Crypto giant Binance has processed Iranian transactions with a value of $8 billion since 2018 despite US&nbsp;sanctions intended to cut Iran off from the global financial system, blockchain data show.

Almost all the funds, some $7.8 billion, flowed between Binance and Iran's largest crypto exchange, Nobitex, according to a review of data from leading US&nbsp;blockchain researcher Chainalysis. Nobitex offers guidance on its website on how to skirt sanctions.

Three-quarters of the Iranian funds that passed through Binance were in a relatively low-profile cryptocurrency called Tron that gives users an option to conceal their identities. In a blog post last year, Nobitex encouraged clients to use Tron — a mid-tier token — to trade anonymously without "endangering assets due to sanctions."

The scale of Binance's Iranian crypto flows — and the fact that they are continuing — has not been previously reported.

The new findings come as the US&nbsp;Justice Department is pursuing an investigation into possible violations of money-laundering rules by Binance, which dominates the $1 trillion crypto industry, with over 120 million users. The transactions put the company at risk of falling afoul of US&nbsp;prohibitions on doing business with Iran, lawyers and trade-sanctions experts said.

In July, Reuters revealed that Binance continued to serve clients in Iran and that the exchange's popularity in the Islamic republic was known inside the company. It was one of a series of Reuters investigations into Binance's troubled history with financial regulatory compliance. The day of that article's publication, Binance said in a blog post that it follows international sanctions rules on Iran and blocks access to the platform to anyone based there. The exchange's billionaire founder, Changpeng Zhao, tweeted: "Binance banned Iranian users after sanctions, seven got missed/found a workaround, they were banned later anyways."

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Binance didn't answer detailed questions about the new transactions uncovered by Reuters. In a statement, spokesperson Patrick Hillmann said, "Binance.com is not a US&nbsp;company, unlike other platforms that have exposure to these same US&nbsp;sanctioned entities. However, we have taken proactive steps to limit our exposure to the Iranian marketplace," working with industry partners and internal tools.

<img alt="Binance" data-entity-type="file" data-entity-uuid="617f2071-d203-4834-9218-14234562d307" src="//cdn.wionews.com/sites/default/files/inline-images/2022-11-04T170608Z_3_LYNXMPEIA30HV_RTROPTP_4_FINTECH-CRYPTO-BINANCE-IRAN.JPG" />

Binance declines to give details of the location or the entity behind its Binance.com exchange.

Nobitex didn't respond to questions for this article. Nor did the Tron Network, based in the British Virgin Islands, and its founder Justin Sun.

In August 2021, Binance announced that customers would no longer be able to open accounts and use its services without identification. But since then, the exchange has processed almost $1.05 billion in trades directly from Nobitex and other Iranian exchanges, according to the Chainalysis data, which runs to November of this year. Since Zhao's tweet in July, Binance has processed around $80 million in Iranian trades.

Hillmann said in the Binance statement that the company requires full "Know Your Customer" checks for all users "and residents of Iran are prohibited from opening or maintaining an account. We are continually updating processes and technology as we learn about new risks and potential exposures. As a result of these efforts, including real-time transaction monitoring in coordination with external vendors, between June of 2021 and November of 2022, Binance's exposure to Iranian-linked entities has seen an exponential decline."

The data reviewed by Reuters show that in total some $2.95 billion in crypto moved directly between Iranian exchanges and Binance since 2018.

A further $5 billion in crypto moved between Iranian exchanges and Binance through layers of intermediaries, the data also reveal. Regulators say such "indirect" flows should be a red flag to crypto exchanges - an indicator of possible money laundering and sanctions evasion. Crypto users seeking to cover their tracks often use sophisticated techniques to create complex chains of crypto transfers.

Nobitex advises its 4 million customers on its website to avoid "the direct transfer" of crypto between Iranian and foreign crypto platforms to "maintain security."

Binance spokesperson Hillmann told Reuters in June, in relation to the exchange's indirect exposure to illicit funds, that "what's important to note is not where the funds come from - as crypto deposits cannot be blocked - but what we do after the funds are deposited." He said Binance uses transaction monitoring and risk assessments to "ensure that any illegal funds are tracked, frozen, recovered and/or returned to their rightful owner."

In addition to the Tron token, the remainder of the Iranian transactions were in major cryptocurrencies bitcoin, ether, tether and XRP, and a smaller token, litecoin.

Binance is the biggest market for trading Tron, according to industry data. Some other major exchanges, including U.S.-regulated Coinbase and Gemini, do not list the token.

Until recently, Tron has largely flown under the radar of cryptocurrency trackers. Market leader Chainalysis, used by US&nbsp;government agencies, only began fully supporting the tracing of Tron this May, according to an email Chainalysis sent to a client.

The Tron dataset details over 1.15 million direct transfers between Binance and Nobitex since April 2020, when the first Tron flows were recorded. The data include wallet addresses and a unique identification number for each transaction.

Reuters obtained the Tron figures, along with further datasets covering the other crypto tokens, from three firms with access to Chainalysis' Reactor investigation software. Reuters cross-checked each company's figures. A fourth firm also confirmed some of the figures on direct transfers based on a separate dataset compiled using different software.

Reuters is making available here the data for direct transactions since August 20, 2021, amounting to around $1 billion.

The total volume of Iranian transactions flowing through Binance is far greater than through any other exchange, the data show. After Binance, the next most popular exchange for Nobitex users since 2018 was Seychelles-based KuCoin, which processed $820 million in direct and indirect transactions.

KuCoin and six other Iranian exchanges in the dataset– CoinNik Market, Iranicard, Rabex, Wallex, Sarmayex and Tether Land – did not respond to requests for comment.

SANCTIONS RISK

Binance has grown explosively since its launch in 2017. The company extended its reach from crypto last month by investing $500 million in Tesla boss Elon Musk's buyout of Twitter.

The main focus of the US&nbsp;Justice Department investigation is whether Binance violated U.S. anti-money laundering laws. As part of the case, ongoing since 2018, the department is also investigating Binance for possible criminal sanctions violations in connection with Iran, three people with knowledge of the probe said. In late 2020, the department sought records from Binance on its compliance programme, including any documents related to the transfer of crypto funds for people or entities in countries including Iran.

The Justice Department declined to comment.

The US&nbsp;government reimposed sanctions in 2018 on Iran that had been suspended three years earlier as part of Iran's nuclear deal with world powers. The West and the United Nations have targeted Tehran since 1979 with sanctions over its nuclear programme, along with alleged human rights violations and support for terrorism.

Six lawyers and sanctions experts said the Iranian transactions documented by Reuters put Binance at risk of US&nbsp;"secondary" sanctions, designed to prevent non-U.S. firms from doing business with sanctioned entities or helping Iranians evade the American trade embargo. Secondary sanctions can choke off a company's access to the US&nbsp;financial system.

Binance could also be exposed to direct "primary" sanctions if the company has what the U.S. Treasury Department calls a "nexus to the United States," the lawyers and experts said. Such links can include any US-incorporated entities, or transactions processed through the US&nbsp;financial system or using the dollar, they said. Treasury didn't respond to a request for comment.

In 2019, Britain's Standard Chartered agreed to pay almost $930 million to US&nbsp;authorities for criminal sanctions violations that included moving around $240 million via US&nbsp;financial institutions for Iranian customers. Standard Chartered accepted responsibility for the violations. French bank BNP Paribas in 2014 agreed to plead guilty to violating US&nbsp;sanctions on countries including Iran and to pay $8.9 billion. Both banks committed to improving their controls.

Binance says it does not accept customers in the United States. American clients are instead directed to a separate exchange called Binance.US, run by a US&nbsp;company which since 2019 has been registered with the Treasury as a money-service business.

Binance CEO Zhao has described Binance.US as a "fully independent entity." Reuters reported in October that he in fact controlled the U.S. exchange and directed its management from abroad. A Binance adviser, in a message to executives in 2018, described the U.S. operation as a "de facto subsidiary."

In a blog post after that article, Zhao reaffirmed that Binance.US "operates independently from Binance.com."

The vast majority of the $8 billion in Iranian crypto transactions identified by Reuters involved the main Binance exchange. But Binance.US also processed crypto transactions worth $1.5 million from Iranian exchanges Nobitex, Wallex and Tether Land, the Chainalysis data show.

US&nbsp;entities that violate the Iran sanctions can face criminal fines of up to $1 million per violation. People involved can face jail terms of up to 20 years. This October, the Treasury fined Seattle-based crypto exchange Bittrex $24 million for violating sanctions on Iran and other countries by processing crypto transactions worth over $260 million. Bittrex said at the time it was "pleased to have fully resolved" the matter.

Contacted for this article, a Binance.US spokesperson said Reuters' figures for its transactions with the Iranian exchanges were not accurate and that including "direct as well as indirect transactional data from Chainalysis both conflates and inflates the volume you cite." The spokesperson didn't provide an alternative figure.

Binance.US "adheres to all applicable US&nbsp;rules governing digital asset exchanges" and only permits trading by entities that have completed a "rigorous screening process," the spokesperson said.

Nobitex and the other Iranian crypto exchanges haven't been sanctioned by the United States. Reuters did not find evidence that sanctioned Iranian individuals, companies or organisations used Binance or Binance.US.

"THE BEST OPTION"

Nobitex, the largest Iranian exchange, launched in 2017. Its co-founder and CEO, Amirhosein Rad, did a doctorate in philosophy and chemical engineering at Iran's Sharif University of Technology, his LinkedIn profile shows. Rad didn't comment for this article.

Nobitex's aim, stated on its LinkedIn page earlier this year, is to allow Iranians to invest in crypto despite "the shadow of sanctions." As sanctions have hit Iran's ability to do business with the outside world, crypto has grown popular there for cross-border commerce. The exchange said it serves as a "safe bridge between 3.5 million Iranians and the world of cryptocurrencies."

Nobitex said in its 2021 annual report that it processes 70% of Iranian crypto transactions. The exchange has recommended that its clients use Binance in multiple posts on its website and social media channels, as recently as this year.

Nobitex users began moving bitcoin through Binance in April 2018, the Chainalysis data show.

In a trading guide on Nobitex's website, first published in 2019 and updated this October, Nobitex advised users to open accounts to convert their Iranian rials into crypto and then make transfers to a foreign exchange such as Binance, which it called the "most reliable." Subsequent posts in 2020 said that "for us Iranians, Binance is still the best option" and that Binance "causes fewer problems for Iranian users."

Noting the risk posed by U.S. sanctions, Nobitex's public terms of use recommend customers avoid the "direct transfer" of crypto from Nobitex to Binance and instead create multiple digital wallets to move funds in separate stages.

The volume of Tron transactions between Nobitex and Binance surged from August 2020, the Chainalysis data showed.

That same month, Tron's founder, Sun, said on Twitter the digital coin had enabled a new feature that allowed traders to mask their identities. Sun wrote that the feature, known as zk-SNARK, would "protect user data with the strongest privacy protection in the industry."

