The Enforcement Directorate (ED) of India is actively investigating businessman Raj Kundra for his involvement in a massive $800 million cryptocurrency Ponzi scheme known as ‘Gain Bitcoin.’ Raj Kundra, married to Bollywood star Shilpa Shetty, is a key figure in this high-profile case but is not the primary suspect. His connection to the scheme involves an ill-fated Bitcoin mining project and substantial cryptocurrency transactions. Seized Assets and Connections to ‘Gain Bitcoin’ Authorities have seized assets totaling approximately $12 million, including a Mumbai apartment owned by Shilpa Shetty. The Ponzi scheme, initiated by Ajay Bhardwaj and Mahendra Bhardwaj in 2017, lured…
Author: Rea K.
Pavel Durov, the founder of Telegram, recently unveiled new cryptocurrency functionalities for Telegram users at the Token2049 conference held in Dubai. These updates are aimed at integrating Toncoin (TON) into various aspects of the platform, enhancing the interaction between users and channel administrators. From April 19, Telegram channel administrators can begin accepting TON for advertisement payments. This initiative provides a direct monetization route for channel owners, fostering a more vibrant creator economy within the app. Following closely, Telegram will introduce a tipping feature next week. This allows users to tip channel administrators using TON, with a revenue share model benefitting…
The U.S. SEC has intensified its legal actions against Justin Sun, the founder of Tron, citing his substantial presence in the United States as a basis for jurisdiction. According to the SEC, Sun was in the U.S. for over 380 days across 2017 to 2019, visiting key cities such as New York, Boston, and San Francisco. This frequent travel is part of the reason the SEC believes it can legitimately pursue legal action against him. In its revised legal complaint, the SEC outlines accusations that Sun engaged in manipulative trading practices to inflate the trading volume and price of the…
Hedgey Finance, a key player in on-chain token infrastructure, recently suffered two major security breaches. These incidents occurred on the Ethereum and Arbitrum blockchains, as confirmed by security firm Cyvers. The attackers exploited a flaw in Hedgey Finance’s token claims contract, leading to significant financial losses. On April 19, the first breach took place on the Ethereum blockchain, resulting in the theft of approximately $1.9 million in cryptocurrency. Cyvers was the first to report this attack. Analysis of on-chain data revealed that the attackers initially received funding from the web3 crypto exchange, ChangeNOW. Subsequently, they converted the stolen assets into…
The TON Foundation recently announced an exciting partnership with Tether, aimed at boosting USDT’s usage on its network through a significant incentive initiative. A substantial sum of 11 million Toncoin (TON) will be distributed to foster early adoption of the stablecoin within the network. Strategic Token Allocation to Enhance Network Utility The incentive program strategically allocates tokens to increase utility and investment appeal across the network. A total of 5 million TON has been earmarked to augment rewards within liquidity pools on decentralized platforms such as DeDust and STON.fi, thereby enhancing their attractiveness to investors. Another 5 million tokens are…
Canada’s federal budget for 2024 has unveiled stricter regulations for cryptocurrency service providers, necessitating annual transaction and client detail reports to the government. This decision aligns with the G20’s directive from 2021, which tasked the Organisation for Economic Co-operation and Development (OECD) with creating a framework to support the automatic exchange of tax-related information on crypto assets. The OECD established the Crypto-Asset Reporting Framework (CARF) in August 2022, which Canadian authorities will now implement. The CARF requires crypto exchanges, brokers, dealers, and ATM operators to annually report multiple types of transactions. These include exchanges between various cryptocurrencies, swaps between cryptocurrencies…
Kris Marszalek, the Chief Executive Officer of Crypto.com, recently expressed concerns over the sustainability of the rising valuations in the cryptocurrency sector. According to Marszalek, the venture capital arm of the digital-asset exchange, Crypto.com Capital, is witnessing a resurgence in hefty billion-dollar valuations reminiscent of the pandemic-driven investment boom. These valuations, he suggests, appear overly optimistic. Investment Slowdown and Strategic Caution The venture arm, established with a fund of $500 million for startup investments as of January 2022, has seen a slowdown in its investment activities. From the beginning of 2023, Crypto.com Capital has made only four investments, a sharp…
The upcoming Bitcoin haliving promises significant changes within the cryptocurrency landscape. Exchanges and early Bitcoin adopters, commonly known as “OGs,” are poised for substantial gains. This event, which slashes block rewards by 50%, limits the daily addition of new Bitcoins to just 450. Long-time Bitcoin holders have experienced dramatic returns on their investments, with increases of up to 502,693% since the first halving in 2012. Benefits for Exchanges and ETFs Cryptocurrency trading platforms like Coinbase and Robinhood are anticipating increased user activity and higher transaction fees as the halving stokes public interest. This year has already seen these platforms achieve…
The cryptocurrency market experienced a substantial expansion in the first quarter, as detailed in a recent CoinGecko report. This period saw the sector’s capitalization increase by a remarkable 64.5%, achieving a new high of $2.9 trillion by March. The total growth of $1.1 trillion notably surpassed the previous quarter’s rise of $0.61 trillion. Growth Factors and Market Dynamics Significant capital inflows marked the period, particularly into the spot Bitcoin ETFs following their approval on January 10. The surge in investments began to escalate in late January, continuing robustly until mid-March, where it hit a provisional peak. During this phase, assets…
BytePlus, a subsidiary of ByteDance, has announced a strategic partnership with Mysten Labs to integrate its advanced recommendation solutions and augmented reality technologies into the Sui blockchain. This alliance is set to revolutionize the domains of gaming and social networking through the incorporation of cutting-edge technological enhancements provided by BytePlus. The choice of Sui as a platform stems from its impressive capabilities in handling sophisticated applications, particularly with its innovative features like zero-knowledge proofs for robust user authentication and sponsored transactions to facilitate easier access for users. Expanding Services and Enhancing User Experience As part of this collaboration, BytePlus will…