Page 22 - Cryptocurrency

FTX founder Bankman-Fried convicted of defrauding cryptocurrency customers

FTX founder Sam Bankman-Fried's spectacular rise and fall in the cryptocurrency industry a journey that included his testimony before Congress, a Super Bowl advertisement and dreams of a future run for president hit a new bottom Thursday when a New York jury convicted him of fraud in a scheme that cheated customers and investors of at least $10 billion. After the monthlong trial, jurors rejected Bankman-Fried's claim during four days on the witness stand in Manhattan federal court that he never committed fraud or meant to cheat customers before FTX, once the world's second-largest crypto exchange, collapsed into bankruptcy a year ago. His crimes caught up to him. His crimes have been exposed, Assistant US Attorney Danielle Sassoon told the jury of the onetime billionaire just before they were read the law by Judge Lewis A Kaplan and began deliberations. Sassoon said Bankman-Fried turned his customers' accounts into his personal piggy bank as up to $14 billion disappeared. She urge

Crypto-exchange CoinDCX releases its Proof of Reserve report Q3CY23

"According to the audited Statement of Reserves and User Liability report, the reserves total USDT 159,112,287, while the user liability stands at USDT 157,191,487," the company said

Crypto platform Giottus announces zero-fee trades for all customers

This move is expected to enable Indian crypto traders and investors to plan their trades with ease and, in turn, improve their profitability

WTO member nations need to discuss crypto under e-comm negotiations: GTRI

The member countries of WTO (World Trade Organisation) should include issues pertaining to crypto currency while negotiating any agreement on the e-commerce sector, think tank GTRI said on Monday. As the crypto market garners increasing global attention, its classification under the WTO e-commerce framework remains ambiguous, Global Trade Research Initiative (GTRI) said. It added that the debate should pivot on whether exchanges of crypto-currency fall under 'electronic transmissions' in the e-commerce scope. "With the multifaceted dynamics of the e-commerce landscape, the outcomes of the ongoing WTO negotiations hold significant implications for global digital trade. "The inclusion or exclusion of crypto-currencies and the diverse positions of influential nations will shape the future of international e-commerce policies," GTRI Co-Founder Ajay Srivastava said. At present, the WTO members are holding two-pronged e-commerce negotiations (joint initiative and e-commerce moratorium)

SIT conducts searches at 41 locations in Himachal in cryptocurrency scam

The SIT probing the alleged multi-crore cryptocurrency scam conducted searches at 41 different locations in Himachal Pradesh on Sunday and arrested one of the main accused Abhishek Sharma, who was evading arrest, police said on Sunday. Abhishek, a resident of Una district was one of the main four accused in the scam that started in 2018 when the alleged fraudsters approached people with an investment plan related to a locally made (Mandi district) cryptocurrency known as "Korvio Coin" or KRO coin, police said. Earlier, two main accused Sukhdev and Hemraj were held in Gujarat, and during investigations, the duo confessed they have outstanding liabilities of Rs 400 crore. The alleged kingpin of the scam, Subash, is still at large and is reportedly hiding in Dubai. Abhishek was apprehended by the SIT and produced in a court, which remanded him to five-day police custody, a statement issued by the police said. Searches were conducted at 25 places in Hamirpur, seven in Kangra, four in .

Crypto unicorn CoinDCX expects govt to lower tax that crushed trading

The company reduced staff by 12% earlier in 2023 and now has around 550 employees. Operating revenue and cash in the bank give CoinDCX a five-year "runway," Gupta said

Crypto wrap: Bitcoin rallies 14%, Ethereum up 11% amid ETF optimism

A Bitcoin ETF is expected to make buying and selling Bitcoin easier through the stock market

At $35,198, Bitcoin climbs to highest since May 2022 on ETF excitement

A Bitcoin ETF is expected to make buying and selling Bitcoin easier through the stock market

