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WazirX exchange under investigation for suspected money laundering

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    WazirX exchange under investigation for suspected money laundering

    Indian regulators are currently investigating Binance-owned crypto exchange WazirX for suspected involvement in money laundering.

    Enforcement Directorate is investigating WazirX

    Cryptocurrency exchange WazirX is under investigation for possible involvement in a money-laundering operation. The federal Enforcement Directorate (ED) in India announced earlier today that it had launched an investigation into the case.

    According to the agency, the investigation is for a violation of India’s foreign exchange regulations, and it involves transactions worth 27.90 billion rupees ($381.93 million). ED began looking at WazirX’s activities while investigating a money laundering case involving Chinese-owned illegal online gambling applications. The regulator said the Chinese entities laundered proceeds of crime worth 570 million rupees ($7.7 million) via WazirX by converting the funds to cryptocurrencies.

    The regulatory agency accused WazirX of not collecting the necessary documents, which is a clear violation of the basic mandatory Anti Money Laundering (AML) and Combating of Financing of Terrorism (CFT) precaution norms and FEMA guidelines.

    However, WazirX CEO Nischal Shetty defended the platform against the accusations. He stated that “We go beyond our legal obligations by following Know Your Customer (KYC) and AML processes and have always provided information to law enforcement authorities whenever required. We are able to trace all users on our platform with official identity information. Should we receive a formal communication or notice from the ED, we’ll fully cooperate in the investigation.”

    WazirX doesn’t record all transactions

    The regulatory agency further accused WazirX of not properly recording transactions on the platform for investigation or audit purposes. ED cited other transactions worth 22.80 billion rupees ($311 million) that weren’t recorded. According to ED, since WazirX doesn’t demand proper documentation from its users, the platform has become a safe haven for people looking to launder money.

    This latest development comes at a time when the Indian crypto environment is complicated due to the lack of clear regulations.

    Doge NFT sells for more than $4 million

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      underratedcrypto
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      Doge NFT sells for more than $4 million

      The image of an excited-looking Shiba Inu, known as DOGE and one of the most famous memes on the internet, was sold as an NFT for $4 million.

      A bidding war for the meme broke out on Zora

      On Friday, the winning bidder of the auction, @pleasrdao, placed a willing bid of 1,696.9 Ethereum, which is worth about $4 million. The auction took place on decentralized auction house Zora.

      The meme was first put up for auction on Tuesday by Atsuko Sato, the owner of Kabosu, the dog in the picture, and ran for about three days before being sold to @pleasrdao.

      On Friday afternoon, a bidding war broke out on Zora for the NFT between users @twodollahotdoge and @pleasrdao, driving up the price until @pleasrdao won by closing the auction with a winning bid.

      The auction of the doge NFT was special for the crypto community

      The term “doge” comes from the Flash cartoon “Homestar Runner.” In a 2005 episode, the character Homestar refers to another character as “D-O-G-E”. Five years later, in 2010, Sato posted the image of Kabosu on her personal blog, unaware that the photo would take on a life of its own.

      Many other memes have been sold as NFTs, such as the “Overly Attached Girlfriend”, which sold for more than 700 thousand dollars. However, the auction of the Doge meme is special because Doge is a very popular meme in the cryptocurrency community, mainly driven by the popular cryptocurrency “Dogecoin”. Although Dogecoin has been around for a few years, its popularity skyrocketed after Tesla CEO Elon Musk endorsed it on social media.

      India could cancel crypto ban and classify Bitcoin as an asset class

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        underratedcrypto
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        India could cancel crypto ban and classify Bitcoin as an asset class

        India may no longer ban cryptocurrencies but instead classify Bitcoin as an asset class.

        Bitcoin could be an asset class in India

        The Indian government was expected to ban cryptocurrency trading activities in the country. However, industry sources have now revealed that the government could shelve that plan and instead classify Bitcoin as an asset class.

        Two sources close to the industry told the New Indian Express that the government is moving away from its current position on cryptocurrencies. Instead, they will look to classify Bitcoin as an asset class. Per the sources, the Securities and Exchange Board of India (SEBI) will be tasked with regulating the Indian crypto market once Bitcoin has been classified as an asset class.

