Page 36 - Cryptocurrency

Senate crypto hearing yields big claims, possible regulation in US

Whether increased regulation would have prevented the spectacular collapse of cryptocurrency exchange FTX was fiercely debated at a hearing of the Senate's banking committee Wednesday. However, new legislation is potentially on the way. Sen. Elizabeth Warren announced at the hearing bipartisan legislation aimed at cracking down on cryptocurrencies being used in money laundering. The legislation, co-sponsored by Republican Sen. Roger Marshall of Kansas, would require cryptocurrency exchanges to verify customer identities like banks and other financial institutions do. Crypto has become the preferred tool for terrorists, for ransomware gangs, for drug dealers and for rogue states that want to launder money, said Warren, the Massachusetts Democrat, adding that crypto doesn't get a pass to help the world's worst criminals no matter how many television ads they run or how many political contributions they make. Republican Sen. Cynthia Lummis, of Wyoming, said she and Democratic Sen. ...

How a software change let Sam Bankman-Fried's FTX use client funds

That tweak in the code got the attention of the US Securities and Exchange Commission (SEC), and charged Bankman-Fried with fraud

G20 wants to build policy consensus on crypto assets, says Ajay Seth

The Group of 20 (G20) countries are striving to build a policy consensus on crypto assets to inform better global regulation, India's federal economic affairs secretary Ajay Seth said

Not just FTX's Sam Bankman-Fried: A look at five biggest CEO frauds ever

The manner of Sam Bankman-Fried's fall from grace is something the world has seen earlier, too. Here are five such biggest and most sensational instances

Ex-FTX CEO Sam Bankman-Fried arrested in Bahamas as US files charges

More than 100 FTX-related entities filed for US bankruptcy protections on Nov. 11. The firm and Bankman-Fried are facing investigations in the US and the Bahamas

Govt receives Rs 60.46 crore tax from TDS on virtual digital assets

The government on Tuesday said an amount of Rs 60.46 crore has been received in tax from entities for transactions in virtual digital assets (VDAs), including cryptocurrencies, since the introduction of TDS provisions in July. The government, from April 1, has brought in a 30 per cent income tax plus surcharge and cess on transfer of crypto assets, like Bitcoin, Ethereum, Tether and Dogecoin. Also, to keep a tab on the money trail, a 1 per cent Tax Deducted at Source (TDS) under section 194S of I-T Act has been brought in on payments over Rs 10,000 towards virtual digital currencies from July 1. In a written reply to a question in the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary said CBDT conducts outreach/ awareness programmes for deductors/taxpayers and also takes appropriate action, including search & seizure operations, surveys, enquiries etc, as required. "Post insertion of Section 194S in the Income-tax Act, 1961 through Finance Act, 2022, a total of 318 ...

Top Headlines: Ex-FTX CEO arrested, CPI inflation eases in Nov, and more

Business Standard brings you the top headlines at this hour

FTX collapse: US asks companies to disclose involvement with crypto firms

In wake of the collapse of crypto exchange FTX, the US Securities and Exchange Commission has directed publicly-traded companies to tell about their involvement with struggling cryptocurrency firms

FTX CEO secretly gave $27 mn to crypto news site The Block, its CEO

Bankman-Fried also loaned McCaffery $16 million, some of which helped him purchase property in the Bahamas, where FTX is headquartered, according to Axios

Former FTX CEO Bankman-Fried says will testify to Congress over its fall

The former CEO of the failed cryptocurrency exchange FTX said in a tweet Friday that he is willing to testify to Congress next week, but that he will be limited in what he can say and that he won't be as helpful as he'd like to be. The tweet came in response to a tweet from House Financial Services Committee Chair Maxine Waters, who on Monday requested that Bankman-Fried attend next week's hearings over the collapse of FTX. Waters said in a series of tweets to Bankman-Fried that based on multiple media interviews since FTX collapsed that it was clear to us that the information you have thus far is sufficient for testimony. FTX failed last month in what was essentially a cryptocurrency version of a bank run, when customers tried to withdraw their assets all at once because of growing doubts about the financial strength of the company and its affiliated trading arm, Alameda Research. Since its collapse, FTX's new management has called the cryptocurrency exchange's management a comple

Crypto wrap: Market stable even as FTX fallout claims one more victim

The total market cap has improved marginally from $855 billion last Friday to $859 billion on December 9

Indian-origin investor takes legal action after losing $2 mn in FTX crash

An Indian-origin entrepreneur, who lost $2 million after FTX went kaput last month, is taking legal action against the cryptocurrency exchange's founder, according to a report

Former FTX CEO Sam Bankman-Fried to testify before US House committee

The U.S. House Financial Services Committee plans to hold a hearing in December to investigate the collapse of FTX and expects to hear from the companies and individuals involved in it

Cryptocurrency exchange Bybit plans to cut 30% of workforce: CEO Ben Zhou

The layoffs are part of an ongoing reorganisation aimed at refocusing efforts, and reductions will be across the board

Saw many threats from crypto; CBDC was the way forward: RBI DG Sankar

Implementing NPCI volume-cap right now may have caused friction in UPI

After FTX collapse, pressure for tougher crypto rules to protect meltdown

Policymakers have for years highlighted the need for effective rules on the crypto industry, pointing to risks to consumers after a string of big market crashes and corporate failures

Crypto wrap: Positive commentary from Jerome Powell keeps market stable

In the last 7 days, Bitcoin (BTC) rose over 3 per cent and was trading at $16,970 on Friday. Ethereum (ETH) was up nearly 9 per cent and was trading at $1,280

Telegram's next step is to let users securely trade, store cryptos: CEO

He said that this can fix the wrongs caused by the excessive centralisation, "which let down hundreds of thousands of cryptocurrency users"

Indian crypto industry group writes to govt for 'strong regulations'

Bharat Web3 Association says collapse of USA's FTX highlights 'lacunae in corporate governance'

Crypto coin that surged 3,100% in India cracks amid wider mkt meltdown

BlockAura's native token, called TBAC, has tumbled 90% to $3.03 from its all-time high of $32.30 in July, according to CoinGecko