Shaktikanta Das, governor of India’s Reserve Bank (RBI), has emphasized the potential usefulness of the country’s digital rupee and restated his support for Central Bank Digital Currency (CBDC). Further, he reiterated his prior position on digital assets by praising the innovation and suggesting it may be used to circumvent certain
The Indian Enforcement Directorate (ED) has arrested four individuals in connection with a massive $47.6 million scam involving the Fiewin app. It lured users into online gambling and gaming with deceptive promises. Binance’s Financial Intelligence Unit (FIU) played a crucial role in tracing the funds associated with this fraudulent network.
A joint assessment by regional bodies, including the Financial Action Task Force (FATF), has urged India to enhance its regulation of virtual assets. The FATF’s recent report on India’s efforts to combat money laundering and terrorist financing reveals significant risks associated with domestic illegal activities, primarily fraud, cyber fraud, corruption,
The cryptocurrency community is still reeling from the shock of the Indian crypto exchange WazirX hack that happened on July 18, 2024. With a staggering loss of around $230 million, this incident has become the largest cryptocurrency hack of the year. As the company works towards recovery, WazirX hackers have
The WazirX exploit has been the talk of the community for the past two months. Having become the largest cryptocurrency hack in 2024, all eyes are set on the platform’s plans and actions for recovery. Meanwhile, the WazirX hack drew new attention in the market as exploiters made their first
Zettai Pte Ltd, the parent company of crypto exchange WazirX, held a town hall meeting today to address the ongoing restructuring process following a major $230 million (₹2000 crore) crypto hack. The company has announced that “it will take up to six months to complete this restructuring, during which users
Mudrex, a Bengaluru-based cryptocurrency exchange, sought legal recourse after approximately 15 individuals complained about being defrauded. These complaints involved websites impersonating Mudrex.The Indian Court has ordered the Ministry of Communication to shut down 38 scam websites. These websites were exploiting the name of cryptocurrency exchange Mudrex. The court’s decision came
Indonesia is considering banning Telegram due to allegations of spreading pornography and promoting online gambling. According to Demandsage data, Indonesia ranks as the third-largest country in terms of Telegram usage. Budi Arie Setiadi, Indonesia’s Minister of Communication and Informatics said that Telegram promised to improve content moderation following the government’s
On August 19, WazirX announced that its systems and laptops were “not compromised” in the $230 million cyberattack fallout on July 18. The announcement follows a forensic investigation conducted by Mandiant Solutions, a Google subsidiary, which confirmed the integrity of the exchange’s equipment. According to the WazirX blog post, Mandiant
Cryptocurrency scams persistent over the past decade, often resurface from previous years for several reasons. For instance, the recent Mt.Gox payment of funds caused a stir in the market. The recent sentencing of Sam Bankman-Fried for the FTX collapse is a similar example. In the last week, a particular investor
