India is buzzing with excitement as new crypto developments unfold! 🌟 The government is considering regulations 🔒 to embrace blockchain tech 🌐 while ensuring security 🛡️. Crypto adoption is growing rapidly 📈💰, with startups and exchanges thriving 🚀✨. Investors are optimistic about a bright future 💡💼. Stay tuned for more updates as India shapes its crypto journey! 🌍📊💥
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1️⃣ Indian Crypto Exchange Mudrex Explains Withdrawal Suspension ☄️
#IndiaCrypto
Indian crypto exchange Mudrex has reportedly paused crypto withdrawals on its platform, triggering a wave of backlash from the crypto community. The company explained that the suspension is only until Jan. 28 and is aimed at upgrading the platform’s compliance framework to prevent misuse by bad actors.

When questioned about the need to pause operations for a compliance upgrade, Mudrex CEO Edul Patel stated,

You need to do that with something as critical as crypto. If the infrastructure is not correct, it is very easy for it to be misused for nefarious activities. As a responsible platform, we need to make sure that our systems are in place and we are improving the services at all points in time. We are the only company that has had crypto withdrawals in India for the last three and a half years now, and we continue to stick with that.

2️⃣ World Announces 10 Million Users Verified On World Network ⚡️

World (formerly Worldcoin) has reportedly verified 10 million human beings on its digital identity network. Notably, the milestone comes as Worldcoin drew significant legal scrutiny from state regulators in multiple jurisdictions. The company uses a network of orbs to collect biometric data to establish proof of personhood which it claims is necessary due to rapid AI development.

In a Jan. 9 blog post, the World team wrote:

As AI agents evolve, proof of human will likely provide the cornerstone for enabling ethical and scalable AI, ensuring humans remain empowered creators in a world increasingly shaped by intelligent machines.

3️⃣ String Of X Hijacks Continues As Hackers Access Accounts Of Litecoin, Foresight Ventures, And Others 🔍

Over the weekend, the X accounts of Litecoin, Foresight Ventures, and LayerZero Labs co-founder Ryan Zarick were hijacked by hackers and used to promote scams. Notably, this is the latest in a recent string of X account hijacks belonging to prominent individuals or companies in the crypto space. The X account of Holoworld AI, which boasts over 150,000 followers, was also compromised last week.

4️⃣ FTX To Begin Distributing $1.2B To Creditors After Trump Inauguration 💰
#FTXAuction
Crypto exchange FTX is reportedly preparing to distribute more than $1.2 billion in repayments to users who have been unable to access their funds for over two years. According to FTX creditor Sunil, who is part of the FTX Customer Ad-Hoc Committee (the largest group of more than 1,500 FTX creditors), FTX will likely start repaying claims of up to $50,000 after Jan. 20. This is based on a deadline for users to complete their repayment requirements. Coincidentally, Jan. 20 is also the date of US President-elect Donald Trump’s inauguration. Analysts speculate that the new capital from the upcoming FTX repayments and bullish market sentiments on inauguration day could catalyse the next leg up in the 2025 crypto market cycle.

5️⃣ Millions Of OpenSea User Emails Leaked In 2022 Now Fully Public: SlowMist ‼️
#OpenSea
According to SlowMist’s chief information security officer, over seven million email addresses compromised in a 2022 OpenSea email vendor leak has recently been “fully publicised” online. The SlowMist executive explained that while the attack occurred in June 2022, the data had not been made public until recently. He noted that all groups of attackers can now use this information to go phishing and scamming. The executive reportedly shared a screenshot with Cointelegraph showing a Telegram message with an attachment named “opensea.io_mail_list.rar,” which purportedly holds 7 million entries.

