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Tag Archives: india

WazirX Taps Forensic Experts, Law Enforcement to Identify Hackers Behind $230M Breach

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 the latest update, the Indian crypto exchange also said that it has reached out to over 500...

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Unpacking the WazirX Hack: What Happened and How Much Crypto is Lost

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 to transparency and community welfare is paramount. There was a cyber attack on one of our multisig wallets. Below are the preliminary findings to clarify...

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OKX Bows Out of Hong Kong, Withdraws VASP License Bid

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 or specific reasons behind this move. OKX Retreats from Hong Kong In its official blog post...

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Shiba Inu (SHIB) is the Most-Traded Coin in March on The Leading Indian Exchange

TL;DR Shiba Inu achieved a two-year high in its price last month, topping the list of the most-traded digital assets on one popular cryptocurrency exchange. Despite a recent price dip, multiple analysts, including prominent figures on social media platforms, predict a bullish future for SHIB, with forecasts ranging from reaching all-time highs to doubling in price. Shiba Inu’s Success Last Month The second-largest meme coin experienced a solid rally in March, with its price...

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OKX to Reportedly Discontinue Service in India: Users Directed to Close Positions

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 crypto exchanges by the Indian government. OKX Calls its Quits India has intensified its efforts to tackle illegal operations by exchanges within...

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US Spot Bitcoin ETFs Coming to India From Crypto Investment Platform: Report

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 with CoinDesk, Patel emphasized the value of spot Bitcoin ETFs for institutional investors,...

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India’s Interim Budget Leaves Crypto Community Guessing; Industry Eyes Post-Election Revisions

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 and taxation of crypto during her interim budget address...

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Shiba Inu (SHIB) Was the Second-Most Traded Crypto Asset on This Popular Exchange in 2023: Details

TL;DR One of the biggest Indian cryptocurrency exchanges noted that Shiba Inu (SHIB) was highly traded on its platform last year, even surpassing Bitcoin and Polygon in February. Shiba Inu introduced Shibarium, a layer-2 blockchain solution, to enhance efficiency and scalability, achieving over 200 million transactions. Despite recent progress, SHIB’s price hasn’t seen substantial gains, with a 12% drop noted on January 3, though trends like negative SHIB exchange netflow...

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CoinDCX’s Year-End Report Unveils Maturing Investor Base in India

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 Skepticism CoinDCX’s year-end report for 2023 shared with CryptoPotato revealed that 60% of the user...

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Crypto Taxation Misses the Mark: India Loses $420 Million in Potential Revenue Due to 1% TDS

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 recent study by Delhi-based think tank Esya Centre, the highly debated crypto policy in India, involving a 1% transaction tax deducted at...

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