Visa Inc. on Sunday announced it was severing its ties with now-bankrupt cryptocurrency&nbsp;exchange FTX.&nbsp;

“The situation with FTX is unfortunate and we are monitoring developments closely," said a Visa spokesperson.&nbsp;

“We have terminated our global agreements with FTX and their US debit card program is being wound down by their issuer," added the company.&nbsp;

Visa, the world's largest payments processor terminating the deal was a no-brainer, given FTX has gone under and the company's board looks entirely out of its depth to handle the situation.&nbsp;

<a href="https://www.wionews.com/business-economy/binance-halts-ftxs-ftt-token-deposits-urges-rivals-to-follow-533755" target="_blank">Read more: Binance halts FTX's FTT token deposits, urges other crypto exchanges to follow</a>

However, the termination of the deal comes barely a month after Visa and FTX announced an expanded partnership&nbsp;under which plans were in motion to introduce&nbsp;account-linked Visa debit cards in 40 new countries.

As reported by WION,&nbsp;FTX filed for bankruptcy last Friday after traders rushed to remove $6 billion off the platform in only 72 hours.&nbsp;

<a href="https://www.wionews.com/videos/us-founder-of-crypto-trading-firm-ftx-was-democrats-second-biggest-donor-533788">WATCH |&nbsp;US: Founder of crypto trading firm FTX was Democrats second biggest donor</a>

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One by one, companies across the board are ditching FTX.&nbsp; Last week, Binance chief executive Changpeng Zhao announced that his company no longer accepted&nbsp;deposits of FTX's FTT token on its platform.&nbsp;

FTX, the second largest crypto exchange was considered too big to fall by many. However, its fall has triggered panic across the sector with the big players now batting for regulations to win back the investors' confidence.

"We're in a new industry, we've seen in the past week, things go crazy in the industry. We do need some regulations, we do need to do this properly, we do need to do this in a stable way," said Zhao while speaking at the G20 leaders' summit in Bali.&nbsp;

<a href="https://www.wionews.com/world/we-need-regulations-says-binance-ceo-after-rival-exchange-ftx-goes-under-533895">Read more:&nbsp;'We need regulations', says Binance CEO after rival exchange FTX goes under</a>

FTX was once&nbsp;valued at $32 billion. Its collapse bears striking similarities to the downfall of Lehman Brothers in 2008 which led to a wider financial crisis across the world.&nbsp;

(With inputs from agencies)

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Visa Inc. on Sunday announced it was severing its ties with now-bankrupt cryptocurrency exchange FTX. “The situation with FTX is unfortunate and we are monitoring developments closely," said a Visa spokesperson.

Visa Inc. on Sunday announced it was severing its ties with now-bankrupt cryptocurrency exchange FTX. “The situation with FTX is unfortunate and we are monitoring developments closely," said a Visa spokesperson. “We have terminated our global agreements with FTX and their US debit card program is being wound down by their issuer," added the company. Visa, the world's largest payments processor terminating the deal was a no-brainer, given FTX has gone under and the company's board looks entirely out of its depth to handle the situation. Read more: Binance halts FTX's FTT token deposits, urges other crypto exchanges to follow However, the termination of the deal comes barely a month after Visa and FTX announced an expanded partnership under which plans were in motion to introduce account-linked Visa debit cards in 40 new countries. As reported by WION, FTX filed for bankruptcy last Friday after traders rushed to remove $6 billion off the platform in only 72 hours. WATCH | US: Founder of crypto trading firm FTX was Democrats second biggest donor × One by one, companies across the board are ditching FTX. Last week, Binance chief executive Changpeng Zhao announced that his company no longer accepted deposits of FTX's FTT token on its platform. FTX, the second largest crypto exchange was considered too big to fall by many. However, its fall has triggered panic across the sector with the big players now batting for regulations to win back the investors' confidence. "We're in a new industry, we've seen in the past week, things go crazy in the industry. We do need some regulations, we do need to do this properly, we do need to do this in a stable way," said Zhao while speaking at the G20 leaders' summit in Bali. Read more: 'We need regulations', says Binance CEO after rival exchange FTX goes under FTX was once valued at $32 billion. Its collapse bears striking similarities to the downfall of Lehman Brothers in 2008 which led to a wider financial crisis across the world. (With inputs from agencies) WATCH WION LIVE HERE:

Visa severs ties with troubled cypto exchange FTX, calls situation 'unfortunate'

Ever since cryptocurrency exchange FTX declared bankruptcy and its cryptocurrency genius and founder Sam Bankman-Fried resigned, the entire sector has been in turmoil.

Ever since cryptocurrency exchange FTX declared bankruptcy and its cryptocurrency genius and founder Sam Bankman-Fried resigned, the entire sector has been in turmoil. Now, FTX's rival exchange Binance's Chief Executive Changpeng Zhao has called for regulations in the industry. "We're in a new industry, we've seen in the past week, things go crazy in the industry. We do need some regulations, we do need to do this properly, we do need to do this in a stable way," said Zhao while speaking at the G20 leaders' summit in Bali. "I think the industry collectively has a role to protect consumers, to protect everybody. So it's not just regulators. Regulators have a role but it's not 100% their responsibility," he added. WATCH | FTX saga continues: Funds vanish at bankrupt Crypto exchange, company confirms 'unauthorised access' × As reported by WION, Zhao on Friday announced that his company no longer accepts deposits of FTX's FTT token on its platform. "(Binance) has stopped FTT deposits, to prevent the potential of questionable additional supplies affecting the market. We will monitor the situation," said CEO Zhao in a tweet. Read more: Binance halts FTX's FTT token deposits, urges other crypto exchanges to follow FTX filed for bankruptcy last Friday after traders rushed to remove $6 billion off the platform in only 72 hours. Sam Bankman-Fried, the exchange's 30-year-old founder has gone from being the face of the industry to being responsible for the sector's worst crash as a result of shoddy practices at the exchange platform. Read more: Who is Sam Bankman-Fried, the former FTX CEO & 'cryptogenius' who lost $14.5 billion in a day It is rather intriguing that an industry that took pride in being unregulated and far away from the red-tapism of bureaucracy is now coming around to it. According to experts, the confidence of crypto investors is at an all-time low and only regulation can restore it. (With inputs from agencies) WATCH WION LIVE HERE:

'We need regulations', says Binance CEO after rival exchange FTX goes under

Bankrupt Crypto trading fund FTX confirmed that there was an 'unauthorised access' to its accounts. Moments later, the embattled company's CEO announced that FTX is now switching off the option of trading or withdrawing funds, exactly how much money is involved still remains unclear.

FTX saga continues: Funds vanish at bankrupt Crypto exchange, company confirms 'unauthorised access'

Following unauthorised transactions potentially worth hundreds of thousands of dollars, the new CEO of the troubled cryptocurrency platform FTX said on Saturday that the company was making "every effort to secure all assets."

A statement made by CEO John Ray that was shared on Twitter by FTX's general counsel, Ryne Miller, said, "Unauthorized access to certain assets has occurred."

