Editorji is a popular short video news and information platform based in India. It was founded in 2018 by Vikram Chandra, one of India’s leading journalists, and has risen to prominence in the digital news space in a relatively short span of time. The platform is primarily designed for mobile devices, with applications available for Android and iOS.

ABOUT US:

about us editorji

Latest Video News: Editorji provides the latest news video headlines, latest videos clip from India and the World. Get all breaking news videos on Entertainment, Business, Coronavirus, Elections, Politics and more.

Latest Video News, Breaking News, Bollywood, Political, Sports, Business News | Editorji

+91 11 4035 6666 / info@editorji.com
3rd floor, Plot B, Khasara no 360, Sultanpur, New Delhi, Delhi 110030
<a title="mail to us" href="mailto:info@editorji.com">Send Feedback</a>
<a title="Contact Us" href="mailto:info@editorji.com">Contact Us</a>

REACH US

Contact for any questions, suggestions, comments, feedback or advertisement on Editorji.com, we are always looking forward to hearing from you.

Contact Us for Feedback, Suggestions and Advertising 

Editorji content is better experienced in our app.

SEBI suggests multiple regulators oversee cryptocurrency trade while RBI warns of macroeconomic risks, favors ban on stablecoins

SEBI open to oversight of crypto trade in contrast to RBI's stance: Report

<h2>SEBI suggests multiple regulators oversee cryptocurrency trade while RBI warns of macroeconomic risks, favors ban on stablecoins</h2>

Capital markets regulator SEBI has recommended that several regulators can oversee trade in cryptocurrencies, as per documents accessed by Reuters. This sharply contrasts RBI's stance that such private digital currencies pose a macroeconomic risk, as revealed in a separate set of documents also accessed by Reuters.
<h3>Trade in cryptocurrency</h3>
As per Reuters, both the set of documents are submitted to a government panel which is tasked with formulating policy for the finance ministry to consider. SEBI in its document has mentioned that different regulators should oversee activities linked to cryptocurrencies that fall under their domain and that a single unified regulator for digital assets should be avoided.
It further said that it could monitor cryptocurrencies that take the form of securities as well as new offerings called Initial Coin Offerings (ICO), issue licenses &nbsp;for equity market-related products, as per Reuters. It also recommended that RBI could regulate crypto assets that are backed by fiat currencies, while the grievances of &nbsp;investors trading in cryptocurrencies should be resolved under India's Consumer Protection Act.
Meanwhile, RBI continues to reflect the government's stance and is in favour of a ban on stablecoins. Stablecoins are cryptocurrencies designed to maintain a constant exchange rate with fiat currencies so that they are less vulnerable to wild volatility.
RBI has said that cryptocurrencies could lead to tax evasion and that decentralised peer to peer (P2P) activities in cryptocurrencies would rely on voluntary compliance - both representing risks to fiscal stability. It went on to say that cryptocurrencies may lead to loss of "seigniorage" income, which is the profit earned by a central bank from money creation.
<h3>Cryptocurrency regulation</h3>
Meanwhile, since 2018, the Indian government has taken a tough stance against trade via cryptocurrency when the RBI had prohibited lenders and other financial intermediaries from dealing with crypto users or exchanges. However, the move was later struck down by the Supreme Court.
In 2021, the government prepared a bill that would have banned private cryptocurrencies though it has not been introduced and during the G20 meet last year, it called for a global framework to regulate such assets.
As per Reuters, the panel plans to firm up its report as early as June.
Also Watch: <a href="https://www.editorji.com/business-news/cryptocurrency/will-sam-bankman-fried-s-sentencing-affect-bitcoin-prices-amid-crypto-fraud-allegations-1711616933027">Will Sam Bankman-Fried's sentencing affect Bitcoin prices amid crypto fraud allegations?</a>
&nbsp;

The scammer wooed her online for months and convinced her to invest in a fake cryptocurrency platform. Initially, the woman made money but after she invested a whopping $450,000, she was denied fund withdrawal.

US-based Indian woman loses life savings in 'pig butchering' scam via Hinge

The scammer wooed her online for months and convinced her to invest in a fake cryptocurrency platform. Initially, the woman made money but after she invested a whopping $450,000, she was denied fund withdrawal.