An article published in a Justice Department journal last year said the feature allows the development of "anonymity enhanced cryptocurrencies" that attract criminals "like sharks to chum" as they "seek out privacy to conceal their conduct."

Nobitex recommended that users open digital wallets with Binance to buy Tron due to its "high security." A Nobitex blog post in July 2021 said zk-SNARK was key to keeping those sending and receiving crypto "hidden."

Nobitex customers remained able to use Binance to trade Tron and other crypto tokens after Binance tightened its checks on clients on August 20, 2021, according to the data. Binance processed direct transactions from Nobitex totalling over $1 billion between that date and November of this year, far outstripping any other international exchange, it showed. As recently as this October, $20 million in Tron flowed directly between Binance and Nobitex, the data show.

Iranians sanctioned by the U.S. Treasury for cyberattacks and ransomware activity have used Nobitex, a Chainalysis report in September said. Between 2015 and 2022, the digital wallets of sanctioned Iranians received over $230,000 in bitcoin ransomware funds, Chainalysis said, with most of the crypto sent to Nobitex.

The Treasury said the same month that the sanctioned Iranians were all affiliated with the Islamic Revolutionary Guard Corps, a powerful faction that controls a business empire as well as elite armed and intelligence forces in Iran. Iranian authorities did not respond to a request for comment. The Iranian Foreign Ministry has called U.S. sanctions "unilateral, illegal and cruel."

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Crypto giant Binance has processed Iranian transactions with a value of $8 billion since 2018 despite US sanctions intended to cut Iran off from the global financial system, blockchain data show.

Crypto giant Binance has processed Iranian transactions with a value of $8 billion since 2018 despite US sanctions intended to cut Iran off from the global financial system, blockchain data show. Almost all the funds, some $7.8 billion, flowed between Binance and Iran's largest crypto exchange, Nobitex, according to a review of data from leading US blockchain researcher Chainalysis. Nobitex offers guidance on its website on how to skirt sanctions. Three-quarters of the Iranian funds that passed through Binance were in a relatively low-profile cryptocurrency called Tron that gives users an option to conceal their identities. In a blog post last year, Nobitex encouraged clients to use Tron — a mid-tier token — to trade anonymously without "endangering assets due to sanctions." The scale of Binance's Iranian crypto flows — and the fact that they are continuing — has not been previously reported. The new findings come as the US Justice Department is pursuing an investigation into possible violations of money-laundering rules by Binance, which dominates the $1 trillion crypto industry, with over 120 million users. The transactions put the company at risk of falling afoul of US prohibitions on doing business with Iran, lawyers and trade-sanctions experts said. In July, Reuters revealed that Binance continued to serve clients in Iran and that the exchange's popularity in the Islamic republic was known inside the company. It was one of a series of Reuters investigations into Binance's troubled history with financial regulatory compliance. The day of that article's publication, Binance said in a blog post that it follows international sanctions rules on Iran and blocks access to the platform to anyone based there. The exchange's billionaire founder, Changpeng Zhao, tweeted: "Binance banned Iranian users after sanctions, seven got missed/found a workaround, they were banned later anyways." Also Read | Iran finally admits it provided drones to Russia, but resolutely denies supplying missiles Binance didn't answer detailed questions about the new transactions uncovered by Reuters. In a statement, spokesperson Patrick Hillmann said, "Binance.com is not a US company, unlike other platforms that have exposure to these same US sanctioned entities. However, we have taken proactive steps to limit our exposure to the Iranian marketplace," working with industry partners and internal tools. Binance declines to give details of the location or the entity behind its Binance.com exchange. Nobitex didn't respond to questions for this article. Nor did the Tron Network, based in the British Virgin Islands, and its founder Justin Sun. In August 2021, Binance announced that customers would no longer be able to open accounts and use its services without identification. But since then, the exchange has processed almost $1.05 billion in trades directly from Nobitex and other Iranian exchanges, according to the Chainalysis data, which runs to November of this year. Since Zhao's tweet in July, Binance has processed around $80 million in Iranian trades. Hillmann said in the Binance statement that the company requires full "Know Your Customer" checks for all users "and residents of Iran are prohibited from opening or maintaining an account. We are continually updating processes and technology as we learn about new risks and potential exposures. As a result of these efforts, including real-time transaction monitoring in coordination with external vendors, between June of 2021 and November of 2022, Binance's exposure to Iranian-linked entities has seen an exponential decline." The data reviewed by Reuters show that in total some $2.95 billion in crypto moved directly between Iranian exchanges and Binance since 2018. A further $5 billion in crypto moved between Iranian exchanges and Binance through layers of intermediaries, the data also reveal. Regulators say such "indirect" flows should be a red flag to crypto exchanges - an indicator of possible money laundering and sanctions evasion. Crypto users seeking to cover their tracks often use sophisticated techniques to create complex chains of crypto transfers. Nobitex advises its 4 million customers on its website to avoid "the direct transfer" of crypto between Iranian and foreign crypto platforms to "maintain security." Binance spokesperson Hillmann told Reuters in June, in relation to the exchange's indirect exposure to illicit funds, that "what's important to note is not where the funds come from - as crypto deposits cannot be blocked - but what we do after the funds are deposited." He said Binance uses transaction monitoring and risk assessments to "ensure that any illegal funds are tracked, frozen, recovered and/or returned to their rightful owner." In addition to the Tron token, the remainder of the Iranian transactions were in major cryptocurrencies bitcoin, ether, tether and XRP, and a smaller token, litecoin. Binance is the biggest market for trading Tron, according to industry data. Some other major exchanges, including U.S.-regulated Coinbase and Gemini, do not list the token. Until recently, Tron has largely flown under the radar of cryptocurrency trackers. Market leader Chainalysis, used by US government agencies, only began fully supporting the tracing of Tron this May, according to an email Chainalysis sent to a client. The Tron dataset details over 1.15 million direct transfers between Binance and Nobitex since April 2020, when the first Tron flows were recorded. The data include wallet addresses and a unique identification number for each transaction. Reuters obtained the Tron figures, along with further datasets covering the other crypto tokens, from three firms with access to Chainalysis' Reactor investigation software. Reuters cross-checked each company's figures. A fourth firm also confirmed some of the figures on direct transfers based on a separate dataset compiled using different software. Reuters is making available here the data for direct transactions since August 20, 2021, amounting to around $1 billion. The total volume of Iranian transactions flowing through Binance is far greater than through any other exchange, the data show. After Binance, the next most popular exchange for Nobitex users since 2018 was Seychelles-based KuCoin, which processed $820 million in direct and indirect transactions. KuCoin and six other Iranian exchanges in the dataset– CoinNik Market, Iranicard, Rabex, Wallex, Sarmayex and Tether Land – did not respond to requests for comment. SANCTIONS RISK Binance has grown explosively since its launch in 2017. The company extended its reach from crypto last month by investing $500 million in Tesla boss Elon Musk's buyout of Twitter. The main focus of the US Justice Department investigation is whether Binance violated U.S. anti-money laundering laws. As part of the case, ongoing since 2018, the department is also investigating Binance for possible criminal sanctions violations in connection with Iran, three people with knowledge of the probe said. In late 2020, the department sought records from Binance on its compliance programme, including any documents related to the transfer of crypto funds for people or entities in countries including Iran. The Justice Department declined to comment. The US government reimposed sanctions in 2018 on Iran that had been suspended three years earlier as part of Iran's nuclear deal with world powers. The West and the United Nations have targeted Tehran since 1979 with sanctions over its nuclear programme, along with alleged human rights violations and support for terrorism. Six lawyers and sanctions experts said the Iranian transactions documented by Reuters put Binance at risk of US "secondary" sanctions, designed to prevent non-U.S. firms from doing business with sanctioned entities or helping Iranians evade the American trade embargo. Secondary sanctions can choke off a company's access to the US financial system. Binance could also be exposed to direct "primary" sanctions if the company has what the U.S. Treasury Department calls a "nexus to the United States," the lawyers and experts said. Such links can include any US-incorporated entities, or transactions processed through the US financial system or using the dollar, they said. Treasury didn't respond to a request for comment. In 2019, Britain's Standard Chartered agreed to pay almost $930 million to US authorities for criminal sanctions violations that included moving around $240 million via US financial institutions for Iranian customers. Standard Chartered accepted responsibility for the violations. French bank BNP Paribas in 2014 agreed to plead guilty to violating US sanctions on countries including Iran and to pay $8.9 billion. Both banks committed to improving their controls. Binance says it does not accept customers in the United States. American clients are instead directed to a separate exchange called Binance.US, run by a US company which since 2019 has been registered with the Treasury as a money-service business. Binance CEO Zhao has described Binance.US as a "fully independent entity." Reuters reported in October that he in fact controlled the U.S. exchange and directed its management from abroad. A Binance adviser, in a message to executives in 2018, described the U.S. operation as a "de facto subsidiary." In a blog post after that article, Zhao reaffirmed that Binance.US "operates independently from Binance.com." The vast majority of the $8 billion in Iranian crypto transactions identified by Reuters involved the main Binance exchange. But Binance.US also processed crypto transactions worth $1.5 million from Iranian exchanges Nobitex, Wallex and Tether Land, the Chainalysis data show. US entities that violate the Iran sanctions can face criminal fines of up to $1 million per violation. People involved can face jail terms of up to 20 years. This October, the Treasury fined Seattle-based crypto exchange Bittrex $24 million for violating sanctions on Iran and other countries by processing crypto transactions worth over $260 million. Bittrex said at the time it was "pleased to have fully resolved" the matter. Contacted for this article, a Binance.US spokesperson said Reuters' figures for its transactions with the Iranian exchanges were not accurate and that including "direct as well as indirect transactional data from Chainalysis both conflates and inflates the volume you cite." The spokesperson didn't provide an alternative figure. Binance.US "adheres to all applicable US rules governing digital asset exchanges" and only permits trading by entities that have completed a "rigorous screening process," the spokesperson said. Nobitex and the other Iranian crypto exchanges haven't been sanctioned by the United States. Reuters did not find evidence that sanctioned Iranian individuals, companies or organisations used Binance or Binance.US. "THE BEST OPTION" Nobitex, the largest Iranian exchange, launched in 2017. Its co-founder and CEO, Amirhosein Rad, did a doctorate in philosophy and chemical engineering at Iran's Sharif University of Technology, his LinkedIn profile shows. Rad didn't comment for this article. Nobitex's aim, stated on its LinkedIn page earlier this year, is to allow Iranians to invest in crypto despite "the shadow of sanctions." As sanctions have hit Iran's ability to do business with the outside world, crypto has grown popular there for cross-border commerce. The exchange said it serves as a "safe bridge between 3.5 million Iranians and the world of cryptocurrencies." Nobitex said in its 2021 annual report that it processes 70% of Iranian crypto transactions. The exchange has recommended that its clients use Binance in multiple posts on its website and social media channels, as recently as this year. Nobitex users began moving bitcoin through Binance in April 2018, the Chainalysis data show. In a trading guide on Nobitex's website, first published in 2019 and updated this October, Nobitex advised users to open accounts to convert their Iranian rials into crypto and then make transfers to a foreign exchange such as Binance, which it called the "most reliable." Subsequent posts in 2020 said that "for us Iranians, Binance is still the best option" and that Binance "causes fewer problems for Iranian users." Noting the risk posed by U.S. sanctions, Nobitex's public terms of use recommend customers avoid the "direct transfer" of crypto from Nobitex to Binance and instead create multiple digital wallets to move funds in separate stages. The volume of Tron transactions between Nobitex and Binance surged from August 2020, the Chainalysis data showed. That same month, Tron's founder, Sun, said on Twitter the digital coin had enabled a new feature that allowed traders to mask their identities. Sun wrote that the feature, known as zk-SNARK, would "protect user data with the strongest privacy protection in the industry." An article published in a Justice Department journal last year said the feature allows the development of "anonymity enhanced cryptocurrencies" that attract criminals "like sharks to chum" as they "seek out privacy to conceal their conduct." Nobitex recommended that users open digital wallets with Binance to buy Tron due to its "high security." A Nobitex blog post in July 2021 said zk-SNARK was key to keeping those sending and receiving crypto "hidden." Nobitex customers remained able to use Binance to trade Tron and other crypto tokens after Binance tightened its checks on clients on August 20, 2021, according to the data. Binance processed direct transactions from Nobitex totalling over $1 billion between that date and November of this year, far outstripping any other international exchange, it showed. As recently as this October, $20 million in Tron flowed directly between Binance and Nobitex, the data show. Iranians sanctioned by the U.S. Treasury for cyberattacks and ransomware activity have used Nobitex, a Chainalysis report in September said. Between 2015 and 2022, the digital wallets of sanctioned Iranians received over $230,000 in bitcoin ransomware funds, Chainalysis said, with most of the crypto sent to Nobitex. The Treasury said the same month that the sanctioned Iranians were all affiliated with the Islamic Revolutionary Guard Corps, a powerful faction that controls a business empire as well as elite armed and intelligence forces in Iran. Iranian authorities did not respond to a request for comment. The Iranian Foreign Ministry has called U.S. sanctions "unilateral, illegal and cruel." You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Crypto exchange Binance helped Iranian firms trade $8 billion despite sanctions

