Home Technology Weekly Crypto Roundup: Indian research groups, stolen NFTs and legal battles

Weekly Crypto Roundup: Indian research groups, stolen NFTs and legal battles

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Weekly Crypto Roundup: Indian research groups, stolen NFTs and legal battles

Despite the Ethereum Merge euphoria of the past few days, this week has seen the price of the crypto market’s biggest assets, Bitcoin and Ether, plummet. Bitcoin was trading slightly above $20,000 and Ether just below $1,500 on Saturday.

Despite the Ethereum Merge euphoria of the past few days, this week has seen the price of the crypto market’s biggest assets, Bitcoin and Ether, plummet. Bitcoin was trading slightly above $20,000 and Ether just below $1,500 on Saturday.

The founders and leaders of the project have experienced more turbulence than crypto traders.

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Do not neglect anything

Indian regulators are concerned that crypto exchanges are not compliant with the country’s foreign exchange laws.

According to some reports, an Indian crypto exchange CoinSwitch Kuber, which was valued at around $1.9 billion last year, has been raided by the Law Enforcement Branch. [ED], as the exchange allegedly violated forex laws by acquiring shares worth more than ₹20 billion. There was also an allegation that the company failed to comply with certain know-your-customer rules. [KYC] protocols.

A company spokesperson said CoinSwitch Kuber emphasized transparency and engagement. Some of the notable CoinSwitch Kuber investors include Andreessen Horowitz and Coinbase Ventures.

Shocking Crime Statistics

Technology research company Elliptic has confirmed that a considerable amount of financial crime has indeed taken place around the world. The company’s recently released NFT 2022 report revealed that over $100 million worth of NFTs were stolen by scammers between July 2021 and July 2022. In the past month alone, over 4,600 NFTs were stolen, beating a new record.

However, those behind NFT thefts are not just lone hackers or civilian scammers.

“NFT-based services are increasingly under threat from sanctioned entities and state-sponsored exploits. This was underlined by Axie Infinity’s $540 Million Ronin Bridge Heist by the North Korean group Lazarus and the possession of NFTs by the US-sanctioned crypto-asset exchange Chatex. Digital assets worth over $160,000 from sanctioned entities were used to purchase NFTs,” Elliptic’s report states.

Another exploit of scammers and hackers is the Discord server or social media channels of NFT projects, despite account administrators using multi-factor authentication.

The report noted that although crimes represented a small proportion of all NFT transactions, the information could significantly damage the image of the NFT market and spoil the trading experience for legal users.

Theft charges

Crypto investors and regulators around the world are following the case of crypto lender Celsius Network LLC., which abruptly froze transfers and withdrawals on its platform on June 12 and filed for Chapter 11 bankruptcy about a month later.

On Tuesday this week, Celsius sued its former investment manager Jason Stone and his company KeyFi Inc., claiming its failure to invest assets competently resulted in losses of “several tens of millions of dollars”.

KeyFi, meanwhile, previously sued Celsius for allegedly running a Ponzi scheme, among other charges.

According to court documents, Mr Stone worked with Celsius for less than a year, until March 2021.

However, the crypto community is more eager to hear from Celsius founder and CEO Alex Mashinsky. The CEO, once a frequent tweeter who disagreed with critics and skeptics at Celsius, hasn’t tweeted since around July 19. it never happens.

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