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His remarks come against the backdrop of the US Securities and Exchange Commission approving changes to allow the creation of bitcoin exchange-traded funds in the US

RBI Governor Das on Crypto regulations, 'What works for one market may not suit India's needs'

<h2>His remarks come against the backdrop of the US Securities and Exchange Commission approving changes to allow the creation of bitcoin exchange-traded funds in the US</h2>

&nbsp;Reserve Bank Governor Shaktikanta Das on Thursday said the central bank will not emulate others on crypto currency regulations and asserted that "what is good for another market need not be good for us".
His remarks come against the backdrop of the US Securities and Exchange Commission approving changes to allow the creation of bitcoin exchange-traded funds in the US.
"What is good for another market need not be good for us. Therefore our views -- both that of the Reserve Bank and personally that of mine -- remain the same," Das said on crypto currency regulations.
He was speaking at a BFSI summit organised by the publication Mint.
To a question whether he sees the forthcoming vote-on-account to be inflationary, he said going by the past records of the present government, he feels that the interim budget will not lead to inflationary pressures.
The governor pointed to the many supply side measures that the government has taken to contain price rise since the beginning of the Russia-Ukraine war.

Finance Minister Nirmala Sitharaman and Governor of the Reserve Bank of India (RBI), Shaktikanta Das, co-chaired a gathering of finance ministers and central bank governors of G20 member countries

 Important statement from FM Nirmala Sitharaman about India's position on crypto

Finance Minister Nirmala Sitharaman and RBI Governor, Shaktikanta Das, co-chaired a gathering of finance ministers and central bank governors of G20 member countries and made a stand on crypto handling&nbsp;

Nirmala Sitharaman, the finance minister, stated on Friday that the G20 nations concur that there needs to be worldwide regulation of cryptocurrencies. Sithataman stated during a press conference in Washington, DC that there is growing awareness among G20 countries that a coordinated understanding would be necessary to handle and manage crypto assets.
"I am glad to say that there is a greater acceptance among all G20 members, that any action on crypto assets will have to be global," Sitharaman said. "The G20, I think, has responded fairly with alacrity (on the crypto challenge)," she further added.
She responded to a question by saying, 'The G20 and its members agree that it's not going to be possible for an independent standalone country to deal with the crypto assets and that it has to have a globally coordinated understanding on how to go about regulating crypto assets'.
According to Sitharaman, a conversation on the subject would take place in September and October to determine the path for handling cryptocurrency. The finance minister added that because they are not backed by any sovereign asset, crypto assets, especially those that are not held by central banks, can contribute to macroeconomic instability.

Bankman-Fried has been charged with wire fraud, conspiracy to commit money laundering as well as election finance violations

US charges Sam Bankman-Fried for bribing Chinese officials

Bankman-Fried has been charged with wire fraud, conspiracy to commit money laundering as well as election finance violations

US officials alleged that former FTX chief Sam Bankman-Fried authorized bribes of at least $40 million to Chinese officials, according to an updated indictment filed Tuesday.
The payments came after Chinese officials in early 2021 froze some $1 billion in cryptocurrency trading accounts controlled by FTX affiliate Alameda, according to an amended criminal indictment signed by US Attorney Damian Williams.
The move amounts to a 13th criminal charge against the former cryptocurrency highflyer, for 'conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act.'
Bankman-Fried has also been charged with wire fraud, conspiracy to commit money laundering as well as election finance violations.

October alone saw £629m stolen- the most recorded in a single month

Crypto hacking: 2022 was the biggest year ever, North Korea has the most hackers

Crypto hacking: 2022 was the biggest year ever, this country has the most hackers

October alone saw &pound;629m stolen- the most recorded in a single month

2022 was indeed a challenging year for crypto industry after bankrupt cryptocurrency exchange FTX had around $1.4 billion in cash as of the end of 2022. But this is not all, a new report &nbsp;by US-based blockchain analytics firm, Chainalysis says that 2022 was the biggest year ever for the Crypto hacking.&nbsp; 
<h3>Crypto hacking</h3>
 According to reports, October 2022 alone saw &pound;629m stolen- the most recorded in a single month. It further said that North Korea-backed hackers stole $1.7bn (&pound;1.4bn) of crypto in 2022, says blockchain analysis firm Chainalysis.&nbsp; The annual report by Chainalysis, a blockchain analysis firm which sees its data used by governments, banks, and businesses worldwide, says the activity was largely driven by hackers based in North Korea. Experts have said the country, facing heavy sanctions, is turning to crypto theft to fund its nuclear arsenal.