#WIONFineprint | Hong Kong has said it plans to legalise the retail trading of cryptocurrencies. It will reportedly release new crypto regulations next Monday.

WION Fineprint | Hong Kong plans to legalise retail Crypto trading

Hong Kong is shedding its sceptical stance on cryptocurrencies and plans to legalise retail trading in contrast to the ban in mainland China. It has planned a mandatory licencing programme for crypto platforms that would be enforced from March next year to allow retail trading, Bloomberg reported citing sources. 
 
Regulators will allow listings of bigger tokens but won’t endorse specific coins like Bitcoin or Ether, and further details and timetable will be announced after as due public consultation, the sources told Bloomberg. 
 
The government is likely to share details of its plan of creating a top crypto hub at a fintech conference starting on Monday. The push is part of a drive to restore Hong Kong’s credentials as a finance centre after years of political turmoil and Covid curbs sparked a talent exodus. 
 
ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/twitteratis-surprised-as-bengaluru-tea-seller-accepts-payment-in-crypto-520910">Twitterati surprised as Bengaluru tea seller accepts payment in crypto</a> 
 
“Introducing mandatory licensing in Hong Kong is just one of the important things regulators have to do,” said Gary Tiu, executive director at crypto firm BC Technology Group Ltd. “They can’t forever effectively close the needs of retail investors.” 
 
A spokesperson for Hong Kong’s Securities and Futures Commission declined to comment on the details of the plan.&nbsp;Shares of some crypto-related firms listed in Hong Kong rose on Friday after the development.&nbsp; 
 
Regulators across globe are struggling how to manage the highly volatile digital-asset sector, which is picking up the pieces of a $2 trillion rout since a peak in November 2021. The crash toppled a range of crypto outfits while exposing unbridled leverage and deficient risk management, added the Bloomberg report. 
 
ALSO READ |&nbsp;<a href="https://www.wionews.com/world/couple-entangled-in-legal-trouble-after-receiveing-erroneous-refund-of-105-from-a-crypto-company-524600">Couple in legal trouble after receiving erroneous refund of $10.5 mn from a crypto company</a> 
 
Singapore, Hong Kong’s traditional rival for financial business, was buffeted by the implosion and has tightened up its digital-asset rules to curb retail trading. Singapore earlier this week proposed banning leveraged retail token purchases. China declared the crypto sector largely illegal a year ago. 
 
Hong Kong has actually been trying to frame an all-encompassing crypto regime going beyond retail token trading, said Michel Lee, executive president of digital-asset specialist HashKey Group.&nbsp; 
 
He cited tokenized versions of stocks and bonds as a potentially more important segment in future. “Just trading digital assets on its own is not the goal,” Lee said. “The goal is really to grow the ecosystem.”

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Hong Kong is shedding its sceptical stance on cryptocurrencies and plans to legalise retail trading in contrast to the ban in mainland China. It has planned a mandatory licencing programme for crypto platforms that would be enforced from March next year to allow retail trading, Bloomberg reported citing sources.

Hong Kong is shedding its sceptical stance on cryptocurrencies and plans to legalise retail trading in contrast to the ban in mainland China. It has planned a mandatory licencing programme for crypto platforms that would be enforced from March next year to allow retail trading, Bloomberg reported citing sources. Regulators will allow listings of bigger tokens but won’t endorse specific coins like Bitcoin or Ether, and further details and timetable will be announced after as due public consultation, the sources told Bloomberg. The government is likely to share details of its plan of creating a top crypto hub at a fintech conference starting on Monday. The push is part of a drive to restore Hong Kong’s credentials as a finance centre after years of political turmoil and Covid curbs sparked a talent exodus. ALSO READ | Twitterati surprised as Bengaluru tea seller accepts payment in crypto “Introducing mandatory licensing in Hong Kong is just one of the important things regulators have to do,” said Gary Tiu, executive director at crypto firm BC Technology Group Ltd. “They can’t forever effectively close the needs of retail investors.” A spokesperson for Hong Kong’s Securities and Futures Commission declined to comment on the details of the plan. Shares of some crypto-related firms listed in Hong Kong rose on Friday after the development. Regulators across globe are struggling how to manage the highly volatile digital-asset sector, which is picking up the pieces of a $2 trillion rout since a peak in November 2021. The crash toppled a range of crypto outfits while exposing unbridled leverage and deficient risk management, added the Bloomberg report. ALSO READ | Couple in legal trouble after receiving erroneous refund of $10.5 mn from a crypto company Singapore, Hong Kong’s traditional rival for financial business, was buffeted by the implosion and has tightened up its digital-asset rules to curb retail trading. Singapore earlier this week proposed banning leveraged retail token purchases. China declared the crypto sector largely illegal a year ago. Hong Kong has actually been trying to frame an all-encompassing crypto regime going beyond retail token trading, said Michel Lee, executive president of digital-asset specialist HashKey Group. He cited tokenized versions of stocks and bonds as a potentially more important segment in future. “Just trading digital assets on its own is not the goal,” Lee said. “The goal is really to grow the ecosystem.” You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Hong Kong to legalise retail crypto trading, plans to become top digital assets' centre

South Africa's financial watchdog has classified cryptocurrency assets as financial products. In a brief notice, it stated that at the crypto asset which it referred to as a digital representation of value must be regulated in South Africa from the date of publication.

WION Business News | South Africa moves to regulate Crypto assets

WION Business News

Reports say, at least $718 million has been stolen so far in October alone, taking the gross tally for the year past $3 billion and putting 2022 on course to be a record for the total value hacked.

World Business Watch: Crypto hackers set for record year after looting over $3 billion

A woman based in Australia is currently awaiting a trial after being accused of gulping a $10.5 million mistaken cryptocurrency refund.&nbsp;

Reportedly,&nbsp;Thevamanogari Manivel and her partner&nbsp;Jatinder Singh are currently embroiled in legal troubles after Manivel received an erroneous refund of $10.47 million from Cryto.com for an intended refund of $100 in May 2021.

The cryptocurrency account was in the name of Singh but Manivel used her bank card to buy the digital currency, thereby becoming the prime accused in the case.

<a href="https://www.wionews.com/technology/thiefs-can-use-thermal-camera-and-ai-to-crack-your-password-heres-how-524376">Read more:&nbsp;Thieves can use thermal camera and AI to crack your password. Here's how</a>

According to Singh, he thought the couple has won the money after receiving a notification from the company.

After receiving the money, they used it to buy four houses, gifts, vehicles, furniture and other items. Meanwhile, $4 million was transferred to a Malaysian bank account.&nbsp;

According to local&nbsp;media reports, a worker in Bulgaria had entered the wrong numbers into the Excel spreadsheet which went unnoticed, until an audit was conducted in December of the same year.&nbsp;

<a href="https://www.wionews.com/world/philippines-433-people-hit-lottery-jackpot-at-once-522471">Read more:&nbsp;Philippines: 433 people hit lottery jackpot at once</a>

After the error was found, the authorities were alerted and Manivel was arrested at Melbourne airport in March this year for purportedly attempting to flee to Malaysia on a one-way ticket with $11,000 cash on her.

Since then, the prosecution has claimed that Manivel is a flight risk and she should not be released as it could hamper the recovery of the stolen amount.

According to court documents, most of the money has been recovered from the duo but approximately $3 million remains outstanding.&nbsp;

Singh has pleaded not guilty to the charges while Manivel was recently released on bail. Both have been directed to attend the&nbsp;hearing scheduled at a county court on November 8 where the future course of action regarding the case will be decided.&nbsp;

<a href="https://www.wionews.com/trending/in-saudi-arabia-women-reject-stigma-and-learn-pole-dancing-524187">Read more:&nbsp;In Saudi Arabia, women reject stigma and learn pole dancing</a>

(With inputs from agencies)

 
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A woman based in Australia is currently awaiting a trial after being accused of gulping a $10.5 million mistaken cryptocurrency refund. Reportedly, Thevamanogari Manivel and her partner Jatinder Singh are currently embroiled in legal troubles after Manivel received an erroneous refund of $10.

