Indian cryptocurrency exchange Wazirx is implementing a socialized loss strategy to distribute the impact of the recent $230 million cyberattack among all its users. The exchange stated that 55% of users’ crypto assets will be accessible, while the remaining 45% will be converted to USDT-equivalent tokens and locked. “The fastest way to open the platform…
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Wazirx co-founder Nischal Shetty has updated the public on the $230 million security breach affecting the Indian crypto exchange. The Wazirx team is preparing a bounty program, engaging with expert teams to trace the stolen funds, and collaborating with other exchanges. “This is an unprecedented attack on one of the largest crypto exchanges in India.…
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India’s Enforcement Directorate has declared its multi-year crackdown on the “E-Nugget” scam in Kolkata successful. The operation has resulted in cash and crypto seizures, along with the arrest of the mastermind. Investigations uncovered numerous dummy accounts and led to the freezing of digital assets at various crypto exchanges, which were then transferred to the ED’s…
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One of the banking partners in the cross-border remittance service is also part of the government’s CBDC program. India’s national payment network, the unified payments interface (UPI), is expanding its services beyond Indian borders, integrating with Singapore’s PayNow rapid payment system. Shaktikanta Das, governor of the Reserve Bank of India, and Ravi Menon, managing director of…
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GARI token was launched by Salman Khan, an A-list celebrity from Bollywood, with an aim to help Indian creators monetize their content over a short video application Chingari. The domino effect of the 2022 bear market, which saw the downfall of numerous crypto ecosystems and tokens over several months, caught up to GARI token as…
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Halfway through 2022, at the proof of concept stage, RBI is in the process of verifying the feasibility and functionality of launching a CBDC. Further cementing India’s decision to introduce an in-house central bank digital currency (CBDC) in 2022-23, the Reserve Bank of India (RBI) proposed a three-step graded approach for rolling out CBDC “with…
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“I guess we have a concern that [the Reserve Bank of India] may be actually in violation of the Supreme Court ruling,” said Coinbase CEO Brian Armstrong. Just three days after debuting in the Indian market, United States-based crypto exchange Coinbase abruptly stopped using United Payments Interface (UPI), the most popular payment service in the…
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The new directives for VPN service providers and crypto exchanges would require them to collect critical private information as well as the ownership patterns of customers. The Indian Computer Emergency Response Team (CERT-in), which falls under the Ministry of Electronics and Information Technology, issued a new directive on Thursday, forcing crypto exchanges, virtual private network…
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Binance also highlighted that Indian regulators and policymakers cite the lack of education as an area of concern, hindering crypto’s widespread adoption in the region. Crypto exchange Binance announced the parallel launch of three key educational initiatives to fast-track educating Indian investors and students about the cryptocurrency and blockchain ecosystem. While recognizing the importance of…
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A director at the International Monetary Fund (IMF) says that crypto regulation is “certainly high on the agenda” for India. “We are trying to come up with global standards for #crypto asset regulations. I think that’s important for India to also adopt,” said the IMF official. IMF on Crypto Regulation in India Tobias Adrian, Financial…
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