The "wine trader" wooed her online for months with his flirtatious smile and emoji-sprinkled texts. Then he went for the kill, defrauding the Philadelphia-based tech professional out of $450,000 in a cryptocurrency romance scam.
The con -- which drained Shreya Datta, 37, of her savings and retirement funds while saddling her with debt -- involved the use of digitally altered deepfake videos and a script so sophisticated that she felt her "brain was hacked."
The scam is commonly known as "pig butchering," with victims likened to hogs fattened up by fraudsters with feigned love and affection before the proverbial slaughter -- tricking them into a fake crypto investment.
The rapid growth of this fraud, thought to be run by crime syndicates in Southeast Asia, has resulted in losses worth billions of dollars in the United States, with victims saying there is little recourse to recover the money.
As it has for many victims, Datta's experience began on a dating app -- Hinge, in her case, where last January she met "Ancel," who introduced himself as a French wine trader based in Philadelphia.
Datta said she was "charisma bombed" as the conversation quickly moved to WhatsApp. The gym buff with a dreamy smile deleted his Hinge profile to give her "focused attention," a refreshing experience in the age of fleeting online relationships.
They exchanged selfies, flirty emoticons and did brief video calls in which the suave but "shy" man posed with a dog, later determined to be AI deepfakes.
They texted daily, with "Ancel" enquiring about little things like whether she had eaten, preying on Datta's desire for a caring companion after her divorce.
Plans to physically meet kept getting pushed back, but Datta was not immediately suspicious. On Valentine's Day last year, she received a bouquet from "Ancel" sent from a Philadelphia flower shop, with the card addressing her as "Honey Cream."
When she sent him a selfie, posing with the flowers, he sprayed her with red kiss mark emojis, according to WhatsApp exchanges seen by AFP.
'Traumatizing'
Between the mushy exchanges, "Ancel" sold her a dream.
"The dream was, 'I'm retiring early, I'm well off. What is your plan?'" Datta, who is from India, told AFP.
"He's like, 'I've made all this money investing. Do you really want to work till you're 65?'"
He sent her a link to download a crypto trading app -- which came with two-factor authentication to make it appear legitimate -- and showed her what he called money-making trades through annotated screenshots seen by AFP.
Datta converted some of her savings into cryptocurrency on the US-based exchange Coinbase and the fake app initially allowed her to withdraw her early gains, boosting her confidence to invest more.
"As you make astronomical amounts of money trading, it messes with your normal risk perception," Datta said in hindsight.
"You feel like, 'Wow, I can do even more.'"
"Ancel" egged her on to invest more savings, take out loans and, despite her reluctance, liquidate her retirement fund.
By March, Datta's nearly $450,000 investment had more than doubled on paper, but alarm bells went off when she tried to withdraw the amount and the app demanded a personal "tax."
She turned to her London-based brother, who did a reverse image search of the pictures "Ancel" had sent her and found they were of a German fitness influencer.
"When I realized it was all a scam and all the money was gone, I had proper PTSD symptoms -- I couldn't sleep, couldn't eat, couldn't function," Datta said.
"It was very traumatizing."
'Brainwashed'
Dating sites are rife with disinformation, with Facebook groups such as "Tinder swindler dating scams" and "Are we dating the same guy?" cropping up, and researchers calling out the growing use of AI-generated profile pictures.
But the use of romance as a hook to commit financial fraud is provoking new alarm.
The FBI told AFP that last year more than 40,000 people reported losses totaling well over $3.5 billion from cryptocurrency fraud, including pig butchering, to the agency's Internet Crime Complaint Center.
But that estimate is likely low, as many victims tend not to report the crime out of shame.
"What's horrific about this crime is it is meant to take every last penny from its victim," Erin West, a California-based prosecutor, told AFP, adding that she is "deluged with victims every day."
Self-harm among victims is a common concern, campaigners say, with most unable to recover their losses and some falling prey to another breed of scammers -- fake recovery agents.
Datta, who is in therapy and has moved to a smaller apartment to manage her debt, said she had little hope of recovery after reporting the crime to the FBI and Secret Service.
Neither body responded to AFP's queries about her particular case. Nor did Coinbase, which informed Datta in an email -- after she was conned -- that she "may have sent cryptocurrency to a fraudulent investment platform."
More agonizing, Datta said, was dealing with public judgments such as, "How could you be so stupid?"
"There should be no shame in becoming a victim of this absolutely masterful psychological scam," West said.
"Victims are truly brainwashed."