A woman based in Australia is currently awaiting a trial after being accused of gulping a $10.5 million mistaken cryptocurrency refund. Reportedly, Thevamanogari Manivel and her partner Jatinder Singh are currently embroiled in legal troubles after Manivel received an erroneous refund of $10.47 million from Cryto.com for an intended refund of $100 in May 2021. The cryptocurrency account was in the name of Singh but Manivel used her bank card to buy the digital currency, thereby becoming the prime accused in the case. Read more: Thieves can use thermal camera and AI to crack your password. Here's how According to Singh, he thought the couple has won the money after receiving a notification from the company. After receiving the money, they used it to buy four houses, gifts, vehicles, furniture and other items. Meanwhile, $4 million was transferred to a Malaysian bank account. According to local media reports, a worker in Bulgaria had entered the wrong numbers into the Excel spreadsheet which went unnoticed, until an audit was conducted in December of the same year. Read more: Philippines: 433 people hit lottery jackpot at once After the error was found, the authorities were alerted and Manivel was arrested at Melbourne airport in March this year for purportedly attempting to flee to Malaysia on a one-way ticket with $11,000 cash on her. Since then, the prosecution has claimed that Manivel is a flight risk and she should not be released as it could hamper the recovery of the stolen amount. According to court documents, most of the money has been recovered from the duo but approximately $3 million remains outstanding. Singh has pleaded not guilty to the charges while Manivel was recently released on bail. Both have been directed to attend the hearing scheduled at a county court on November 8 where the future course of action regarding the case will be decided. Read more: In Saudi Arabia, women reject stigma and learn pole dancing (With inputs from agencies) WATCH WION LIVE HERE:

Couple entangled in legal trouble after receiving erroneous refund of $10.5 mn from a crypto company

Do Kwon, who co-founded the business that created the cryptocurrencies Terra Luna and TerraUSD, is the subject of an arrest warrant issued by a South Korean court.&nbsp;

Investors were alarmed by the&nbsp;stunning drop in the cryptocurrencies earlier this year, which caused key token prices to crash. The Singapore-registered Terraform Labs, according to the prosecution, violated capital market regulations.&nbsp;

In May, Terra Luna lost 99 per cent of its value, which was made worse by a decline in TerraUSD, its sister currency.
<img alt="Cryptocrash" data-align="center" data-caption="Terra Luna cryptocrash; Source: Bloomberg" data-entity-type="file" data-entity-uuid="337b16cd-edb1-4672-b436-d4853e660675" src="//cdn.wionews.com/sites/default/files/inline-images/1200x861.jpg" />
Kwon and five other people involved in the case have arrest warrants, a representative for the South Korean prosecutor's office told the BBC. She wouldn't say how near the authorities were to making the arrests, though.&nbsp;

Kwon is reportedly believed to be in Singapore, a country without a formal extradition treaty with South Korea. In a recent interview with the cryptocurrency show Coinage, Kwon stated that it was "kind of hard" to determine whether to go back to South Korea. Additionally, he asserted that he had "never been in touch&nbsp;with the investigators."

Also Read:<a href="https://www.wionews.com/world/data-lab-fed-up-with-mundane-beer-options-a-brewing-revolution-is-underway-in-the-us-516212">&nbsp;Data Lab| Fed up with mundane beer options? A brewing revolution is underway in the US</a>

According to the Financial Times, prosecutors intend to deactivate Kwon's passport and cooperate with the international policing organisation Interpol to arrest and extradite him from Singapore.&nbsp;

Midway through May, the Terra Luna token dropped from a high of nearly $100 (£87) to $0.09. Its demise was associated with and made worse by a decline in TerraUSD's value, a so-called "stablecoin."&nbsp;

Stablecoin developers work to maintain parity with other assets, such as the US dollar. But TerraUSD's price dropped to $0.40.&nbsp;

A sell-off in popular cryptocurrencies like Bitcoin, Ethereum, and Tether was sparked by the collapse in Terra. The phrase "cryptocrash" became popular online as a result.

(with inputs from agencies) 
&nbsp;

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Do Kwon, who co-founded the business that created the cryptocurrencies Terra Luna and TerraUSD, is the subject of an arrest warrant issued by a South Korean court.

Do Kwon, who co-founded the business that created the cryptocurrencies Terra Luna and TerraUSD, is the subject of an arrest warrant issued by a South Korean court. Investors were alarmed by the stunning drop in the cryptocurrencies earlier this year, which caused key token prices to crash. The Singapore-registered Terraform Labs, according to the prosecution, violated capital market regulations. In May, Terra Luna lost 99 per cent of its value, which was made worse by a decline in TerraUSD, its sister currency. Kwon and five other people involved in the case have arrest warrants, a representative for the South Korean prosecutor's office told the BBC. She wouldn't say how near the authorities were to making the arrests, though. Kwon is reportedly believed to be in Singapore, a country without a formal extradition treaty with South Korea. In a recent interview with the cryptocurrency show Coinage, Kwon stated that it was "kind of hard" to determine whether to go back to South Korea. Additionally, he asserted that he had "never been in touch with the investigators." Also Read: Data Lab| Fed up with mundane beer options? A brewing revolution is underway in the US According to the Financial Times, prosecutors intend to deactivate Kwon's passport and cooperate with the international policing organisation Interpol to arrest and extradite him from Singapore. Midway through May, the Terra Luna token dropped from a high of nearly $100 (£87) to $0.09. Its demise was associated with and made worse by a decline in TerraUSD's value, a so-called "stablecoin." Stablecoin developers work to maintain parity with other assets, such as the US dollar. But TerraUSD's price dropped to $0.40. A sell-off in popular cryptocurrencies like Bitcoin, Ethereum, and Tether was sparked by the collapse in Terra. The phrase "cryptocrash" became popular online as a result. (with inputs from agencies)

South Korea issues arrest warrant for Terra Luna founder on charges of 'cryptocrash'

Cryptocurrency is rife with scams but there’s a new type of fraud going around and it sounds very weird. It’s called “pig butchering”. Eric Njoka tells you why you should steer clear of it.

WION Fineprint | Decoding the crypto scam that is costing investors millions

Ethereum is currently the second most important blockchain in the world after Bitcoin and it is on the verge of going through a major transformation. Ethereum mining consumes more energy than the total consumption of many small countries but that can all change thanks to the latest update.

Ethereum Merge, one of the biggest software upgrades in the world of cryptocurrency, has created a huge buzz among experts as it promises to cut down the energy usage by around 99 per cent. It is a step towards environmentally friendly crypto technology, and it can soon become the norm.

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What is Ethereum Merge?

The developers have been working on creating a new version of the Ethereum blockchain which will be much more energy efficient. According to the official website, Ethereum, which powers the cryptocurrency token Ether,&nbsp;is a digital ledger that controls an ecosystem of “cryptocurrencies, digital tokens (NFTs), games and apps”. The Merge refers to the moment that Ethereum blockchain will "merge" with a system called the Beacon Chain.

When will Ethereum Merge take place?

The update is expected to happen between Tuesday and Thursday with the new version going live as soon as the Merge ends. Energy consumption has been a major problem for the adoption of cryptocurrencies in banks, but this new update can finally make it a lucrative proposition.

“This in turn may provide a boost to traditional financial institutions’ willingness to develop Ethereum-based services,” the ING bank told CryptoLedger.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/amid-economic-crisis-in-afghanistan-online-shopping-services-to-shut-after-taliban-takeover-515260" hreflang="en">Amid economic crisis in Afghanistan, online shopping services to shut after Taliban takeover&nbsp;</a>

Expected changes

The switch towards a more environment friendly technology will mean that Ethereum will get rid of crypto miners and their machines which are mostly responsible for the energy consumption. In place of them, Ethereum will have “validators” who will be rewarded for their work in the system.

Risks of the Merge

While the Ethereum Merge has been termed as a “monumental technological milestone” by many, a lot of concern remains regarding the execution. Historically, merges are followed by a short-term jump and a market dip that follows. Even on the technological side, people have expressed their concerns regarding the move considering the opposition from crypto mining companies.

Google Countdown

The Ethereum Merge has been dominating searches on Google for quite some time and the company has now introduced a countdown clock for the event. It shows the time remaining for the Merge to be completed and features all the information about this much-anticipated update.

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Ethereum is currently the second most important blockchain in the world after Bitcoin and it is on the verge of going through a major transformation. Ethereum mining consumes more energy than the total consumption of many small countries but that can all change thanks to the latest update.

Ethereum is currently the second most important blockchain in the world after Bitcoin and it is on the verge of going through a major transformation. Ethereum mining consumes more energy than the total consumption of many small countries but that can all change thanks to the latest update. Ethereum Merge, one of the biggest software upgrades in the world of cryptocurrency, has created a huge buzz among experts as it promises to cut down the energy usage by around 99 per cent. It is a step towards environmentally friendly crypto technology, and it can soon become the norm. Also read | Iran to sign memorandum to become SCO member: Report What is Ethereum Merge? The developers have been working on creating a new version of the Ethereum blockchain which will be much more energy efficient. According to the official website, Ethereum, which powers the cryptocurrency token Ether, is a digital ledger that controls an ecosystem of “cryptocurrencies, digital tokens (NFTs), games and apps”. The Merge refers to the moment that Ethereum blockchain will "merge" with a system called the Beacon Chain. When will Ethereum Merge take place? The update is expected to happen between Tuesday and Thursday with the new version going live as soon as the Merge ends. Energy consumption has been a major problem for the adoption of cryptocurrencies in banks, but this new update can finally make it a lucrative proposition. “This in turn may provide a boost to traditional financial institutions’ willingness to develop Ethereum-based services,” the ING bank told CryptoLedger. Also read | Amid economic crisis in Afghanistan, online shopping services to shut after Taliban takeover Expected changes The switch towards a more environment friendly technology will mean that Ethereum will get rid of crypto miners and their machines which are mostly responsible for the energy consumption. In place of them, Ethereum will have “validators” who will be rewarded for their work in the system. Risks of the Merge While the Ethereum Merge has been termed as a “monumental technological milestone” by many, a lot of concern remains regarding the execution. Historically, merges are followed by a short-term jump and a market dip that follows. Even on the technological side, people have expressed their concerns regarding the move considering the opposition from crypto mining companies. Google Countdown The Ethereum Merge has been dominating searches on Google for quite some time and the company has now introduced a countdown clock for the event. It shows the time remaining for the Merge to be completed and features all the information about this much-anticipated update.

Explainer: How Ethereum Merge can cut crypto energy consumption by 99 per cent

The global slump in Bitcoin value has hit El Salvador very hard from peak of $60,000 it's now below $20,000. El Salvador adopted famous cryptocurrency Bitcoin last year with plans to unveil a Bitcoin city but the fall in global prices has disrupted the big investments.

El Salvador's crypto dreams crumbled

If you're looking for love, the internet might seem like a great place to start, but with romance scammers using well thought out ways to trick people online, you need to stay alert. Watch the story to know more.

How cryptocurrency scammers use dating apps to steal your money | Tech It Out

India’s millennials and GenZ are digital-savvy; they identify and adopt technology early and are focussed on long-term potential. An average Crypto investor is 28 years of age—they understand the potential of Crypto, would have long-term financial goals and are aiming for a well-rounded portfolio. Short-term market cycles shouldn’t change that. Crypto is not a get-rich-quick scheme, said Ashish Singhal, Co-Founder and CEO, of Coinswitch Kuber.&nbsp;

Singhal believes that crypto is bringing a once-in-a-generation technological shift and it would reshape the internet and internet-based businesses and services.

