As Bitcoin, Ether and other cryptos continue to languish 50% below record price, another blow comes to the Crypto universe as prominent hedge fund Three Arrows Capital (3AC) defaulted on a loan worth over $670 million.Digital asset brokerage Voyager Digital issued a notice , stating that the fund failed to repay a loan of $350 million in the U.S. dollar-pegged stablecoin, as well as defaulted on a &nbsp; bitcoin loan worth about $323 million.As per reports 3AC is one of the biggest crypto-focused hedge funds, has borrowed large sums of money from various companies and invested across a number of different digital asset projects.And as the crypto winter sets in further industry watchers are worried of a domino effect of defaults from other digital token backers.The overall crypto market cap is down over $2 trillion dollars at about $950 billion vs its $3 billion peak in November.

Crypto Collapse: Hedge fund defaults on a $670 million loan

Major Crypto hedge fund defaults on a $670 million loan

Crypto Come Crumbling Down 

Last week, Voyager gave 3AC deadlines for the repayment of its BTC and USDC loans.

As Bitcoin, Ether and other cryptos continue to languish 50% below record price, another blow comes to the Crypto universe as prominent hedge fund Three Arrows Capital (3AC) defaulted on a loan worth over $670 million. Digital asset brokerage Voyager Digital issued a notice , stating that the fund failed to repay a loan of $350 million in the U.S. dollar-pegged stablecoin, as well as defaulted on a &nbsp; bitcoin loan worth about $323 million. As per reports 3AC is one of the biggest crypto-focused hedge funds, has borrowed large sums of money from various companies and invested across a number of different digital asset projects. And as the crypto winter sets in further industry watchers are worried of a domino effect of defaults from other digital token backers.The overall crypto market cap is down over $2 trillion dollars at about $950 billion vs its $3 billion peak in November.

A mega crypto scam has been uneathed by AI threat predictor firm CloudSEK that warns that this new fraud already underway coud make innocent investors lose over Rs 1000 cr. So be aware before you are a victim of this crypto trading trap. Here's how the scam works, as per CloudSEK.

Fake domain created: The fake domains are developed in a way that they replicate the official website’s dashboard and user experience
Fake social media presence: The fraudsters create a female profile on social media to approach the potential victim and establish a friendship.
Online 'promotion' and give-aways: The fake social influencer shares a $100-dollar credit, as a gift to a particular crypto exchange, which in this case is a duplicate of a legitimate crypto exchange to entice investor. 
Trading trust: After 'winning' with the $100 credit provided the investor is encouraged to add their own money to make even bigger wins. Here is where the trap happens. As soon as the investor adds their own money, the fraudsters sieze the account and block access to the funds. 
No recourse: As crypto trading is not regulated in India there is no recourse for the same, investors can just pursue a case under cyber crime with a local authority.

Last month, a resident from the upscale residential area in Mumbai was duped by more than Rs 1.5 crore in fraudulent cryptocurrency investment. The 36-year-old resident accused a website of trapping him into investing in crypto mining schemes. 
.

Crypto scam: Over Rs 1000 cr worth of fraud in India says reports

Fake crypto exchanges have defrauded 'investors' of up to ₹1,000 cr, here is what you need to know to be safe from a roaring Crypto Scam

Beware of massive Crypto scam, here is what you need to know

CloudSEK said it uncovered a gamut of phishing domains and Android applications

A mega crypto scam has been unearthed by AI threat predictor firm CloudSEK that warns that this new fraud already underway could make innocent investors lose over Rs 1000 cr. So be aware before you are a victim of this crypto trading trap.&nbsp;
Also read/watch| <a title="Zero-star-hotel: Find out why hundreds are booking a room here" href="https://www.editorji.com/business-news/zero-star-hotel-find-out-why-hundreds-are-booking-a-room-here-1656316110854">Zero-star-hotel: Find out why hundreds are booking a room here</a> Here's how the scam works, as per CloudSEK:
<ul>
<li>Fake domain created: The fake domains are developed in a way that they replicate the official website&rsquo;s dashboard and user experience</li>
<li>Fake social media presence: The fraudsters create a female profile on social media to approach the potential victim and establish a friendship.</li>
<li>Online 'promotion' and give-aways: The fake social influencer shares a $100-dollar credit, as a gift to a particular crypto exchange, which in this case is a duplicate of legitimate crypto exchange to entice investor.&nbsp;</li>
<li>Trading trust: After 'winning' with the $100 credit provided the investor is encouraged to add their own money to make even bigger wins. Here is where the trap happens. As soon as the investor adds their own money, the fraudsters seize the account and block access to the funds.&nbsp;</li>
<li>No recourse: As crypto trading is not regulated in India there is no recourse for the same, investors can just pursue a case under cyber crime with a local authority.</li>
</ul>
Last month, a resident from the upscale residential area in Mumbai was duped by more than Rs 1.5 crore in fraudulent cryptocurrency investment. The 36-year-old resident accused a website of trapping him into investing in crypto mining schemes.&nbsp;

Blockchain Solana now has its own smartphone called the Solana Saga.

