The NFT dream isn’t dead, but it’s taken a big non-fungible beating. The market shone gloriously last year as crypto-rich speculators spent billions of dollars on the risky assets, pumping up prices and profits. Now, six months into 2022, it’s looking ugly. Monthly sales volume on the largest NFT marketplace, OpenSea, plunged to $700 million […]
05
Jul
Jul
Indian crypto exchanges have recorded a nosedive in trading volumes after the one percent TDS rule on each transaction went live on July 1. The average daily transaction volume on Indian exchanges WazirX, CoinDCX, BitBNS, and Zebpay reportedly dipped to $5.6 million (roughly Rs. 44 crore) in the last few days. Up until June, this […]
05
Jul
Jul
India’s conservative position on not encouraging cryptocurrency is being rapidly vindicated by the negative experiences of various crypto funds with the latest being Singapore’s Three Arrows crypto fund. Experts say that India correctly predicted the adverse economic headwinds and perhaps saved a lot of people from economic ruin. Last week, Singapore-based crypto hedge fund, Three […]
04
Jul
Jul
Crema Finance, a Solana blockchain-based liquidity protocol, lost a big chunk of crypto assets after being breached in a hack attack over the weekend. Crypto assets worth $8.78 million (roughly Rs. 69 crore) were leaked out of Crema Finance after the hacker(s) deployed a smart contract and used it to lend a flash loan and […]
04
Jul
Jul
Celsius Network, a cryptocurrency lending platform based in the US, has become the latest entrant in the list of crypto firms that are having to fire their employees in order to make it through the ongoing crypto slowdown. The company, headquartered in New Jersey, US, has reportedly fired a quarter of its staff, making for […]
04
Jul
Jul
Vauld, a Singapore-based crypto trading and lending platform with most of its team in India, has become the latest crypto firm to halt customer withdrawals amid the unforgiving market din. CEO Darshan Bathija said in a blog post on Monday that the firm has “made the difficult decision to suspend all withdrawals, trading and deposits […]
02
Jul
Jul
Over the last few months, there have been many discussions (and a lot of confusion) around crypto tax in India. In this post, I will briefly explain all the laws that apply to cryptocurrencies in India. Before we begin, let’s quickly understand what Non-Fungible Tokens (NFTs) are. NFTs are digital proof-of-ownership of an underlying asset […]
02
Jul
Jul
Crypto lender Voyager Digital said on Friday it has suspended withdrawals, trading and deposits to its platform and said it is exploring strategic alternatives to preserve the value of its platform. The move comes days after the company issued a default notice to embattled hedge fund Three Arrows Capital (3AC) for the fund’s failure to […]
01
Jul
Jul
Tether, the world’s largest stablecoin, said on Friday it had cut its commercial paper holdings by around 58 percent as part of an earlier commitment to reduce its exposure to riskier assets. Stablecoins — a variety of cryptocurrencies designed to keep a steady value — are in sharp focus after the collapse of the TerraUSD […]
01
Jul
Jul
Ruja Ignatova, the Bulgarian mastermind behind the infamous “One Coin” ponzi scheme, has been added to the US Federal Bureau of Investigation’s (FBI’s) Ten Most Wanted list. Ignatova, who is also known as the self-appointed “crypto queen,” has been accused of scamming her victims out of $4 billion (roughly Rs. 31,580 crore) with her fraudulent […]