Millennials have a larger risk appetite which draws them towards investing in cryptocurrency. According to a report, about 39% of millennials own cryptocurrencies, higher than the percentage of those owning mutual funds and about equal to the number of millennials who own individual stocks.

I think all investments carry some risks, with crypto leading the list, but we have a larger risk appetite. I have also invested in cryptocurrency, but I would prefer it if the government regulates it, so that the privacy concerns are addressed. With talks of a central bank digital currency, I feel crypto can become very significant, said Shreyashi Haldar, Program Analyst at Wells Fargo.

Even though the cryptocurrency market is at its record low now, Rajagopal Menon, Vice President, WazirX said that there is no indication that millennials are moving out of crypto, infact he highlighted that the number of users within the age bracket is intact.&nbsp;

If we look at the transactions between December 2021 to March 2022 vs. April to June 2022, it is evident that the share of millennials investing in stablecoins has increased by 13%, which is significant, while their holding in meme coins has decreased. This can be attributed to investors becoming more informed and research-oriented while choosing to invest, said Menon.

Debrishi Pramanik, a software engineer at a leading MNC said that he would not want to withdraw his crypto investments even though the market is crashing every other day.&nbsp;

Every market goes through a bull and bear phase, and right now the cryptocurrency market is going through its bear phase. I feel those who are opting out of crypto due to the volatility that the market is showing are going to regret their decision in a few year's time. I feel this is the right time to invest if you want to grow your portfolio and make some fast money, as soon the cryptocurrency market will rise and touch record highs, those who were patient with the turbulence of the market will be the biggest gainers, said Pramanik.

A report suggests that the digital investment market is set to be worth $14.3 billion by 2025, growing from $6.4 billion in 2021 at a 5-year CAGR of 22.4 per cent backed by India’s fintech boom.

Minal Thukral, Executive Vice-President, Growth and Strategy, CoinDCX believes that millennials are certainly more inclined towards investing in crypto than the previous generations.

Millennials are more focused on understanding the fundamentals of the tokens they are investing in. They’re also more open to taking risks and adopting new technologies. We have also observed that most millennials make informed decisions. They invest after understanding the fundamentals of the industry, he said.

Chintan Avasthi, a final year MBA student said that he lost almost half of his invested amount due to the current market crash and he wouldn't take the risk to lose further.

I had invested in crypto in 2021 and had seen positive growth, but the current crypto crash washed away all the profits and the amount I invested got reduced to almost half. The bear market phase is ongoing from quite some time now, and additionally, crypto tax has also been introduced. I wouldn't take the risk any longer so I have withdrawn my crypto investments, said Avasthi.&nbsp;

Thukral also highlighted that there had been a slight impact in the number of millennial investors, due to the current bear phase of the crypto market.&nbsp;

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India’s millennials and GenZ are digital-savvy; they identify and adopt technology early and are focussed on long-term potential. An average Crypto investor is 28 years of age—they understand the potential of Crypto, would have long-term financial goals and are aiming for a well-rounded portfolio.

India’s millennials and GenZ are digital-savvy; they identify and adopt technology early and are focussed on long-term potential. An average Crypto investor is 28 years of age—they understand the potential of Crypto, would have long-term financial goals and are aiming for a well-rounded portfolio. Short-term market cycles shouldn’t change that. Crypto is not a get-rich-quick scheme, said Ashish Singhal, Co-Founder and CEO, of Coinswitch Kuber. Singhal believes that crypto is bringing a once-in-a-generation technological shift and it would reshape the internet and internet-based businesses and services. Millennials have a larger risk appetite which draws them towards investing in cryptocurrency. According to a report, about 39% of millennials own cryptocurrencies, higher than the percentage of those owning mutual funds and about equal to the number of millennials who own individual stocks. I think all investments carry some risks, with crypto leading the list, but we have a larger risk appetite. I have also invested in cryptocurrency, but I would prefer it if the government regulates it, so that the privacy concerns are addressed. With talks of a central bank digital currency, I feel crypto can become very significant, said Shreyashi Haldar, Program Analyst at Wells Fargo. Even though the cryptocurrency market is at its record low now, Rajagopal Menon, Vice President, WazirX said that there is no indication that millennials are moving out of crypto, infact he highlighted that the number of users within the age bracket is intact. If we look at the transactions between December 2021 to March 2022 vs. April to June 2022, it is evident that the share of millennials investing in stablecoins has increased by 13%, which is significant, while their holding in meme coins has decreased. This can be attributed to investors becoming more informed and research-oriented while choosing to invest, said Menon. Debrishi Pramanik, a software engineer at a leading MNC said that he would not want to withdraw his crypto investments even though the market is crashing every other day. Every market goes through a bull and bear phase, and right now the cryptocurrency market is going through its bear phase. I feel those who are opting out of crypto due to the volatility that the market is showing are going to regret their decision in a few year's time. I feel this is the right time to invest if you want to grow your portfolio and make some fast money, as soon the cryptocurrency market will rise and touch record highs, those who were patient with the turbulence of the market will be the biggest gainers, said Pramanik. A report suggests that the digital investment market is set to be worth $14.3 billion by 2025, growing from $6.4 billion in 2021 at a 5-year CAGR of 22.4 per cent backed by India’s fintech boom. Minal Thukral, Executive Vice-President, Growth and Strategy, CoinDCX believes that millennials are certainly more inclined towards investing in crypto than the previous generations. Millennials are more focused on understanding the fundamentals of the tokens they are investing in. They’re also more open to taking risks and adopting new technologies. We have also observed that most millennials make informed decisions. They invest after understanding the fundamentals of the industry, he said. Chintan Avasthi, a final year MBA student said that he lost almost half of his invested amount due to the current market crash and he wouldn't take the risk to lose further. I had invested in crypto in 2021 and had seen positive growth, but the current crypto crash washed away all the profits and the amount I invested got reduced to almost half. The bear market phase is ongoing from quite some time now, and additionally, crypto tax has also been introduced. I wouldn't take the risk any longer so I have withdrawn my crypto investments, said Avasthi. Thukral also highlighted that there had been a slight impact in the number of millennial investors, due to the current bear phase of the crypto market. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Crypto isn't a get-rich-quick scheme; millennials need to opt for long-term for balanced portfolio: Experts

Clients of a crashed crypto lender Celsius are fighting to get their money back. An American dealing with suicidal thoughts. An Irishman at risk of losing his farmland. An elderly widow’s lost life savings: People caught in the fiasco of crypto lender Celsius are pleading for their hard earned money.&nbsp;

Hundreds of letters&nbsp; addressing the judge overseeing the firm’s multibillion-dollar bankruptcy carried a singular emotion of anger.&nbsp;&nbsp;

“I knew there were risks,” said a client whose letter was unsigned. “It seemed a worthwhile risk.”

Celsius and its CEO Alex Mashinsky had promoted the platform as a safe place for people to deposit their cryptocurrencies in exchange for high interest, while the firm lent out and re-invested those deposits.

But as the value of highly volatile cryptocurrencies took a nosedive — bitcoin alone has shed over 60 percent since November — the firm faced mounting problems until it froze withdrawals in mid-June.

According to a court filing earlier this month, the company owed $4.7 billion to its users, and the endgame is unclear.

The letters — posted to a public online court docket — come from around the world and recount tragic results of users’ money being frozen.

“From that hard-working single mom in Texas struggling with past-due bills, to the teacher in India with all his hard-earned money deposited in Celsius — I believe I can speak for most of us when I say I feel betrayed, ashamed, depressed, angry,” wrote one client who signed their letter E.L.

“I have been a loyal Celsius customer since 2019 and feel completely lied to by Alex Mashinsky,” wrote a client who AFP is not identifying to protect his privacy. “Alex would talk about how Celsius is safer than banks.”

Many of the letters point to the CEO’s AMA (Ask Mashinsky Anything) online chats as key to their confidence in him and the platform, which anchored&nbsp; itself as stable until days before it froze users’ funds.

Series of assurances before the collapse

“Celsius has one of the best risk management teams in the world. Our security team and infrastructure is second to none,” the firm wrote on June 7.

“We have made it through crypto downturns before (this is our fourth!). Celsius is prepared,” the firm wrote.

The message also said the company had the reserves to pay its obligations, and withdrawals were being processed as normal.

One client, who reported having $32,000 in crypto locked up at Celsius, noted the impact.

“Right up until the end, the retail investor received assurance,” the client wrote to the judge.

But that changed quickly, and on June 12 Celsius announced the freeze: “We are taking this action today to put Celsius in a better position to honour, over time, its withdrawal obligations.”

Some clients got the news in a message from the company.

“By the time I finished the e-mail, I had collapsed onto the floor with my head in my hands and I fought back tears,” wrote one man who had about $50,000 in assets with Celsius.

The clients who said they were hardest hit, including a man who said he placed $525,000 he got from a government loan on Celsius, disclosed they had considered self-harm.&nbsp;

Others reported uneasiness, lack of sleep and feelings of deep shame for putting their retirement savings or their children’s college money into a platform that was far riskier than they knew.

“As a private unregulated company, Celsius does not come under any requirement for disclosure,” is how the Washington Post summarised the situation.

Celsius did not reply to a request for comment on the clients’ letters.

For people like one 84-year-old woman, who only had her roughly $30,000 in crypto savings on Celsius for a month, their hope lies in the bankruptcy proceedings and nothing else.

Clients of a crashed crypto lender Celsius are fighting to get their money back. An American dealing with suicidal thoughts. An Irishman at risk of losing his farmland.