        The sources added that the Indian cryptocurrency industry is in talks with the finance ministry on how best to regulate the market. An expert panel at the ministry is tasked with studying the matter, the sources added. Once everything is ironed out, the government is expected to submit a Cryptocurrency Regulation bill to the parliament during the Monsoon session.

        El Salvador’s Bitcoin adoption could spur others

        This latest development comes a few hours after El Salvador officially adopted Bitcoin as a legal tender. El Salvador’s adoption could spur other countries into action, with several Latin American politicians already backing Bitcoin.

        The news also came a few days after the Reserve Bank of India Governor Shakthikanta Das warned that they still have concerns over cryptocurrencies. If India classifies Bitcoin as a legal tender, the Indian cryptocurrency market could expect massive growth over the coming months and years.

        Victory Capital enters the crypto market

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          underratedcrypto
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          Victory Capital enters the crypto market

          Victory Capital, which manages a total of $157.1 billion in assets, announced that it has signed an agreement with both Nasdaq and Hashdex to enter the cryptocurrency market.

          The firm will set up a private fund tracking the Nasdaq Crypto Index

          Global asset management firm Victory Capital announced in a press release its plan to launch a private fund tracking the Nasdaq Crypto Index (NCI) for qualified investors. It consists of Bitcoin, Ethereum, Litecoin, Chainlink, Bitcoin Cash, Uniswap, Stellar Lumens and Filecoin.

          In addition, Hashdex will provide trading and asset management services for other Nasdaq private funds on which the Bitcoin and Ethereum price indices will be based.

          “Investors can receive returns in line with the cryptocurrency market by investing in a portfolio that follows NCI, gaining access to several different digital assets within this market that continues to mature”

          Cryptocurrencies should be considered as a valid asset class for a diversified portfolio

          Victory Capital’s President Mannik Dhillon said cryptocurrencies could be considered a “valid asset class” for a portfolio of various assets.  The company said it is planning to do more research on the asset class and how it can offer it to a broader customer base.

          Gemini exchange purchases crypto custody firm Shard X

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            underratedcrypto
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            Gemini exchange purchases crypto custody firm Shard X

            Cryptocurrency exchange Gemini has purchased crypto custody firm Shard X in a bid to strengthen its position in the market.

            Gemini acquires Shard X

            US-based crypto exchange Gemini has completed the acquisition of a custody tech developer, Shard X, for an undisclosed fee. The acquisition is expected to expand Gemini’s market presence in the cryptocurrency custody space.

            Shard X claims to be the first crypto firm to offer multi-party computation (MPC) on hardware security modules (HSMs). Although Gemini did not disclose the terms of the deal, Shard X would become part of the company’s UK affiliate. Shard X will work with the Gemini security department. They are expected to work on adding role-based governance protocols, biometric access controls and physical security to the crypto exchange and its products.

            Shard X is also expected to work on expanding Gemini’s presence in the decentralised finance space. Gemini Chief Operating Officer Noah Perlman said adding Shard X’s MPC technology into Gemini’s custody would allow them to meet the demand for fast withdrawals, interact with DeFi staking and transfer digital assets faster and more efficiently. “MPC technology provides a safe and uniform approach for achieving this speed across multiple cryptocurrencies,” he added.

            Mergers and acquisitions are becoming popular in the cryptocurrency space. The market has seen numerous M&As over the past few months. Last month, Galaxy Digital acquired BitGo in a deal worth $1.2 billion. Coinbase is also reportedly in talks to acquire Osprey Funds.

            The M&As make it easier for the big companies to expand their services.

            Solana Labs raises $314 million to build a faster blockchain

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              underratedcrypto
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              Solana Labs raises $314 million to build a faster blockchain

              Solana Labs has raised $314 million in a private token sale round. The development team intends to use the funds to start an incubation studio to develop a faster blockchain.