Cryptocurrency worth $930,000 seized by CBI from Ahmedabad-based man

The CBI has seized cryptocurrency worth more than USD 930,000 (around Rs 7.7 crore) from an Ahmedabad-based man who allegedly cheated a US-citizen posing as a senior executive of a multi-national company's fraud department, officials said. Based on inputs from the Federal Bureau of Investigation (FBI) of the United States, the CBI filed an FIR against Ramavat Shaishav, who allegedly contacted the US citizen over the phone and introduced himself as "James Carlson" from the fraud department of Amazon, they said. During searches, the CBI found 28 Bitcoin, 55 Ethereum, 25,572 Ripple and 77 USDT in Shaishav's e-wallet. These were transferred to the government's wallet at the time of the seizure, the officials said. He allegedly convinced the victim that his account on Amazon was being accessed by unscrupulous elements, and that his social security was being used from four different states to open accounts on the e-commerce platform. "It was also alleged that the accused induced the vict

RBI Governor Shaktikanta Das sticks to stand on crypto assets ban

G20 recently adopted road map on such assets

Bitcoin hits two-month high above $30,000 in volatile trading week

Bitcoin, the largest cryptocurrency by circulation, climbed as high as $30,022, its highest since July 23. It was last up 4% on the day

India's crypto landscape on verge of transformation, says WazirX VP

Rajagopal Menon, vice president at WazirX, discusses the impact of recent G20 agreements on India's evolving crypto industry and predicts a transformative year ahead

Over 1,000 HP cops fell victim to crypto fraud, quit jobs to promote it

Over a thousand police personnel fell victim to a fake local cryptocurrency created by fraudsters in Himachal's Mandi district, an official said on Thursday. A majority of the police personnel who invested in the fake cryptocurrency were duped of crores of rupees, but some of them made huge gains, became promoters of the scheme, and roped in more investors for it, according to investigators of the Special Investigation Team (SIT) constituted to probe the scam. According to police, at least one lakh people have been duped by the fraudsters in the cryptocurrency fraud, and 2.5 lakh IDs have been found which included multiple IDs of the same person. To get investors, the scammers launched two cryptocurrencies 'Korvio Coin' (or KRO) and DGT Coin' and created fake websites with manipulated prices of these digital currencies. They lured the initial investors by promising them high returns in a short span of time. They also created a network of investors, who further expanded the chain

Crypto fraud: Navi Mumbai cyber police freeze accounts worth Rs 32.66 cr

The Navi Mumbai cyber police conducting the probe into a cryptocurrency fraud have frozen several bank accounts involving amounts worth Rs 32.66 crore, an official said on Wednesday. Senior police inspector Gajanan Kadam of the cyber police station in Navi Mumbai said they received a cheating complaint in August from a man who claimed to have invested more than Rs 6.6 crore in cryptocurrency trading. The man stated in the complaint that a woman caller befriended him and later asked him to invest in cryptocurrency trading while assuring good returns. As the complainant started investing huge amounts, he received a total of Rs 75 lakh in returns on various occasions, but later stopped getting the same, the official said. An offence in this connection was registered with the cyber police under various sections of the Indian Penal Code and the Information Technology Act. A police probe team enquired with various banks where the money was paid by the complainant and as a first step, go

Progressive and proactive: Crypto players all praise for IMF-FSB plan

Investments in resources, technology, and personnel would be necessary to ensure compliance

G20 finance ministers and central bank governors adopt crypto road map

Briefing reporters in Marrakesh, Finance Minister Nirmala Sitharaman said the roadmap on crypto assets is the big step forward that came from the FMCBG discussion

World Bank needs headroom to help low-income countries, says G20

Addressing a press conference, Finance Minister Nirmala Sitharaman said the members appreciated the work of the Independent Expert Group (IEG) and welcomed the report

G20 ministerial for swift implementation of roadmap to deal with crypto

The G20 Roadmap on Crypto Assets adopted by the G20 Finance Ministers was spelt out in a Synthesis Paper prepared jointly by the International Monetary Fund (IMF) and Financial Stability Board (FSB)

Crypto wrap: Israel-Hamas war ignites sell-off, Ethereum lowest since March

Cryptocurrency news: A higher-than-expected US inflation in September also resulted in a sell-off pressure in the market

G20 FMCBG releases joint communique adopting roadmap on crypto assets

While welcoming the G20 IEG rpt on strengthening MDBs, the communique said that transformative changes are required in MDBs' vision, operating models and financing capacities