Clients of a crashed crypto lender Celsius are fighting to get their money back. An American dealing with suicidal thoughts. An Irishman at risk of losing his farmland. An elderly widow’s lost life savings: People caught in the fiasco of crypto lender Celsius are pleading for their hard earned money. Hundreds of letters addressing the judge overseeing the firm’s multibillion-dollar bankruptcy carried a singular emotion of anger. “I knew there were risks,” said a client whose letter was unsigned. “It seemed a worthwhile risk.” Celsius and its CEO Alex Mashinsky had promoted the platform as a safe place for people to deposit their cryptocurrencies in exchange for high interest, while the firm lent out and re-invested those deposits. But as the value of highly volatile cryptocurrencies took a nosedive — bitcoin alone has shed over 60 percent since November — the firm faced mounting problems until it froze withdrawals in mid-June. According to a court filing earlier this month, the company owed $4.7 billion to its users, and the endgame is unclear. The letters — posted to a public online court docket — come from around the world and recount tragic results of users’ money being frozen. “From that hard-working single mom in Texas struggling with past-due bills, to the teacher in India with all his hard-earned money deposited in Celsius — I believe I can speak for most of us when I say I feel betrayed, ashamed, depressed, angry,” wrote one client who signed their letter E.L. “I have been a loyal Celsius customer since 2019 and feel completely lied to by Alex Mashinsky,” wrote a client who AFP is not identifying to protect his privacy. “Alex would talk about how Celsius is safer than banks.” Many of the letters point to the CEO’s AMA (Ask Mashinsky Anything) online chats as key to their confidence in him and the platform, which anchored itself as stable until days before it froze users’ funds. Series of assurances before the collapse “Celsius has one of the best risk management teams in the world. Our security team and infrastructure is second to none,” the firm wrote on June 7. “We have made it through crypto downturns before (this is our fourth!). Celsius is prepared,” the firm wrote. The message also said the company had the reserves to pay its obligations, and withdrawals were being processed as normal. One client, who reported having $32,000 in crypto locked up at Celsius, noted the impact. “Right up until the end, the retail investor received assurance,” the client wrote to the judge. But that changed quickly, and on June 12 Celsius announced the freeze: “We are taking this action today to put Celsius in a better position to honour, over time, its withdrawal obligations.” Some clients got the news in a message from the company. “By the time I finished the e-mail, I had collapsed onto the floor with my head in my hands and I fought back tears,” wrote one man who had about $50,000 in assets with Celsius. The clients who said they were hardest hit, including a man who said he placed $525,000 he got from a government loan on Celsius, disclosed they had considered self-harm. Others reported uneasiness, lack of sleep and feelings of deep shame for putting their retirement savings or their children’s college money into a platform that was far riskier than they knew. “As a private unregulated company, Celsius does not come under any requirement for disclosure,” is how the Washington Post summarised the situation. Celsius did not reply to a request for comment on the clients’ letters. For people like one 84-year-old woman, who only had her roughly $30,000 in crypto savings on Celsius for a month, their hope lies in the bankruptcy proceedings and nothing else.

Crypto clients beseech for their money back after lender's crash

On Saturday, bitcoin climbed by $798.93 or 3.36 per cent to $24,584.24, surpassing its previous close. The biggest and most well-known cryptocurrency in the world, Bitcoin, has increased by 39.7% from its June 18-year low of $17,592.7. Ether, the cryptocurrency connected to the Ethereum blockchain, increased by $10.46 or 0.61 per cent on Saturday to reach $1,734.08.

Tesla, a maker of electric vehicles, revealed in its Q2 filing with the U.S. on Monday that it had $222 million in digital assets as of the end of June.&nbsp;The business bought $1.5 billion worth of Bitcoin back in February 2021. The corporation liquidated 75% of its Bitcoin holdings, worth about $936 million, last week, according to news reports. CEO Elon Musk claimed that the sale was brought on by uncertainties around the timing of China’s Covid prohibition relaxation. In Shanghai, Tesla currently has one factory.

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Just seven months after the virtual currency soared to a record high, Bitcoin plunged in June to an 18-month low of around $23,000 in a widespread cryptocurrency crash as investors abandoned riskier assets in the face of a severe global market selloff. 
 
The announcement that cryptocurrency lending platform Celsius Network has halted withdrawals due to unsteady market conditions also had a significant negative impact on the most widely utilised crypto asset in the world. 
 
When data revealed that US inflation had reached a new four-decade high, global stock markets crashed. This fueled fears of a worldwide recession and caused investors to avoid risky cryptocurrencies like bitcoin and ether in favour of more established, secure assets like the dollar.

(with inputs from agencies)

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On Saturday, bitcoin climbed by $798.93 or 3.36 per cent to $24,584.24, surpassing its previous close. The biggest and most well-known cryptocurrency in the world, Bitcoin, has increased by 39.

On Saturday, bitcoin climbed by $798.93 or 3.36 per cent to $24,584.24, surpassing its previous close. The biggest and most well-known cryptocurrency in the world, Bitcoin, has increased by 39.7% from its June 18-year low of $17,592.7. Ether, the cryptocurrency connected to the Ethereum blockchain, increased by $10.46 or 0.61 per cent on Saturday to reach $1,734.08. Tesla, a maker of electric vehicles, revealed in its Q2 filing with the U.S. on Monday that it had $222 million in digital assets as of the end of June. The business bought $1.5 billion worth of Bitcoin back in February 2021. The corporation liquidated 75% of its Bitcoin holdings, worth about $936 million, last week, according to news reports. CEO Elon Musk claimed that the sale was brought on by uncertainties around the timing of China’s Covid prohibition relaxation. In Shanghai, Tesla currently has one factory. Also Read: Watch | Tiny turtle rescued from Sydney beach pooped 'pure plastic' for six days Just seven months after the virtual currency soared to a record high, Bitcoin plunged in June to an 18-month low of around $23,000 in a widespread cryptocurrency crash as investors abandoned riskier assets in the face of a severe global market selloff. The announcement that cryptocurrency lending platform Celsius Network has halted withdrawals due to unsteady market conditions also had a significant negative impact on the most widely utilised crypto asset in the world. When data revealed that US inflation had reached a new four-decade high, global stock markets crashed. This fueled fears of a worldwide recession and caused investors to avoid risky cryptocurrencies like bitcoin and ether in favour of more established, secure assets like the dollar. (with inputs from agencies)

Cryptocurrencies see continued growth: Bitcoin up 39.7% from year low in June

Cryptocurrency investment platform Celsius announced on Wednesday that it had filed for bankruptcy in the US, a month after it froze withdrawals from its platform.

Crypto lender Celsius files for bankruptcy

Warnings regarding a controversial new transaction tax from crypto exchanges in India are turning out to be accurate, with volumes evaporating after the levy came into effect, reported Bloomberg.

Bloomberg cited data from CoinGecko, which revealed that soon after the 1% tax-deductible at source became effective as of July 1, three crypto exchanges, namely, ZebPay, WazirX, and CoinDCX, suffered declines ranging from 60% and 87% in the value of daily trading.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/crypto-industry-fears-contagion-as-bitcoin-slips-under-20000-490041">Crypto industry fears contagion as bitcoin slips under $20,000</a>

As a result of plunging prices, unfavourable tax treatment, and difficulty in getting cash onto exchanges, the trading levels were already depressed previously, and the new tax contributed to the depression of the once-hot market.&nbsp;

For instance, as per CoinGecko data, $3.8 million worth of trading was done by Binance-backed WazirX on July 2, which is the day after the tax took effect, also known by the acronym TDS.

Watch |&nbsp;Why is the crypto market crashing?

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Trading worth the same amount could have been completed in close to&nbsp;two hours during the previous year.

WazirX Vice President Rajagopal Menon claimed that, on the one hand, long-term crypto holders are still buying and selling; however, market makers and high-frequency traders are no longer going to continue.

According to Menon, traders are currently doing more peer-to-peer trading and shifting to seemingly decentralized exchanges.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/crypto-crash-bitcoin-last-down-74-at-18915-489531">Crypto crash: Bitcoin last down 7.4 per cent at $18,915</a>

In February, a tax regime for digital assets was introduced by the government consisting of the TDS and a flat 30% tax on income from crypto investments.&nbsp;

The new tax regime is treating crypto differently from stocks and bonds, banning the offsetting of losses on such assets.&nbsp;

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Warnings regarding a controversial new transaction tax from crypto exchanges in India are turning out to be accurate, with volumes evaporating after the levy came into effect, reported Bloomberg.

Warnings regarding a controversial new transaction tax from crypto exchanges in India are turning out to be accurate, with volumes evaporating after the levy came into effect, reported Bloomberg. Bloomberg cited data from CoinGecko, which revealed that soon after the 1% tax-deductible at source became effective as of July 1, three crypto exchanges, namely, ZebPay, WazirX, and CoinDCX, suffered declines ranging from 60% and 87% in the value of daily trading. Also read | Crypto industry fears contagion as bitcoin slips under $20,000 As a result of plunging prices, unfavourable tax treatment, and difficulty in getting cash onto exchanges, the trading levels were already depressed previously, and the new tax contributed to the depression of the once-hot market. For instance, as per CoinGecko data, $3.8 million worth of trading was done by Binance-backed WazirX on July 2, which is the day after the tax took effect, also known by the acronym TDS. Watch | Why is the crypto market crashing? Trading worth the same amount could have been completed in close to two hours during the previous year. WazirX Vice President Rajagopal Menon claimed that, on the one hand, long-term crypto holders are still buying and selling; however, market makers and high-frequency traders are no longer going to continue. According to Menon, traders are currently doing more peer-to-peer trading and shifting to seemingly decentralized exchanges. Also read | Crypto crash: Bitcoin last down 7.4 per cent at $18,915 In February, a tax regime for digital assets was introduced by the government consisting of the TDS and a flat 30% tax on income from crypto investments. The new tax regime is treating crypto differently from stocks and bonds, banning the offsetting of losses on such assets. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Trading on India's crypto exchanges decline up to 87% as new tax kicks in

The British Army has regained control of its Twitter and YouTube accounts on Sunday after they were briefly hacked and used to promote cryptocurrencies and non-fungible tokens (NFTs).

British Army regains control of its social media accounts after brief hacking

Twitter and YouTube accounts of the British Army were hacked for a brief moment and were used to post about cryptocurrencies and non-fungible tokens. The army on Sunday said it regained control of the accounts and has ordered an investigation.

“Apologies for the temporary interruption to our feed. We will conduct a full investigation and learn from this incident,” British Army said in its Twitter handle.

The army’s YouTube account was renamed ‘Ark Invest’ where several videos on cryptocurrency were shown.

While the Twitter feed retweeted several posts related to Non Fungible Tokens — a unique digital item, often a piece of virtual art, that works as an investment.

The Twitter account's name was also changed to Bapesclan, accompanied by a profile picture featuring an ape-like cartoon figure with make-up mimicking a clown.

Its Twitter feed currently has 362,000 followers, while the YouTube channel has 177,000 subscribers.

It is not clear who is behind the hacking incidents, but the army said it was taking information security "extremely seriously" and was resolving the issue.

"Whilst we have now resolved the issue an investigation is ongoing and it would be inappropriate to comment further," An army spokesperson told BBC.

Conservative MP Tobias Ellwood, the chair of the Commons defence select committee, said what had happened "looks serious".

"I hope the results of the investigation and actions taken will be shared appropriately," he added in a tweet.

Notably, this is not the first time that a high-profile account has been targeted on Twitter.

In July 2020, major US accounts were hacked in a Bitcoin scam.

Those accounts affected included Musk, Jeff Bezos, Bill Gates, Barack Obama, Joe Biden and Kanye West.

(With inputs from agencies)

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Twitter and YouTube accounts of the British Army were hacked for a brief moment and were used to post about cryptocurrencies and non-fungible tokens. The army on Sunday said it regained control of the accounts and has ordered an investigation.