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India has stepped up its game in tackling crypto-related scams by teaming up with tech heavyweights Google and Meta, as revealed in the Interior Ministry's 2024 annual report. This collaboration specifically targets "pig butchering" scams—a sinister type of crypto fraud where scammers exploit people’s trust to drain their savings. These scams often prey on vulnerable groups like unemployed youth, homemakers, students, and those in financial distress.
The modus operandi is straightforward but devastating. Scammers pose as financial advisors or representatives of investment firms on social media platforms or through search engine ads, offering irresistible returns on cryptocurrency investments. Over time, they gain the victims’ trust, convincing them to transfer significant amounts into fake schemes. The report highlights that such scams caused investors to lose over $3.6 billion in 2024 alone. Fraudsters also misuse tools like Google’s ad services and Meta’s sponsored ads to promote malicious apps and phishing campaigns.
In response, India’s Indian Cyber Crime Coordination Centre (I4C) has set up an advanced system to combat these threats. They actively monitor digital lending apps and Android banking malware, sharing lists of phishing advertisers with Google for swift removal. Meta plays a pivotal role by taking down scam-related pages and flagging illegal lending apps. These efforts are bolstered by Google's and Meta's proactive measures to identify and block fraudulent ads and accounts.
A major leap in these efforts is the integration of Google Pay into the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS). This allows authorities to intercept fraudulent transactions in real time, trace funds, and even freeze assets. In 2023 alone, this system saved over ₹16 billion and brought relief to more than 575,000 victims.
Additionally, the ministry is focusing on equipping law enforcement agencies with skills in blockchain analysis. This will enable them to trace illicit crypto transactions and confiscate digital assets linked to scams—a significant step toward curbing this growing menace.
While these measures highlight India’s proactive approach to tackling crypto scams, the larger crypto landscape in the country continues to grapple with challenges, particularly high taxes and regulatory uncertainty. Many crypto enthusiasts argue that India’s tax regime—marked by a steep 30% tax on gains and 1% TDS—has pushed genuine investors and traders toward gray markets or foreign platforms. This has sparked debates over whether the government is stifling innovation in its quest for control.
India’s fight against crypto scams is a double-edged sword. While significant strides are being made to protect users from fraud, the broader ecosystem still faces hurdles. A balanced approach could unlock the true potential of crypto in India while safeguarding its citizens.
#India #IndiaCrypto #CryptoTrends2024 #USJoblessClaimsDrop #Write2Earn

India has joined forces with tech giants Google and Facebook to address the growing number of scams known as "pig butchering" schemes. These scams use cryptocurrencies both as bait to lure victims and as a tool to launder stolen funds.
Targeting Vulnerable Groups: Youth and Financially Insecure Individuals
According to the 2024 annual report from India’s Ministry of Home Affairs, these scams primarily target unemployed youth, homemakers, students, and financially vulnerable individuals. Fraudsters exploit their trust, promising quick profits and high returns on investments.
Victims lose significant sums of money, often including borrowed funds. These scams are frequently promoted through advertising campaigns on Google and communication platforms like WhatsApp and Telegram.
Collaborative Efforts to Detect and Prevent Fraud
India’s Cyber Crime Coordination Center has partnered with Google and Facebook to identify and remove harmful ads, uncover fraudulent digital lending apps, and track phishing campaigns linked to these scams.
Additionally, cryptocurrency exchanges have been integrated into the Citizen Financial Cyber Frauds Reporting and Management System, enabling faster detection and blocking of suspicious transactions. This platform connects law enforcement agencies, financial institutions, and crypto platforms to prevent the illicit flow of funds.
Training Officers and Investigating Crypto Crimes
Nationwide specialized training programs are equipping Indian police officers with the skills to track cryptocurrency transactions, seize digital assets, and analyze blockchain evidence. These measures aim to strengthen investigative capabilities in combating cryptocurrency fraud.
India as a Target for International Scammers
With high cryptocurrency adoption at the local level, India has become a major target for scammers often operating from abroad, particularly from regions like Southeast Asia. Authorities are stepping up oversight of the currently unregulated crypto sector.
In 2023, India’s Financial Intelligence Unit mandated that cryptocurrency exchanges register as reporting entities to operate in the country.
Crackdowns on Major Fraud Cases
India’s Enforcement Directorate (ED), the country’s economic intelligence agency, has tackled several high-profile cryptocurrency scams. In June 2024, it froze assets worth over $3 million linked to the Highrich crypto Ponzi scheme, which promised returns of up to 15% on fake investments.
A few months later, the agency uncovered another fraudulent cryptocurrency scheme, causing losses of up to $800,000.
Collaborative Efforts for a Safer Crypto Sector
Through partnerships with tech giants, specialized training programs, and strict enforcement measures, India is strengthening its fight against cryptocurrency scams to protect its citizens and stabilize the crypto industry.