Watch |&nbsp;Binance walks away from FTX deal due to 'mishandled funds'

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Ray added that FTX US and FTX.com "continue to make every effort to secure all assets, wherever located."

The amount of fraudulent transactions has not been specified by FTX officials, however, according to AFP quoting a study by cryptocurrency analysis company Elliptic "$477 million is suspected to have been stolen."

Also read |&nbsp;<a href="https://www.wionews.com/world/no-end-for-ftxs-troubles-crypto-exchange-claims-it-has-been-hacked-600-million-transferred-533561">FTX founder secretly moved $10bn of customer funds to his firm, over $1bn missing: Report</a>

As per a tweet by the company's general counsel, Ryne Miller, the exchange was hastening the move of putting all digital assets into cold storage "to mitigate damage upon observing unauthorised transactions."

Sam Bankman-Fried, 30, the platform's chief executive, who was once seen as a star in the wild cryptocurrency world, also tendered his resignation. The founder of the exchange allegedly transferred $10 billion in customer assets from FTX to his trading firm Alameda Research in secret, according to a Reuters report citing unnamed sources.

Also read |&nbsp;<a href="https://www.wionews.com/world/crypto-collapse-ftx-files-for-bankruptcy-ceo-resigns-533388">Crypto collapse: 'Gold standard' FTX files for bankruptcy, CEO resigns</a>

Only 24 hours after declaring bankruptcy, more than "$663 million in various tokens" had been removed from FTX's wallets, according to Elliptic, with the remainder "believed to have been moved into secure storage by FTX themselves."

The announcement comes a day after FTX declared bankruptcy, part of a spectacular collapse that has shaken the still-young industry, sending rival cryptocurrencies into freefall and attracting regulatory investigation.

(With inputs from agencies)

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Following unauthorised transactions potentially worth hundreds of thousands of dollars, the new CEO of the troubled cryptocurrency platform FTX said on Saturday that the company was making "every effort to secure all assets.

Following unauthorised transactions potentially worth hundreds of thousands of dollars, the new CEO of the troubled cryptocurrency platform FTX said on Saturday that the company was making "every effort to secure all assets." A statement made by CEO John Ray that was shared on Twitter by FTX's general counsel, Ryne Miller, said, "Unauthorized access to certain assets has occurred." Watch | Binance walks away from FTX deal due to 'mishandled funds' Ray added that FTX US and FTX.com "continue to make every effort to secure all assets, wherever located." The amount of fraudulent transactions has not been specified by FTX officials, however, according to AFP quoting a study by cryptocurrency analysis company Elliptic "$477 million is suspected to have been stolen." Also read | FTX founder secretly moved $10bn of customer funds to his firm, over $1bn missing: Report As per a tweet by the company's general counsel, Ryne Miller, the exchange was hastening the move of putting all digital assets into cold storage "to mitigate damage upon observing unauthorised transactions." Sam Bankman-Fried, 30, the platform's chief executive, who was once seen as a star in the wild cryptocurrency world, also tendered his resignation. The founder of the exchange allegedly transferred $10 billion in customer assets from FTX to his trading firm Alameda Research in secret, according to a Reuters report citing unnamed sources. Also read | Crypto collapse: 'Gold standard' FTX files for bankruptcy, CEO resigns Only 24 hours after declaring bankruptcy, more than "$663 million in various tokens" had been removed from FTX's wallets, according to Elliptic, with the remainder "believed to have been moved into secure storage by FTX themselves." The announcement comes a day after FTX declared bankruptcy, part of a spectacular collapse that has shaken the still-young industry, sending rival cryptocurrencies into freefall and attracting regulatory investigation. (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.

FTX says making ‘every effort to secure all assets’ after unauthorised transfers worth millions

About USD 1 billion in customer funds have vanished from troubled cryptocurrency exchange FTX, Reuters reported citing top official sources.&nbsp;The exchange's founder Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to Bankman-Fried's trading company Alameda Research, the people told Reuters.&nbsp;A big share of the $10 billion has since vanished, said sources with one saying the missing amount was about $1.7 billion and the other revealing it was somewhere between $1 billion and $2 billion.

Meanwhile, FTX has said on its Telegram channel that the crypto platform has been hacked and there is a discrepancy of USD 600 million in funds as they were 'transferred'.

The "transfers" occured on the same day that FTX formally filed for Chapter 11 bankruptcy protection after losing allegedly billions of dollars in user payments. The transfers have not been officially acknowledged by FTX leadership.

Watch |&nbsp;Binance walks away from FTX deal due to 'mishandled funds'

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According to Coindesk, the incident happened on Wednesday. Although there isn't much information available about what happened, the company announced on its Telegram channel that it had been hacked and advised customers to avoid installing any new updates and delete any FTX apps in addition.

“FTX has been hacked. FTX apps are malware. Delete them. Chat is open. Don't go on FTX site as it might download Trojans,” said a forum administrator in the FTX Support channel.

Also read |&nbsp;<a href="https://www.wionews.com/world/crypto-collapse-ftx-files-for-bankruptcy-ceo-resigns-533388">Crypto collapse: 'Gold standard' FTX files for bankruptcy, CEO resigns</a>

The message was then reportedly pinned by FTX General Counsel Ryne Miller.

Miller had earlier tweeted that he was "investigating abnormalities with wallet movements related to consolidation of FTX balances across exchanges."

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Investigating abnormalities with wallet movements related to consolidation of ftx balances across exchanges - unclear facts as other movements not clear. Will share more info as soon as we have it. <a href="https://twitter.com/FTX_Official?ref_src=twsrc%5Etfw">@FTX_Official</a>
— Ryne Miller (@_Ryne_Miller) <a href="https://twitter.com/_Ryne_Miller/status/1591281729125613570?ref_src=twsrc%5Etfw">November 12, 2022</a></blockquote>
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In another tweet on Saturday,&nbsp;Miller said that the exchange was hastening the move of all digital assets into cold storage "to mitigate damage upon observing unauthorised transactions."

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Following the Chapter 11 bankruptcy filings - FTX US and FTX [dot] com initiated precautionary steps to move all digital assets to cold storage. Process was expedited this evening - to mitigate damage upon observing unauthorized transactions.
— Ryne Miller (@_Ryne_Miller) <a href="https://twitter.com/_Ryne_Miller/status/1591326796305530880?ref_src=twsrc%5Etfw">November 12, 2022</a></blockquote>
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Also read |&nbsp;<a href="https://www.wionews.com/business-economy/crypto-exchange-ftxs-troubles-far-from-over-over-top-us-finance-watchdogs-probe-its-costumer-assets-handling-532708">Crypto-exchange FTX's troubles far from over over; top US finance watchdogs probe its costumer assets handling</a>

Cryptocurrency wallets that are not online are referred to as being in the "cold storage",&nbsp; these are used to stave off hackers.

As per a Reuters report quoting data from Singapore-based analytics firm Nansen, there was a one-day net outflow of about $266 million, with $73 million withdrawn from FTX US alone.

(With inputs from agencies)

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About USD 1 billion in customer funds have vanished from troubled cryptocurrency exchange FTX, Reuters reported citing top official sources. The exchange's founder Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to Bankman-Fried's trading company Alameda Research, the people told Reuters.