Solana launches $1,000 crypto smartphone 

Blockchain Solana now has its own smartphone called the Solana Saga.

Popular blockchain Solana has entered the smartphone space with the Solana Saga, a crypto and web3-centric smartphone which will launch in 2023.
This is a rebranded Osom OV1. For those unaware, Osom is a privacy-focused startup with the same engineers who developed the Essential Phone. The company has made it clear that the OV1 has been replaced by the upcoming Solana Saga.
This new blockchain-focused phone features pretty impressive internals which include a 6.67-inch OLED display, 12GB of RAM, a Snapdragon 8+ Gen 1 chipset, and wireless charging.
Also watch: <a title="Hermit malware used to spy on iPhones and Android phones" href="https://www.editorji.com/tech-news/hermit-malware-used-to-spy-on-iphones-and-android-phones-1656066100707">Hermit malware used to spy on iPhones and Android phones</a>
&ldquo;Almost 7 billion people use smartphones around the world and more than 100 million people hold digital assets - and both of those numbers will continue to grow. Saga sets a new standard for the web3 experience on mobile,&rdquo; Solana CEO said in a blog post.
The phone will retail for $1,000 and will be initially sold in the EU, USA, Canada and UK.

Bitcoin, the world's largest crypto managed to climb back out for a breather from a 12-day slide that has eroded up to 70% value from its November high. The digital token surge 16% in the last 24 hours to hold back onto the crucial $20,000 mark, but even then is down 50% in value in just this year. Digital assets have been selling off all year along with other risky holdings as global central banks have shifted to hiking interest rates to quell soaring inflation.It is not just Bitcoin taking a beating, an index of 100 of the largest crypto coins was down more than 60% this year. The second most popular coin Ether is down 70% this year. 

Bitcoin on  a wild ride, latest updates from the crypto crisis 

It is not just Bitcoin taking a beating, an index of 100 of the largest crypto coins was down more than 60% this year.

&nbsp;Bitcoin manages to recoup all of Saturday&rsquo;s steep losses

Bitcoin, the world's largest crypto managed to climb back out for a breather from a 12-day slide that has eroded up to 70% value from its November high. The digital token surge 16% in the last 24 hours to hold back onto the crucial $20,000 mark, but even then is down 50% in value in just this year.&nbsp;
Also read/watch| <a title="Lunch date with Warren Buffett sells for $19 million&nbsp;" href="https://www.editorji.com/business-news/lunch-date-with-warren-buffett-sells-for-19-million-1655691746097">Lunch date with Warren Buffett sells for $19 million&nbsp;</a>
Digital assets have been selling off all year along with other risky holdings as global central banks have shifted to hiking interest rates to quell soaring inflation. It is not just Bitcoin taking a beating, an index of 100 of the largest crypto coins was down more than 60% this year. The second most popular coin Ether is down 70% this year.&nbsp;

In a big jolt to the crypto backers, Bitcoin broke a key level crashing below the crucial $20,000 market for the first time since December 2020. The world's largest digital token by market value has fallen for 12 days straight and has lost over 50% in value over the last 6 months. Ether, the second most popular crypto has also collapsed below the $1000 mark in Saturday's trade. After the collapse of the Terra blockchain and the recent decision by crypto lender Celsius to halt withdrawals, the crypto ecosystem seems to be crumbling. 

Bitcoin crashes below $20,000; lowest level in 2 years as value erodes 50% in 6 months

Bitcoin crashes below $20,000; 50% value wiped out this year

Crypto Collapse

Bitcoin has fallen for 12 straight days, Ether breached the $1,000 mark briefly&nbsp;

In a big jolt to the crypto backers, Bitcoin broke a key level crashing below the crucial $20,000 market for the first time since December 2020.&nbsp; The world's largest digital token by market value has fallen for 12 days straight and has lost over 50% in value over the last 6 months. Ether, the second most popular crypto has also collapsed below the $1000 mark in Saturday's trade.&nbsp; <a href="https://www.editorji.com/business-news/is-the-crypto-ecosystem-crumbling-layoffs-to-withdrawals-the-chips-start-to-fall-1655365247896" target="_blank">Read/Watch Also: Is the cypto ecosystem crumbling</a> After the collapse of the Terra blockchain and the recent decision by crypto lender Celsius to halt withdrawals, the crypto ecosystem seems to be crumbling.&nbsp;