The sector also hopes that the government would allow crypto investors to offset and carry forward their losses to create a level-playing field for virtual digital assets (VDAs) in India

Budget 2023: Crypto industry expectations from FM Nirmala Sitharaman

The industry hopes that the government would allow crypto investors to offset and carry forward their losses to create a level-playing field for virtual digital assets (VDAs) in India

Crypto trading volumes in India took a big hit, crashing as much as 90% after the introduction of 30% crypto tax in the last budget. In this scenario, the industry has listed a slew of expectations from the union budget.&nbsp;
The crypto industry is hoping that FM Sitharaman announces a proper regulatory framework for homegrown crypto exchanges. Also on the wishlist is more clarity on the impending Crypto Bill, as well as some relief on crypto taxation (which stands at 30 per cent currently).&nbsp; Tarusha Mittal, Co-founder and COO, UniFarm and Dapps, says, &ldquo;the government should frame strong regulations for the sector in light of the FTX crisis [which wiped out billions of dollars in global investor money] especially for centralized bodies dealing with crypto.&rdquo;
The sector also hopes that the government would allow crypto investors to offset and carry forward their losses to create a level-playing field for virtual digital assets (VDAs) in India. Crypto bosses further expect the TDS exemption limit to be raised &ldquo;to a reasonable level&rdquo;.

In Budget 2022, the govt took a conservative stand on taxation by announcing flat 30% on income from digital virtual assets or crypto

Crypto tax impact: Crypto trade in India takes big hit

Crypto exchange trade in India down by ₹32k cr since...

Crypto crisis in India 

In Budget 2022, the govt announced a 30% tax on income from digital virtual assets or crypto. Since then, cryptos worth 32,000 crore has been moved from Indian to foreign crypto exchanges.

It has been over a year since the Indian government announced a 30 per cent tax on the income from crypto assets and one per cent tax deduction, but the real repercussions are being seen now.
According to reports, cumulative trade volume worth Rs 32,000 crore has shifted from Indian crypto exchanges to foreign ones between February to October.&nbsp;
In February and March 2022, domestic centralised crypto exchanges lost 15 per cent of their total trading volumes. Between April and June, they lost another 14 per cent, and 81 per cent of all trading volume was lost between July and October.&nbsp;
Apart from India, the crypto market saw a massive sell-off in 2022. The total market cap has fallen from over $2 trillion at the end of 2021 to $819 billion. Several exchanges, including FTX, have filed for bankruptcy. The price of Bitcoin, the largest crypto token by market cap, has fallen over 70 per cent since its peak in November 2021.&nbsp;

Bankman-Fried pleaded not guilty to all eight counts against him -- five of which carry a maximum sentence of 20 years in prison each

Ex-crypto boss Bankman-Fried pleads not guilty to fraud

Bankman-Fried pleaded not guilty to all eight counts against him -- five of which carry a maximum sentence of 20 years in prison each

FTX co-founder Sam Bankman-Fried pleaded not guilty Tuesday to US criminal fraud charges over the spectacular collapse of his crypto exchange.
The 30-year-old former digital currency billionaire, who is out on bail, entered the plea in federal court in Manhattan before New York judge Lewis Kaplan.
FTX and its sister trading house Alameda Research went bankrupt in November, dissolving a virtual trading business that at one point had been valued by the market at $32 billion.
The United States has charged Bankman-Fried with conspiracy, wire fraud, money laundering and election finance violations.