About USD 1 billion in customer funds have vanished from troubled cryptocurrency exchange FTX, Reuters reported citing top official sources. The exchange's founder Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to Bankman-Fried's trading company Alameda Research, the people told Reuters. A big share of the $10 billion has since vanished, said sources with one saying the missing amount was about $1.7 billion and the other revealing it was somewhere between $1 billion and $2 billion. Meanwhile, FTX has said on its Telegram channel that the crypto platform has been hacked and there is a discrepancy of USD 600 million in funds as they were 'transferred'. The "transfers" occured on the same day that FTX formally filed for Chapter 11 bankruptcy protection after losing allegedly billions of dollars in user payments. The transfers have not been officially acknowledged by FTX leadership. Watch | Binance walks away from FTX deal due to 'mishandled funds' According to Coindesk, the incident happened on Wednesday. Although there isn't much information available about what happened, the company announced on its Telegram channel that it had been hacked and advised customers to avoid installing any new updates and delete any FTX apps in addition. “FTX has been hacked. FTX apps are malware. Delete them. Chat is open. Don't go on FTX site as it might download Trojans,” said a forum administrator in the FTX Support channel. Also read | Crypto collapse: 'Gold standard' FTX files for bankruptcy, CEO resigns The message was then reportedly pinned by FTX General Counsel Ryne Miller. Miller had earlier tweeted that he was "investigating abnormalities with wallet movements related to consolidation of FTX balances across exchanges." Investigating abnormalities with wallet movements related to consolidation of ftx balances across exchanges - unclear facts as other movements not clear. Will share more info as soon as we have it. @FTX_Official — Ryne Miller (@_Ryne_Miller) November 12, 2022 × In another tweet on Saturday, Miller said that the exchange was hastening the move of all digital assets into cold storage "to mitigate damage upon observing unauthorised transactions." Following the Chapter 11 bankruptcy filings - FTX US and FTX [dot] com initiated precautionary steps to move all digital assets to cold storage. Process was expedited this evening - to mitigate damage upon observing unauthorized transactions. — Ryne Miller (@_Ryne_Miller) November 12, 2022 × Also read | Crypto-exchange FTX's troubles far from over over; top US finance watchdogs probe its costumer assets handling Cryptocurrency wallets that are not online are referred to as being in the "cold storage", these are used to stave off hackers. As per a Reuters report quoting data from Singapore-based analytics firm Nansen, there was a one-day net outflow of about $266 million, with $73 million withdrawn from FTX US alone. (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.

FTX founder secretly moved $10bn of customer funds to his firm, over $1bn missing: Report

Bitcoin, the oldest cryptocurrency in the world is facing a bloodbath. A Bank of America report suggests that the cryptocurrency has faced the fifth-worst collapse of assets in financial history, and by far, the biggest since the 1970s.

Bitcoin, the oldest cryptocurrency in the world is facing a bloodbath. A Bank of America report suggests that the cryptocurrency has faced the fifth-worst collapse of assets in financial history, and by far, the biggest since the 1970s. Reportedly, Bitcoin has plummeted 77 per cent from its peak trading mark of $70,000 in November last year. The crash is thought to be much steeper and greater in scale than the one faced by the likes of Mississippi Co, South Sea Co and Roaring 20s. The fall becomes precarious, given that Bitcoin accounts for more than 41 per cent of the crypto market and the previous instance it plunged to such depths was at the peak of the pandemic two years ago. WATCH | Gravitas Plus: Bitcoin, Cryptocurrency & Blockchain- What's driving the craze? × The report also makes a comparison of Bitcoin's downturn with the dotcom bust nearly two decades ago. It states that the latter witnessed a decline of 76 per cent, which is only one per cent lower than the fall witnessed by Bitcoin. The fall of Bitcoin comes roughly at the same time as when FTX Group, another big name in the cryptocurrency sector announced it had filed for bankruptcy in the US and that its CEO Sam Bankman-Fried, had quit. The "cryptogenius" also known as "modern JP Morgan" for his intervening to save volatile exchanges, now faces the impending prospect of the collapse of his company. Read more: Who is Sam Bankman-Fried, the former FTX CEO & 'cryptogenius' who lost $14.5 billion in a day The collapse of FTX, which seemed inconceivable only a few days ago, is upending the whole cryptocurrency sector. After significant concerns regarding the state of the FTX balance sheet were raised last week, it was precipitated by a crisis resembling a bank run. (With inputs from agencies) WATCH WION LIVE HERE:

Bitcoin plunges, records the fifth-biggest collapse in financial history: Report

There is simply no end to the woes of Bitcoin exchange FTX and more skeletons are coming out of the closet now. Meanwhile, some experts are calling the crashing of the crypto exchange, the beginning of a financial crisis moment of 2008 for digital assets globally.

Crypto exchange FTX files for bankruptcy; CEO Sam Bankman-Fried resigns

Crypto exchange coinbase Global has cut over 60 jobs in recruiting and other onboarding teams. It is coming at a time when plummet digital coins risks another contagion in the sector and bigger rival FTX is inching closer to collapse.

World Business Watch: Crypto exchange coinbase cuts jobs

A deal for leading cryptocurrency exchange FTX has collapsed after bigger rival Binance said that it was pulling out of the deal. Binance has now signed a non-binding agreement on Tuesday to buy FTX's non-United States' unit to help cover a liquidity crunch.

Binance walks away from FTX deal due to 'mishandled funds'

Cryptocurrencies tumble over failed FTX deal

Crypto giant Binance announced on Tuesday that it has signed an agreement to acquire the non-United States unit of its rival – FTX. The cryptocurrency market has been going through a major crisis for the past year and this deal will aid FTX in managing its current “liquidity crunch”. The deal, which was signed between Binance CEO Changpeng Zhao and FTX CEO Sam Bankman-Fried, ended up causing panic among the FTX investors as over $6 billion was withdrawn in the past few days.

Also read |&nbsp;<a href="https://www.wionews.com/world/trump-threatens-to-release-unflattering-information-about-desantis-if-he-pursues-a-presidential-run-532458">Trump threatens DeSantis, warns him not to run for US president</a>

FTX was one of the major crypto exchanges in the world but the dramatic fall in the market meant that they required Binance to rescue them from a major crunch. The deal also directly impacted the FTX crypto token which fell under $6 – a 11 per cent drop since the announcement was made.

In a shot message to the investors, Bankman-Fried said that the decision was taken as "protecting shareholders is our highest priority" but added that the full details were "still being hashed out."

Also read |&nbsp;<a href="https://www.wionews.com/world/us-midterm-elections-2022-live-updates-voting-begins-with-experts-favouring-republicans-532269" hreflang="en">US midterms LIVE | 'Bloodbath!!!': Trump's son tweets as Republicans surge</a>

The announcement also came as a surprise for several people as FTX had earlier pledged support to struggling crypto exchanges. In May this year, FTX acquired a 7.6 per cent stake in Robinhood Markets Inc and said that they will be looking to take advantage of the dip in the crypto market.

