The massive cyberattack on WazirX that took place on July 18 has cast a long shadow over the Indian crypto community. The breach, which resulted in a $230 million loss, has shaken the confidence of Indian crypto users, prompting renewed scrutiny of exchange security and the safety of users’ funds.
India’s Directorate General of Goods and Services Tax Intelligence (DGGI) has issued a show cause notice to Binance, one of the world’s largest cryptocurrency exchanges. The notice demands a payment of ₹722 crore ($86 million) in Goods and Services Tax (GST), marking a pivotal move in the regulation of the
The Indian crypto community is facing turmoil following a major hack involving WazirX, one of the country’s largest centralized exchanges. The multi-signature wallet breach resulted in $230 million worth of assets being stolen. The recovery measures undertaken by WazirX have been widely deemed unsatisfactory, and the government’s lack of involvement
In the past several months, cryptocurrency scams have seen a sharp surge at the global level. Recently, leading Indian crypto exchange WazirX was hacked leading to the compromise of user funds. Notably, the country’s Narcotics Control Bureau (NCB) recently released a report on the Drug cases. According to the NCB
Economic Affairs Secretary Ajay Seth revealed that India will release a discussion paper on its cryptocurrency policy before September. This document seeks stakeholder feedback and will outline potential regulatory frameworks beyond the current focus on anti-money laundering (AML) and counter-terrorism financing (CTF) standards. According to the local news outlet, this
In the budget meeting for the fiscal year 2024-2025, India’s Finance Minister Nirmala Sitharaman upheld the existing tax regulations on cryptocurrencies, leaving the controversial tax-deducted-at-source (TDS) rate at 1% unchanged. This decision follows a significant urge from the crypto sector, which had asked for a reduction of the TDS to
Web3 security firm Cyvers has detected multiple suspicious transactions involving prominent Indian exchange WazirX’s Safe Multisig wallet on Ethereum. According to an X post, it is believed that $234.9 million of funds in the Multisig have been moved to a new address. Each transaction’s caller was funded by Tornado Cash,
The Indian rupee dived 0.2% to an all-time low of 83.6512 against the U.S. dollar, surpassing the early low of 83.5750 hit in April, according to the Bloomberg-compiled prices. The current low was amid continuous foreign fund outflows in the equity market and the strengthening of the greenback. This decline
The Orissa High Court in India recently stated in a Ponzi scheme accusation case, that crypto trading is not illegal. The announcement has pronounced the country’s stand on cryptocurrency amidst recent regulations discussions. According to sources, the case included two individuals who were accused of defrauding people through a Ponzi or
Indian Finance Minister Nirmala Sitharaman gears up to present the Union Budget on February 1, 2024. Whilst that, the Indian crypto community is holding its breath in anticipation of crucial developments that could shape the future of the burgeoning digital asset landscape in the country. In the wake of the