The complaint comes on the heels of Securities and Exchange Commission (SEC) charges filed Monday against cryptocurrency exchange Binance and founder Changpeng Zhao for numerous securities law violations

After Binance, US securities regulator sues cryptocurrency platform Coinbase

The complaint comes on the heels of Securities and Exchange Commission (SEC) charges filed Monday against cryptocurrency exchange Binance and founder Changpeng Zhao for numerous securities law violations

US securities regulators sued Coinbase on Tuesday, alleging that the cryptocurrency platform's failure to register as a securities exchange venue exposed investors to risk.
The complaint comes on the heels of Securities and Exchange Commission (SEC) charges filed Monday against cryptocurrency exchange Binance and founder Changpeng Zhao for numerous securities law violations, including running an unregistered national securities exchange.
"Since at least 2019, Coinbase has made billions of dollars unlawfully facilitating the buying and selling of crypto asset securities," said the SEC in a statement on Tuesday.
In filing a complaint in federal court, the SEC said Coinbase's failure to register "has deprived investors of significant protections, including inspection by the SEC, record-keeping requirements, and safeguards against conflicts of interest, among others," the US agency added.
In the absence of congressional action, the US regulator has stepped up its oversight of cryptocurrency. A Coinbase official was scheduled to testify before a House of Representatives panel later on Tuesday at a hearing on the "future of digital assets."
The SEC said Coinbase's "staking-as-a-service" program should have been registered as a securities offering.
Under the program, Coinbase pools customers' crypto assets, uses the assets to perform blockchain transaction validation services and provides a portion of the rewards back to customers.
"Coinbase was fully aware of the applicability of the federal securities laws to its business activities, but deliberately refused to follow them," said SEC director of enforcement, Gurbir Grewal.
"While Coinbase's calculated decisions may have allowed it to earn billions, it's done so at the expense of investors by depriving them of the protections to which they are entitled," Grewal added.
A Coinbase spokesperson said the company had no immediate comment on the SEC action.

The value of the global cryptocurrency market, boosted by keen demand from small investors during Covid lockdowns, hit a peak of about $3.0 trillion in late 2021, but then fell off a cliff and currently stands at just over $1.1 trillion

Cryptocurrency regulations: UK lawmakers want it should be regulated like gambling

The value of the global cryptocurrency market, boosted by keen demand from small investors during Covid lockdowns, hit a peak of about $3.0 trillion in late 2021, but then fell off a cliff and currently stands at just over $1.1 trillion

Cryptocurrency investments should be regulated like the gambling industry, UK lawmakers said Wednesday.
The plea, from parliament's powerful cross-party Treasury Committee, came one day after EU ministers agreed on tougher tax rules for crypto transactions.
Global authorities are increasingly anxious of the lack of oversight of the sector, whose most popular units are bitcoin and ether.
"Unbacked cryptoassets have no intrinsic value, and their price volatility exposes consumers to the potential for substantial gains or losses, while serving no useful social purpose," the Treasury Committee said in a report.
"These characteristics more closely resemble gambling than a financial service, an impression reinforced by the evidence we have received of consumer behaviour."
It continued: "We therefore strongly recommend that the government regulates retail trading and investment activity in unbacked cryptoassets as gambling rather than as a financial service."
The value of the global cryptocurrency market, boosted by keen demand from small investors during Covid lockdowns, hit a peak of about $3.0 trillion in late 2021, but then fell off a cliff and currently stands at just over $1.1 trillion.
The industry, which craves acceptance by traditional finance, has been rocked by a series of scandals.
That includes the high-profile collapse of cryptocurrency Terra in mid-2022 and the failure of exchange FTX later that year.
The Treasury Committee expressed caution Wednesday over risks posed by "poorly run businesses" in the sector, as well as the increasing use of crypto by fraudsters and other criminals.
Britain's Conservative government, led by Prime Minister Rishi Sunak, is looking to establish a regulatory framework for crypto as it seeks to avoid falling behind the EU and United States.
"It is not the government's role to promote particular technological innovations for their own sake," the committee report added Wednesday.
It also criticised Britain's aborted project to sell non-fungible tokens (NFTs), or digital tokens based on crypto technology. Sunak unveiled the initiative as finance minister in April 2022.
The committee however praised UK proposals for greater regulation of professional crypto investors.
It added cryptocurrencies could potentially be used "to improve efficiency and reduce the cost of making payments".
The European Union meanwhile took more steps this week to protect investors.
EU finance ministers agreed Tuesday on rules to go after individuals who stash their cash where tax authorities have no oversight.
The 27-member bloc's parliament last month approved the world's first comprehensive rules covering crypto assets.