Convicted scammer Anna Sorokin, infamous for taking hundreds of thousands of dollars from associates as she posed as a German heiress is now planning a debut i the NFT world. Anna who became a household name after Netflix's showing of 'Inventing Anna'&nbsp; said she's trying to move away from the "scammer persona" in an interview to NBC.&nbsp;The infamous socialite has minted 10 NFTs and is dangling the carrot of&nbsp; holders to get "exclusive access" to her, which includes perks like one-on-one phone calls.Better known as alias Anna Delvey, served four years in prison after she was found guilty of defrauding banks and hotels out of hundreds of thousands of dollars.&nbsp;

Scammer and fake heiress Anna Sorokin is now launching a NFT

Scammer and fake heiress Anna Sorokin is now launching a NFT as the infamous socialite tries to resurrect her persona. 

Scamster Anna is inventing herself again! Meet the new NFT avataar

&ldquo;I&rsquo;m trying to move away from this like, quote unquote scammer persona," Sorokin said in an interview to NBC

Convicted scammer Anna Sorokin, infamous for taking hundreds of thousands of dollars from associates as she posed as a German heiress is now planning a debut i the NFT world. Anna who became a household name after Netflix's showing of 'Inventing Anna'&nbsp; said she's trying to move away from the "scammer persona" in an interview to NBC.&nbsp; The infamous socialite has minted 10 NFTs and is dangling the carrot of&nbsp; holders to get "exclusive access" to her, which includes perks like one-on-one phone calls. Better known as alias Anna Delvey, served four years in prison after she was found guilty of defrauding banks and hotels out of hundreds of thousands of dollars.&nbsp;

The crypto&nbsp;ecosystem is crumbling down. As the&nbsp;Bitcoin rout continues, the token is now testing $20,000.&nbsp;Bitcoin is down more than 70% since peak in November.&nbsp;The world's largest crypto&nbsp;has fallen for nine straight days, the longest losing streak since 2014.Even popular token&nbsp;Ether, is on the cusp of breaking the $1,000 mark after a 10% drop.&nbsp;Layoffs, withdrawls, stuck redemptions and cryptic tweets have led to large speculation of a meltdown in the crypto&nbsp;universe that has been plagued by liquidity concerns and high inflation.&nbsp;

Crypto come crumbling down! Bitcoin tests $20,000 as it falls 70% from peak

The world's largest crypto is now down 70% from its peak, longest losing streak since 2014

Crypto come crumbling down! Bitcoin tests $20,000 

The world's largest crypto&nbsp;is now down 70% from its peak

The crypto&nbsp;ecosystem is crumbling down. As the&nbsp;Bitcoin rout continues, the token is now testing $20,000.&nbsp;Bitcoin is down more than 70% since peak in November.&nbsp;The world's largest crypto&nbsp;has fallen for nine straight days, the longest losing streak since 2014. Even popular token&nbsp;Ether, is on the cusp of breaking the $1,000 mark after a 10% drop.&nbsp; Layoffs, withdrawls, stuck redemptions and cryptic tweets have led to large speculation of a meltdown in the crypto&nbsp;universe that has been plagued by liquidity concerns and high inflation.&nbsp;

Bitcoin&nbsp;plunged to an&nbsp;18-month low, falling below $23,000. The most popular digital token tumbled by 15% in the past 24 hours, while&nbsp;Ethereum, which is second to bitcoin, fell 17%.Binance&nbsp;the world&rsquo;s largest crypto exchange paused withdrawals 'due to a stuck transaction'. Crypto lending company called Celsius has paused withdrawals for its customers, sparking fears of contagion into the broader market.The market cap of crypto has fallen to one third its peak value now below $1 trillion, down from $3 trillion in Nov. 2021

Crypto collapse: Bitcoin down 15%, Exchanges and lenders pause withdrawals

Crypto collapse: Bitcoin crashes, Exchanges and lenders pause withdrawals

Marketcap&nbsp;has shrunk to one-third from peak

Bitcoin&nbsp;plunged to an&nbsp;18-month low, falling below $23,000. The most popular digital token tumbled by 15% in the past 24 hours, while&nbsp;Ethereum, which is second to bitcoin, fell 17%. Binance&nbsp;the world&rsquo;s largest crypto exchange paused withdrawals 'due to a stuck transaction'. Crypto lending company called Celsius has paused withdrawals for its customers, sparking fears of contagion into the broader market. The market cap of crypto has fallen to one third its peak value now below $1 trillion, down from $3 trillion in Nov. 2021

