Page 3 - Cryptocurrency

Crypto mogul Do Kwon sentenced to 15 years in prison for $40 bn fraud

One-time cryptocurrency mogul Do Kwon was sentenced Thursday to 15 years in prison after a USD 40 billion crash revealed his crypto ecosystem to be a fraud. Victims said the 34-year-old financial technology whiz weaponised their trust to convince them that the investment -- secretly propped up by cash infusions -- was safe. Kwon, a Stanford graduate known by some as "the cryptocurrency king," apologised after listening as victims -- one in court and others by telephone -- described the scam's toll: wiping out nest eggs, depleting charities and wrecking lives. One told the judge in a letter that he contemplated suicide after his father lost his retirement money in the scheme. Engelmayer said the government's recommendation of a 12-year prison sentence was "unreasonably lenient" and the defense's request for five years was "utterly unthinkable and wildly unreasonable." Kwon faced a maximum sentence of 25 years in prison. "Your offence caused real people to lose USD 40 billion in real

India joins global crypto elite, ranks among top 10 in transactional use

As a utility-driven innovator, the country is witnessing rapid growth in its developer ecosystem alongside millions of users turning to digital assets for savings, remittances, and investments

ED attaches ₹4,190 cr in crypto cases, declares one as fugitive offender

The Enforcement Directorate has attached proceeds of crime worth Rs 4,189.89 crore in crypto-related cases under the anti-money laundering law and declared one accused as a Fugitive Economic Offender, Parliament was informed on Monday. Besides, the Central Board of Direct Taxes (CBDT) has also detected undisclosed income of Rs 888.82 crore from virtual digital assets (VDA) transactions during search and seizure operations. The CBDT has sent 44,057 communications to taxpayers who invested or traded in VDAs but did not report these in Schedule VDA of their Income Tax Returns (ITRs), Minister of State for Finance Pankaj Chaudhary said in a written reply to a question in the Lok Sabha. The government has also brought VDAs under the Prevention of Money Laundering (PMLA). "The Enforcement Directorate has investigated several crypto-related cases under PMLA, attaching/seizing/freezing proceeds of crime worth Rs 4,189.89 crore, arresting 29 persons, and filing 22 prosecution complaints. On

Bitcoin, altcoins stage modest comeback as US Fed rate decision looms

The positive sentiment spilled over into the altcoin space, with Solana (SOL), Render (RENDER), XRP (XRP), Cardano (ADA), Pepe (PEPE) and Sui (SUI) staging steady recoveries on the charts

India a crown jewel for us as far as impact is concerned: Binance's Seker

Binance's APAC head says India is the fastest-growing digital asset market globally despite regulatory uncertainty, with explosive potential driven by mobile penetration and savvy users

Stock Market Close: Sensex falls 504 pts, Nifty at 26,032 amid profit-booking; financials top drag

Sensex Today | Stock Market close, Tuesday, December 02, 2025: In the broader markets, the Nifty MidCap index fell 0.22 per cent, while the Nifty SmallCap index fell 0.55 per cent

Stablecoins' future may hinge on lessons drawn from a 200-year-old past

Stablecoins are emerging as a major force in digital payments, but their future may depend on whether modern regulations can avoid the pitfalls of past and withstand real-world financial stress

Took phased approach before restarting platform: WazirX CEO Nischal Shetty

After a long restructuring and a court-approved restart, WazirX focuses on security upgrades, user recovery and ongoing legal disputes

After record highs, why crypto crashed and wiped out $1.2 trillion in weeks

A rapid reversal in sentiment, macroeconomic uncertainty, heavy liquidations and sharp ETF outflows have erased $1.2 tn from crypto markets, pulling Bitcoin off record highs and unsettling investors

China accuses US of $13 bn Bitcoin theft, calls it state-backed hacking

China's cyber agency has accused the US of stealing $13 billion in Bitcoin from the LuBian mining pool in 2020, calling it a state-backed hack; the US has denied such allegations

Madras HC calls crypto 'property': Here's what it means for investors

'Treating crypto as property upgrades investors from users to proprietors,' says expert after the Madras High Court granted digital assets legal status

Best of BS Opinion: The night, the noise, and the need for balance

Today's pieces look at public debt and economic stability, trade as strategic leverage, the continuing unemployment crisis in Bihar, and how pollution has turned the Milky Way's light into an irritant

India’s Crypto crossroads: Time for a policy rethink? BFSI Summit 2025 | Cryptocurrency

Government must bring clear regulations for the digital asset sector as policy delays threaten to push innovation and talent out of India, top crypto industry leaders said at Business Standard BFSI

BS BFSI Summit: Regulate now or lose out, cryptocurrency leaders tell India

Experts at the BFSI Summit urged swift digital asset regulation and an INR-backed stablecoin to stop India's crypto talent and innovation from moving overseas

Stablecoins risk currency substitution: RBI Deputy Governor T Rabi Sankar

RBI Deputy Governor T Rabi Sankar says rupee internationalisation aims to cut risk, not replace the dollar, as he flags stablecoin-linked currency substitution as a key threat

RBI Dy Guv reaffirms crypto scepticism, says CBDC will grow step by step | BFSI Summit 2025

The Reserve Bank of India (RBI) will continue to take a measured approach in developing its Central Bank Digital Currency (CBDC), prioritising careful assessment over speed,

Trump's pardon of Binance founder sparks concern over links to family biz

Trump's pardon opened the door for Binance, the world's largest crypto-trading platform, to return to the US market

Crypto experts call for INR-backed stablecoin: Here's why it matters

Stablecoins are digital currencies that stay steady in value, unlike volatile cryptocurrencies such as Bitcoin. Their prices are linked to stable assets like gold or currencies

BFSI Summit: Crypto leaders urge India to act fast on regulations

As the global dominance of dollar-backed stablecoins rises, crypto leaders say India should act swiftly to protect its monetary sovereignty by introducing an INR-backed stablecoin

Trump pardons Binance's Changpeng Zhao: Who is he and why was he in jail

Changpeng Zhao, widely known as "CZ" served a four-month prison term in 2024, pleaded guilty to failing to implement adequate anti-money-laundering (AML) measures at Binance