On Friday, Bitcoin fell to a 2 month low, below $20,000 mark. 

Crypto meltdown: Over $70 billion wiped off crypto market in 24 hours

On Friday, Bitcoin fell to a 2 month low, below $20,000 mark. As per reports, the cryptocurrency market saw more than $70 billion wiped off in 24 hours&nbsp;

The meltdown in the cryptocurrency market was triggered by a sell-off in the U.S following the collapse of a crypto-focussed lender, Silvergate Capital.&nbsp;
On Friday, Bitcoin fell below the $20,000 mark hitting a two-month low. As per a report by CNBC, the cryptocurrency market saw more than $70 billion wiped off in 24 hours.&nbsp;
&ldquo;There is just little reason to buy bitcoin now as the market is saturated with negative developments, not just specifically for the crypto industry, but also for the wider financial market as well,&rdquo; Yuya Hasegawa, an analyst at Japanese crypto firm Bitbank, told CNBC.&nbsp; On Wednesday, Silvergate Capital said it was planning to wind down operations and liquidate voluntarily. This development also reflects how the collapse of major cryptocurrency exchange FTX continues to have an impact on the industry. FTX was a big customer of Silvergate.&nbsp;
Meanwhile, U.S. Federal Reserve Chairman Jerome Powell's recent comments have opened the door to more rate hikes and at a faster pace than earlier anticipated. The high interest rates have particularly been impacting the cryptocurrency market and Powell's comments are another contributing factor to the crypto meltdown.&nbsp;
&nbsp;

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.

Other cryptocurrencies are also in the green, with Ethereum (ETH) topping the $1,400 level 

Bitcoin jumps above $18,000 amid cryptocurrency winter 

Other cryptocurrencies are also in the green, with Ethereum (ETH) topping the $1,400 level&nbsp;

After facing plenty of setbacks in 2022, Bitcoin on Thursday surged to its highest price in nearly a month.&nbsp;
According to reports, this spike came on the back of expectations that inflation is cooling and the Federal Reserve will slow the pace of interest-rate hikes.&nbsp;&nbsp;
The second most popular token, ethereum also gained about 5% to $1,401. Meanwhile, dogecoin was also trading over 5% higher at $0.08.&nbsp;
The surge in crypto prices also comes after failed Crypto exchange FTX managed to recover more than $5 billion in different assets.
Bitcoin is down about 74% from its November 2021 all-time high of $68,990.
Overall, the global cryptocurrency market cap today remained below the $1 trillion mark, even as it was up over 4% in the last 24 hours to $926 billion, as per the data by CoinGecko.&nbsp;

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;

Ethereum and Bitcoin have underlying platforms that are being used to build other web3 applications

Year ender 2022: these coins are the most held cryptos in India

These crypto coins are the most held cryptos in India

2022: Most held cryptos in India

Ethereum and Bitcoin have underlying platforms that are being used to build other web3 applications

Despite having one of the worst years for cryptocurrencies, Indian investors avoided panic selling.&nbsp;
According to a report by crypto exchange CoinSwitch, which claims to have over 19 million users said&nbsp;Bitcoin was the most held crypto asset, with 12% of users opting to invest in the world&rsquo;s most valuable crypto asset. This was followed by Dogecoin, Ethereum and Shiba Inu, which saw investments from 11.54%, 9.43% and 6.92% users, respectively.
The CoinSwitch report also said that investors in the age group of 18-25 years, which includes GenZ population, accounted for the highest (45%) crypto investments, while 34% of the investors were millennials in the age group of 26-35 in India.