It came as a bigger surprise that it was Binance that agreed to save FTX from their troubles. Binance invested in FTX back in 2019 but decided to withdraw in 2021. By that time, FTX had already become a competitor for Binance and the friction between Zhao and Bankman-Fried was well-known.

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Crypto giant Binance announced on Tuesday that it has signed an agreement to acquire the non-United States unit of its rival – FTX. The cryptocurrency market has been going through a major crisis for the past year and this deal will aid FTX in managing its current “liquidity crunch”.

Crypto giant Binance announced on Tuesday that it has signed an agreement to acquire the non-United States unit of its rival – FTX. The cryptocurrency market has been going through a major crisis for the past year and this deal will aid FTX in managing its current “liquidity crunch”. The deal, which was signed between Binance CEO Changpeng Zhao and FTX CEO Sam Bankman-Fried, ended up causing panic among the FTX investors as over $6 billion was withdrawn in the past few days. Also read | Trump threatens DeSantis, warns him not to run for US president FTX was one of the major crypto exchanges in the world but the dramatic fall in the market meant that they required Binance to rescue them from a major crunch. The deal also directly impacted the FTX crypto token which fell under $6 – a 11 per cent drop since the announcement was made. In a shot message to the investors, Bankman-Fried said that the decision was taken as "protecting shareholders is our highest priority" but added that the full details were "still being hashed out." Also read | US midterms LIVE | 'Bloodbath!!!': Trump's son tweets as Republicans surge The announcement also came as a surprise for several people as FTX had earlier pledged support to struggling crypto exchanges. In May this year, FTX acquired a 7.6 per cent stake in Robinhood Markets Inc and said that they will be looking to take advantage of the dip in the crypto market. It came as a bigger surprise that it was Binance that agreed to save FTX from their troubles. Binance invested in FTX back in 2019 but decided to withdraw in 2021. By that time, FTX had already become a competitor for Binance and the friction between Zhao and Bankman-Fried was well-known.

Crypto giant Binance rescues rival FTX facing major crunch after dramatic fall in market

Usage of emerging technologies like cryptocurrency and crowdfunding by terrorist will be among the key focus areas at the 'No Money For Terror' ministerial conference that will be hosted by India later this month. The meet, which will take place in New Delhi from November 18-19 will be the third edition of the conference since 2018. The meeting in Delhi is being organised by India's ministry of home affairs.&nbsp;

The first such conference took place in Paris in 2018, followed by another iteration in Australia in 2019. The meet was due to take place in India in 2020 but was postponed due to the Covid pandemic due to restrictions on global travel.&nbsp;

While usage of cryptocurrency remains a worry, given its decentralised nature and lack of policing - focus on dark web by terrorists to seek transfer or crowdsource funds will be topping the agenda at the meet.&nbsp;

The meet will deliberate on the usage of formal and informal channels of funds for terrorism, current global trends in terrorism and terror financing and seek international cooperation to address challenges in combating terrorism financing.

<a href="https://www.wionews.com/world/indonesia-envoy-emphasises-dialogue-as-russia-ukraine-conflict-looms-over-g20-bali-summit-531098">Read more:&nbsp;Indonesia envoy emphasises dialogue as Russia-Ukraine conflict looms over G20 Bali summit</a>

Sources pointed out that the conference in Delhi, "intends to include discussions on technical, legal, regulatory and cooperation aspects of all facets of terrorism financing and attempt to set the pace for similar high level official and political deliberations, focused on countering terror financing."

The conference also aims to strengthen the Financial Action Task Force (FATF) role in setting global standards. Sources explained that "more coordination is needed among states for international organisations to foster effective mechanism to combat terrorism financing."

<a href="https://www.wionews.com/videos/gravitas-the-fatf-toothless-against-a-terror-state-352444">WATCH |&nbsp;Gravitas: The FATF: Toothless against a terror state?</a>

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It added that there is need for "better information sharing and cooperation among various stakeholders and, Financial Intelligence Units (FIUs)."

This is the second major conference under Indian leadership that will take place on dealing with the issue of counter-terrorism. Last month, India hosted the United Nations Security Council's counter-terror committee meeting.

This was the first time the committee met in India and only the seventh time that the meeting took place outside of New York. In December, under India's presidency of the security council, a meet on global counter-terror architecture will take place.

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&nbsp;

Usage of emerging technologies like cryptocurrency and crowdfunding by terrorist will be among the key focus areas at the 'No Money For Terror' ministerial conference that will be hosted by India later this month.

Usage of emerging technologies like cryptocurrency and crowdfunding by terrorist will be among the key focus areas at the 'No Money For Terror' ministerial conference that will be hosted by India later this month. The meet, which will take place in New Delhi from November 18-19 will be the third edition of the conference since 2018. The meeting in Delhi is being organised by India's ministry of home affairs. The first such conference took place in Paris in 2018, followed by another iteration in Australia in 2019. The meet was due to take place in India in 2020 but was postponed due to the Covid pandemic due to restrictions on global travel. While usage of cryptocurrency remains a worry, given its decentralised nature and lack of policing - focus on dark web by terrorists to seek transfer or crowdsource funds will be topping the agenda at the meet. The meet will deliberate on the usage of formal and informal channels of funds for terrorism, current global trends in terrorism and terror financing and seek international cooperation to address challenges in combating terrorism financing. Read more: Indonesia envoy emphasises dialogue as Russia-Ukraine conflict looms over G20 Bali summit Sources pointed out that the conference in Delhi, "intends to include discussions on technical, legal, regulatory and cooperation aspects of all facets of terrorism financing and attempt to set the pace for similar high level official and political deliberations, focused on countering terror financing." The conference also aims to strengthen the Financial Action Task Force (FATF) role in setting global standards. Sources explained that "more coordination is needed among states for international organisations to foster effective mechanism to combat terrorism financing." WATCH | Gravitas: The FATF: Toothless against a terror state? × It added that there is need for "better information sharing and cooperation among various stakeholders and, Financial Intelligence Units (FIUs)." This is the second major conference under Indian leadership that will take place on dealing with the issue of counter-terrorism. Last month, India hosted the United Nations Security Council's counter-terror committee meeting. This was the first time the committee met in India and only the seventh time that the meeting took place outside of New York. In December, under India's presidency of the security council, a meet on global counter-terror architecture will take place. WATCH WION LIVE HERE:

Usage of crypto by terrorists on the agenda at Delhi "No Money For Terror" meet

As engaged in controlling inflation, RBI recently rolled out its first pilot test programme to review and improve the currency’s functionality. Reserve Bank of India launched its first digital rupee on November 1 for the wholesale segment.&nbsp;

According to the Reserve Bank of India, this will help strengthen India's digital economy, making the payment system more efficient and preventing money laundering. The digital currency will be used for the settlement of government securities.

Nine banks have been identified to participate in this project. It includes the State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC.

&nbsp;

What is digital currency?

