Majority of 950 investors surveyed expect popular crypto Bitcoin to fall further halving its value to $10,000 as per latest MLIV Pulse survey.Bloomberg reports 60% of the 950 investors expect a further crash in the token wile 40% remain hopeful that the digital asset will move back towards the $30,000 mark.&nbsp;Crypto investors have seen $2 trillion being wiped out of the market as rising interest rates have reduced risk appetite globally pushing crypto enthusiasts to face a 'trading winter'.&nbsp;

Bitcoin set to drop 50% from here to $10,000: survey shows

Bitcoin is down 70% from record high but the pain is not over. Survey shows investors expect another 50% drop from here. 

The $2 trillion bitcoin and crypto crash came alongside a stock market rout that was triggered by the Federal Reserve's decision to begin raising interest rates.&nbsp;

Majority of 950 investors surveyed expect popular crypto Bitcoin to fall further halving its value to $10,000 as per latest MLIV Pulse survey. Bloomberg reports 60% of the 950 investors expect a further crash in the token wile 40% remain hopeful that the digital asset will move back towards the $30,000 mark.&nbsp; Crypto investors have seen $2 trillion being wiped out of the market as rising interest rates have reduced risk appetite globally pushing crypto enthusiasts to face a 'trading winter'.&nbsp;

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

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;

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

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;

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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.

There is a war of words on Twitter between crypto giant Binance and homegrown Wazirx which as left 15 million of the users confused and possibly in the lurch. What happened?Binance, the world’s largest crypto exchange by trading volume, said on Friday it doesn’t own India-based platform. This came as a surprise to many including WazirX who had disclosed the same over 2 years ago. The TriggerBinance issued the statement hours after the Enforcement Directorate (ED) on Friday said it had frozen bank balances of Rs 64.67 crore belonging to WazirX.What is the Binance & WazirX connectionBinance CEO Zhao released a series of tweets clarifying that Binance doesn’t own any equity in Zanmai Labs and only provides wallet services to WazirX as a technology solution.Turning Back TimeBUT WAIT! Many netizens are then confused by the much publicised images from 2019 where Binance CEO and the top team at WazirX posed together while detailing in a bolg how platform users would be able to buy cryptocurrencies using Indian rupees. What's WazirX's Stand?Nischal Shetty, the co-founder of WazirX crypto exchange stood his ground as he battled with the Binance CEO on Twitter. Stating that Binance owns WazirX domain name and Binance has root access of AWS servers and all the Crypto assets and profits.
How are users impacted?Binance provides wallet services for WazirX as a tech solution and as Zhao tweeted has the ability to shut down wallet services. Binance chief sent a panic wave throught the users as  he said  WazirX should transfer their funds to Binance.The heart of the issue remains the ED watch on WazirX. The Directorate of Enforcement (ED) on Friday conducted searches on one of the directors of Zanmai Lab Pvt Ltd, which operates WazirX, and issued a freeze order on its bank accounts. To distance themselves further Binance CEO informed its followers on Twitter “The WazirX founding team maintained control of the operations of the platform,” Zhao wrote. “We (Binance) were never given data or control of users, KYC, etc. We would love to work with ED to fix these issues in WazirX.”
 

Explained Binance vs Wazirx: The cryptic crypto ownership & the ED angle 

WazirX in war with Binance: Words to Wallets, what's at stake?

Zhao also tweeted that Binance could shut down WazirX if it wanted.

There is a war of words on Twitter between crypto giant Binance and homegrown Wazirx which as left 15 million of the users confused and possibly in the lurch.&nbsp; What happened? Binance, the world&rsquo;s largest crypto exchange by trading volume, said on Friday it doesn&rsquo;t own India-based platform WazirX. This came as a surprise to many including WazirX founders who had announced the acquistion&nbsp; 2 years ago.&nbsp; The Trigger Binance issued the statement hours after the Enforcement Directorate (ED) on Friday said it had frozen bank balances of Rs 64.67 crore belonging to WazirX. What is the Binance &amp; WazirX connection Binance CEO Zhao released a series of tweets clarifying that Binance doesn&rsquo;t own any equity in Zanmai Labs and only provides wallet services to WazirX as a technology solution. Turning Back Time BUT WAIT! Many netizens are then confused by the much publicised images from 2019 where Binance CEO and the top team at WazirX posed together while detailing in a bolg how platform users would be able to buy cryptocurrencies using Indian rupees.&nbsp; What's WazirX's Stand? Nischal Shetty, the co-founder of WazirX crypto exchange stood his ground as he battled with the Binance CEO on Twitter. Stating that Binance owns WazirX domain name and Binance has root access of AWS servers and all the Crypto assets and profits. 
How are users impacted? Binance provides wallet services for WazirX as a tech solution and as Zhao tweeted has the ability to shut down wallet services. Binance chief sent a panic wave throught the users as&nbsp; he said&nbsp; WazirX should transfer their funds to Binance. The heart of the issue remains the ED watch on WazirX. The Directorate of Enforcement (ED) on Friday conducted searches on one of the directors of Zanmai Lab Pvt Ltd, which operates WazirX, and issued a freeze order on its bank accounts. To distance themselves further Binance CEO informed its followers on Twitter &ldquo;The WazirX founding team maintained control of the operations of the platform,&rdquo; Zhao wrote. &ldquo;We (Binance) were never given data or control of users, KYC, etc. We would love to work with ED to fix these issues in WazirX.&rdquo;
&nbsp;

