Category: Top Crypto News

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India to Test ‘E-Rupee’ Soon – Top Crypto Updates

India to test ‘E-Rupee’ digital currency soon

The Reserve Bank of India has proposed a phased pilot of its version of a Central Bank Digital Currency (CBDC). In a paper released on Friday, the RBI outlined its vision for a digital version of the rupee, referred to as the “e-rupee”. It also explained its rationale for implementing a CBDC and how it would be tested in phases.

The RBI is considering the release of two versions of a CBDC: one that would be used by people for making retail payments and another that would be used for the settlement of transfers between banks and wholesale transactions.

Crypto prices today: Bitcoin remains flat, ETH up 0.1%

Bitcoin is currently trading at $19,425.81, an increase of 0.01% over the previous day. Ethereum is up 0.14% over the last 24 hours to $1,318.69. Solana rose 0.65% to $32.92, while Cardano is trading higher by 0.06% at $0.422. Polkadot (DOT) rose 1.19% to $6.42. The global crypto market cap stands at $941.75 billion, a 0.13% increase over the previous day.

Huobi founder sells Bitcoin exchange to Hong Kong investment firm

Leon Li Lin, the Chinese founder of Seychelles-based crypto exchange Huobi Global, is selling his controlling stake to a Hong Kong investment firm called About Capital. An agreement has been reached between both parties that will leave “no impact on Huobi’s core operation and business management teams.” Under new ownership, the exchange is planning an international expansion.

Binance faces second-largest crypto hack ever

Crypto exchange Binance had more than 2 million of its BNB tokens stolen in a hack Thursday night. It’s the second-largest exploit in crypto history, worth nearly $570 million based on Friday morning prices. The hacker exploited a vulnerability in the Binance Bridge (which connects blockchain networks) to send themselves 1 million BNB tokens twice in two transactions.

Blockwater Technologies defaults on DeFi loan

South Korean blockchain investment firm Blockwater Technologies defaulted on a loan from TrueFi, a decentralized lending protocol. According to a statement, TrueFi issued a “notice of default” to Blockwater on Oct. 6 after it failed payment on a $3.4 million loan in Binance USD (BUSD) stablecoin. TrueFi said it remains in “active discussions” with Blockwater and said that its insolvency does not affect the protocol’s other lending pools.

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L&T to Build Nuclear Facility for NPCIL – Top Indian Market Updates

Here are some of the major updates that could move the markets on Monday:

L&T to build nuclear facility for NCPIL

Larsen & Toubro Ltd has emerged as the lowest bidder for an order from the Nuclear Power Corporation of India Ltd (NPCIL) for electro-mechanical works of the Nuclear Island in the Gorakhpur Haryana Anu Vidyut Pariyojana. The contract is worth up to ₹2500 crore. L&T’s scope of the order will include engineering, procurement, construction, and commissioning of nuclear equipment, valves, plant water package, and piping for all core nuclear systems.

Read more here.

Tata Power to develop 10,000 MW clean energy capacity in Rajasthan in next five years

Tata Power plans to develop around 10,000 megawatts (MW) of renewable energy capacity in the next five years in Rajasthan. It will develop up to 8,000 MW of utility-scale projects, 1,000 MW of solar rooftop projects, and 1,50,000 solar pumps in the state. Its expansion projects will generate employment for more than 6,000-8,000 people in Rajasthan.

Read more here.

Ajmera Realty & Infra’s sales rises 82% to ₹166 crore in Q2

Ajmera Realty & Infra India Ltd recorded an 82% YoY increase in sales to ₹166 crore for the quarter ended September (Q2 FY23). The developer sold a total of nearly 80,000 square feet of carpet area in Q2. The quarterly performance has helped the company record a 181% YoY growth in sales to ₹566 crore during the first half of FY 2022-23.

The real estate company is gearing up for new launches in the upcoming quarters as part of its overall strategy to gain market share.

Read more here.