Price of bitcoin rose from $250 in August 2015 to peak at nearly $69,000 in November 2021

Three out of four bitcoin investors have lost money: study

Is Bitcoin Mania Over? 

Price of bitcoin rose from $250 in August 2015 to peak at nearly $69,000 in November 2021

Roughly three-quarters of people who have bought bitcoin have lost money according to a study published as the cryptocurrency sector reels from the collapse of a major exchange that has sapped confidence.
Economists at the Bank of International Settlements, an institution widely considered as the central banks of central banks, analysed data on investors in cryptocurrencies in 95 countries between 2015 and 2022.
"Overall, back of the envelope calculations suggest that around three-quarters of users have lost money on their bitcoin investments," they said in their study.
During the period studied, the price of bitcoin rose from $250 in August 2015 to peak at nearly $69,000 in November 2021. It is now trading at around $16,500.
The number of people using smartphone apps allowing one to purchase and sell cryptocurrencies rose from 119,000 to 32.5 million during the same period.

Kim Kardashian pays $1.26m for unlawful crypto promo

Reality-star-turned entrepreneur Kardashian came to fame with the US reality show "Keeping Up With the Kardashians," which tracked the lives of her family members in Los Angeles

US reality star Kim Kardashian has agreed to pay a $1.26 million fine after unlawfully pushing a cryptocurrency advertisment on Instagram without revealing that she was paid to do so, the Securities and Exchange Commission announced.&nbsp;
The agency accused Kardashian, who has 331 million followers on Instagram -- making her one of the top ten most followed people on the global social network -- of failing to disclose that she was paid $250,000 to post about EMAX tokens, the crypto asset security being offered by EthereumMax.
The fine includes a penalty of $1 million plus $260,000, representing the amount Kardashian paid plus interest, the SEC said in a statement. She also agreed not to promote any crypto asset securities for three years.&nbsp;

3,000,000,000,000 that's the marketcap of global cryptocurrency trade. As India looks to regulate the booming crypto trade in the subcontinent, here is a look at how the world is dealing with digital token deluge-:
United StatesCryptocurrency is legal in the states, but there is no comprehensive regulation to govern crypto activities. For now, bitcoin (BTC) and ether (ETH) are categorized as ‘commodities’ and taxed as ‘property’ by the IRS.
The US Securities and Exchange Commission (SEC) puts across cryptocurrencies to be securities on which security laws are very much applicable and cryptocurrency exchanges fall under the regulations for the Bank Secrecy Act 
The European UnionEU has been in the limelight as it is one of the initial countries to make cryptocurrency legal but there is no specific regulation passed by the EU that governs crypto activities.
Taxation on cryptocurrencies also varies by country, ranging from 0% to 50%. The EU has recently rolled out the latest anti-money laundering directives to be followed by crypto exchanges to ensure no wrongdoing. 
ChinaThe Mainland's dealings with cryptocurrencies has been a roller-coaster ride.From the most welcoming to one of the most restricted crypto-markets in the world. In June 2021, it banned the mining of cryptocurrencies, leading to about a 40% fall in global mining operations. China is focusing on promoting it's Digital Yuan as a priority post the ban.
South KoreaIn South Korea, crypto exchanges are legal but not cryptocurrencies. Cryptocurrency transactions are expected from taxes. However, the Ministry of Strategy and Finance has laid out its plan of imposing a tax on crypto transactions with a revised tax framework to be launched in 2022.

Crypto Bill: A look at how the world is regulating cryptocurrencies 

Crypto legal limbo: A look at how the world is regulating cryptocurrencies through the craze and collapse

Crypto legal limbo

A look at cryptocurrency regulations in major economies and groupings and see how India may compare.