In the latest news on Bitcoin, the crypto&nbsp;was staging a comeback.&nbsp;Bitcoin (BTC) was higher Monday, after snapping a record nine-week losing streak. Bitcoin rallied 6%in 24 hours, to about $31,500.Bitcoin has more than halved since hitting its all-time high of $68,982.20 in November. It was trading in a tight range this year before falling below $30,000 this month after the Terra collapse.JPMorgan&nbsp;strategist in the US sees an over 30% jump in the digital token from here as the Bitcoin&nbsp;seems 'oversold' in their opinion.&nbsp;

Has Bitcoin bottomed out? Crypto snaps losing streak 

Crypto has continued to move in tandem with US&nbsp;stocks that moved higher overnight.&nbsp;

In the latest news on Bitcoin, the crypto&nbsp;was staging a comeback.&nbsp;Bitcoin (BTC) was higher Monday, after snapping a record nine-week losing streak. Bitcoin rallied 6%in 24 hours, to about $31,500. Bitcoin has more than halved since hitting its all-time high of $68,982.20 in November. It was trading in a tight range this year before falling below $30,000 this month after the Terra collapse. JPMorgan&nbsp;strategist in the US sees an over 30% jump in the digital token from here as the Bitcoin&nbsp;seems 'oversold' in their opinion.&nbsp;

The video of a bulldozer crushing Bitcoin mining equipment went viral a few months ago as Indonesia cracked on operations to cut down the excessive use of power. Now New York is doing the same, not using bulldozers but crushing down on Bitcoin mining as it escalates power demand. Lawmakers in New York passed a bill to ban bitcoin mining operations that run on carbon-based power sources. The bill now heads to the Governor who could sign it into law or veto it. If turned to law, it would make New York the first state in the country to ban blockchain technology infrastructureUS which is currently at the forefront of the global bitcoin mining industry, accounts for nearly 38% of the global bitcoin miners. 

This state in the US is looking to ban bitcoin mining; here is why

This state in US is looking to ban bitcoin mining; here is why

The US&nbsp;accounts for nearly 38% of the global bitcoin&nbsp;miners.&nbsp;

The video of a bulldozer crushing Bitcoin mining equipment went viral a few months ago as Malaysia cracked on operations to cut down the excessive use of power. Now New York is doing the same, not using bulldozers but crushing down on Bitcoin&nbsp;mining as it escalates power demand.
Also read/watch | <a href="https://www.editorji.com/business-news/rbi-june-monetary-policy-factors-at-play-for-shaktikanta-das-1654078209537" target="_blank">RBI June Monetary Policy: Factors at play for Shaktikanta Das</a>
Lawmakers in New York&nbsp;passed a bill&nbsp;to ban&nbsp;bitcoin&nbsp;mining operations that run on carbon-based power sources. The bill now heads to the Governor who could sign it into law or veto it. If turned to law,&nbsp;it would make New York the first state in the country to ban blockchain technology infrastructure US which is currently at the forefront of the global bitcoin mining industry,&nbsp;accounts for nearly 38% of the global bitcoin&nbsp;miners.&nbsp;
Also read/watch | <a href="https://www.editorji.com/business-news/how-rich-is-queen-elizabeth-ii-and-where-she-gets-her-cash-from-1654249999799" target="_blank">How rich is Queen Elizabeth II and where she gets her cash from</a>

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Elon&nbsp;Musk, the self proclaimed Dogefather is boosting enthusiasm around the crypto coin as he tweeted that users can buy Tesla merchandise using the digital token.&nbsp;An ardent backer of the dogecoin&nbsp;Elon&nbsp;Musk has vocally supported the crypto&nbsp;coin on social media repeatedly. Though Tesla's ownership of Bitcoin&nbsp;which was a $1.5 bn investment in 2021 is publicly disclosed, how much Musk personally owns in any crypto is unknown.&nbsp;Netizens&nbsp;speculated that the world's richest man is pumping up the Doge price to be able to 'pump and dump' in order to fund part of the Twitter Takeover. As per reports Musk owns 36 billion DOGE - some 28.27% of the&nbsp;total circulation.Doge is near it's&nbsp; lowest levels since April 2021. The price is down around 50% from the end of year level and well below the all-time high from 2021 at 0.74 vs 0.08 right now.

