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
Binance, one of the world’s largest cryptocurrency exchanges, is back on the Google Play Store and Apple App Store in India after a seven-month ban imposed by local authorities for operating “illegally” in the country. This comes after the exchange fulfilled its compliance requirements by registering with India’s Financial Intelligence
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,
