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Bitcoin, Ether Mark Big Gains as Wider Crypto Market Foots a Comeback After Concerns of an Imminent Crash

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The global crypto market faced a tough time over the past 24 hours after the Russian invasion of Ukraine began, as the plunge in value across popular crypto assets saw investors fearing a market crash. Fortunately, the market has managed a recovery. The world’s most valuable cryptocurrency witnessed a 7 percent dip in value within hours of the Russian invasion yesterday, but then managed a big swing, rising 10.18 percent in value over the past 24 hours. Bitcoin’s value currently stands at $40,709 (roughly Rs. 31 lakh) on Indian exchange CoinSwitch Kuber.

Meanwhile, on global exchanges, the price of the most popular cryptocurrency stood at $38,773 (roughly Rs. 29 lakh), up by 11.14 percent over the past 24 hours — a key feat for BTC bulls as analysts are of the opinion that touching the $40,000 (roughly Rs. 30 lakh) mark would be their next target. As per CoinGecko data, Bitcoin has dipped by 4.9 percent in value over the past week.

Ether, the second-largest cryptocurrency by market capitalisation, also capitulated in the wake of the attack on Ukraine, but managed a heavy comeback over the last 24 hours. At the time of writing, Ether is valued at $2,723 (roughly Rs. 2 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto’s value hover above the $2,600 (roughly Rs. 2 lakh) mark at $2,607 (roughly Rs. 2 lakh), where the coin went up by 9.77 percent over the past 24 hours. Compared to the price of Ether a week ago, CoinGecko data reveals that the cryptocurrency’s value is still down by 9.4 percent.

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Gadgets 360’s cryptocurrency price tracker reveals that all the top digital tokens were in the green as the global crypto market cap jumped about 3 percent in the last 24 hours. As has been a theme over the past week, Avalanche and Terra lead the green surge. Polygon, Polkadot, Cardano, and Solana followed suit.

Meme coins Shiba Inu and Dogecoin — the two most sought after meme coins — both went up in value in the past 24 hours. Dogecoin is currently valued at $0.13 (roughly Rs. 10) after rising by 5.62 percent over the last 24 hours. Shiba Inu is valued at $0.000025 (roughly Rs. 0.002), up by 5.83 percent over the past 24 hours.

There has been a 2 percent increase in oil prices over a single day. The reason behind this rise is the uncertainty that the Russia-Ukraine war has created. As Russia is a leading oil producer, there are chances that sanctions from the West will affect it.

Meanwhile, a total of 13 crypto mining facilities have been busted in Kazakhstan that was consuming huge chunks of electricity to generate Bitcoin, illegally. Crypto mining, the process of generating assets such as Bitcoin, is legally permitted in Kazakhstan, but only via authorised mining facilities.

The Ministry of Energy of the Republic of Kazakhstan conducted raids after having identified illegal crypto mining farms in cities and regions like Karaganda, Turkistan, Pavlodar, Akmola, and Kostanay. Illegal crypto miners are also called grey miners. The development comes under the backdrop of Kazakhstan trying to manage its power supply. Since crypto mining is legal in the country, its grids have been bearing the loads the mining machines require.

Closer home, Reserve Bank of India Deputy Governor Michael Patra has said that the central bank’s views about cryptocurrencies might have delayed the government’s proposed legislation on crypto assets.

Emphasising that the Central Bank Digital Currency (CBDC) will be introduced in FY23 as announced by Finance Minister Nirmala Sitharaman in the Budget speech, Patra said India will proceed very gradually on the subject as there are concerns on privacy, its impact on monetary policy formulation and energy intensity.

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The government had initially planned to introduce a bill on cryptocurrencies like Bitcoin during the Winter Session of Parliament in November-December 2021 but did not introduce it.


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Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Suspected Tornado Cash Crypto Mixer Developer Detained by Dutch Authorities: Details

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Suspected Tornado Cash Crypto Mixer Developer Detained by Dutch Authorities: Details

Dutch authorities on Friday said they had arrested a 29-year-old man believed to be a developer for the crypto mixing service Tornado Cash, which the United States put on its sanctions list this week. The US sanctions announced on Monday followed allegations that Tornado Cash was helping conceal billions in capital flows, including for North Korean hackers.

By mixing cryptocurrencies, the online service makes it possible to conceal the origin or destination of digital payments, increasing their anonymity.

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Tornado Cash is one of the largest crypto blenders identified as problematic by the US Treasury.

The Dutch public prosecutor’s office for serious fraud, environmental crime and asset confiscation (FIOD) said Tornado was suspected of having laundered more than $7 billion (roughly Rs. 55,700 crore) worth of virtual currency since it was created in 2019.

Tornado Cash did not reply to a request for comment.

The FIOD said the man, who was not identified, was arrested in Amsterdam on Wednesday. He is believed to have helped facilitate criminal transactions, including “funds stolen through hacks by a group believed to be associated with North Korea.” He faces money laundering charges.