Crypto Corner: Elon Musk, the Dogefather returns with boost for Doge and Tesla

The Dogefather returns, Is Elon Musk trying a pump and dump for the crypto coin? Netizens find latest move 'Dogey'

Crypto Corner: Elon Musk, the Dogefather returns

In a subtle nod to Mario Puzo's The Godfather, Elon Musk officially crowned himself "The Dogefather" last year

Elon&nbsp;Musk, the self proclaimed Dogefather is boosting enthusiasm around the crypto coin as he tweeted that users can buy Tesla merchandise using the digital token.&nbsp; An ardent backer of the dogecoin&nbsp;Elon&nbsp;Musk has vocally supported the crypto&nbsp;coin on social media repeatedly. Though Tesla's ownership of Bitcoin&nbsp;which was a $1.5 bn investment in 2021 is publicly disclosed, how much Musk personally owns in any crypto is unknown.&nbsp; Netizens&nbsp;speculated that the world's richest man is pumping up the Doge price to be able to 'pump and dump' in order to fund part of the Twitter Takeover. As per reports Musk owns 36 billion DOGE - some 28.27% of the&nbsp;total circulation. Doge is near it's&nbsp; lowest levels since April 2021. The price is down around 50% from the end of year level and well below the all-time high from 2021 at 0.74 vs 0.08 right now.

British Army’s Twitter and YouTube accounts were hacked and used to promote cryptocurrency scams as per a statement from the UK Ministry of Defence.“We are aware of a breach of the Army’s Twitter and YouTube accounts and an investigation is underway,” the Ministry of Defence Press Office said on Twitter. “The Army takes information security extremely seriously and is resolving the issue.”The videos on the British Army’s YouTube channel were replaced with old livestreams featuring Elon Musk and Jack Dorsey.  While British army handle, which is verified by Twitter, had retweeted a number of posts promoting NFTs on its timeline.The army's Twitter feed currently has 362,000 followers, while the YouTube channel has 177,000 subscribers

British Army's Twitter hacked to promote crypto scam

The videos on the British Army’s YouTube channel were replaced with old livestreams featuring Elon Musk and Jack Dorsey

British Army's Twitter, YouTube hacked to promote crypto scam

British army handle, which is verified by Twitter, had retweeted a number of posts promoting NFTs on its timeline.

British Army&rsquo;s Twitter and YouTube accounts were hacked and used to promote cryptocurrency scams as per a statement from the UK Ministry of Defence. &ldquo;We are aware of a breach of the Army&rsquo;s Twitter and YouTube accounts and an investigation is underway,&rdquo; the Ministry of Defence Press Office said on Twitter. &ldquo;The Army takes information security extremely seriously and is resolving the issue.&rdquo;
Also read/watch| <a title="Special treatment for Tesla not in India's interest: Ola Chief Bhavish Aggarwal" href="https://www.editorji.com/business-news/special-treatment-for-tesla-not-in-india-s-interest-ola-chief-bhavish-aggarwal-1656905118049">Special treatment for Tesla not in India's interest: Ola Chief Bhavish Aggarwal</a> The videos on the British Army&rsquo;s YouTube channel were replaced with old livestreams featuring Elon Musk and Jack Dorsey.&nbsp; While British army handle, which is verified by Twitter, had retweeted a number of posts promoting NFTs on its timeline. The army's Twitter feed currently has 362,000 followers, while the YouTube channel has 177,000 subscribers

From 2017 to 2021, Binance processed transactions totalling at least $2.35 billion stemming from hacks, investment frauds and illegal drug sales, a report by Reuters stated as they calculated from an examination of court records, statements by law enforcement and blockchain data.
Separately, crypto researcher Chainalysis, hired by U.S. government agencies to track illegal flows, concluded in a 2020 report that Binance received criminal funds totalling $770 million in 2019 alone, more than any other crypto exchange. Binance CEO Changpeng Zhao accused Chainalysis on Twitter of “bad business etiquette."
Reuters reviewed detailed data about Binance client transactions on 'darknet' sites – marketplaces for narcotics, weapons and other illegal items. Most of the data was provided by Crystal Blockchain, an Amsterdam-based analysis firm that helps companies and governments trace crypto funds. The data showed that from 2017 to 2022, buyers and sellers on the world’s largest darknet drugs market, a Russian-language site called Hydra, used Binance to make and receive crypto payments worth $780 million. Reuters cross-checked these figures with another analysis firm, which agreed with the findings.
In Germany, police said investigators began seeing criminals in Europe turn to Binance in 2020 to launder some of the proceeds from investment fraud schemes that caused victims, many of them pensioners, to lose in total 750 million euros ($800 million). 
The report also pointed out how North Korea’s Lazarus used Binance to launder some of the cryptocurrency stolen from Eterbase.
Binance, however, said it uses transaction monitoring and risk assessments to ensure that any illegal funds are tracked, frozen, recovered and/or returned to their rightful owner.
With around 120 million users worldwide, Binance processes crypto trades worth hundreds of billions of dollars a month.