Central govt, LIC to divest over 60% stake in IDBI Bank

The Central government and Life Insurance Corporation of India (LIC) said they will divest a 60.72% stake in IDBI Bank. Expressions of Interest (EoIs) from likely bidders will be invited on October 7, said the Department of Investment & Public Asset Management (DIPAM). In May 2021, the Cabinet Committee on Economic Affairs had given in-principle approval for strategic disinvestment and transfer of management control in IDBI Bank.

Read more here.

Hero MotoCorp launches its first electric scooter: Vida V1

Hero MotoCorp Ltd launched its first electric scooter Vida V1 in two variants priced at ₹1.45 lakh and ₹1.59 lakh (ex-showroom). The Vida V1 Plus and Pro will offer top speeds of 80 km/hr and a range of 143 km and 165 km, respectively. The scooter has a removable battery and also comes with a portable charger. The company is setting up a network of fast-charging facilities to top up charge at 1.2 km/minute.

Read more here.

Equitas SFB gross advances up 20% to ₹22,802 crore in Q2

Equitas Small Finance Bank (SFB) Ltd’s gross advances grew by 20% YoY to ₹22,802 crore during the quarter ended September (Q2 FY23). The bank’s disbursements were up by 22% YoY to ₹3,845 crore. Total deposits rose by 20% YoY to ₹21,726 crore during the same period. Retail term deposits were at ₹7,665 crore in Q2, up by 13% YoY.

Read more here.

Kalyan Jewellers reports 20% YoY revenue growth in Q2

Kalyan Jewellers Ltd reported a 20% YoY growth in consolidated revenue in Q2 FY23. Revenue growth in H1 FY23 was approximately 48% as compared to the same period in the previous financial year. The company continues to see robust operating momentum in its business in India, driven by the effective execution of growth strategies. Its online jewellery platform, Candere, launched its first physical showroom in Q2 FY23.

Read more here.

EDQM finds one major deficiency at Biocon’s API plant

The European Directorate for the Quality of Medicines and Healthcare (EDQM) found one major ‘deficiency’ at Biocon Ltd’s active pharmaceutical ingredient (API) plant in Bengaluru. The pharma company said that there were no critical deficiencies. Biocon said it will respond to the agency with appropriate corrective and preventive actions within the stipulated time.

Read more here.

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MakerDAO to Invest $500 million in US Govt Bonds – Top Crypto Updates

MakerDAO to invest $500 million in US Govt Bonds

MakerDAO will invest $500 million in short-term US treasury bonds and investment-grade corporate bonds. The plan (approved by MakerDAO members in a community-wide vote) will see $400 million of the organization’s asset reserves put towards US treasury bonds and $100 million invested in corporate bonds. MakerDAO is the world’s largest decentralized finance (DeFi) lending protocol,

Crypto prices today: Bitcoin down 1.5%, ETH falls 1%

Bitcoin is currently trading at $19,917.56, a decline of 1.47% over the previous day. Ethereum is down 0.92% over the last 24 hours to $1,353.86. Solana fell 2.02% to $33.31, while Cardano is trading lower by 1.36% at $0.427. Avalanche (AVAX) fell 1.87% to $17.06. The global crypto market cap stands at $955.38 billion, a 1.2% decline over the previous day.

Europe bans all crypto wallet services to Russia in new sanctions package

The European Union has placed a blanket ban on all crypto services to Russian entities as part of its eighth round of sanctions against the country. The existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services. The increased measures are intended as punishment for “Russia’s continued escalation and illegal war against Ukraine”.

BNB Smart Chain resumes operations after $100M exploit

The BNB Smart Chain (BSC) resumed operations as chain validators adopted a software update that would close the exploit used by hackers to drain funds off-chain. BSC includes BNB Beacon Chain and BNB Smart Chain (BSC). The BSC chain was halted earlier today after an exploit was discovered that drained $100 million in crypto from the platform.

ZebPay seeking license in Singapore

Indian crypto exchange Zebpay has applied for a license in Singapore. It is also assessing the potential of a similar step in the United Arab Emirates. While the company will retain its focus on India, the 1% transaction tax the nation imposed on crypto this year is hurting trading volumes. Daily volumes at key India-based platforms are down over 90% since the transaction levy took effect in July.