As king of crypto, his influence was starting to pour into political and popular culture. FTX bought prominent sports sponsorships with Formula Racing and bought the naming rights to an arena in Miami

Sam Bankman-Fried's downfall sends shockwaves through crypto world

The downfall of Sam Bankman-Fried

As king of crypto, his influence was starting to pour into political and popular culture. FTX bought prominent sports sponsorships with Formula Racing and bought the naming rights to an arena in Miami

Sam Bankman-Fried received numerous plaudits as he rapidly achieved superstar status as the head of cryptocurrency exchange FTX: the saviour of crypto, the newest force in Democratic politics and potentially the world&rsquo;s first trillionaire.
Now the comments about the 30-year-old Bankman-Fried aren&rsquo;t so kind after FTX filed for bankruptcy protection, leaving his investors and customers feeling duped and many others in the crypto world fearing the repercussions. Bankman-Fried himself could face civil or criminal charges. Bankman-Fried founded FTX in 2019, and it grew rapidly &mdash; it was recently valued at $32 billion. The son of Stanford University professors, who was known to play the video game &ldquo;League of Legends&rdquo; during meetings, Bankman-Fried attracted investments from the highest echelons of Silicon Valley.
Bankman-Fried and his company are under investigation by the Department of Justice and the Securities and Exchange Commission. The investigations likely center on the possibility that the firm may have used customers&rsquo; deposits to fund bets at Bankman-Fried&rsquo;s hedge fund, Alameda Research, a violation of U.S. securities law.

According to the RBI, cryptocurrencies have specifically been developed to bypass the regulated financial system and this should be reason enough to treat them with caution

World is facing crypto meltdown; what about Indian investors?

According to the RBI, cryptocurrencies have specifically been developed to bypass the regulated financial system and this should be reason enough to treat them with caution

While Cryptocurrency markets worldwide have been battered with billions of dollars being wiped out but India managed to stay relatively unscathed thanks to a cautious approach of the government and the RBI.
While the Reserve Bank of India (RBI) has refused to recognise cryptocurrencies and repeatedly issued warnings against trading in them, the government fired the tax bullet to wean off demand.
In India, the RBI has been resolutely opposing virtual currency from day one while the government initially was toying with the idea of regulating such instruments by bringing a law.
Industry estimates put exposure of Indian investors to crypto assets at only 3 per cent.
Industry experts said the high rate of tax and increased compliance requirement due to TDS has dampened investor mood and crypto exchanges have seen a decline in trade volume.

The collapse of the world's second largest crypto exchange shook confidence in the already troubled cryptocurrency market

Collapsed Crypto exchange FTX owes $3.1bn to its 50 top creditors

Collapsed Crypto exchange FTX owes $3.1bn to its creditors

The collapse of the world's second largest crypto exchange shook confidence in the already troubled cryptocurrency market

Cryptocurrency exchange FTX, which has filed for US bankruptcy court protection, said it owes its 50 biggest creditors nearly $3.1 billion.
The exchange owes about $1.45 billion to its top ten creditors, it said in a court filing on Saturday, without naming them.
FTX and its affiliates filed for bankruptcy in Delaware on Nov. 11 in one of the highest-profile crypto blowups, leaving an estimated 1 million customers and other investors facing total losses in the billions of dollars.
The crypto exchange said on Saturday it has launched a strategic review of its global assets and is preparing for the sale or reorganization of some businesses.

Crypto exchanges are facing not just a funding winter but also severe regulatory crackdowns worldwide

Crypto Corner: Binance buys rival FTX, rescue takeover explained 

Crypto exchanges are facing not just a funding winter but also severe regulatory crackdowns worldwide

