#CoinSwitch sues #WazirX to recover trapped funds

CoinSwitch, a major Indian cryptocurrency exchange, is suing its rival WazirX to recover funds following a cyber attack on WazirX that resulted in $230 million worth of digital assets being stolen.
The breach, reported over a month ago, led WazirX to propose a “socialized loss” strategy, spreading the financial impact across all users. CoinSwitch claims it has approximately ₹810 million ($9.65 million) trapped on WazirX, including ₹124 million in fiat and the rest in various cryptocurrencies.
Despite attempts to resolve the issue directly with WazirX, CoinSwitch has not succeeded, prompting legal action. This situation underscores ongoing issues in India's cryptocurrency sector, marked by regulatory challenges and security concerns.
The WazirX hack is considered the largest crypto theft in India, further shaking confidence in the industry. CoinSwitch has emphasized that the trapped assets represent a small fraction of its total holdings, and it is using its own funds to maintain user balances.
#WRX/USDT #BNB/USDT $WRX $BNB

#TelegramCEO Durov is facing up to 20 years in prison.

Official charges released against Pavel Durov after his arrest in France.

• Complicity – web-mastering an online platform in order to enable an illegal transaction in organized group,

• Refusal to communicate, at the request of competent authorities, information or documents necessary for carrying out and operating interceptions allowed by law,

• Complicity – possessing pornographic images of minors,

• Complicity - distributing, offering or making available pornographic images of minors, in organized group,

• Complicity - acquiring, transporting, possessing, offering or selling narcotic substances,

• Complicity - offering, selling or making available, without legitimate reason, equipment, tools, programs or data designed for or adapted to get access to and to damage the operation of an automated data processing system,

• Complicity – organized fraud,

• Criminal association with a view to committing a crime or an offense punishable by 5 or more years of imprisonment

• Laundering of the proceeds derived from organized group’s offences and crimes,

• Providing cryptology services aiming to ensure confidentiality without certified declaration,

• Providing a cryptology tool not solely ensuring authentication or integrity monitoring without prior declaration,

• Importing a cryptology tool ensuring authentication or integrity monitoring without prior declaration.

Attached press release.

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Pavel Durov's arrest would likely have significant ramifications for both the cryptocurrency market and freedom of speech.

Impact on the Crypto Market:

Pavel Durov, as the founder of Telegram, is a key figure in the crypto world due to Telegram's involvement in blockchain projects and cryptocurrencies. His arrest could lead to a downturn in the crypto market, driven by heightened uncertainty and fear among investors. Durov's arrest may prompt concerns about increased regulatory crackdowns on crypto-related activities, potentially leading to a sell-off in digital assets. This could be compounded by the loss of confidence in platforms associated with Durov, as investors might worry about potential disruptions in services that support cryptocurrency transactions and communications. Additionally, his arrest could lead to stricter regulations or surveillance measures in the tech sector, further unsettling the crypto market.

Impact on Freedom of Speech:

Durov’s arrest would also raise serious concerns about freedom of speech and digital privacy. Telegram is renowned for its strong stance on protecting user privacy and enabling free expression. If the arrest is seen as a politically motivated action against Durov and his platform, it could be perceived as an assault on these fundamental freedoms. Governments might use the situation as a precedent to impose more stringent controls on digital communications, undermining platforms that advocate for privacy and free speech. This could stifle open dialogue and dissent, especially in regimes where such freedoms are already under threat. The broader implications could include a chilling effect on technology and media platforms, potentially leading to increased self-censorship and diminished public discourse.

Overall, Pavel Durov's arrest could undermine trust in both the cryptocurrency market and the fundamental principles of free speech, setting a troubling precedent for future actions against digital and communication platforms.
#TON #BNB #pavelarrested

#CZ (Changpeng Zhao), the former CEO of Binance, and #Richard Tang, the current CEO, have both played pivotal roles in shaping the company's trajectory. #CZ is renowned for his visionary leadership, which established Binance as a global crypto powerhouse through rapid innovation and market expansion. Richard Tang, on the other hand, brings a fresh perspective with a focus on regulatory compliance and strengthening institutional partnerships. While #CZ's tenure was marked by aggressive growth and global outreach, Tang’s leadership emphasizes stability and operational excellence. Both have significantly contributed to Binance's success, each in their unique way, highlighting the company's adaptability and resilience in the evolving crypto landscape.

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#MyFirstSquarePost
**Unveiling Binance Coin: The Game-Changer in Crypto**

Binance Coin #BNB has transformed from a simple exchange token into a powerhouse of the crypto world. Originally designed to offer discounts on trading fees, #BNB now fuels Binance’s ecosystem, including Binance Smart Chain (BSC), which has become a haven for decentralized apps (dApps).

In 2024, #BNB is not just a token; it's a gateway to a thriving digital economy. With its burn mechanism reducing supply and boosting scarcity, #BNB is creating waves in the market. But that's not all—its integration into numerous DeFi projects and NFT platforms further solidifies its status.

Investors are keeping a close eye on #BNB’s role in Binance's ongoing innovations, including its cross-chain capabilities and new partnerships. For those looking to ride the wave of crypto evolution, BNB offers a promising avenue. Stay tuned, because as Binance continues to evolve, so too will the potential of #BNB.
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