India’s Goods and Services Tax (GST) authorities have reported a $99.1 million tax evasion case involving 17 cryptocurrency exchanges operating in the country. Nest Services Ltd., a company linked to Binance Group, stands out as one of the most significant offenders. The firm is accused of evading $86.8 million in GST. India Recovers $14.7M in...Read More
Police in India have reportedly taken a suspect into custody in connection with the high-profile attack on the WazirX crypto exchange. The individual’s capture comes almost four months after the incident, which resulted in the loss of more than $230 million worth of crypto, was first reported. Two Suspects Identified According to local news sources,...Read More
WazirX founder Nischal Shetty has responded to allegations that the company transferred $75 million worth of crypto assets to two major exchanges without informing users. The situation arose after the Indian crypto platform disclosed more than 240,000 wallet addresses as part of the requirements of a four-month moratorium granted to it by a Singapore court...Read More
Binance revealed collaborating with the Delhi Police to take down a “sophisticated scam” orchestrated by a fraudulent entity known as “M/s Goldcoat Solar.” According to the press release shared with CryptoPotato, the crackdown resulted in several arrests and the confiscation of more than 100,000 USDT in crypto assets. Solar Scam Busted As part of the...Read More
In one of the latest collaborations between public and private entities, the world’s largest cryptocurrency exchange, Binance, announced that it helped Indian authorities bust a purported legitimate online gaming app that defrauded users of more than Rs 400 crore ($47.6 million). According to a blog post, the Binance Financial Intelligence Unit (FIU) provided critical aid...Read More
A Singapore court has reportedly granted a four-month moratorium to Indian cryptocurrency exchange WazirX, following the company’s request for a temporary reprieve. The moratorium, however, comes with some conditions, including full transparency of the exchange’s wallet addresses and financial records. Court’s Conditions This development comes after WazirX was hit by a massive hack in July,...Read More
In the aftermath of a July 2024 cyberattack that resulted in the loss of $235 million from WazirX users’ wallets, Binance has denied allegations that it bears any responsibility for the breach. In an official statement, it emphasized that it neither owns nor operates the Indian platform and urged the team to take full accountability...Read More
India has again ranked as the leading country with local investors adopting crypto. The latest metric comes despite the government’s continuous efforts to discourage digital asset adoption. According to Chainalysis’ latest research, seen by CryptoPotato, India also led last year’s Crypto Adoption Index. India Leads Crypto Adoption The study ranked global countries based on their...Read More
The hacker responsible for the WazirX security breach has moved over $23 million worth of stolen Ethereum (ETH) in the past 24 hours. This comes amidst the exchange’s restructuring efforts which could see 55-57% of the stolen assets being returned to users. Funds Likely Heading to Tornado Cash According to Cyvers Alerts, the hacker transferred...Read More
The hacker responsible for the $230 million cyberattack on Indian crypto exchange WazirX has begun transferring stolen funds using Tornado Cash, a digital currency mixer sanctioned by the U.S. government. The move, which hides the trail of stolen assets, is the latest attempt by the perpetrator to launder the ill-gotten gains. $6.5 Million in Stolen...Read More
While Indian crypto users were granted no relief from the draconian tax rules in the country’s budget for 2024-2025, a “discussion paper” outlining its policy stance on the industry could be released before September this year. The main objective behind the discussion paper is to gather inputs from relevant stakeholders on the ideas outlined in...Read More
India has decided to uphold its existing crypto tax regulations for the 2024/25 fiscal year despite ongoing appeals from industry leaders for a reduction in the current rates. Finance Minister Nirmala Sitharaman confirmed this decision during her budget presentation on Tuesday for the 2024/25 fiscal year. India’s Latest Budget Keeps 1% Crypto TDS India’s latest...Read More
In response to the devastating $230 million security breach, WazirX revealed that it has filed a formal police complaint and is exploring additional legal avenues to hold those responsible accountable. Immediate actions include reporting the incident to the Financial Intelligence Unit (FIU) and the Indian Computer Emergency Response Team (CERT-In). WazirX’s Comprehensive Action Plan In...Read More
WazirX, the largest Indian cryptocurrency exchange, was hit by a security breach in one of its multisig wallets on Thursday. The incident resulted in the loss of over $230 million from the multisig wallet. Over $230 Million Stolen in WazirX Breach The company announced the attack in a post on X: At WazirX, our commitment...Read More
Unknown bad actors have drained hundreds of millions worth of cryptocurrencies from the leading Indian digital assets exchange Wazirx, following a breach in the platform’s wallet security. A tweet by blockchain security firm Cyvers Alerts revealed that $234.9 million of WasirX’s funds were moved to a new address, and the caller of each transaction is...Read More