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EU Finalises Landmark Crypto Rules – Top Crypto Updates

European Union finalizes landmark crypto rules

The European Union (EU) has agreed upon the full legal text of its landmark legislation known as the Markets in Crypto Assets Regulation (MiCA). MiCA introduces the first-ever licensing regime for crypto wallets and exchanges to operate across the EU. It imposes reserve requirements on stablecoins as well. A separate law on funds transfers requires wallet providers to check their customer’s identities to curb money laundering.

Crypto prices today: Bitcoin down 0.2%, ETH up 1%

Bitcoin is currently trading at $20,224.76, a decline of 0.2% over the previous day. Ethereum is up 0.9% over the last 24 hours to $1,366.48. Solana fell 0.61% to $34, while Cardano is trading lower by 0.2% at $0.432. Uniswap (UNI) rose 3.3% to $6.88. The global crypto market cap stands at $966.87 billion, a 0.07% increase over the previous day.

Yuga Labs forms Bored Ape Community Council

Web3 powerhouse Yuga Labs has created a community council composed of seven Bored Ape Yacht Club (BAYC) NFT holders who are active in its community. The council members will focus on gathering and curating community feedback and spearheading philanthropic efforts. The council will be kept autonomous, meaning it will not be governed by the multibillion-dollar startup.

Russia blocks access to crypto exchange OKX

Russia has blocked access to OKX (the world’s third-largest crypto exchange by volume) at the request of the Prosecutor General’s Office. The site was blocked under article 15.3 of Russia’s law on Information, Information Technologies, and Information Protection. The article protects against the spread of fake information, threats to financial organizations, and calls for extremist activity. 

S.Korea financial regulator restates support for crypto protections

South Korea’s Financial Services Commission (FSC) said it will promote blockchain technology and user protections in the crypto market. The agency will actively support the establishment of a regulatory system for virtual assets that balances innovation through new technologies such as blockchain, consumer protection, and financial stability.

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Fidelity Reveals $5 Million ETH Index Fund – Top Crypto Updates

Fidelity reveals $5 million Ethereum index fund

Asset manager Fidelity has invested $5 million in a new Ethereum index fund, according to registration documents filed today with the U.S. Securities & Exchange Commission. The company registered its Fidelity Ethereum Index Fund on Tuesday but said in its SEC filing that the first sale took place on September 26. Fidelity has also been busy working on a crypto exchange called EDX Markets.

Crypto prices today: Bitcoin up 1.9%, ETH rises 1%

Bitcoin is currently trading at $20,239.09, an increase of 1.88% over the previous day. Ethereum is up 1% over the last 24 hours to $1,355.03. Solana rose 1.81% to $34.21, while Cardano is trading higher by 0.32% at $0.433. Avalanche (AVAX) rose 0.51% to $17.4. The global crypto market cap stands at $966.33 billion, a 1.47% increase over the previous day.

Japan’s PM announces NFT, metaverse expansion

Japan’s Prime Minister Fumio Kishida announced plans to expand investments in non-fungible tokens (NFTs) and the metaverse in a policy speech. The country will further its investment in digital transformation and expand the use of Web3 services. Last month, the Japanese govt. awarded NFTs to seven mayors for their achievements in using digital technology to solve issues.

Mastercard launches crypto exchange risk assessment tool

Financial services company Mastercard Inc. has launched Crypto Secure, a technology solution designed to help banks identify fraud-prone crypto exchanges. The service uses artificial intelligence algorithms and blockchain data to assess the criminal risk associated with crypto exchanges on the Mastercard payment network.

Crypto startup weTrade launches feature to offer fixed interest on stable crypto investments

Bengaluru-based crypto startup weTrade has launched- ‘weSave’, a feature that provides users with an opportunity to save and avail fixed interest on their stable cryptocurrency investments. Users can earn up to 14% interest per year that is credited daily, TDS-free, and has no lock-in period.

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KuCoin in Talks to Buyout Ailing Crypto Companies – Top Crypto Updates

KuCoin in talks to buy out ailing crypto companies

Crypto exchange KuCoin is in talks to buy the assets of distressed companies with strong core technologies, said CEO Johnny Lyu. The company is looking into crypto firms that can contribute to the growth of the industry but are being hurt in the market downturn. Lyu also said there will be a “not so dramatic” de-coupling of the crypto market from the traditional financial markets in the near future.