The crypto kings were warring and the battle ended with Binance, the largest crypto exchange by volume,agreeing to buyout its biggest rival FTX. &nbsp;But this crypto takeover had many twists and turns with many pointing to Binance for being the reason its rival was forced into a liquidity crisis.&nbsp;
Crypto exchange FTX &nbsp;backed by billionaire Sam Bankman-Fried also known by his initials SBF, was valued at a whopping $32 billion earlier this year. SBF&rsquo;s net worth was estimated at $17 billion mostly due to his stake in the company. So where did the fortunes turn?
Memes and rumours flooded social media over the weekend that FTX, the world&rsquo;s second largest crypto exchange was at the brink of insolvency after a leaked balance sheet of sister concern Alameda showed huge holdings of its own crypto FTT and large leverage levels.&nbsp;
To add fuel to the fire, rival crypto giant Binance chief Changpeng Zhao (who was one of FTT&rsquo;s initial investors, incidentally) tweeted that Binance would begin liquidating all of its FTT &ldquo;due to recent revelations.&rdquo;
This led to panic among investors and finally FTX founder and CEO SBF took to the microblogging site and stated &ldquo;A competitor is trying to go after us with false rumours. FTX is fine. Assets are fine.&rdquo;
But clearly it was not all fine as within 48 hours, crippled under a crypto and cash crunch SBF not only admitted to the crisis but thanked those he indicated caused it just a few day ago. &ldquo;A huge thank you to CZ, Binance, and all of our supporters,&rdquo; said Bankman-Fried, CEO of FTX.com, on Twitter. &ldquo;Our teams are working on clearing out the withdrawal backlog as is. This will clear out liquidity crunches; all assets will be covered 1:1. This is one of the main reasons we&rsquo;ve asked Binance to come in.&rdquo;
Binance Boss Zhao confirming the deal stated on Twitter &ldquo;To protect users, we signed a non-binding LOI, intending to fully acquire FTX.com and help cover the liquidity crunch,&rdquo;&nbsp;
Crypto exchanges are facing not just a funding winter but also severe regulatory crackdowns worldwide. While Sam Bankman-Fried was summoned to testify before the US Congress, Binance which operates without a headquarters after moving out of china is now facing regulatory hurdles in over seven countries worldwide.

As the crypto market has been in the grip of a bear market because of the current global economic slowdown, Cryptocurrency exchange, WazirX laid off 40% of its employees.

WazirX lays off 40% of its employees amid crypto winter

WazirX daily trading volumes have been steadily declining from a one year high of 478 million on October 28, 2021 to 1.5 million on October 1, 2022

As the crypto market has been in the grip of a bear market because of the current global economic slowdown, Cryptocurrency exchange, WazirX laid off 40% of its employees.
According to reports, the Nischal Shetty-led company has laid off 50 to as many as 70 employees of the exchange's workforce of 150.&nbsp;
The company, in its statement, said, &ldquo;Our priority is to be financially stable and to continue serving our customers. To achieve this, we&rsquo;ve had to reduce our staff to weather the crypto winter.&rdquo;&nbsp;
This comes days after the Enforcement Directorate(<a href="https://www.editorji.com/india-news/politics/delhi-businessman-held-by-ed-in-alleged-excise-policy-scam-1664344354567">ED</a>) unfroze <a href="https://www.editorji.com/story/wazirx-starts-independence-week-contest-with-a-mega-rs-4-lakh-worth-crypto-giveaway-1628653784493">WazirX</a>&rsquo;s bank accounts, allowing the platform to resume banking operations. The platform&rsquo;s account was frozen by the regulator as a part of an ongoing probe into alleged fraud on instant loan applications, which provided short-term loans.
WazirX daily trading volumes have been steadily declining from a one-year high of 478 million on October 28, 2021, to 1.3 million on October 2, 2022.&nbsp;
Read More:- <a href="https://www.editorji.com/business-news/rbi-hikes-repo-rate-to-rein-in-inflation-lowers-gdp-forecast-1664518544931">RBI hikes repo rate to rein in inflation, lowers GDP forecast</a>

The 1 per cent tax deducted at source (TDS) on virtual digital assets (VDAs) and cryptocurrencies is another chaos in India’s crypto space. Three Cryptocurrency exchanges -- ZebPay, WazirX and CoinDCX -- suffered declines of between 60% and 87% in the value of daily trading immediately after the 1% tax-deductible at source became effective on July 1, as compared to previous three-day periods in late June. The TDS rule states that all trades involving the sale and transfer of crypto assets will be charged a 1 percent fee on the seller's end. The 1% TDS rule, which was proposed earlier this year in Budget 2022, has been introduced through a new section 194S in the Income-tax Act. 
The government introduced a tax regime for digital assets in February, consisting of the TDS and a flat 30% tax on income from crypto investments. It also banned offsetting of losses on such assets, treating them differently from stocks and bonds. 