Crypto and its cryptic legal stance in India continues, the FM has made it clear that banning digital token is not feasible without international collaboration. But how is the world over managing the crypto craze and now the collapse -:
United States Cryptocurrency is legal in the states, but there is no comprehensive regulation to govern crypto activities. For now, bitcoin (BTC) and ether (ETH) are categorized as &lsquo;commodities&rsquo; and taxed as &lsquo;property&rsquo; by the IRS.
The US Securities and Exchange Commission (SEC) puts across cryptocurrencies to be securities on which security laws are very much applicable and cryptocurrency exchanges fall under the regulations for the Bank Secrecy Act&nbsp;
Also read/watch| <a title="FM explains why a complete crypto ban is not possible" href="https://www.editorji.com/business-news/cryptocurrency/fm-explains-why-a-complete-crypto-ban-is-not-possible-1658134695654">FM explains why a complete crypto ban is not possible</a>
The European Union EU has been in the limelight as it is one of the initial countries to make cryptocurrency legal but there is no specific regulation passed by the EU that governs crypto activities.
Taxation on cryptocurrencies also varies by country, ranging from 0% to 50%. The EU has recently rolled out the latest anti-money laundering directives to be followed by crypto exchanges to ensure no wrongdoing.&nbsp;
China The Mainland's dealings with cryptocurrencies has been a roller-coaster ride.From the most welcoming to one of the most restricted crypto-markets in the world. In June 2021, it banned the mining of cryptocurrencies, leading to about a 40% fall in global mining operations. China is focusing on promoting it's Digital Yuan as a priority post the ban.
South Korea In South Korea, crypto exchanges are legal but not cryptocurrencies. Cryptocurrency transactions are expected from taxes. However, the Ministry of Strategy and Finance has laid out its plan of imposing a tax on crypto transactions with a revised tax framework to be launched in 2022.

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;

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 <a href="https://www.editorji.com/business-news/cryptocurrency/explained-binance-vs-wazirx-the-cryptic-crypto-ownership-the-ed-angle-1659947402046">WazirX </a>as a technology solution. Turning Back Time BUT WAIT! Many netizens are then confused by the much publicised images from 2019 where <a href="https://www.editorji.com/business-news/cryptocurrency/binance-expose-is-the-world-s-largest-crypto-exchange-a-safe-house-for-laundering-1654589320408">Binance CEO</a> 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;
<a href="https://www.editorji.com/business-news/cryptocurrency/crypto-collapse-another-firm-bites-the-dust-files-for-bankruptcy-1657766895890">Crypto collapse: Another firm bites the dust, files for bankruptcy</a> What's WazirX's Stand? Nischal Shetty, the co-founder of WazirX <a href="https://www.editorji.com/business-news/cryptocurrency/fm-explains-why-a-complete-crypto-ban-is-not-possible-1658134695654">crypto </a>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.
<a href="https://www.editorji.com/story/crypto-concerns-ed-issues-show-cause-notice-to-wazirx-1623399711286">Crypto Concerns: ED issues show cause notice to WazirX</a> 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;

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.