Two Indian brothers residing in Seattle and their Indian-American friend residing Houston have been charged in the US in the first-ever cryptocurrency insider trading scheme in which they made illicit profits totalling approximately USD 1.5 million.

First-ever cryptocurrency insider trading case: Two Indians, their Indian-American friend charged in US 

Prosecutors said the three men made illegal trades in at least 25 different crypto assets and realised ill-gotten gains totalling approximately USD 1.5 million.

Two Indian brothers and their Indian-American friend have been charged in the US in the first-ever cryptocurrency insider trading scheme in which they made illicit profits totalling over a million dollars.
Ishan Wahi, 32, and his brother Nikhil Wahi, 26, are citizens of India and were residing in Seattle while Sameer Ramani, 33, resides in Houston.
United States Attorney for the Southern District of New York Damian Williams and Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation Michael J Driscoll announced on Thursday the unsealing of an indictment.
The Wahi brothers and Ramani were charged with wire fraud conspiracy and wire fraud in connection with a scheme to commit insider trading in cryptocurrency assets by using confidential Coinbase information about which crypto assets were scheduled to be listed on Coinbase&rsquo;s exchanges.
Also read: <a href="https://www.editorji.com/business-news/cryptocurrency/ban-cryptocurrency-it-is-the-most-advisable-choice-open-to-india-rbi-1644896131651">Ban cryptocurrency, it is the most advisable choice open to India: RBI &nbsp;</a>
The Securities and Exchange Commission also announced insider trading charges against the three men.
The Wahi brothers were arrested on Thursday morning in Seattle and will be presented in the United States District Court for the Western District of Washington.
The SEC complaint said Ramani is believed to currently be in India.
Ramani and Ishan Wahi attended the University of Texas at Austin at the same time and remain close friends.
Prosecutors said the three have been charged in the first-ever cryptocurrency insider trading tipping scheme, in which the defendants made illegal trades in at least 25 different crypto assets and realised ill-gotten gains totalling approximately USD 1.5 million.
The charges "are a further reminder that Web3 is not a law-free zone. Just last month, I announced the first-ever insider trading case involving NFTs, and today I announce the first-ever insider trading case involving cryptocurrency markets," Williams said.
"Our message with these charges is clear: fraud is a fraud, whether it occurs on the blockchain or on Wall Street. And the Southern District of New York will continue to be relentless in bringing fraudsters to justice, wherever we may find them,&rdquo; Williams added.
Ishan Wahi is charged with two counts of wire fraud conspiracy and two counts of wire fraud, each of which carries a maximum sentence of 20 years.
Similarly, Nikhil Wahi and Ramani are charged with one count of wire fraud conspiracy and one count of wire fraud, each of which carries a maximum sentence of 20 years.

The Modi govt cracked down on the crypto trade making it nearly unviable for trade in an attempt to protect the retail trader. But why not a complete ban as the RBI had repeatedly advocated for? Addressing this issue in a written reply to parliament, FM Sitharaman clarified that "Any legislation for regulation or for banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards."Clearing the air that crypto will not be banned but the ambiquity around the legal status of digital tokens remains. Meanwhile the Reserve Bank of India (RBI) has been working on the Central Bank Digital Currency (CBDC) which is likely to introduced before the evasive crypto bill. 