Crypto crises in India continues; new TDS rule brings down trading volume

Indian govt introduced a tax regime for digital assets in February, consisting of the TDS&nbsp;and a flat 30% tax on income from crypto investments

The 1 per cent tax deducted at source (TDS) on virtual digital assets (VDAs) and cryptocurrencies is another chaos in India&rsquo;s crypto space.
 Also read/watch| <a title="EV companies under fire, govt sends show cause notice&nbsp;" href="https://www.editorji.com/business-news/ev-companies-under-fire-govt-sends-show-cause-notice-1656991462823">EV companies under fire, govt sends show cause notice&nbsp;</a> Three Cryptocurrency exchanges -- ZebPay, WazirX and CoinDCX -- suffered declines of between 60% and 87% in the value of daily trading immediately after the 1% tax-deductible at source became effective on July 1, as compared to previous three-day periods in late June.&nbsp; The TDS rule states that all trades involving the sale and transfer of crypto assets will be charged a 1 percent fee on the seller's end. The 1% TDS rule, which was proposed earlier this year in Budget 2022, has been introduced through a new section 194S in the Income-tax Act.&nbsp;
The government introduced a tax regime for digital assets in February, consisting of the TDS and a flat 30% tax on income from crypto investments. It also banned offsetting of losses on such assets, treating them differently from stocks and bonds.&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>.

Here are the three important changes in income tax rules that will come into effect from Friday, July 1, 2022:- 
1. PAN-Aadhaar Linking Fine to Increase
Those who have not yet linked their PAN Aadhaar will have to pay a fine of Rs 1,000 if they try to link both the documents from July 1. Till June 30, the fine has been capped at Rs 500. The Central Board of Direct Taxes has extended the deadline to link PAN-Aadhaar to March 23, but people will have to pay a fine of Rs 1,000 if it is done on or after July 1.
2. TDS on cryptocurrencies: After the imposition of 30 per cent flat income tax on cryptocurrencies from 1st April 2022, the GoI had proposed an additional 1 per cent TDS on cryptocurrency transactions in the union budget 2022, irrespective of the gain or loss incurred by the investor.
One per cent Tax Deduction at Source (TDS) on all cryptocurrency transactions will be levied from July 1st. 
3. TDS On Doctors, Social Media Influencers:
FM Sitharaman had introduced a new section (194R) in the Income Tax Act 1961 in the Union Budget 2022, which proposes a 10 per cent TDS on monetary benefits received by doctors and social media influencers through sales promotion (on social media) beginning July 1, 2022. 

From PAN to crypto TDS; all rules changing from July 1

Three major changes to income tax rules are going to be applicable to different taxpayers

Here are the three important changes in income tax rules that will come into effect from Friday, July 1, 2022:-&nbsp;
1. PAN-Aadhaar Linking Fine to Increase
Those who have not yet linked their PAN Aadhaar will have to pay a fine of Rs 1,000 if they try to link both the documents from July 1. Till June 30, the fine has been capped at Rs 500. The Central Board of Direct Taxes has extended the deadline to link PAN-Aadhaar to March 23, but people will have to pay a fine of Rs 1,000 if it is done on or after July 1.
2. TDS on cryptocurrencies: After the imposition of 30 per cent flat income tax on cryptocurrencies from 1st April 2022, the GoI had proposed an additional 1 per cent TDS on cryptocurrency transactions in the union budget 2022, irrespective of the gain or loss incurred by the investor.
One per cent Tax Deduction at Source (TDS) on all cryptocurrency transactions will be levied from July 1st.&nbsp;
3. TDS On Doctors, Social Media Influencers:
FM Sitharaman had introduced a new section (194R) in the Income Tax Act 1961 in the Union Budget 2022, which proposes a 10 per cent TDS on monetary benefits received by doctors and social media influencers through sales promotion (on social media) beginning July 1, 2022.&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;