Is Binance a safe-house for hackers, fraudsters and drug traffickers?

Is the world's largest crypto exchange Binance a safe-house for hackers, fraudsters and drug traffickers operating from Russia to North Korea?

Binance is said to have been an easy exchange to launder money through due to its previously lax KYC requirements.

A new report from Reuters claims Binance allowed more than $2.35 billion worth of criminal funds to process through its exchange unchecked. As per the investigation, from 2017 to 2021, Binance processed transactions totalling at least&nbsp;$2.35 billion&nbsp;stemming from hacks, investment frauds and illegal drug sales, a report by&nbsp;Reuters stated as they calculated from an examination of court records, statements by law enforcement and blockchain data. The Reuters report singles out entities having allegedly laundered money through Binance, including the Lazarus Group, the North Korean cybercrime syndicate responsible for&nbsp;hacking&nbsp;$550 million from the Ronin bridge last year. Hydra, a giant Russian-language darknet marketplace that used cryptocurrencies for the sale and purchase of drugs, is also said to have used Binance to process more than $780 million since early 2018 as per the report.&nbsp;
Separately, crypto researcher Chainalysis, hired by U.S. government agencies to track illegal flows, concluded in a 2020 report that Binance received criminal funds totalling $770 million in 2019 alone, more than any other crypto exchange. Binance CEO Changpeng Zhao accused Chainalysis on Twitter of &ldquo;bad business etiquette."
Binance, however, said it uses transaction monitoring and risk assessments to ensure that any illegal funds are tracked, frozen, recovered and/or returned to their rightful owner. A&nbsp;Binance spokesperson was quoted saying that &ldquo;the article uses outdated information from 2019 and unverified personal attestations as a crutch to establish a false narrative&rdquo; before highlighting Binance&rsquo;s cooperation with law enforcement in multiple cybercrime investigations.
&nbsp;

Crypto investors and innovators are moving base to Dubai as crypto regulation continues to be vague in India and high taxes making business unviable and uncertain. 

Dubai crypto rush: What is making it the crypto capital?

The world's largest crypto exchange Binance received in-principal approval from Abu Dhabi Global Market, and its CEO, Changpeng Zhao, is eyeing Dubai for its global headquarters and his base.

A new authority named the Dubai Virtual Assets Regulatory Authority or&nbsp;VARA&nbsp;was created and its objectives include promoting Dubai as a hub for virtual assets, attracting investment in Dubai&rsquo;s virtual asset sector, and providing systems to protect investors in virtual assets.

India's poistion is causing thousands of developers, investors and entrepreneurs to leave for places with more friendly regulation, said Polygon co-founder Sandeep Nailwal.
&nbsp;

Sandeep Nailwal, who co-founded Polygon in 2017, relocated to Dubai two years ago, and joining him now are the co-founders of crypto&nbsp;exchange WazirX&nbsp;as India continues to see what Nailwal&nbsp;termed a 'crypto&nbsp;brain drain'.
Even as the govt, as well as the central bank in the subcontinent, remain opposed to legitimising crypto&nbsp;assets, the Middle East seems to be gearing to welcome digital token innovators as Dubai looks to be the crypto&nbsp;capital of the world. In fact, just a month after FM Nirmala&nbsp;Sitharaman&nbsp;imposed high taxes on digital assets, without announcing any legal status for them, Dubai adopted its first virtual asset law and established a regulator.
A new authority named the Dubai Virtual Assets Regulatory Authority or&nbsp;VARA&nbsp;was created and its objectives include promoting Dubai as a hub for virtual assets, attracting investment in Dubai&rsquo;s virtual asset sector, and providing systems to protect investors in virtual assets.
This opened the floodgates and the biggies came calling. The world's largest crypto&nbsp;exchange&nbsp;Binance received in-principal approval from Abu Dhabi Global Market, even as its CEO, Changpeng Zhao, is eyeing Dubai for its global headquarters and his base.
Cryptocurrency exchange&nbsp;Bybit&nbsp;also has announced that it is shifting its headquarters from Singapore to Dubai on the same day that Singapore-based&nbsp;Crypto.com&nbsp;said it would establish a regional hub office there as well. The move comes as Singapore is tightening its regulatory grip on cryptocurrencies. The European affiliate of crypto trading platform FTX has also announced that its regional office will be in Dubai.
While the UAE is welcoming the world&rsquo;s largest crypto companies, it&rsquo;s also coming under&nbsp;increasing international scrutiny as it falters in combating money laundering. The focus increases on the emirate nation as it also becomes a 'favored' spot for rich Russians leaving Moscow amid the war and intensifying sanctions.