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 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 a year after claiming that OneCoin would be the "Number One cryptocurrency worldwide", the company's founder Dr Ruja Ignatova vanished without a trace. And now, Ignatova, who called herself "cryptoqueen", has been added to the FBI's Most Wanted List.
She is accused of masterminding a massive scam worth $4 billion, or around ₹26,000 crore. The Federal Bureau of Investigation is offering up to $100,000 for information leading to her arrest.
To evade arrest, Ignatova is believed to have changed her appearance, possibly through plastic surgery. She has been missing since 2017, when she boarded a flight from Bulgaria to Greece.
Ignatova went on the run after bugging her boyfriend's house over suspicion that he was cooperating with the FBI, which turned out to be true.
ALSO WATCH | WhatsApp scams target IAS, police officers: 3 types of frauds, precautions explained
With massive hype, OneCoin had managed to secure over 30 lakh investors from more than 100 countries. But how exactly did the scam work?
Investigators have called the case a Ponzi scheme with a "virtual twist". Basically, Ignatova's company sold OneCoin tokens which were worthless. Customers were promised high returns with low risk.
An exchange to convert OneCoin into real currency was never set up. Additionally, OneCoin was not backed by crypto-technology like blockchain, which is a decentralised digital ledger.
ALSO WATCH | Beware of massive Crypto scam, here is what you need to know
Customers were also told to encourage people they knew to buy OneCoin. In return, these customers were given commission for selling the cryptocurrency.
Ponzi schemes usually collapse when fresh customers dry up, and the flow of money stops, as the main product has no real value. To keep investors enthused, Ignatova also claimed that an IPO was in the pipeline, but it never occurred.&nbsp;
Some arrests have taken place in the case. In 2019, Ruja Ignatova's brother Konstantin was arrested by the FBI. He reportedly pleaded guilty and struck a deal to cooperate with the government.
Along with Konstantin Ignatov, US corporate lawyer Mark Scott was convicted for laundering $400 million for OneCoin. However, the prominent face of the company remains at large.
Ruja Ignatova was born in Bulgaria in 1980. She speaks Bulgarian, English, and German. She studied law at Oxford, and also has a PhD from Konstanz university. She worked with consultancy firm McKinsey &amp; Company before setting up OneCoin in 2014.
Ignatova made big claims about OneCoin, even calling it the "Bitcoin killer". However, OneCoin could not be traded, and could not be used for buying things.
Here are some of the other lies Ignatova told her victims.
The company claimed that OneCoin's value was based on market supply and demand. However, investigators said that the value was actually decided arbitrarily by Ignatova and the other conspirators.
Another fake claim was that OneCoin was secured by a private blockchain, as opposed to a public blockchain like other cryptos. Investigators said that there was no blockchain at all. The company also said that the crypto was mined via servers, but investigators said that the crypto was not mined at all.
The crypto market is going through a low phase these days, with investors worried about inflation, recession, and geopolitical tension. However, the digital assets periodically see a wild rise in value, attracting investors in large numbers.
But cases like OneCoin should act as a cautionary tale for investors looking to make easy money. With crypto regulations yet to catch up, people need to be careful about where they put their hard-earned cash.

₹26,000 crore crypto scam: OneCoin founder had plastic surgery done to evade FBI? | Ruja Ignatova

USA's Federal Bureau of Investigation (FBI) is offering up to $100,000 for information leading to OneCoin founder Ruja Ignatova's arrest.

Around a year after claiming that OneCoin would be the "Number One cryptocurrency worldwide", the company's founder Dr Ruja Ignatova vanished without a trace. And now, Ignatova, who called herself "cryptoqueen", has been added to the FBI's Most Wanted List.
She is accused of masterminding a massive scam worth $4 billion, or around ₹26,000 crore. The Federal Bureau of Investigation is offering up to $100,000 for information leading to her arrest.
To evade arrest, Ignatova is believed to have changed her appearance, possibly through plastic surgery. She has been missing since 2017, when she boarded a flight from Bulgaria to Greece.
Ignatova went on the run after bugging her boyfriend's house over suspicion that he was cooperating with the FBI, which turned out to be true.
ALSO WATCH | <a href="https://www.editorji.com/crime-news/whatsapp-scams-target-ias-police-officers-3-types-of-frauds-precautions-explained-1656348489821" target="_blank">WhatsApp scams target IAS, police officers: 3 types of frauds, precautions explained</a>
With massive hype, OneCoin had managed to secure over 30 lakh investors from more than 100 countries. But how exactly did the scam work?
Investigators have called the case a Ponzi scheme with a "virtual twist". Basically, Ignatova's company sold OneCoin tokens which were worthless. Customers were promised high returns with low risk.
An exchange to convert OneCoin into real currency was never set up. Additionally, OneCoin was not backed by crypto-technology like blockchain, which is a decentralised digital ledger.
ALSO WATCH | <a href="https://www.editorji.com/business-news/beware-of-massive-crypto-scam-here-is-what-you-need-to-know-1656310069965" target="_blank">Beware of massive Crypto scam, here is what you need to know</a>
Customers were also told to encourage people they knew to buy OneCoin. In return, these customers were given commission for selling the cryptocurrency.
Ponzi schemes usually collapse when fresh customers dry up, and the flow of money stops, as the main product has no real value. To keep investors enthused, Ignatova also claimed that an IPO was in the pipeline, but it never occurred.&nbsp;
Some arrests have taken place in the case. In 2019, Ruja Ignatova's brother Konstantin was arrested by the FBI. He reportedly pleaded guilty and struck a deal to cooperate with the government.
Along with Konstantin Ignatov, US corporate lawyer Mark Scott was convicted for laundering $400 million for OneCoin. However, the prominent face of the company remains at large.
Ruja Ignatova was born in Bulgaria in 1980. She speaks Bulgarian, English, and German. She studied law at Oxford, and also has a PhD from Konstanz university. She worked with consultancy firm McKinsey &amp; Company before setting up OneCoin in 2014.
Ignatova made big claims about OneCoin, even calling it the "Bitcoin killer". However, OneCoin could not be traded, and could not be used for buying things.
Here are some of the other lies Ignatova told her victims.
The company claimed that OneCoin's value was based on market supply and demand. However, investigators said that the value was actually decided arbitrarily by Ignatova and the other conspirators.
Another fake claim was that OneCoin was secured by a private blockchain, as opposed to a public blockchain like other cryptos. Investigators said that there was no blockchain at all. The company also said that the crypto was mined via servers, but investigators said that the crypto was not mined at all.
The crypto market is going through a low phase these days, with investors worried about inflation, recession, and geopolitical tension. However, the digital assets periodically see a wild rise in value, attracting investors in large numbers.
But cases like OneCoin should act as a cautionary tale for investors looking to make easy money. With crypto regulations yet to catch up, people need to be careful about where they put their hard-earned cash.