After EdTech startups, layoff and cost cutting's focus has now moved to Cryptos. 
Leading crypto exchange Coinbase, which halted payments via unified payments interface (UPI) mode on its app in India in April, announced will extend its hiring freeze for the foreseeable future and rescind a number of accepted offers in order to deal with current macroeconomic conditions.
The drawback comes as the crypto market at large feels in flux. Other major crypto companies have also been slowing hiring in response to a downturn in prices — US-based crypto exchange operator Gemini also slashed about 10% of its work force, citing “turbulent market conditions that are likely to persist for some time.”The CEO and President penned a letter to Gemini employees  (whom they call "astronauts") to inform their team that they would be cutting 10% of their total workforce due to what they are calling the "crypto winter."
This is reportedly the first time Gemini has announced layoffs since its inception in 2014. The cuts come amid a currently bearish crypto market and macroeconomic conditions when job reductions are increasing.

'Crypto winter is here': Big players like Coinbase, others adopt cost cutting measures

Crypto companies have also been slowing hiring in response to a downturn in prices

Here's everything you need to know 

Crypto Winter: Big lay offs and cost cutting begin

U.S.-based cryptocurrency&nbsp;exchange&nbsp;Gemini&nbsp;laid off 10 percent of its staff citing the&nbsp;industry's&nbsp;contraction phase and&nbsp;macroeconomic market conditions.

After edtech&nbsp;startups, layoffs and cost cuttings hit employees at&nbsp;Crypto&nbsp;companies!
United States' largest&nbsp;crypto exchange&nbsp;Coinbase&nbsp;has announced&nbsp;to extend its hiring freeze for the foreseeable future and also revoke a number of accepted offers in order to deal with current macroeconomic conditions.
It earlier froze hiring for two weeks&nbsp;and now, the crypto exchange says it will pause hiring for as long as this macro-environment requires."
Also read/watch| <a title="Top 5 'fat-finger' trades that rocked global markets&nbsp;" href="https://www.editorji.com/business-news/markets/top-5-fat-finger-trades-that-rocked-global-markets-1654237180065">Top 5 'fat-finger' trades that rocked global markets&nbsp;</a>
U.S.-based crypto exchange Gemini has also slashed about 10 percent of its workforce, citing &ldquo;turbulent market conditions that are likely to persist for some time.&rdquo;
Billionaire bitcoiners Cameron and Tyler Winklevoss, the CEO and President of the company, penned a letter to Gemini employees, whom they call "astronauts," to inform about the lay offs, what they are calling the "crypto winter."
This is&nbsp;reportedly&nbsp;the first time Gemini has announced layoffs since its inception in 2014. The cuts come amid a currently bearish crypto market and macroeconomic conditions when job reductions are increasing.
In the last two months, the market cap of all the cryptocurrencies&nbsp;fell to half. Even as the largest crypto&nbsp;Bitcoin&nbsp;fell from over $67,000 in November&nbsp;2021 to a close $30,000-level now.

After falling to a near-zero level, Terra crypto coins LUNA and UST have just vanished from the crypto exchange platform CoinDCX.
There was an outrage on Twitter on Friday morning as several users of the platform complained about their investments in Terra being vanished.
While some users complained that they were not informed about the delisting of Terra, others were just calling it a scam as they were not able to see their Terra LUNA and UST coins.
At the same time, another crypto exchange WazirX tweeted out saying that the platform would delist the LUNA coins and the users would be able to withdraw their investments.
Binance warned Thursday that it would delist the LUNA/Tether trading pair if LUNA’s price fell below 0.005 Tether, or about half a penny.
While the blockchain behind the collapsed Terra USD stablecoin and the affiliated LUNA token stopped processing new transactions for the second time in less than a day.
Terraform Labs said in a tweet from their verified account that validators, the entities responsible for verifying transactions on the blockchain, took the step to “come up with a plan to reconstitute” the Terra network.
Arbitrage opportunity on Terra coins led to the death spiral of these cryptocurrencies. When UST fell below 30 cents this week, traders made 3x profits as they exchanged them and withdrew in LUNA.
Click here to know what happened with Terra LUNA and UST coins and why they turned to zero.