In June the Financial Advanced Cyber Team division of the FIOD started an criminal investigation into Tornado Cash, the statement said. It found Tornado Cash had been used to conceal large-scale criminal money flows, including from (online) thefts of cryptocurrencies.

Further arrests have not been ruled out, prosecutors said.

On Monday, The US Treasury sanctioned zero-knowledge proof-based private transaction protocol Tornado Cash for its complicity in a crypto laundering case.

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The digital currency mixing service has allegedly been used to launder more than $7 billion (roughly Rs. 55,700 crore) worth of virtual currency since its creation in 2019, the Treasury said in announcing the enforcement action. That includes the more than $455 million (roughly Rs. 3,618 crore) stolen by the Lazarus Group, a state-sponsored hacker collective with ties to North Korea.

Monday’s move froze any US assets of the crypto mixer and generally bars Americans from dealing with it.


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Enforcement Directorate Freezes Crypto Platform Vauld’s Assets Worth Nearly Rs. 370 Crore: Details

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Enforcement Directorate Freezes Crypto Platform Vauld’s Assets Worth Nearly Rs. 370 Crore: Details

India’s Enforcement Directorate (ED) on Thursday froze $46.5 million (roughly Rs. 369.5 crore) in assets at the struggling Singapore-based cryptocurrency exchange Vauld. The country’s economic crime unit on Friday said in a press release that the frozen assets were parked in bank accounts, payment gateway balances, and wallets on the Flipvolt crypto exchange. The ED said it had conducted searches at several premises linked to the company, Yellow Tune Technologies Pvt. Ltd, over three days starting August 8.

“These amounts were nothing but proceeds of crime derived from predatory lending practices. Cryptocurrency so purchased was transferred to various unknown foreign wallet addresses,” stated the ED in a press release.

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“Lax KYC norms, loose regulatory control of allowing transfers to foreign wallets without asking any reason/declaration/KYC, non-recording of transactions on Blockchains to save costs etc, has ensured that Flipvolt is not able to give any account for the missing crypto assets,” it added.

The enforcement agency said the frozen assets that belong to Vauld’s India entity would remain held until it provides a complete fund trail.

It is worth noting that Flipvolt is the Indian arm of Singaporean crypto exchange Vauld, which suspended all deposits and withdrawals on its platform in June, following the collapse of the TerraUSD stablecoin and its sister token Luna.

Last week, assets on WazirX totalling $8 million (roughly Rs. 63.5 crore) were frozen by the ED. WazirX is among the first crypto platforms and one of the biggest exchanges in India, with volumes exceeding $43 billion (roughly Rs. 3,41,658 crore) last year.

Vauld CEO Darshan Bathija, in an email issued to stakeholders last month, said the exchange has accrued liabilities totalling $400 million (roughly Rs. 3,178 crore) against assets of just $330 million (roughly Rs. 2,622 crore).

He attributed the gap as the result of mounting losses brought on by exposure to the TerraUSD drop as well as a decline in other significant cryptocurrencies like Bitcoin and Ether.

“We are investigating this matter, we kindly request your patience and support, we will keep you updated as soon as we have more information on this,” Vauld said in a statement sent to Business Today.

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Vauld is already facing financial troubles and has halted withdrawals since July. The platform obtained a three-month moratorium extension from the Singapore High Court to explore different options a few days ago.


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UN Development Body UNCTAD Believes Banks Should Be Banned From Holding Crypto

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UN Development Body UNCTAD Believes Banks Should Be Banned From Holding Crypto

The United Nation’s development arm, UNCTAD, believes that banks should be banned from holding crypto while suggesting that developing countries should implement extensive restrictions on the usage of cryptocurrencies, given the risks they pose to tax collection. The UN Conference on Trade and Development (UNCTAD), in a series of reports published on Thursday, warns that the rising use of crypto for domestic payments and by migrant workers sending funds back home poses a challenge to states’ authority in monetary matters, which may lead to “leakage” of development funds.

The agency suggests a volley of regulatory curbs that we’ve already seen a number of countries take, although not all at once. These include imposing higher taxes on crypto transactions, requiring exchanges and wallets to register with regulators, and curbing or forbidding crypto ads.

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“The benefits that cryptocurrencies may bring to some individuals and financial institutions are overshadowed by the risks and costs they entail, particularly in developing countries,” UNCTAD said, citing risks such as tax evasion and losses from price swings that might need to be bailed out by central banks.

As highlighted by a CoinDesk report, the document advises countries to “ban regulated financial institutions from holding stablecoins and cryptocurrencies or offering related products to clients.”

By virtue, stablecoins are essentially cryptocurrencies that aim to maintain their value with respect to an established fiat currency such as the US dollar – but as seen in the recent collapse of terraUSD, they don’t always manage to do so.

Figures cited by UNCTAD show crypto is particularly popular in Russia, Ukraine and Venezuela — three countries affected by sanctions, war and hyperinflation. As of November 2021, 41 developing countries had either prohibited banks from dealing in crypto or prevented exchanges from offering crypto to retail investors, and nine have banned crypto outright, the report said.


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