FM Nirmala Sitharaman explains why a complete crypto ban is not possible

FM explains why a complete crypto ban is not possible

Crypto ban unlikely - find out why

Global crypto collapse has wiped 70% of the market value of digital tokens

The Modi govt cracked down on the crypto trade making it nearly unviable for trade in an attempt to protect the retail trader. But why not a complete ban as the RBI had repeatedly advocated for?&nbsp; Addressing this issue in a written reply to parliament, FM Nirmala Sitharaman clarified that "Any legislation for regulation or for banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards."
Also read/watch| <a title="Crypto Bill: A look at how the world is regulating cryptocurrencies&nbsp;" href="https://www.editorji.com/business-news/crypto-bill-a-look-at-how-the-world-is-regulating-cryptocurrencies-1658137155264">Crypto Bill: A look at how the world is regulating cryptocurrencies&nbsp;</a> Clearing the air that crypto will not be banned but the ambiquity around the legal status of digital tokens remains. Meanwhile the Reserve Bank of India (RBI) has been working on the Central Bank Digital Currency (CBDC) which is likely to introduced before the evasive crypto bill.&nbsp;

Crypto collapse has claimed another victim, crypto lender Celsius Network has filed for bankruptcy as per reports.

Crypto collapse: Another firm bites the dust, files for bankruptcy

The crypto dessimination continues, another firm files for bankruptcy leaving 1.7 million customers stranded with withdrawls frozen. 

Crypto collapse: Another firm bites the dust, files for bankruptcy 

Crypto lending company Celsius Network has filed for bankruptcy

Crypto collapse has claimed another victim, crypto lender Celsius Network has filed for bankruptcy as per reports.&nbsp; The domino effect of crypto enthusiast hedge fund Three Arrows' collapsing was felt on Celsius that halted withdrawals to avoid a bank run as popular digital tokens fell sharply from record highs. Celsius froze withdrawals and transfers last month, citing "extreme" market conditions, leaving its 1.7 million customers unable to redeem their assets. Celcius a crypto lender was valued at $3.25 billion last year,&nbsp; and managed as much as $24 billion worth of assets. Another crypto lender Voyager Digital Ltd had filed for <a href="https://www.editorji.com/business-news/this-90-year-old-beauty-brand-files-for-bankruptcy-1655359566770" target="_blank">bankruptcy </a>on July 6 after suspending withdrawals and deposits.
<a href="https://www.editorji.com/business-news/cryptocurrency/binance-expose-is-the-world-s-largest-crypto-exchange-a-safe-house-for-laundering-1654589320408" target="_blank">Binance Expose; Is the world's largest crypto exchange a safe-house for laundering?</a>
Voyager filed for Chapter 11 bankruptcy after suffering losses due to exposure to now defunct hedge fund Three Arrows Capital. A judge in New York bankruptcy court froze Three Arrows Capital&rsquo;s remaining assets this week. Digital assets have taken a big hit. Fed rate hikes, the Terra ecosystem meltdown and the collapse of crypto hedge fund Three Arrows Capital have all contributed to a 58% drop in <a href="https://www.editorji.com/business-news/cryptocurrency" target="_blank">Bitcoin in 2022</a>.

Texas, America’s second most populous state is facing potential blackouts as temperatures soar to levels last seen in 1917 and the demand for power is set to outstrip supply pushing the power grid to the brink. Residents have been urged to turn off unnecessary appliances to help reduce the heat-related demand. Meanwhile businesses have also been urged to cut back. In response, most industrial-scale bitcoin miners turned off their machines – which could help conserve enough power to prevent rolling blackouts as Texas’ cheap energy costs and loose regulation has made it one of the world’s largest cryptocurrency-mining hubs.The state home to EV maker Tesla has faced outages earlier in the summer and also freeze-out in winter. Energy-guzzling Texans faced six power plant outages in May. 

Is Texas bracing for a blackout? Heatwave pushes power grid to brink

Texas braces for blackouts as electricity demand expected to surpass supply as temperatures soar shattering records.  Bitcoin Miners asked to shut off operations to ease power demand

Texas heawave, hottest since 1917: Power grid pushed to brink 

Electricity demand expected to surpass supply as temperatures soar shattering records

Texas, America&rsquo;s second-most populous state is facing potential blackouts as temperatures soar to levels last seen in 1917 and the demand for power is set to outstrip supply pushing the power grid to the brink.&nbsp; Residents have been urged to turn off unnecessary appliances to help reduce the heat-related demand. Meanwhile, businesses have also been urged to cut back. In response, most industrial-scale bitcoin miners turned off their machines &ndash; which could help conserve enough power to prevent rolling blackouts as Texas&rsquo; cheap energy costs and loose regulation has made it one of the world&rsquo;s largest cryptocurrency-mining hubs. The state which is home to EV maker Tesla has faced outages earlier in the summer and also freeze-out in winter. Energy-guzzling Texans faced six power plant outages in May.&nbsp;

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