Crypto reality strikes; outrage as Terra LUNA coin disappears

Crypto coins Terra UST and LUNA just disappeared from the CoinDCX exchange. Others announce to delist.

Terra creates terror: Crypto collapse raises the question of scam

Terra USD stablecoin and the affiliated LUNA token stopped processing new transactions for the second time in less than a day.

After falling to a near-zero level, Terra crypto&nbsp;coins LUNA and UST have just vanished from the crypto&nbsp;exchange platform CoinDCX.
There was an outrage on Twitter on Friday morning as several users of the platform complained about their investments in Terra being vanished.
While some users complained that they were not informed&nbsp;about the delisting&nbsp;of Terra, others were just&nbsp;calling it a scam as they were not able to see their Terra LUNA and UST&nbsp;coins.
At the same time, another crypto&nbsp;exchange&nbsp;WazirX&nbsp;tweeted out&nbsp;saying that the platform would delist&nbsp;the LUNA coins and the users would be able to withdraw their investments.
Binance warned Thursday that it would delist the LUNA/Tether trading pair if LUNA&rsquo;s price fell below 0.005 Tether, or about half a penny.
While the blockchain behind the collapsed Terra USD stablecoin and the affiliated LUNA token stopped processing new transactions for the second time in less than a day.
Terraform Labs&nbsp;said in a tweet from their verified account that validators, the entities responsible for verifying transactions on the blockchain, took the step to &ldquo;come up with a plan to reconstitute&rdquo; the Terra network.
Arbitrage opportunity&nbsp;on Terra coins led to the death spiral of these&nbsp;cryptocurrencies. When UST&nbsp;fell below 30 cents this week, traders made 3x profits as they exchanged them and withdrew in LUNA.
<a href="https://www.editorji.com/business-news/cryptocurrency/terra-usd-and-luna-the-whole-fiasco-explained-1652346670378" target="_blank">Click here</a> to know what happened&nbsp;with Terra LUNA and UST&nbsp;coins and why they turned to zero.

Crypto markets witness a huge crash with some of the top cryptocurrencies losing more than 99 percent of their value.
The crypto in buzz is Terra which fell to a dollar from its all-time high of $119 made on April 5, 2022. Even Terra's stable coin UST, which has to maintain a 1:1 with the U.S. Dollar, fell to as low as $0.29.
The biggest crypto Bitcoin was down over 25 percent in the last 7 days as it was trading below $30,000. Ethereum was down 56 percent from its all-time highs.
Other top cryptos like Binance coin lost 60 percent from its all-time high, Cardano (ADA) was down 85 percent, Solana tanked 80 percent, Dogecoin 88 percent, and Shiba Inu 85 percent.
With falling crypto markets we also see a crumbling wealth of crypto billionaires.
Changpeng Zhao, CEO of Binance, has lost almost 90 percent of his wealth this year. He debuted on the Bloomberg wealth index in January with a net worth of $96 billion, one of the world’s largest. By Thursday that had shrunk to $11.6 billion.
Coinbase Global Inc. founder Brian Armstrong had a personal fortune of $13.7 billion as recently as November and about $8 billion at the end of March. That’s now just $2.2 billion, according to the Bloomberg Billionaires Index.
The global cryptocurrency market cap was down 10 percent on Thursday at $1.35 trillion, as per CoinGecko.
There is a panic over inflation and fears of a potential recession that is crashing the crypto markets as investors sell off risk assets and shift to the safe-haven dollar.

Crypto markets scripting a scary story; coin down 99%, billionaires lose 90% wealth

Crypto markets see a crash as some of the top coins lost over 99% of their value.