Twitter and YouTube accounts of the British Army were hacked for a brief moment and were used to post about cryptocurrencies and non-fungible tokens. The army on Sunday said it regained control of the accounts and has ordered an investigation. “Apologies for the temporary interruption to our feed. We will conduct a full investigation and learn from this incident,” British Army said in its Twitter handle. The army’s YouTube account was renamed ‘Ark Invest’ where several videos on cryptocurrency were shown. While the Twitter feed retweeted several posts related to Non Fungible Tokens — a unique digital item, often a piece of virtual art, that works as an investment. The Twitter account's name was also changed to Bapesclan, accompanied by a profile picture featuring an ape-like cartoon figure with make-up mimicking a clown. Its Twitter feed currently has 362,000 followers, while the YouTube channel has 177,000 subscribers. It is not clear who is behind the hacking incidents, but the army said it was taking information security "extremely seriously" and was resolving the issue. "Whilst we have now resolved the issue an investigation is ongoing and it would be inappropriate to comment further," An army spokesperson told BBC. Conservative MP Tobias Ellwood, the chair of the Commons defence select committee, said what had happened "looks serious". "I hope the results of the investigation and actions taken will be shared appropriately," he added in a tweet. Notably, this is not the first time that a high-profile account has been targeted on Twitter. In July 2020, major US accounts were hacked in a Bitcoin scam. Those accounts affected included Musk, Jeff Bezos, Bill Gates, Barack Obama, Joe Biden and Kanye West. (With inputs from agencies) WATCH WION LIVE HERE

British Army’s Twitter, YouTube accounts hacked to display crypto scams

In pics: Why celebrities love NFTs even amidst doubts and flops

Crypto&nbsp;hedge&nbsp;fund&nbsp;Three&nbsp;Arrows&nbsp;Capital (3AC) is seeking protection from creditors in the United States under&nbsp;Chapter&nbsp;15&nbsp;of the U.S.&nbsp;Bankruptcy&nbsp;Code, which allows foreign debtors to shield US&nbsp;assets, according to a court filing on Friday.

Also read |&nbsp;<a href="https://www.wionews.com/world/us-crypto-firm-harmony-hit-by-100-million-heist-491627">Hackers steal $100 million worth digital coins from US crypto firm Harmony</a>

Singapore-based 3AC is one of the highest-profile investors hit by the sharp sell-off in&nbsp;crypto&nbsp;markets and is being liquidated, Reuters reported on Wednesday, citing a person familiar with the matter.

Watch |&nbsp;Cryptoqueen Ruja Ignatova on the FBI most-wanted list

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Representatives for 3AC filed a petition in the US&nbsp;Bankruptcy&nbsp;Court for the Southern District of New York on Friday, according to court documents.

On Thursday, Singapore's financial regulator had accused embattled the&nbsp;fund&nbsp;of exceeding its assets threshold and providing false information.

Non US-companies use&nbsp;Chapter&nbsp;15&nbsp;to block creditors who want to file lawsuits or tie up assets in the United States.

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Crypto hedge fund Three Arrows Capital (3AC) is seeking protection from creditors in the United States under Chapter 15 of the U.S. Bankruptcy Code, which allows foreign debtors to shield US assets, according to a court filing on Friday.

Crypto hedge fund Three Arrows Capital (3AC) is seeking protection from creditors in the United States under Chapter 15 of the U.S. Bankruptcy Code, which allows foreign debtors to shield US assets, according to a court filing on Friday. Also read | Hackers steal $100 million worth digital coins from US crypto firm Harmony Singapore-based 3AC is one of the highest-profile investors hit by the sharp sell-off in crypto markets and is being liquidated, Reuters reported on Wednesday, citing a person familiar with the matter. Watch | Cryptoqueen Ruja Ignatova on the FBI most-wanted list Representatives for 3AC filed a petition in the US Bankruptcy Court for the Southern District of New York on Friday, according to court documents. On Thursday, Singapore's financial regulator had accused embattled the fund of exceeding its assets threshold and providing false information. Non US-companies use Chapter 15 to block creditors who want to file lawsuits or tie up assets in the United States. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Crypto hedge fund Three Arrows files for Chapter 15 bankruptcy

With the crypto winter continuing to consume the crypto miner's income, and&nbsp;the financial epidemic spreading throughout the sector, electricity consumption by the most prominent cryptocurrency networks has decreased by up to 50 per cent, reported the Guardian.&nbsp;

According to estimates made by the crypto analyst Digiconomist, the bitcoin network's electricity consumption has decreased by a third from its high on 11 June and down to an annualised figure of 131 terawatt-hours a year.

Also read |&nbsp;<a href="https://www.wionews.com/world/us-crypto-firm-harmony-hit-by-100-million-heist-491627">Hackers steal $100 million worth digital coins from US crypto firm Harmony</a>

Ethereum, the "programmable money" that is experiencing much of the recent explosion in crypto projects, has seen a downfall in electricity usage from a peak of 94TWh a year to 46TWh a year which is the annualised consumption of Qatar.

For both the companies, the reason for the fall remains the same.&nbsp;

The electricity usage for a cryptocurrency is determined by "mining." In crypto mining, people essentially use purpose-built computers to generate digital lottery tickets that can reward cryptocurrency payouts.&nbsp;

This process is vital because it holds up the security of the networks. However, it also incentivises the network as a whole to waste significant amounts of energy.

The prices of most cryptocurrencies have fallen by a large proportion, with Bitcoin at nearly $20,000 from its peak at $69,000 (£56,000) earlier this year. The value of rewards to miners has also fallen, which has left them in areas with expensive electricity or older, inefficient practices of mining "rigs," resulting in an inability to turn a profit.

Watch |&nbsp;Why is the crypto market crashing?

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The Dutch economist behind Digiconomist, Alex de Vries, told The Guardian, "This is literally putting them out of business, starting with the ones that operate with suboptimal equipment or under suboptimal circumstances (e.g., inefficient cooling)."

"For bitcoin mining equipment, that's a big issue because those machines cannot be repurposed to do something else. When they're unprofitable, they're useless machines. You can keep them around hoping the price will recover or sell them for scrap," he added.

In comparison to others, Ethereum can be mined using a typical computer. However, it is most profitable to do so using a very powerful graphics card, resulting in widespread supply shortages of the cards, which have turned many gamers against the industry.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/crypto-industry-fears-contagion-as-bitcoin-slips-under-20000-490041">Crypto industry fears contagion as bitcoin slips under $20,000</a>

The fall in mining revenue has resulted in a flood of graphics cards on the second-hand market, with insolvent miners trying to recoup their investments.

The cryptocurrency sector continues to stumble due to the massive price collapse even after the Bitcoin prices are much more stable presently.

(With inputs from agencies)

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With the crypto winter continuing to consume the crypto miner's income, and the financial epidemic spreading throughout the sector, electricity consumption by the most prominent cryptocurrency networks has decreased by up to 50 per cent, reported the Guardian.

With the crypto winter continuing to consume the crypto miner's income, and the financial epidemic spreading throughout the sector, electricity consumption by the most prominent cryptocurrency networks has decreased by up to 50 per cent, reported the Guardian. According to estimates made by the crypto analyst Digiconomist, the bitcoin network's electricity consumption has decreased by a third from its high on 11 June and down to an annualised figure of 131 terawatt-hours a year. Also read | Hackers steal $100 million worth digital coins from US crypto firm Harmony Ethereum, the "programmable money" that is experiencing much of the recent explosion in crypto projects, has seen a downfall in electricity usage from a peak of 94TWh a year to 46TWh a year which is the annualised consumption of Qatar. For both the companies, the reason for the fall remains the same. The electricity usage for a cryptocurrency is determined by "mining." In crypto mining, people essentially use purpose-built computers to generate digital lottery tickets that can reward cryptocurrency payouts. This process is vital because it holds up the security of the networks. However, it also incentivises the network as a whole to waste significant amounts of energy. The prices of most cryptocurrencies have fallen by a large proportion, with Bitcoin at nearly $20,000 from its peak at $69,000 (£56,000) earlier this year. The value of rewards to miners has also fallen, which has left them in areas with expensive electricity or older, inefficient practices of mining "rigs," resulting in an inability to turn a profit. Watch | Why is the crypto market crashing? The Dutch economist behind Digiconomist, Alex de Vries, told The Guardian, "This is literally putting them out of business, starting with the ones that operate with suboptimal equipment or under suboptimal circumstances (e.g., inefficient cooling)." "For bitcoin mining equipment, that's a big issue because those machines cannot be repurposed to do something else. When they're unprofitable, they're useless machines. You can keep them around hoping the price will recover or sell them for scrap," he added. In comparison to others, Ethereum can be mined using a typical computer. However, it is most profitable to do so using a very powerful graphics card, resulting in widespread supply shortages of the cards, which have turned many gamers against the industry. Also read | Crypto industry fears contagion as bitcoin slips under $20,000 The fall in mining revenue has resulted in a flood of graphics cards on the second-hand market, with insolvent miners trying to recoup their investments. The cryptocurrency sector continues to stumble due to the massive price collapse even after the Bitcoin prices are much more stable presently. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Electricity used to mine Bitcoin falls as crypto crisis widens

On Friday, US crypto firm Harmony claimed that hackers stole&nbsp;digital coins worth close to $100 million from one of their key products, reported Reuters. Hackers have targeted the crypto sector for a long time, and this is an addition to the string of cyber heists in the recent past.

The crypto firm builds blockchains for what is referred to as decentralised finance - peer-to-peer sites offering services such as loans without the traditional gatekeepers such as banks and non-fungible tokens.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/crypto-crash-bitcoin-last-down-74-at-18915-489531">Crypto crash: Bitcoin last down 7.4 per cent at $18,915</a>

In a statement, Harmony claimed that it had a global team working tirelessly to address the issue.

Harmony added that the heist hit their Horizon "bridge," which is a tool for transferring crypto between different blockchains. It is also essentially the underlying software that is also used by other digital tokens like bitcoin and ether.

Blockchain bridges are being increasingly targeted, and several crypto firms are experiencing such forms of theft.

According to London-based blockchain analytics firm Elliptic, over $1 billion has been stolen from bridges since the beginning of 2022.

Watch |&nbsp;Why is the crypto market crashing?

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"Working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds," Harmony tweeted without any additional details.

A spokesperson from Harmony added that "We are currently narrowing down the potential attack vectors while working to identify the culprit."&nbsp;

The person also claimed that the company had already tried to contact the hacker through a transaction to their crypto wallet address.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/crypto-industry-fears-contagion-as-bitcoin-slips-under-20000-490041">Crypto industry fears contagion as bitcoin slips under $20,000</a>

According to Elliptic, which tracks publicly visible blockchain data, the hackers had stolen multiple different cryptocurrencies from Harmony, which includes ether, Tether, and USD Coin, which was later swapped for ether using the seemingly decentralised exchanges.

Hackers have stolen nearly $615 million worth of cryptocurrency in March alone from Ronin Bridge which is used to transfer crypto in and out of the game Axie Infinity. The theft is being linked to North Korean hackers.

