, Singapore’s High Court blocks sale of a Bored Ape NFT.
Terra has increased its initial token float — tokens that are tradable upon issuance — from 15% to 30% for pre-attack Anchor Protocol UST stakers (aUST) and post-attack LUNA and UST holders, in the latest update to the plan to revive its reeling ecosystem. See related article: No hard fork, governance vote in Kwon’s updated […]
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 […]
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 […]
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 […]
Finance ministers from the Group of Seven (G-7) urged the Financial Stability Board (FSB) to accelerate crypto regulations following the downfall of the Terra blockchain and its terraUSD (UST) algorithmic stablecoin, Reuters reported. See related article: LUNA pumps and dumps repeatedly in weekend’s roller coaster run Fast facts The inter-governmental political forum — consisting of […]
Indian crypto traders may soon be able to pay the crypto tax using foreign exchanges. Meanwhile, the Terra revival plan vote finally goes live.
The development will help institutional clients trade at scale, with better pricing and lower risk, within a regulated market environment, Bullish said. Fast facts An internal study of publicly available Coinbase and Binance data over a two-month period ending on May 8 showed Bullish offering deeper liquidity than peers, the cryptocurrency exchange operator said. The […]
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.
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 […]
South Korean investors that have been financially damaged by the TerraUSD (UST) and LUNA fiasco are reportedly seeking legal action and applying for property seizure from Terraform Labs CEO Kwon Do-hyung. See related article: S.Korean lawmaker proposes summoning Do Kwon to the National Assembly Fast facts Local law firm LKB & Partners has made a […]
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 […]
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 […]
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, […]
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 […]
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 […]
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.
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.
Top blockchain and crypto news: Terra puts down the fork. Bitcoin loses its shine in Singapore. China’s miners dig in.
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 […]
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?
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 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 […]
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 […]
Solana-based non-fungible token (NFT) collection Okay Bears copycat “Not Okay Bears” has been delisted from marketplace OpenSea after recording millions of dollars in sales. See related article: Okay Bears NFTs record sellout helps Solana net US$2B in sales Fast facts Not Okay Bears are mirror images of the 10,000 versions of the original, and have […]
As Terra continues to crash, Do Kwon proposes a hard fork solution, Meanwhile, Singapore’s Temasek gets ready for tokenized assets.
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 […]
Terra’s LUNA and UST stablecoin implosions are roiling the crypto world and beyond. Picking up the pieces won’t be easy — nor finding a good path forward.
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.
Jinhua, a city in China’s southeastern province Zhejiang, has announced that it has totaled at least 23,929,100 yuan (US$3.5 million) in digital yuan transactions in its debut month, with 556,600 digital yuan wallets opened for individuals, and 34,700 for business and institutions. See related article: Covid-19, postponed Asian Games to push digital yuan into the […]
TerraUSD (UST) and LUNA’s crash is causing tension among South Korean play-to-earn (P2E) projects and their tokens, such as C2X, a blockchain gaming project on the Terra mainnet developed by Com2uS. See related article: Do Kwon proposes Terra fork to ditch UST and ‘LUNA Classic’ Fast facts Local gaming giant Com2uS’s P2E cryptocurrency C2X saw […]
The Australian Taxation Office (ATO) warned the country’s cryptocurrency investors to appropriately report any capital gains or losses from digital assets — including non-fungible tokens (NFTs) — in an announcement on Sunday ahead of the upcoming tax season, starting July 1. See related article: Australian Tax Office warns: taxpayers on the hook for crypto tax […]
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 […]
Terraform Labs co-founder and CEO Do Kwon proposed a hard fork of the Terra blockchain in the “Terra Ecosystem Revival Plan 2,” which will abandon the algorithmic stablecoin UST. See related article: UST loses dollar peg as Terra market cap slumps Fast facts Under the proposal, the network will be forked with the original chain […]
The Luna Foundation Guard (LFG) Monday said it is looking to use assets remaining with it to compensate UST users, prioritizing the smallest holders first. See related article: News of LUNA’s demise greatly exaggerated Fast facts The Singapore-based foundation was left with 313 Bitcoin compared with 80,393 Bitcoin on May 7, LFG said on its […]
Authorities in Asia use the LUNA debacle as rationale for oversight. Meanwhile, the LUNA community offers damage control solutions.
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.
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 […]
The European Central Bank (ECB) said a central bank digital currency (CBDC) with a focus on anonymity is preferable to traditional electronic payments like bank deposits, but it “may become supplanted by payment tokens” issued by large tech firms. See related article: EU to introduce bill next year to plan a digital euro Fast facts […]
South Korean financial regulators have reportedly begun an emergency assessment of digital assets, geared toward accelerating the establishment of the “Digital Asset Basic Act” — the country’s upcoming regulation on cryptocurrencies. See related article: LUNA pumps and dumps repeatedly in weekend’s roller coaster run Fast facts The LUNA debacle will likely speed up the enactment […]
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 […]
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 […]
The wife of the CEO of Terraform Labs sought protection after an unidentified individual visited their home in South Korea, local police told Forkast.
After the launch of three cryptocurrency exchange-traded funds on Thursday, Forkast spoke with company officials behind two of the funds, along with others in the industry, to see what the new investment platforms offer to investors.
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 […]
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 […]
The world’s largest cryptocurrency exchange will delist a number of trading pairs linked to TerraUSD (UST), an algorithmic stablecoin that has been in a freefall since earlier this week. See related article: Tether stabilizes after burning 3 billion tokens amid redemptions Fast facts Binance Friday said it will remove and cease the trading of several […]
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,” […]
Terra officially halted block production at 09:58 am HKT on Friday, block height 7607789, after restarting the network from an overnight shutdown to prevent possible governance attacks. Terra said validators are working on a plan to restart the network but did not release any further details. See related article: Terra plunges back to earth as […]
Terra’s sacrifice of LUNA pushes the UST up to US$0.84. Meanwhile, South Korea plans the institutionalization of crypto.
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 […]
South Korea’s new administration under President Yoon Suk-yeol announced it plans to establish a new regulatory framework for crypto institutionalization to go into effect by 2024 after proposing legislation in 2023. See related article: A crypto bull wins the presidency: What it means for South Korea Fast facts Yoon’s administration intends to develop a bill […]
TerraUSD (UST) climbed to a high of US$0.84 on Thursday after Terra proposed a network upgrade to increase the blockchain’s native token LUNA, in hopes to save its algorithmic stablecoin’s peg to the greenback. See related article: Run on UST cuts the ground from under Terra’s feet Fast facts The UST is minted by locking […]
The ‘virtual land’ sale that broke Ethereum was also a fiasco for buyers. Should Yuga Labs have seen it coming and taken preventative action?
Australia’s first three cryptocurrency exchange-traded funds (ETF) launched on the Cboe exchange on Thursday, bringing Bitcoin and Ethereum products to the stock market. See related article: Launch of three crypto ETFs in Australia delayed Fast facts One of the funds, the Cosmos Purpose Bitcoin Access ETF (CBTC) from Cosmos Asset Management, tracks the Purpose Bitcoin […]
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.
Top blockchain and crypto news: UST knocked out of Luna orbit. Making NFTs Instagrammable. China’s black market ‘digital collectibles’ trade.
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.
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 […]