Page 41 - Cryptocurrency

31 lose money after investing in crypto cloud mining app in Maharashtra

Thirty one people from Solapur city in Maharashtra have allegedly been cheated of Rs 45 lakh after they made investments through a crypto cloud mining app, police said citing complaints. Cloud mining is a mechanism to mine a cryptocurrency, such as bitcoin, using rented cloud computing power and without having to install and directly run the hardware and related software. "The investors were asked to download the CCH Cloud Miner App and the crypto trading app. They were asked to convert their Indian currency into dollars using the crypto trading app and were made to invest in the CCH Cloud Miner App," a police official said on Tuesday. So far, 31 people have approached the police with complaints of cheating, he said, adding that some of the investors received returns initially. "We have registered a case against three persons who had lured people to download the app and invest money under the pretext of offering hefty returns," police inspector Udaysinh Patil said. The trio is in

At least 30 people from Solapur lose money on crypto cloud mining app

More than 30 people from Solapur city in Maharashtra have allegedly been cheated of Rs 45 lakh after they invested through a crypto cloud mining app, police said on Tuesday citing complaints. Police said a case will be registered against three persons who had lured people to download the app and invest money under the pretext of offering hefty returns. The trio is in the jewellery business in Solapur, said a police officer. He said so far 30 people have approached the police with complaints of cheating. "Investors were asked to download the CCH Cloud Miner app and the crypto trading app. They were asked to convert their Indian currency into dollars using the crypto trading app and were made to invest in CCH Cloud Mining App," the officer said. He said some investors received returns initially. Cloud mining is a mechanism to mine a cryptocurrency, such as bitcoin, using rented cloud computing power and without having to install and directly run the hardware and related software.

Indian-origin Sikh on trial for $10.4-mn crypto bungle in Melbourne

An Indian-origin Sikh and his partner, who received $10.4 mn from a cryptocurrency company by mistake, will face trial in Australia over allegations that they spent the money

Crypto.com labels mass layoff of 2,000 employees report as 'inaccurate'

Cryptocurrency exchange Crypto.com has said that the report suggesting that it laid off over 2,000 of its employees was "incorrect", media reports say

OECD releases global framework for exchange of info on cryptocurrencies

The exchange of information on cryptocurrency between countries will become automatic under the new framework propsed by OECD

Crypto weekly wrap: Binance hack, inflation fears keep volatility high

The biggest news of the crypto world this week was that roughly $100 million of Binance Coin was stolen by hacking. It has sent the price of Binance down by 4 per cent

Crypto exchange ZebPay applies for license in Singapore, also eyeing UAE

Daily trading volume on ZebPay has dropped from a high of $122 million in October 2021 to just over $700,000, data from Nomics shows

Over 51% of daily Bitcoin volume on crypto exchanges fake: Report

More than 51 per cent of the total Bitcoin trading volume on various crypto exchanges this year is fake amid volatile global economic conditions, a new report has claimed

Copycat threat to goodwill, trademark of legacy brands increasing

Small businesses violate trademark laws with deceptively similar brand names which not only confuses consumers, but also leads to production of fake goods resulting in huge losses to corporates

Crypto losses reach $428 million in Q3 globally; hacking cases top concern

The world saw crypto losses up to $428 million in the third quarter (Q3), down 36 per cent from Q2, from hacks and frauds, a new report has shown

Kim Kardashian settles with SEC over crypto promotion, to pay $1.26 mn

Kim Kardashian has agreed to settle charges brought by the Securities and Exchange Commission and pay USD 1.26 million for promoting a cryptocurrency on social media without disclosing the payment she received for the plug. The SEC said on Monday that the reality TV star and entrepreneur has agreed to cooperate with its ongoing investigation. The SEC said Kardashian failed to disclose that she was paid USD 250,000 to publish a post on her Instagram account about EMAX tokens, a crypto asset security being offered by EthereumMax. Kardashian's post contained a link to the EthereumMax website, which provided instructions for potential investors to purchase EMAX tokens. The federal securities laws are clear that any celebrity or other individual who promotes a crypto asset security must disclose the nature, source, and amount of compensation they received in exchange for the promotion, Gurbir Grewal, director of the SEC's division of enforcement, said in a prepared statement. Kardashia

More than 12,000 crypto coins become zombies in market slump: Report

Most blockchain projects are built around bespoke digital coins, which often function as user rewards and compensate developers for their woring them inck, giventive to stay involved

Indian crypto exchange WazirX fires 40% of staff amid downturn: Report

The laid-off employees were informed on Friday that they would be paid for 45 days and that they would no longer be needed to report for work, says the report

Bitcoiners hunker down for 'storms ahead' as retail investors stay away

Even with the narrative going around that crypto hung tough in the July-September stretch, the mood has remained sour

ED freezes crypto currency, Tether worth Rs 47.64 lakh under PMLA

The Enforcement Directorate has freezed crypto currencies and Tether, an Ethereum token that is pegged to the value of a US dollar, equivalent to Rs 47.64 lakh under the provisions of the Prevention of Money Laundering Act (PMLA). This has come following an investigation conducted by the ED against a person named Aamir Khan and others relating to the Mobile gaming application, E-nuggets, According to an Enforcement Directorate (ED) statement. The ED initiated the money laundering investigation on the basis of an FIR registered on February 15, 2021 under various sections of IPC by the Park Street police station in Kolkata against Khan and a few others based on complaint filed by the Federal Bank in a Kolkata court. Khan launched a mobile gaming application namely E-Nuggets, which was designed for the purpose of defrauding public. Further, after collecting handsome amount from the public, all of a sudden, the withdrawal from the said app was stopped on the pretext of one and other ...

Six months on, crypto tax leading to siphoning of India's wealth: Experts

The crypto industry is largely unregulated in India, and the central government, along with the Reserve Bank of India (RBI), have repeatedly refused to make cryptocurrencies legal

TMS Ep271: Free foodgrain, engineering workforce, crypto, abortion law

Was it prudent to extend the free foodgrain scheme? Which states produce India's engineering workforce? Are crypto markets in trouble? What is SC's ruling on abortion law? Answers here

Equities, Gold, FDs: Where should you invest as global headwinds rise?

With the domestic economy looking ripe to shine despite a possible global recession, analysts recommend investors look at investing a bulk of their investable surplus in equities

Celsius Network CEO Alex Mashinsky resigns from bankrupt crypto firm

The price of the Celsius token fell 7% to $1.37 following the announcement, according to CoinMarketCap

Bitcoin jumps past $20,000, helps cryptos scale $1 trillion-mark

The largest token added as much as 6.1% as of 12:30 p.m. in Tokyo, reaching the highest in more than a week. Ether, Solana and Avalanche also rose