It is basically an electronic form of money that can be used in contactless transactions. Central Bank Digital Currency (CBDC) is a digital form of rupee issued by a central bank.&nbsp;

As per RBI, “CBDC is the legal tender issued by a central bank in a digital form. It is the same as a fiat currency and is exchangeable one-to-one with the fiat currency. Only its form is different.”&nbsp;

In Union Budget 2022, Finance Minister Nirmala Sitharaman already cleared that the RBI would be rolling out its digital currency soon.&nbsp;

&nbsp;

Types of CBDC

1. Retail CBDC (e₹-R)&nbsp;- It would be potentially available for use by all i.e., by the public.&nbsp;

2. Wholesale CBDC (e₹-W)&nbsp;- It is designed for restricted access to select financial institutions.

&nbsp;

Benefits of CBDC

1. It will benefit in reducing the transaction cost. Having a digitised currency will make it easier for government to access all transactions occurring within the authorised networks.&nbsp;

2. It will help the government to control how money leaves and enter the country. Through CBDC, it is impossible to avoid the gaze of the government.&nbsp;

3. It can neither be torn, burnt or physically damaged nor physically lost. It is more durable compared to physical notes.&nbsp;

4. The use of the digital rupee is expected to make the interbank market more efficient.&nbsp;

5. It will also help to reduce dependence on the dollar.&nbsp;

&nbsp;

Difference between CBDC and Cryptocurrency&nbsp;

The foremost difference is that CBDC is centralised means it is controlled by RBI however Crypto is decentralised i.e., not linked to or regulated by any government.&nbsp;

CBDC is a legal tender and can be kept in bank accounts while cryptocurrencies need to be stored in digital wallets.

CBDC is much safer as compared to Crypto because of the hand of the government in this. Cryptocurrencies such as Bitcoin, Ether and others are being used for money laundering, tax invasion and terror financing.&nbsp;

RBI also announced that they planned to launch within a month, a digital currency for the retail segment as well as in select locations in closed user groups comprising customers and merchants.&nbsp;

As engaged in controlling inflation, RBI recently rolled out its first pilot test programme to review and improve the currency’s functionality. Reserve Bank of India launched its first digital rupee on November 1 for the wholesale segment.

As engaged in controlling inflation, RBI recently rolled out its first pilot test programme to review and improve the currency’s functionality. Reserve Bank of India launched its first digital rupee on November 1 for the wholesale segment. According to the Reserve Bank of India, this will help strengthen India's digital economy, making the payment system more efficient and preventing money laundering. The digital currency will be used for the settlement of government securities. Nine banks have been identified to participate in this project. It includes the State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC. What is digital currency? It is basically an electronic form of money that can be used in contactless transactions. Central Bank Digital Currency (CBDC) is a digital form of rupee issued by a central bank. As per RBI, “CBDC is the legal tender issued by a central bank in a digital form. It is the same as a fiat currency and is exchangeable one-to-one with the fiat currency. Only its form is different.” In Union Budget 2022, Finance Minister Nirmala Sitharaman already cleared that the RBI would be rolling out its digital currency soon. Types of CBDC 1. Retail CBDC (e₹-R) - It would be potentially available for use by all i.e., by the public. 2. Wholesale CBDC (e₹-W) - It is designed for restricted access to select financial institutions. Benefits of CBDC 1. It will benefit in reducing the transaction cost. Having a digitised currency will make it easier for government to access all transactions occurring within the authorised networks. 2. It will help the government to control how money leaves and enter the country. Through CBDC, it is impossible to avoid the gaze of the government. 3. It can neither be torn, burnt or physically damaged nor physically lost. It is more durable compared to physical notes. 4. The use of the digital rupee is expected to make the interbank market more efficient. 5. It will also help to reduce dependence on the dollar. Difference between CBDC and Cryptocurrency The foremost difference is that CBDC is centralised means it is controlled by RBI however Crypto is decentralised i.e., not linked to or regulated by any government. CBDC is a legal tender and can be kept in bank accounts while cryptocurrencies need to be stored in digital wallets. CBDC is much safer as compared to Crypto because of the hand of the government in this. Cryptocurrencies such as Bitcoin, Ether and others are being used for money laundering, tax invasion and terror financing. RBI also announced that they planned to launch within a month, a digital currency for the retail segment as well as in select locations in closed user groups comprising customers and merchants.

What is e-rupee and what is the difference between cryptocurrency and CBDC?

El Salvador has lost around $60 million on its bitcoin bet one year into a nationwide crypto experiment. The country faces plummeting economic growth and a high deficit.

World Business Watch | El Salvador's bitcoin experiment: $60 million lost

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

Kim Kardashian’s $1.26 million fine from the Securities and Exchange Commission could just be the first in a broader regulatory crackdown against crypto-promoting celebrities. Molly Gambhir tells you more.

Wion Fineprint | Kim Kardashian's Instagram story on crypto just cost her $1.26 million

US reality star Kim Kardashian has agreed to pay a $1.26 million fine after unlawfully pushing a cryptocurrency on Instagram without revealing that she was paid to do so.

World Business Watch: Kim Kardashian pays $1.26 million for unlawful crypto promo

Bitcoin on Sunday dropped 1.54% to $19,804, slipping from the 20,000 mark after losing $310 from its previous close. The world's biggest and best-known cryptocurrency is down 58.9% from the year's high of $48,234 on March 28.

World Business Watch: Bitcoin once again slips below $20,000

How revolutionary is the Ethereum 'merge' in reducing carbon footprint of crypto mining?

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

The price of bitcoin, largest cryptocurrency, is stuck around at $19,000 now or below $20,000 not for many days. It is extremely odd for the dominant cryptocurrency that the excitement around bitcoin is dying down.

Struggling cryptocurrency firms face 'mixed results'

Bitcoin dipped below $20,000 on Saturday, continuing a drop that has taken it down nearly 60% from its year high.

Bitcoin, the world's biggest and best-known cryptocurrency, was last down 1.5% at $19,946 on Saturday, down $298 from its previous close.

It is down 58.7% from the year's high of $48,234 hit on March 28.

Ether, the coin linked to the ethereum blockchain network, also dipped 2.76 % to $1,467.2, losing $41.60 from its previous close.

Bitcoin's fall comes after a weak day on Friday for the currency, which fell as Wall Street slumped with all three benchmarks ending more than 3% lower.

The weakness in risk assets came after Federal Reserve Chief Jerome Powell cautioned against expecting a swift end to its rate tightening. The Fed's actions on interest rates has caused some investors to forecast more pain for equities.

"Bitcoin broke below 20,000 as investors expect a weekend full of pessimism from Jackson Hole to drag down sentiment," Edward Moya, senior market analyst at OANDA, said on Saturday.

"European and Asian central bankers will likely be much more pessimistic than Fed Chair Powell and that has many traders bracing for a weak open on Sunday night," he added.

Bitcoin was last below $20,000 in mid-July.

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Bitcoin dipped below $20,000 on Saturday, continuing a drop that has taken it down nearly 60% from its year high. Bitcoin, the world's biggest and best-known cryptocurrency, was last down 1.