The turbulence of volatile financial markets can be felt in the crypto space too and it's not just about the falling prices of digital assets like Bitcoin.
US-based Coinbase went from its ambitious target of tripling its workforce in India to laying off 8 percent of its workforce in the country. This comes after its founder and CEO Brian Armstrong said on Tuesday that the company was laying off 18 percent -- which is about 1,100 -- of its employees amid worsening macroeconomic conditions.
US cryptocurrency lending company Celsius Network froze withdrawals and transfers citing "extreme" conditions, in the latest sign of how financial market volatility is causing distress in the crypto sphere. The crypto lending platform has a total user base of 1.7 million.
Speculation over the future of major cryptocurrency, hedge fund Three Arrows Capital is swirling after a cryptic tweet from the fund’s co-founder Zhu Su. The popular trader gave a vague update on Wednesday, hinting that Three Arrows Capital was looking for a solution to an issue it was facing. Unconfirmed reports from crypto traders claim the firm may have missed a margin call and is now in dire straits due to the recent meltdown in the crypto market.

Turbulent crypto markets: Layoffs, withdrawal freeze seen across industry

The turbulence of volatile financial markets can be felt in the crypto space too and it's not just about the falling prices of digital assets like Bitcoin.

US-based Coinbase lays off 18 percent -- which is about 1,100 -- of its employees amid worsening macroeconomic conditions.

The turbulence of volatile financial markets can be felt in the crypto space too and it's not just about the falling prices of digital assets like Bitcoin.
US-based Coinbase went from its ambitious target of tripling its workforce in India to laying off 8 percent of its workforce in the country. This comes after its founder and CEO Brian Armstrong said on Tuesday that the company was laying off 18 percent -- which is about 1,100 -- of its employees amid worsening macroeconomic conditions.
US cryptocurrency lending company Celsius Network froze withdrawals and transfers citing "extreme" conditions, in the latest sign of how financial market volatility is causing distress in the crypto sphere. The crypto lending platform has a total user base of 1.7 million.
Speculation over the future of major cryptocurrency, hedge fund Three Arrows Capital is swirling after a cryptic tweet from the fund&rsquo;s co-founder Zhu Su. The popular trader gave a vague update on Wednesday, hinting that Three Arrows Capital was looking for a solution to an issue it was facing. Unconfirmed reports from crypto traders claim the firm may have missed a margin call and is now in dire straits due to the recent meltdown in the crypto market.

cryptocurrency

Categories