Crypto Crash: Billions eroded 

The global cryptocurrency marketcap eroded by $1.5 trillion from peak&nbsp;

Crypto&nbsp;markets witness a huge crash with some of the top cryptocurrencies&nbsp;losing more than 99 percent of their value.
The crypto&nbsp;in buzz is Terra which fell to some 69 cents on Thursday from its all-time high of $119 made on April 5, 2022. Even Terra's stable coin UST, which has to maintain a 1:1 with the U.S. Dollar, fell to as low as $0.29.
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The biggest crypto&nbsp;Bitcoin&nbsp;was down over 25 percent in the last 7 days as it was trading below $30,000. Ethereum was down 56 percent from its all-time highs.
Other top cryptos like Binance&nbsp;coin lost 60 percent from its all-time high, Cardano&nbsp;(ADA) was down 85 percent, Solana&nbsp;tanked 80 percent, Dogecoin&nbsp;88 percent, and Shiba&nbsp;Inu&nbsp;85 percent.
With falling crypto&nbsp;markets we also see a crumbling wealth of crypto&nbsp;billionaires.
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Changpeng Zhao, CEO of Binance, has lost almost 90 percent of his wealth this year.&nbsp;He&nbsp;debuted&nbsp;on the Bloomberg wealth index in January with a net worth of $96 billion, one of the world&rsquo;s largest. By Thursday that had shrunk to $11.6 billion.
Coinbase Global Inc. founder Brian Armstrong had a personal fortune of $13.7 billion as recently as November and about $8 billion at the end of March. That&rsquo;s now just $2.2 billion, according to the&nbsp;Bloomberg Billionaires Index.
The global cryptocurrency market cap was down 10 percent on Thursday at $1.35 trillion, as per CoinGecko.
There is a panic over inflation and fears of a potential recession that is crashing the crypto markets as investors sell off risk assets and shift to the safe-haven dollar.
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The biggest risk of cryptocurrency could be money laundering and its use for terror funding, Union Finance Minister Nirmala Sitharaman said on Monday.
In her address at a seminar during the ongoing Spring Meet of the International Monetary Fund (IMF), Sitharaman said, "I think the biggest risk for all countries across the board will be the money laundering aspect and also the aspect of currency being used for financing terror."
Sitharaman added that regulation using technology is the only answer. "Regulation using technology will have to be so adept, that it has to be not behind the curve, but be sure that it is on the top of it," the Minister said.
The Union Minister is on an official visit to the U.S. to attend the Spring Meetings at the World Bank, the G20 Finance Ministers meeting and the Central Bank Governor Meeting (FMCBG).
During the first day of the visit, Finance Minister participated in a high-level panel discussion on "Money at a Crossroad" hosted by Kristalina Georgieva, Managing Director, IMF.

Money laundering, terror financing - biggest risk of crypto: FM Sitharaman

Finance Minister Nirmala Sitharamana said the biggest risk of cryptocurrency could be money laundering and its use for terror funding.

Biggest risks of cryptocurrency

Regulation using technology will have to be so adept, that it has to be not behind the curve, but be sure that it is on the top of it: Sitharaman

The biggest risk of cryptocurrency&nbsp;could be money laundering and its use for terror funding, Union Finance Minister Nirmala&nbsp;Sitharaman&nbsp;said on Monday.
In her address at a seminar during the ongoing Spring Meet of the International Monetary Fund (IMF), Sitharaman said, "I think the biggest risk for all countries across the board will be the money laundering aspect and also the aspect of currency being used for financing terror."
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Sitharaman added that regulation using technology is the only answer. "Regulation using technology will have to be so adept, that it has to be not behind the curve, but be sure that it is on the top of it," the Minister said.
The Union Minister is on an official visit to the U.S. to attend the Spring Meetings at the World Bank, the G20 Finance Ministers meeting and the Central Bank Governor Meeting (FMCBG).
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During the first day of the visit, Finance Minister participated in a high-level panel discussion on "Money at a Crossroad" hosted by Kristalina Georgieva, Managing Director, IMF.

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