In compliance with regulatory requirements, OKX said that it would discontinue its centralized cryptocurrency trading services for residents of Hong Kong starting May 31, 2024. OKX attributed the decision to withdraw its virtual asset service provider (VASP) license application to a “careful consideration” of its business strategy, however, the exchange did not provide further details...Read More
Binance, once banned by the Indian government, is set to make a comeback after agreeing to pay a hefty penalty of approximately $2 million. According to a report by ET, the world’s largest cryptocurrency exchange is preparing to re-enter the Indian market under the finance ministry’s oversight of the Financial Intelligence Unit (FIU). Binance’s India...Read More
Cryptocurrency exchange OKX has reportedly said that its services in India are being discontinued due to local regulations. In an email notification sent on March 21st, the platform urged users in the country to close their positions by the end of April. The latest development comes on the heels of a continued crackdown on global...Read More
Mudrex, an Indian cryptocurrency investment platform, intends to introduce U.S. spot Bitcoin exchange-traded funds (ETFs) to target both institutional and retail investors within India, according to CEO and co-founder Edul Patel. The move comes amid India’s latest government action to tighten offshore crypto exchanges regulation. Mudrex to Offer Four Spot Bitcoin ETFs In an interview...Read More
The Indian crypto industry is seeking parity, urging fair regulations against foreign exchanges exploiting regulatory gaps amidst dwindling market share for local exchanges while investors face legal uncertainties. With unstable banking ties hindering operations, the sector is currently grappling with hurdles. However, India’s finance minister, Nirmala Sitharaman, refrained from providing any updates on the regulation...Read More
Despite India’s controversial crypto policy and lack of clarity in several aspects, the country emerges as the top market. According to a new report by crypto exchange CoinDCX, 28 Indian entities became ‘FIU-Registered Reporting Entity.’ India emerged as a global crypto adoption leader, reflecting sustained interest and robust demand for digital assets. India Defies Crypto...Read More
Worldcoin has disabled its offline orb verification feature for users in three markets – India, Brazil, and France. The development comes after a surge in people lining up at specified venues amid the excitement to register and acquire free Worldcoin (WLD) tokens, according to the report by MoneyControl. Worldcoin’s ‘Orb’ is a spherical hardware device...Read More
The Indian government has lost $420 million in what could have been a substantial revenue stream as a result of its taxation, forcing traders to move their transactions outside the country. Experts are now suggesting that the Indian government should take a more relaxed approach to its controversial stance on crypto taxation. According to a...Read More
The proactive approach to framing crypto-specific guidelines comes as a respite after years of conversations about an outright ban on the sector that was initially mooted by the Reserve Bank of India. The Indian government may have shelved its plans to impose a blanket ban on crypto, but there’s still a long way to go,...Read More
Finance Ministers and Central Bank Governors (FMCBGs) from G20 nations, under the Indian Presidency, have announced unanimously adopting the ‘G20 Finance Ministers and Central Bank Governors Communique’ during its meeting in Marrakesh, Morocco. This comes a month after the G20 member nations accepted the crypto regulatory roadmap outlined in a collaborative report titled “IMF-FSB Synthesis...Read More
The global crypto adoption is down, but there’s more to the story. Lower middle-income (LMI) countries, for one, have demonstrated an extremely promising crypto adoption trend. This cohort of countries constitutes 40% of the world’s population. Hence, if they are the future, they could be a big part of the crypto future, according to Chainalysis’...Read More
The leading cryptocurrency exchange – Coinbase – has reportedly disabled new customer sign-ups on its platform in India. However, the company remains committed to the Asian country despite the recent rumors that it might pull out of the local market. No More Sign-ups According to a TechCrunch report, Coinbase has prohibited new sign-ups in India in...Read More
Under India’s Group of 20 (G20) presidency, the country is finally gearing up to provide the much-anticipated clarity around crypto regulation. As India prepares to preside over the upcoming G20 summit for the first time, the regulation of cryptocurrencies is poised to be a significant focal point. Ahead of the gathering of the world’s most...Read More
CoinSwitch – an Indian cryptocurrency exchange backed by the financial giant Andreessen Horowitz (a16z) – has reportedly trimmed its team by 44 people, representing 7% of the total workforce. Another local digital asset organization that recently announced similar amendments is CoinDCX, which laid off 12% of its employees. What is the Reason? According to a...Read More
CoinDCX is the latest crypto company to slash staff as it tries to navigate through market challenges. The Coinbase Ventures-backed Indian crypto unicorn cited the prolonged bear market and the impact of TDS on domestic exchanges to lay off 12% of its workforce, or 71, out of its total 590 employees. The development comes after...Read More