Bitcoin dipped below $20,000 on Saturday, continuing a drop that has taken it down nearly 60% from its year high. Bitcoin, the world's biggest and best-known cryptocurrency, was last down 1.5% at $19,946 on Saturday, down $298 from its previous close. It is down 58.7% from the year's high of $48,234 hit on March 28. Ether, the coin linked to the ethereum blockchain network, also dipped 2.76 % to $1,467.2, losing $41.60 from its previous close. Bitcoin's fall comes after a weak day on Friday for the currency, which fell as Wall Street slumped with all three benchmarks ending more than 3% lower. The weakness in risk assets came after Federal Reserve Chief Jerome Powell cautioned against expecting a swift end to its rate tightening. The Fed's actions on interest rates has caused some investors to forecast more pain for equities. "Bitcoin broke below 20,000 as investors expect a weekend full of pessimism from Jackson Hole to drag down sentiment," Edward Moya, senior market analyst at OANDA, said on Saturday. "European and Asian central bankers will likely be much more pessimistic than Fed Chair Powell and that has many traders bracing for a weak open on Sunday night," he added. Bitcoin was last below $20,000 in mid-July. 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 ×

Bitcoin dips below $20,000, down nearly 60% from its year-high

Iran is the latest country to use cryptos which is currently reeling under impact of economic sanctions by the U.S. The Iranian government has placed its first import order using cryptocurrency. It's a move that can actually enable Islamic Republic to circumvent the use of U.S dollars for global trade.

Iran adopts cryptocurrency, imports order worth $10 million

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

US authorities have charged an ex-product manager at Coinbase Global and&nbsp;two others in a cryptocurrency insider trading case.

Reports claimed the former product manager Ishan Wahi and his brother Nikhil Wahi were arrested in Seattle. Another person named Sameer Ramani is reportedly at large.

<a href="https://www.wionews.com/world/singapores-central-bank-to-tighten-regulations-around-cryptocurrency-crypto-companies-sweat-profusely-498910">Also Read:&nbsp;</a><a href="http://13.235.153.162/world/singapores-central-bank-to-tighten-regulations-around-cryptocurrency-crypto-companies-sweat-profusely-498910" hreflang="en">Singapore's central bank to tighten regulations around cryptocurrency</a>

It is the first insider trading case involving cryptocurrency. Ishan Wahi had allegedly leaked insider information to his brother Nikhil Wahi, 26, and his friend Sameer Ramani, 33, before Coinbase Global Inc was listed on the crypto exchange.

The three accused were charged with wire fraud conspiracy and wire fraud in connection with a scheme to commit insider trading in cryptocurrency, the US government said in a statement.

Watch:&nbsp;Cryptocurrency continues to crumble

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While announcing the development, US attorney Damian Williams said: “Today’s charges are a further reminder that Web3 is not a law-free zone. Our message with these charges is clear: fraud is fraud is fraud, whether it occurs on the blockchain or on Wall Street."

FBI's assistant director Michael J. Driscoll said the allegation related to crypto exchange "still constitutes insider trading".

"The defendants made illegal trades in at least 25 different crypto assets and realized ill-gotten gains totalling approximately $1.5 million," Driscoll said while informing that the agency was committed to protecting the "integrity of all financial markets – both ‘old’ and ‘new’.”&nbsp;

Coinbase is reportedly one of the largest cryptocurrency exchanges in the world.&nbsp;Ishan Wahi was the product manager at Coinbase asset listing team, the US government informed and he had "detailed and advanced knowledge" of crypto assets Coinbase was planning to list.

The US government informed Ishan Wani, 32, had acquired a one-way flight to India as he was to be interviewed by Coinbase over the alleged fraud.

The US government alleged that Ishan Wahi tipped his brother Nikhil and associate Sameer Ramani so that they could place profitable trades in crypto assets in advance of Coinbase’s public listing and they reportedly used anonymous Ethereum blockchain wallets to acquire crypto assets.

(With inputs from Agencies)

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US authorities have charged an ex-product manager at Coinbase Global and two others in a cryptocurrency insider trading case. Reports claimed the former product manager Ishan Wahi and his brother Nikhil Wahi were arrested in Seattle.

US authorities have charged an ex-product manager at Coinbase Global and two others in a cryptocurrency insider trading case. Reports claimed the former product manager Ishan Wahi and his brother Nikhil Wahi were arrested in Seattle. Another person named Sameer Ramani is reportedly at large. Also Read: Singapore's central bank to tighten regulations around cryptocurrency It is the first insider trading case involving cryptocurrency. Ishan Wahi had allegedly leaked insider information to his brother Nikhil Wahi, 26, and his friend Sameer Ramani, 33, before Coinbase Global Inc was listed on the crypto exchange. The three accused were charged with wire fraud conspiracy and wire fraud in connection with a scheme to commit insider trading in cryptocurrency, the US government said in a statement. Watch: Cryptocurrency continues to crumble While announcing the development, US attorney Damian Williams said: “Today’s charges are a further reminder that Web3 is not a law-free zone. Our message with these charges is clear: fraud is fraud is fraud, whether it occurs on the blockchain or on Wall Street." FBI's assistant director Michael J. Driscoll said the allegation related to crypto exchange "still constitutes insider trading". "The defendants made illegal trades in at least 25 different crypto assets and realized ill-gotten gains totalling approximately $1.5 million," Driscoll said while informing that the agency was committed to protecting the "integrity of all financial markets – both ‘old’ and ‘new’.” Coinbase is reportedly one of the largest cryptocurrency exchanges in the world. Ishan Wahi was the product manager at Coinbase asset listing team, the US government informed and he had "detailed and advanced knowledge" of crypto assets Coinbase was planning to list. The US government informed Ishan Wani, 32, had acquired a one-way flight to India as he was to be interviewed by Coinbase over the alleged fraud. The US government alleged that Ishan Wahi tipped his brother Nikhil and associate Sameer Ramani so that they could place profitable trades in crypto assets in advance of Coinbase’s public listing and they reportedly used anonymous Ethereum blockchain wallets to acquire crypto assets. (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.

Three Indians charged in first crypto insider trading case in US

Indian Finance Minister Nirmala Sitharaman told Parliament yesterday that Central Bank RBI is in favor of banning cryptocurrencies completely, the bank had registered concerns over adverse impact of cryptocurrency on the Indian economy.

Crypto poses risk to economy: Indian FM Nirmala Sitharaman

With an aim to bring the cryptocurrency companies on par with the country's rules and regulations, the Monetary Authority of Singapore (MAS), the country's central bank is set to take a tough stance. Reportedly, MAS is planning to hold talks with the industry players in September or October to discuss the scope of law. However, the battlelines have already been drawn.