#IndiaCrypto , #Facebook , #Google , #CryptoNewss , #CryptoCrime

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1/ India lost out on Rs 6,000 Cr of tax by driving crypto investors to foreign platforms according to @esyacentre's recent report. In the next 5 years, the government could lose an additional Rs 17,700 Cr in tax revenue. 🇮🇳🇮🇳 #IndiaCryptoDreams #IndiaCrypto #IndiaBudget #BinanceAlphaAlert #GrayscaleHorizenTrust $BNB
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Останні новини з Індії свідчать про серйозні проблеми безпеки в криптовалютній індустрії. Уряд розслідує злом біржі WazirX, під час якого було вкрадено активи на суму близько $234 мільйонів. Цей випадок став черговим сигналом для регуляторів, які посилюють контроль за криптоіндустрією, намагаючись захистити інвесторів і зменшити ризики шахрайств.

Влада стурбована не лише фінансовими збитками, але й можливими зв’язками між криптовалютами та організованою злочинністю. Цей інцидент викликав занепокоєння серед інвесторів, які ставлять під сумнів безпеку платформ. Офіційні особи обіцяють вжити заходів для покращення регуляцій та безпеки на ринку.
#MarketDownturn #wazirX #indiacrypto

Expected Cryptocurrency Tax Reforms in Union Budget 2025-26
As the fiscal year 2025-26 approaches, there is significant anticipation surrounding the Union Budget, especially with the expected reforms in cryptocurrency taxation. The Indian government is poised to introduce changes that could reshape the landscape for cryptocurrency investors and traders.
Cryptocurrencies as Capital Assets
Recently, the Income Tax Appellate Tribunal (ITAT) ruled that cryptocurrencies should be treated as capital assets. This classification will have a significant impact on how profits from the sale of cryptocurrencies are taxed. By considering cryptocurrencies as capital assets, any gains from their sale will likely be subject to capital gains tax, similar to traditional investments like stocks and real estate.
Implications for Investors
For investors, this means that the holding period of their cryptocurrencies will be crucial in determining the tax liability. Short-term gains, realized from assets held for less than 36 months, may be taxed at a higher rate compared to long-term gains from assets held for longer periods. This distinction encourages long-term investment strategies and could lead to increased market stability.
Enhanced Reporting Requirements
The government is also expected to enhance reporting requirements for cryptocurrency transactions. This move aims to increase transparency and prevent tax evasion. Cryptocurrency exchanges and platforms may be required to report detailed transaction data to tax authorities, ensuring that all transactions are accounted for.
Global Alignment and Regulation
These reforms are part of India's broader strategy to align with global standards on cryptocurrency regulation. By adopting comprehensive tax and reporting regulations, India aims to create a secure and transparent environment for cryptocurrency investments.
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The anticipated cryptocurrency tax reforms in the Union Budget 2025-26 signal a significant shift in how digital assets are perceived and regulated in India. By treating cryptocurrencies as capital assets and enhancing reporting requirements, the government aims to bring greater transparency and stability to the market. As investors navigate these changes, staying informed and adapting to the new regulations will be key to maximizing the potential of their cryptocurrency investments.

#CryptoTaxReforms #UnionBudget2025 #IndiaCrypto #CryptoTaxation
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