Around $620 million were stolen by the hackers in one of the biggest crypto theft in the world from Ronin, a blockchain network connected to the popular Axie Infinity online game.
The Ronin hack comes after more than $300 million worth of cryptos were lost in the February attack on the Wormhole bridge. 
Like any system, cryptocurrency platforms and exchange mechanisms are vulnerable to cyberattacks. As per a report, a 51% or majority attack is where an attacker gains control of more than 50% of the hashing power of a blockchain. Once a hacker has that level of control over the blockchain, they can perform double-spends and reverse transactions.
Editorji lists down top 5 crypto heists of all time:
1. Ronin | $625 million: The makers of one of the most popular blockchain-based online games, Axie Infinity, said Tuesday that hackers were able to steal assets worth about $625 million from the gaming company and its players.
Also read/watch | Big crypto heist: $600 million stolen by hackers from online game
2. Poly Network | $611 million: Poly Network is a platform in the decentralized finance or 'DeFi' space and was hit by a major attack in August 2021. Hackers stole more than $600 million worth of digital tokens. However, the hacker didn’t runoff. Instead, they opened a dialogue with the organization that was targeted and gave back nearly all of the money.
3. Coincheck | $532 million: In 2018, the Coincheck crypto-exchange hack was the world’s largest crypto heist to date. The hack was eventually identified as having started with malware-infected laptops of Coincheck employees; the infection was attributed to Russian hacking gangs. The infection is most likely to have been instigated via a phishing email.
4. Mt Gox | $470 million: Back in 2014, the Japanese crypto-exchange, Mt Gox was the most successful exchange, handling over 70% of all crypto transactions. In early 2014, the exchange was the victim of a crypto heist that stole over $470 million worth of bitcoins.
5. Wormhole Bridge | $325 million: One of the most popular bridges which links the Ethereum and Solana blockchains, was hacked in February. The attack swiped $320 million or 120,000 Ethereum.

Crypto heist: Top 5 blockchain thefts of all time

Cryptocurrency platforms and exchanges are vulnerable to cyberattacks, editorji lists down top 5 crypto heists of all time

Top 5 crypto thefts of all time

In early 2014, the most&nbsp;successful exchange Mt Gox&nbsp;was the victim of a crypto heist that stole over $470 million worth of bitcoins.

Around $620 million were stolen by the hackers in one of the biggest crypto&nbsp;theft in the world from&nbsp;Ronin, a blockchain&nbsp;network connected to&nbsp;the popular Axie Infinity online game.
The Ronin hack comes after more than $300 million worth of&nbsp;cryptos were lost in the February attack on the Wormhole bridge.&nbsp;
Like any system, cryptocurrency platforms and exchange mechanisms are vulnerable to cyberattacks. As per a report,&nbsp;a 51% or majority attack is where an attacker gains control of more than 50% of the hashing power of a blockchain. Once a hacker has that level of control over the blockchain, they can perform double-spends and reverse transactions.
Editorji&nbsp;lists down top 5 crypto&nbsp;heists of all time:
1. Ronin&nbsp;| $625 million:&nbsp;The makers of one of the most popular blockchain-based online games,&nbsp;Axie Infinity, said Tuesday that hackers were able to steal assets worth about $625 million from the gaming company and its players.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/big-crypto-heist-600-million-stolen-by-hackers-from-online-game-1648609982715" target="_blank">Big crypto heist: $600 million stolen by hackers from online game</a>
2. Poly Network | $611 million:&nbsp;Poly Network is a platform in the decentralized finance or 'DeFi' space and was hit by a&nbsp;major attack in August 2021. Hackers stole more than $600 million worth of digital tokens. However, the hacker didn&rsquo;t runoff. Instead, they opened a dialogue with the organization that was targeted and gave back nearly all of the money.
3. Coincheck&nbsp;| $532 million: In 2018, the Coincheck crypto-exchange hack was the world&rsquo;s largest crypto heist to date. The hack was eventually identified as having started with malware-infected laptops of Coincheck employees; the infection was attributed to Russian hacking gangs. The infection is most likely to have been instigated via a phishing email.
4. Mt Gox&nbsp;| $470 million:&nbsp;Back in 2014, the Japanese crypto-exchange, Mt Gox was the most successful exchange, handling over 70% of all crypto transactions. In early 2014, the exchange was the victim of a crypto heist that stole over $470 million worth of bitcoins.
5.&nbsp;Wormhole Bridge | $325 million: One of the most popular bridges which links the Ethereum and Solana blockchains, was hacked in February. The attack swiped $320 million or 120,000 Ethereum.