              Solana raises $314 million from a16z, others

              Cryptocurrency startup Solana announced earlier today that it had raised $314 million in a private token sale round. The Solana blockchain is one of the leading decentralised application networks in the world.

              Solana raised funds via a private token sale. The token sale round was led by Andreessen Horowitz (a16z) and Polychain Capital. Solana revealed that the other participants are Alameda Research, CMS Holdings, Multicoin Capital, CoinShares, Jump Trading, Sino Global Capital, and more.

              The startup has expected to raise anywhere from $300 million to $450 million from the token sale. With the funds obtained, the team would launch an incubation studio that would make it easier and faster to develop projects on the Solana blockchain. The team would also launch a venture investing division for the Solana ecosystem.

              The Solana network is growing

              The Solana network is one of the fastest-growing in the cryptocurrency space. The ecosystem already houses over 90 projects, including Raydium, Serum, and Pyth Network. Although it is becoming popular in the DeFi space, it is still small compared to Ethereum. Current, the total value locked (TVL) by Ethereum projects is nearly $60 billion, while Solana projects have a TVL of less than $1 billion.

              The fund could allow Solana to boost its DeFi ecosystem. Polychain Capital’s managing partner Olaf Carlson-Wee stated that “In our view, Solana is a compliment to Ethereum,” he said. “We’re thrilled to see strong developer activity and a continually expanding community grow around the project.”

              The $314 million raised by Solana is its highest to date. The startup raised $20 million in a Series A funding round two years ago and another $1.8 million last year.

              Coinseed to shut down following NYAG lawsuit

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                underratedcrypto
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                Coinseed to shut down following NYAG lawsuit

                Cryptocurrency trading platform Coinseed is shutting down following a recent lawsuit by the New York State Attorney General.

                Coinseed will close its operations soon

                Cryptocurrency trading platforms are used to facing regulatory scrutiny in various parts of the world, mostly due to the regulator not fully understanding how crypto exchanges function. This has forced some of the platforms to either relocate to more friendly jurisdictions or shut down their services.

                New York-based Coinseed is the next in line after the crypto trading firm revealed that it would shut down its operations following a recent lawsuit by the New York State Attorney General (NYAG). Coinseed CEO Delgerdalai Davaasambuu said, “I started Coinseed with the idea to create the next generation of crypto investing by making it easier to invest in cryptocurrencies. We were able to create and deliver the best version of what I imagined Coinseed to be. So it is with an incredibly heavy heart, today I’m announcing that I am winding down the business due to a lawsuit from the NYAG.”

                Attorney general Letitia James accused the crypto trading platform and its executives of defrauding investors of over $1 million and breaking United States laws in the process. The NYAG went on to file a court order last month, seeking to freeze Coinseed’s trading activity and stop all its operations. Yesterday, the NYAG obtained the court order to block the crypto trading platform’s activities and ensure the protection of investors’ funds.

                The CEO said he is not sad and frustrated that he has to shut down Coinseed. He maintains that the crypto trading platform hasn’t done anything wrong, and Coinseed made a serious mistake by basing in New York.

                Coinseed to refund investors

                The exchange said it would return user funds to them. “As for the user funds, it will be returned soon, and we’re interviewing law firms to hire for the matter. They will reach out to you before long. However, please annoy the NYAG as much as you can since they are the people who caused all the mess. Call them, email them, write letters to them, curse them. The more, the better,” the CEO added.

                The NYAG revealed that it has received over 170 complaints from concerned investors regarding the safety of their assets following Coinseed’s alleged fraudulent activities.

                Amazon is looking for a head of product in blockchain

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                  underratedcrypto
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                  Amazon is looking for a head of product in blockchain

                  E-commerce giant Amazon has posted a job listing on its LinkedIn related to blockchain technology. The post states that they are looking for a Head of Product in Blockchain with experience in Ethereum.

                  The business unit that is searching for a person to join the team is Amazon Web Services

                  The job ad explains that they are looking for someone who is passionate about blockchain and decentralized networks. He also has to see the potential to change the way people, businesses, and governments conduct transactions. A key requirement for the job is “experience with blockchain frameworks, technology and applications, including Ethereum and Hyperledger Fabric”.