Ravi Menon, Managing Director, MAS, in clear terms told the reporters that few crypto players will be ensnared in the legal net. "So, players who are doing some of these activities but are currently not caught, may well be caught. When we put out the consult, when we say what are the additional areas that we will regulate, it will capture a wider ambit of players," said Ravi.&nbsp;

Read More: <a href="https://www.wionews.com/world/bitcoin-drops-below-20000-to-lowest-since-december-2020-489423">Bitcoin drops below $20,000 to lowest since December 2020</a>

It is pertinent to note that currently, the South Asian country regulates its cryptocurrency sector by primarily looking out for traces of money laundering and terrorism. However, with a slew of investors getting duped by crypto sharks and their infamous pump-and-dump scheme, the central bank has had to step up.&nbsp;

The decentralisation of currency is the biggest reason given for the emergence and use of cryptocurrency. However, whenever the customers are defrauded and suffer massive investment losses, they do not have any authority to report the incident. Several governments around the world are aware of this void and the Singapore government is no different, with the central bank seeking to fill the same void.&nbsp;

Read More:&nbsp;<a href="https://www.wionews.com/world/crypto-platform-celsius-files-for-voluntary-bankruptcy-in-united-states-497297">Turmoil in cryptocurrency market hits Celsius as platform files for voluntary bankruptcy in United States</a>

Up until now, crypto companies such as TerraForm Labs and Three Arrows Capital had a relatively easy time operating in the country, despite not having obtained proper licenses or following the city-state's rules applicable to digital token service providers.&nbsp;

"We want to take this targeted approach, and that's why we want to explain our overall approach to the industry. It's a targeted effort to contain the risk and overexposure of retail investments in cryptocurrencies." Ravi signed off by saying.&nbsp;

(With inputs from agencies) 
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With an aim to bring the cryptocurrency companies on par with the country's rules and regulations, the Monetary Authority of Singapore (MAS), the country's central bank is set to take a tough stance.

With an aim to bring the cryptocurrency companies on par with the country's rules and regulations, the Monetary Authority of Singapore (MAS), the country's central bank is set to take a tough stance. Reportedly, MAS is planning to hold talks with the industry players in September or October to discuss the scope of law. However, the battlelines have already been drawn. Ravi Menon, Managing Director, MAS, in clear terms told the reporters that few crypto players will be ensnared in the legal net. "So, players who are doing some of these activities but are currently not caught, may well be caught. When we put out the consult, when we say what are the additional areas that we will regulate, it will capture a wider ambit of players," said Ravi. Read More: Bitcoin drops below $20,000 to lowest since December 2020 It is pertinent to note that currently, the South Asian country regulates its cryptocurrency sector by primarily looking out for traces of money laundering and terrorism. However, with a slew of investors getting duped by crypto sharks and their infamous pump-and-dump scheme, the central bank has had to step up. The decentralisation of currency is the biggest reason given for the emergence and use of cryptocurrency. However, whenever the customers are defrauded and suffer massive investment losses, they do not have any authority to report the incident. Several governments around the world are aware of this void and the Singapore government is no different, with the central bank seeking to fill the same void. Read More: Turmoil in cryptocurrency market hits Celsius as platform files for voluntary bankruptcy in United States Up until now, crypto companies such as TerraForm Labs and Three Arrows Capital had a relatively easy time operating in the country, despite not having obtained proper licenses or following the city-state's rules applicable to digital token service providers. "We want to take this targeted approach, and that's why we want to explain our overall approach to the industry. It's a targeted effort to contain the risk and overexposure of retail investments in cryptocurrencies." Ravi signed off by saying. (With inputs from agencies) WATCH WION LIVE HERE:

Singapore's central bank to tighten regulations around cryptocurrency; crypto companies sweat profusely

Shattering previous records, two Italian brothers cum cryptocurrency investors have become the owners of the world's&nbsp;most expensive bottle of champagne ever sold. The bottle&nbsp;sold for a whopping $2.5 million has been produced by Champagne Avenue Foch and named 'magnum of Chateau Avenue Foch'.&nbsp;

Along with the bottle, the brothers have also purchased the digital NFT rights to the artwork that adorns the one-of-a-kind magnum.&nbsp;&nbsp;The multi-million Swarovski crystal-embedded bottle is bundled with five different NFTs that include an ape from the Bored Ape Yacht Club and a Sneaky Vampire Syndicate vampire. Reportedly, the artwork has been illustrated by an artist named Mig.&nbsp;

Brothers Giovanni and Piero Buono, despite having a cryptocurrency portfolio, made the purchase of the bubbly drink and the NFT in dollars. However, both&nbsp;brothers have no intention&nbsp;to open the bottle.

"I don't plan to drink it. I think it will be a good investment," Giovanni was quoted as saying by the Washington Street Journal. He also explained the reason as being the current volatility in the market. "There is a lot of turmoil in the investment world, things are changing quickly. Wealthy people will look for places to store their wealth for a while and that could be a champagne with an NFT attached to it."

Read More:&nbsp;<a href="https://www.wionews.com/photos/eca-international-releases-its-annual-list-of-the-worlds-most-expensive-cities-to-live-in-see-pics-486627">Are you living in one of the world's most expensive cities? Find out here</a>

Previously, several big celebrities have shelled a fortune to purchase the&nbsp;NFTs; with the Bored Ape collectible selling like hot cakes at the peak of NFT euphoria. However, the market in recent times has been rather unforgiving to NFT investors.&nbsp;From an all-time high of 153 Ethereum, the 'floor price' of a Bored Ape Yacht has fallen to 93 Ethereum.

The previous record for the most expensive wine of any kind was held by a collector who purchased a bottle of Domaine de la Romanée-Conti for an estimated sum of&nbsp;$558,000 in 2018. 
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Shattering previous records, two Italian brothers cum cryptocurrency investors have become the owners of the world's most expensive bottle of champagne ever sold.

Shattering previous records, two Italian brothers cum cryptocurrency investors have become the owners of the world's most expensive bottle of champagne ever sold. The bottle sold for a whopping $2.5 million has been produced by Champagne Avenue Foch and named 'magnum of Chateau Avenue Foch'. Along with the bottle, the brothers have also purchased the digital NFT rights to the artwork that adorns the one-of-a-kind magnum. The multi-million Swarovski crystal-embedded bottle is bundled with five different NFTs that include an ape from the Bored Ape Yacht Club and a Sneaky Vampire Syndicate vampire. Reportedly, the artwork has been illustrated by an artist named Mig. Brothers Giovanni and Piero Buono, despite having a cryptocurrency portfolio, made the purchase of the bubbly drink and the NFT in dollars. However, both brothers have no intention to open the bottle. "I don't plan to drink it. I think it will be a good investment," Giovanni was quoted as saying by the Washington Street Journal. He also explained the reason as being the current volatility in the market. "There is a lot of turmoil in the investment world, things are changing quickly. Wealthy people will look for places to store their wealth for a while and that could be a champagne with an NFT attached to it." Read More: Are you living in one of the world's most expensive cities? Find out here Previously, several big celebrities have shelled a fortune to purchase the NFTs; with the Bored Ape collectible selling like hot cakes at the peak of NFT euphoria. However, the market in recent times has been rather unforgiving to NFT investors. From an all-time high of 153 Ethereum, the 'floor price' of a Bored Ape Yacht has fallen to 93 Ethereum. The previous record for the most expensive wine of any kind was held by a collector who purchased a bottle of Domaine de la Romanée-Conti for an estimated sum of $558,000 in 2018. 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.