If you thought financial stability and money laundering are the only two big concerns around crypto you would be mistaken. The growing crypto craze is turning out to be the one of the biggest threats to the environment. Here are shocking facts about the new climate criminal in town-: 

A University of Cambridge analysis estimated that bitcoin mining consumes 121.36 terawatt hours a year. This is more than all of Argentina consumes, or more than the consumption of Google, Apple, Facebook and Microsoft combined.
Between 2015 and March of 2021, Bitcoin energy consumption increased almost 62-fold. According to Cambridge University, only 39 percent of this energy comes from renewable sources, and that is mostly from hydropower, which can have harmful impacts on ecosystems and biodiversity.
Bitcoin, which dominates more than 40% of the crypto market, has a carbon footprint comparable to that of Chile, producing 91.58 megatons of CO2 annually, this is as per Digiconomist’s Bitcoin Energy Consumption Index.
 Bitcoin consumes around 192.80 TWh of power which is as much power as Thailand uses and most of this power is generated through coal, as experts say.
The energy footprint of one bitcoin transaction is equivalent to 4.53 lakh payments on the Visa network.
The Bitcoin network also generates significant quantities of electronic waste (e-waste). The reason for this is that Bitcoin mining is done with specialized (singular purpose) hardware, which becomes obsolete roughly every 1.5 years. 
Bitcoin’s annual electronic waste generation -- 30.7 metric kilotons or 272g per transaction on average -- is comparable to the small IT equipment waste produced by a country such as the Netherlands.

It was because of these very climate concerns that China cracked down on crypto mining hoping to reduce the enormous energy consumption that was working against China’s goal to be carbon neutral by 2060

Explained: Crypto and climate change, another blow to the digital tokens

Crypto, the climate criminal: Shocking facts of global energy usage

EJ Explains| How the crypto craze is hurting the environment

Electricity consumption of Bitcoin&nbsp;is more than Google, Apple, Facebook and Microsoft combined.

If the opposition of central bankers was not enough, crypto&nbsp;backers are now contending with environmentalists&nbsp;as a threat to the climate. With New York looking to outlaw some bitcoin&nbsp;mining; cryptocurrency's&nbsp;dirty&nbsp;secret -- energy consumption -- will take the center stage in the debate. Here are shocking facts about the new&nbsp;climate criminal in town-:&nbsp;
<ul>
<li>A University of Cambridge analysis&nbsp;estimated that bitcoin mining consumes 121.36 terawatt-hours&nbsp;a year. This is more than all of Argentina consumes, or more than the consumption of Google, Apple, Facebook, and Microsoft combined. </li>
<li>Between 2015 and March of 2021, Bitcoin energy consumption increased almost 62-fold. According to Cambridge University,&nbsp;only 39 percent of this energy&nbsp;comes from renewable sources, and that is mostly from hydropower, which can have harmful impacts on ecosystems and biodiversity. </li>
<li>Bitcoin, which dominates more than 40% of the crypto&nbsp;market,&nbsp;has a carbon footprint comparable to that of Chile, producing 91.58 megatons of CO2 annually, this is as per&nbsp;Digiconomist&rsquo;s&nbsp;Bitcoin Energy Consumption Index. </li>
<li>&nbsp;Bitcoin&nbsp;consumes around 192.80&nbsp;TWh&nbsp;of power which is&nbsp;as much power as Thailand uses&nbsp;and&nbsp;most of this power is generated through coal, as experts say. </li>
<li>The energy footprint of one bitcoin transaction is equivalent to 4.53 lakh payments on the&nbsp;Visa&nbsp;network. </li>
<li>The Bitcoin network also generates significant quantities of electronic waste (e-waste). The reason for this is that Bitcoin mining is done with specialized (singular purpose) hardware, which becomes obsolete roughly every 1.5 years.&nbsp; </li>
<li>Bitcoin&rsquo;s annual electronic waste generation -- 30.7 metric kilotons or 272g per transaction&nbsp;on average -- is comparable to the small IT equipment waste produced by a country such as the Netherlands.</li>
</ul>
It was because of these very climate concerns that China cracked down on crypto mining hoping to reduce the&nbsp;enormous energy consumption that was working against China&rsquo;s goal to be carbon neutral by 2060.&nbsp;
Also read/watch:&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/crypto-crushed-flashback-to-when-malaysia-destroyed-1000-bitcoin-mining-rigs-with-a-steamroller-1637910206107" target="_blank">Crypto Crushed! Flashback to when Malaysia destroyed 1000 Bitcoin mining rigs with a steamroller</a>

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