                  The business unit that is looking for a person to join the team is Amazon Web Services. They have been working on Amazon Managed Blockchain, a service that makes it easy to manage scalable blockchain networks using the open source Hyperledger Fabric and Ethereum frameworks.

                  Amazon is still interested in cryptocurrency

                  Earlier this year, there were rumors of Amazon launching its own cryptocurrency. The company has shown no signs of actually creating one after the experiment in 2013 where they released “Amazon coins”. Although they are not launching their own cryptocurrency, their interest in blockchain technology and DeFi still exists, and it is very likely that Amazon will try to be a dominant player in this space, just like in the other sectors they have been active in.

                  Amazon isn’t the first company looking for a new employee with DeFi experience. Another company that recently posted a job listing was tech giant Apple.

                  U.S. seizes $2.3 million in Bitcoin paid in Colonial Pipeline attack

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                  underratedcrypto
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                  U.S. seizes $2.3 million in Bitcoin paid in Colonial Pipeline attack

                  The U.S. Justice Department said Monday it has recovered $2.3 million worth of cryptocurrency from the Colonial Pipeline Co. ransomware attack.

                  A large chunk of the money acquired by the hackers  is recovered

                  U.S. Deputy Attorney General Lisa Monaco said investigators seized 63.7 Bitcoins, now worth about $2.3 million, paid for by Colonial after last month’s hack that led to massive shortages at gas stations along the East Coast.

                  The $2.3 million is a large chunk of the money paid to the ransomware hackers. In total, Colonial Pipeline paid $4.4 million in Bitcoin to the hackers.

                  Colonial Pipeline Co. CEO Joseph Blount said in an interview published last month that the company met the $4.4 million ransom demand because executives didn’t know the extent of the hacking attack and how long it would take to restore operations.   Behind the scenes, the company had taken early steps to notify the FBI and followed instructions that helped investigators track the payment to a cryptocurrency wallet used by the hackers.

                  Blockchain technology makes it easier to track lost funds

                  Despite criticism that Bitcoin makes it easier for criminals to attack businesses with ransomware, the 63.7 Bitcoins secured also shows that the open-source information makes it easy to track transactions and wallets on the blockchain. The blockchain explorer pages are far more transparent and easier to navigate through than trying to track cash.

                  Ransomware attacks continue to be a problem in the U.S.

                  In recent weeks, cybercriminals have increasingly targeted organizations that play an important role in much of the U.S. economy. The impact of these attacks shows how hackers are capable of more than expected.

                  Paraguay Hints at Bitcoin PayPal Project

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                    underratedcrypto
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                    Paraguay Hints at Bitcoin PayPal Project

                    The Deputy of the Nation of Paraguay has suggested that the country is about to focus on an “important project” involving Bitcoin and PayPal.

                    A politician changed his profile photo on Twitter to one with laser eyes

                    Just a day after the president of El Salvador made his announcement, another country, Paraguay, has hinted at joining the list of countries adopting Bitcoin. A politician of the country also changed his profile photo with laser eyes and revealed that a big announcement about Bitcoin adoption will come this week.

                    Although the actual details are sparse, the post seems very positive about cryptocurrencies and even includes terminology used by crypto enthusiasts. Rejala Helman ended the note with the words “the real one to the moon,” accompanied by hashtags for BTC and PayPal.

                    There could be a big difference between the plan of the two countries that mention Bitcoin

                    El Salvador’s President Nayib Bukele announced his plans to submit a bill to the country’s Congress to make Bitcoin legal tender at Bitcoin 2021. Jack Mallers, founder of the Bitcoin payments company Strike, introduced Bukele’s pre-recorded message, revealing that he has been working in El Salvador to increase Bitcoin adoption.

                    It’s not clear what Paraguay is working on, but it could be a big difference from El Salvador’s message, as Rejala Helman mentioned PayPal. The payments company has recently made big moves to accept bitcoin by allowing crypto payments and withdrawals on third-party wallets.

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