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On Friday, US crypto firm Harmony claimed that hackers stole digital coins worth close to $100 million from one of their key products, reported Reuters. Hackers have targeted the crypto sector for a long time, and this is an addition to the string of cyber heists in the recent past.

On Friday, US crypto firm Harmony claimed that hackers stole digital coins worth close to $100 million from one of their key products, reported Reuters. Hackers have targeted the crypto sector for a long time, and this is an addition to the string of cyber heists in the recent past. The crypto firm builds blockchains for what is referred to as decentralised finance - peer-to-peer sites offering services such as loans without the traditional gatekeepers such as banks and non-fungible tokens. Also read | Crypto crash: Bitcoin last down 7.4 per cent at $18,915 In a statement, Harmony claimed that it had a global team working tirelessly to address the issue. Harmony added that the heist hit their Horizon "bridge," which is a tool for transferring crypto between different blockchains. It is also essentially the underlying software that is also used by other digital tokens like bitcoin and ether. Blockchain bridges are being increasingly targeted, and several crypto firms are experiencing such forms of theft. According to London-based blockchain analytics firm Elliptic, over $1 billion has been stolen from bridges since the beginning of 2022. Watch | Why is the crypto market crashing? "Working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds," Harmony tweeted without any additional details. A spokesperson from Harmony added that "We are currently narrowing down the potential attack vectors while working to identify the culprit." The person also claimed that the company had already tried to contact the hacker through a transaction to their crypto wallet address. Also read | Crypto industry fears contagion as bitcoin slips under $20,000 According to Elliptic, which tracks publicly visible blockchain data, the hackers had stolen multiple different cryptocurrencies from Harmony, which includes ether, Tether, and USD Coin, which was later swapped for ether using the seemingly decentralised exchanges. Hackers have stolen nearly $615 million worth of cryptocurrency in March alone from Ronin Bridge which is used to transfer crypto in and out of the game Axie Infinity. The theft is being linked to North Korean hackers. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Hackers steal $100 million worth digital coins from US crypto firm Harmony

The&nbsp;cryptocurrency&nbsp;industry&nbsp;was on edge on Monday as bitcoin struggled to stay above a key level, with investors fearing that problems at major&nbsp;crypto&nbsp;players could unleash a wider market shakeout.

Bitcoin, the world's biggest&nbsp;cryptocurrency, was trading just under the symbolic level of $20,000 in early London trading hours - roughly the peak of its charge to its previous record in 2017.

Bitcoin had dropped on Saturday to as low as $17,592.78, falling below $20,000 for the first time since December 2020. It has lost almost 60% of its value this year and 37% this month alone in the&nbsp;cryptocurrency sector's latest meltdown.

Its fall follows problems at several major&nbsp;industry&nbsp;players. Further declines, market players said, could have a knock-on effect as other&nbsp;crypto&nbsp;investors are forced to sell their holdings to meet margin calls and cover losses.

Crypto&nbsp;hedge fund Three Arrows Capital is exploring options including the sale of assets and a bailout by another firm, its founders told the Wall Street Journal in a story published Friday, the same day Asia-focused&nbsp;crypto&nbsp;lender Babel Finance said it would suspend withdrawals.&nbsp;

US-based lender Celsius Network this month said it would suspend customer withdrawals. In a blog on Monday, Celsius said it would continue working with regulators and officials, but that it would pause its customer Q&amp;A sessions.&nbsp;

"There is a lot of credit being withdrawn from the system and if lenders have to absorb losses from Celsius and Three Arrows, they will reduce the size of their future loan books which means that the entire amount of credit available in the&nbsp;crypto&nbsp;ecosystem is much reduced," said Adam Farthing, chief risk office for Japan at&nbsp;crypto&nbsp;liquidity provider B2C2.

"It feels very like 2008 to me in terms of how there could be a domino effect of bankruptcies and liquidations," Farthing said.

Smaller tokens, which usually move in tandem with bitcoin, were also hurt. No.2 token ether was at $1,0752, having dipped below its own symbolic level of $1,000 over the weekend.

The fall in&nbsp;crypto&nbsp;markets has coincided with a slide for equities, as US&nbsp;stocks suffered their biggest weekly percentage decline in two years on fears of rising interest rates and the growing likelihood of a recession.&nbsp;

Bitcoin's moves have tended to follow a similar pattern to other risk assets such as tech stocks.

The overall&nbsp;crypto&nbsp;market capitalisation is roughly $877 billion, according to price site Coinmarketcap, down from a peak of $2.9 trillion in November 2021.

A fall in stablecoins - a type of&nbsp;crypto&nbsp;designed to hold a steady value - is also suggesting investors are pulling money from the sector as a whole.

The cryptocurrency industry was on edge on Monday as bitcoin struggled to stay above a key level, with investors fearing that problems at major crypto players could unleash a wider market shakeout.

The cryptocurrency industry was on edge on Monday as bitcoin struggled to stay above a key level, with investors fearing that problems at major crypto players could unleash a wider market shakeout. Bitcoin, the world's biggest cryptocurrency, was trading just under the symbolic level of $20,000 in early London trading hours - roughly the peak of its charge to its previous record in 2017. Bitcoin had dropped on Saturday to as low as $17,592.78, falling below $20,000 for the first time since December 2020. It has lost almost 60% of its value this year and 37% this month alone in the cryptocurrency sector's latest meltdown. Its fall follows problems at several major industry players. Further declines, market players said, could have a knock-on effect as other crypto investors are forced to sell their holdings to meet margin calls and cover losses. Crypto hedge fund Three Arrows Capital is exploring options including the sale of assets and a bailout by another firm, its founders told the Wall Street Journal in a story published Friday, the same day Asia-focused crypto lender Babel Finance said it would suspend withdrawals. US-based lender Celsius Network this month said it would suspend customer withdrawals. In a blog on Monday, Celsius said it would continue working with regulators and officials, but that it would pause its customer Q&A sessions. "There is a lot of credit being withdrawn from the system and if lenders have to absorb losses from Celsius and Three Arrows, they will reduce the size of their future loan books which means that the entire amount of credit available in the crypto ecosystem is much reduced," said Adam Farthing, chief risk office for Japan at crypto liquidity provider B2C2. "It feels very like 2008 to me in terms of how there could be a domino effect of bankruptcies and liquidations," Farthing said. Smaller tokens, which usually move in tandem with bitcoin, were also hurt. No.2 token ether was at $1,0752, having dipped below its own symbolic level of $1,000 over the weekend. The fall in crypto markets has coincided with a slide for equities, as US stocks suffered their biggest weekly percentage decline in two years on fears of rising interest rates and the growing likelihood of a recession. Bitcoin's moves have tended to follow a similar pattern to other risk assets such as tech stocks. The overall crypto market capitalisation is roughly $877 billion, according to price site Coinmarketcap, down from a peak of $2.9 trillion in November 2021. A fall in stablecoins - a type of crypto designed to hold a steady value - is also suggesting investors are pulling money from the sector as a whole.

Crypto industry fears contagion as bitcoin slips under $20,000

Expecting a global recession, investors are worried around the world. Now, the cryptocurrency market is tumbling, with major cryptocurrencies such as Bitcoin slumping below $20,000. For more perspective, we're joined by Rémi Bourgeot, Economist and Technology expert at the French Institute for International and Strategic Affairs.

Cryptocurrency continues to crumble, Bitcoin slumps below $20,000

Expecting a global recession, investors are worried around the world. Now, the cryptocurrency market is tumbling, with major cryptocurrencies such as Bitcoin slumping below $20,000.

Cryptocurrency market tumbles as fear of global recession grips investors

Bitcoin&nbsp;dropped below $20,000 on Saturday to its lowest level in 18 months, extending its slide as investors pull back from riskier assets amid rising interest rates.

Also read |&nbsp;<a href="https://www.wionews.com/world/after-crypto-lender-celsius-blocks-all-redemptions-bitcoin-tumbles-488044">After crypto lender Celsius blocks all redemptions, Bitcoin tumbles</a>

The biggest cryptocurrency was down 7.1 per cent&nbsp;to $18,993 at 0906 GMT, having earlier touched $18,732, its lowest since December 2020.

It is down about 59 per cent&nbsp;this year, while rival cryptocurrency Ethereum-backed ether is down 73 per cent.

Watch |&nbsp;Largest cryptocurrency Bitcoin is crashing – why?

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The digital currency sector has been pummelled this week after cryptocurrency lending company Celsius froze withdrawals and transfers between accounts.

Also read |&nbsp;<a href="https://www.wionews.com/world/dogecoin-investor-sues-elon-musk-for-258-billion-over-alleged-pyramid-scheme-488940">Dogecoin investor sues Elon Musk for $258bn, accusing him of running pyramid scheme</a>

The sector has also suffered losses after companies such as Coinbase Global Inc, Gemini and Blockfi said they would lay off thousands of employees as investors ditch risky assets.

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Bitcoin dropped below $20,000 on Saturday to its lowest level in 18 months, extending its slide as investors pull back from riskier assets amid rising interest rates.

Bitcoin dropped below $20,000 on Saturday to its lowest level in 18 months, extending its slide as investors pull back from riskier assets amid rising interest rates. Also read | After crypto lender Celsius blocks all redemptions, Bitcoin tumbles The biggest cryptocurrency was down 7.1 per cent to $18,993 at 0906 GMT, having earlier touched $18,732, its lowest since December 2020. It is down about 59 per cent this year, while rival cryptocurrency Ethereum-backed ether is down 73 per cent. Watch | Largest cryptocurrency Bitcoin is crashing – why? The digital currency sector has been pummelled this week after cryptocurrency lending company Celsius froze withdrawals and transfers between accounts. Also read | Dogecoin investor sues Elon Musk for $258bn, accusing him of running pyramid scheme The sector has also suffered losses after companies such as Coinbase Global Inc, Gemini and Blockfi said they would lay off thousands of employees as investors ditch risky assets. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Bitcoin drops below $20,000 to lowest since December 2020

Cryptocurrency is having a terrible week with Bitcoin dropping to an 18-month-low on Wednesday. All major cryptocurrencies have been trading in the red lately, with the fall testing long-term investors. Molly Gambhir explains what triggered this latest crash

Why is the crypto market crashing?

Bitcoin, the world’s largest cryptocurrency is crashing. More people are selling Bitcoin and there are less buyers. Some crypto trading companies have fired their staff some put the transactions on hold. Why is this happening?

Largest cryptocurrency Bitcoin is crashing – why?

A new New York bill is set to limit crypto miners from using power from power plants. Meanwhile, Bitcoin gains over 5% to $31,441.76.

NY bill to limit crypto miners using power: Bitcoin gains over 5% to $31,441.76

A 23-year-old Argentine young man is mining cryptocurrencies. Sebastian Carsorio is making extra money after getting overwhelmed by economic situation. He works repairing appliances at recycling foundation. He made over 180,000 dollars after he started mining cryptocurrencies. With his profit, he invested in property.

This young Argentine is making money by mining digital currency

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