Champagne bottle adorned with NFT artwork sells for a record $2.5 million

A month after Celsius froze withdrawals from its platform, the cryptocurrency investment platform Wednesday, announced that it has filed for bankruptcy in the United States. The firm has started voluntary Chapter 11 proceedings in order to give the company the chance to stabilise its operations. The company said in its statement that it was looking to restructure in a way that would maximise value for all stakeholders. It also said that it has $167 million in cash on hand to cover immediate requirements in the meanwhile.&nbsp;As per an AFP report, this is the latest sign of the ongoing turmoil in the cryptocurrency industry. Voyager Digital, a specialist in lending cryptocurrencies, also declared bankruptcy last week.

Watch |&nbsp;Crypto lender Celsius files for bankruptcy

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Three Arrows Capital, a Singaporean investment company, is in liquidation. Due to a cash shortage, certain businesses, including CoinFlex and Babel Finance, have also stopped accepting withdrawals.

As per a statement by a special committee of the Celsius board of directors, without the withdrawal freeze, "the acceleration... would have allowed certain customers — those who were first to act — to be paid in full while leaving others behind to wait." &nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/electricity-used-to-mine-bitcoin-falls-as-crypto-crisis-widens-491716">Electricity used to mine Bitcoin falls as crypto crisis widens</a>

Co-founder and CEO of Celsius Alex Mashinsky remarked, "This is the right decision for our community and company."

"I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company," he added.

Also read |&nbsp;<a href="https://www.wionews.com/world/bitcoin-drops-below-20000-to-lowest-since-december-2020-489423">Bitcoin drops below $20,000 to lowest since December 2020</a>

In the US, Chapter 11 enables an organisation that is unable to pay its debts to restructure away from its creditors while carrying on with its current business.

Bitcoin, one of the most well-known cryptocurrencies, has lost more than half of its value since the start of the year and is now worth just over $20,000. When it reached its peak in November 2021, it was valued at around $69,000.

(With inputs from agencies)

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A month after Celsius froze withdrawals from its platform, the cryptocurrency investment platform Wednesday, announced that it has filed for bankruptcy in the United States.

A month after Celsius froze withdrawals from its platform, the cryptocurrency investment platform Wednesday, announced that it has filed for bankruptcy in the United States. The firm has started voluntary Chapter 11 proceedings in order to give the company the chance to stabilise its operations. The company said in its statement that it was looking to restructure in a way that would maximise value for all stakeholders. It also said that it has $167 million in cash on hand to cover immediate requirements in the meanwhile. As per an AFP report, this is the latest sign of the ongoing turmoil in the cryptocurrency industry. Voyager Digital, a specialist in lending cryptocurrencies, also declared bankruptcy last week. Watch | Crypto lender Celsius files for bankruptcy Three Arrows Capital, a Singaporean investment company, is in liquidation. Due to a cash shortage, certain businesses, including CoinFlex and Babel Finance, have also stopped accepting withdrawals. As per a statement by a special committee of the Celsius board of directors, without the withdrawal freeze, "the acceleration... would have allowed certain customers — those who were first to act — to be paid in full while leaving others behind to wait." Also read | Electricity used to mine Bitcoin falls as crypto crisis widens Co-founder and CEO of Celsius Alex Mashinsky remarked, "This is the right decision for our community and company." "I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company," he added. Also read | Bitcoin drops below $20,000 to lowest since December 2020 In the US, Chapter 11 enables an organisation that is unable to pay its debts to restructure away from its creditors while carrying on with its current business. Bitcoin, one of the most well-known cryptocurrencies, has lost more than half of its value since the start of the year and is now worth just over $20,000. When it reached its peak in November 2021, it was valued at around $69,000. (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.

Turmoil in cryptocurrency market hits Celsius as platform files for voluntary bankruptcy in United States

The Federal Bureau of Investigation (FBI) has added Ruja Ignatova to its top 10 most wanted list. Ignatova, who is dubbed the "Crypto Queen", raised billions of dollars in a fraudulent virtual currency scheme.

After she disappeared in October 2017, the FBI put up a $100,000 reward for the&nbsp;42-year-old, who is also a German citizen.

US authorities filed a sealed indictment and warrant for her arrest as she was behind one of the most notorious scams in the frequently treacherous world of cryptocurrencies.

Aiming to replace Bitcoin as the world's leading virtual money, Ignatova launched OneCoin in 2014. According to the FBI, she and her co-conspirators pulled in at least $3.4 billion by tapping a global network to market the coin to friends and family in exchange for their own payouts.

While other cryptocurrencies have independent and secured blockchain-type technology, OneCoin did not have these as it was a classic Ponzi scheme.

Ignatova encouraged early investors to find others and then paid out by receipts from later investors.

FBI Special Agent Ronald Shimko said in a statement "OneCoin claimed to have a private blockchain."

"This is in contrast to other virtual currencies, which have a decentralized and public blockchain. In this case, investors were just asked to trust OneCoin," he said.

As international investigators began to close in on her group, Ignatova disappeared in 2017.

"Investigators believe Ignatova may have been tipped off that she was under investigation by US and international authorities," the FBI said.

"She traveled from Sofia, Bulgaria, to Athens, Greece, on October 25, 2017, and has not been seen since."

Offering a 5,000 euro ($5,200) reward for information on her whereabouts, Europol announced it had added Ignatova to its most-wanted list in May this year.

(With inputs from agencies)

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The Federal Bureau of Investigation (FBI) has added Ruja Ignatova to its top 10 most wanted list. Ignatova, who is dubbed the "Crypto Queen", raised billions of dollars in a fraudulent virtual currency scheme.

The Federal Bureau of Investigation (FBI) has added Ruja Ignatova to its top 10 most wanted list. Ignatova, who is dubbed the "Crypto Queen", raised billions of dollars in a fraudulent virtual currency scheme. After she disappeared in October 2017, the FBI put up a $100,000 reward for the 42-year-old, who is also a German citizen. US authorities filed a sealed indictment and warrant for her arrest as she was behind one of the most notorious scams in the frequently treacherous world of cryptocurrencies. Aiming to replace Bitcoin as the world's leading virtual money, Ignatova launched OneCoin in 2014. According to the FBI, she and her co-conspirators pulled in at least $3.4 billion by tapping a global network to market the coin to friends and family in exchange for their own payouts. While other cryptocurrencies have independent and secured blockchain-type technology, OneCoin did not have these as it was a classic Ponzi scheme. Ignatova encouraged early investors to find others and then paid out by receipts from later investors. FBI Special Agent Ronald Shimko said in a statement "OneCoin claimed to have a private blockchain." "This is in contrast to other virtual currencies, which have a decentralized and public blockchain. In this case, investors were just asked to trust OneCoin," he said. As international investigators began to close in on her group, Ignatova disappeared in 2017. "Investigators believe Ignatova may have been tipped off that she was under investigation by US and international authorities," the FBI said. "She traveled from Sofia, Bulgaria, to Athens, Greece, on October 25, 2017, and has not been seen since." Offering a 5,000 euro ($5,200) reward for information on her whereabouts, Europol announced it had added Ignatova to its most-wanted list in May this year. (With inputs from agencies) Watch WION's live TV here:

Ruja Ignatova: Missing Bulgarian 'Crypto Queen' added to most-wanted list by FBI

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