He added that the crypto industry cannot grow while it continues to follow the rules set by centralized financial markets.

Crypto prices today: Bitcoin up 3.5%, ETH rises 4%

Bitcoin is currently trading at $19,866.63, an increase of 3.53% over the previous day. Ethereum is up 4% over the last 24 hours to $1,343.24. Solana rose 4.4% to $33.6, while Cardano is trading higher by 2.8% at $0.433. Avalanche (AVAX) rose 4.20% to $17.34. The global crypto market cap stands at $952.14 billion, a 2.63% increase over the previous day.

NFT monthly sales top $947M as Solana gains ground on Ethereum

As per a DappRadar report, the non-fungible token (NFT) market produced almost $947 million worth of trading volume in September 2022. That compares to $927 million in August and nearly $916 million in July. Solana NFT sales nearly doubled last month due to high-profile projects. While overall volume remained stagnant, individual NFT sales are keeping pace and high-value NFTs on Ethereum are still selling.

Argentina’s state-owned energy company moves into crypto mining

YPF, Argentina’s state-owned energy company, is supplying power to an undisclosed international crypto mining company. Three months ago, the renewable energy arm of YPF (YPF Luz) commenced a 1 megawatt (MW) pilot operation that provides power generated from waste gas left over from oil production.

Unregulated crypto could pose threat to financial system: FSOC

The US Financial Stability Oversight Council (FSOC) warned that cryptos could pose risks to the financial system if their overall scale or link with traditional banking grows without regulation and oversight. “The rapid growth of digital asset activities, including stablecoins and lending and borrowing on digital assets trading platforms, is an important emerging vulnerability,” the FSOC said in a new report.

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WazirX Lays Off 60+ Employees – Top Crypto Updates

WazirX lays off 40% of its employees: Report

Indian crypto exchange WazirX has laid off several employees, the company said in a statement shared with CoinDesk. Around 50-70 employees, or 40% of the exchange’s workforce of 150, were laid off amid adverse economic conditions, the ongoing crypto winter, and India’s anti-cryptocurrency stand. WazirX’s daily trading volumes have been declining from a one-year high of 478 million in October 2021 to 1.5 million in October 2022.

Crypto prices today: Bitcoin falls 0.4%, ETH down 1.6%

Bitcoin is currently trading at $19,203.16, a decline of 0.45% over the previous day. Ethereum is down 1.61% over the last 24 hours to $1,292.03. Solana fell 1.9% to $32.23, while Cardano is trading lower by 2.1% at $0.422. Avalanche (AVAX) fell 2.4% to $16.61. The global crypto market cap stands at $926.71 billion, a 1.01% decline over the previous day.

Coinbase suffers ‘major outage’ for customers with US bank accounts

Leading crypto exchange Coinbase paused transactions for users in the US due to technical issues. In a tweet, the company said users were unable to take payments or make withdrawals involving US bank accounts. It identified the issue as a problem with “ACH withdrawals, deposits, and buys failures.” Automated Clearing House Network (ACH) is a system used for transferring funds electronically in the U.S. between bank accounts. The issue has now been rectified.

Celsius ex-CEO withdrew $10M before it froze customer accounts: Report

According to a Financial Times report, Alex Mashinsky, who resigned as CEO of Celsius on Sept. 27, allegedly withdrew $10 million from the crypto exchange in May. This was just weeks before the crypto lending company filed for bankruptcy and froze withdrawals in June. A spokesperson for the ex-CEO said he “withdrew a percentage of crypto in his account, much of which was used to pay state and federal taxes.”

Read more here.

Crypto banking platform Juno raises $18M in Series A funding

Crypto digital banking firm Juno has raised $18 million in a Series A funding round to expand products and operations. It also plans to launch its first tokenized loyalty program. This round was led by ParaFi Capital’s Growth Fund and included well-known crypto industry figures from Coinbase, Polygon, and Messari.

Juno is a digital banking platform that encourages users to spend crypto in their everyday transactions. Its flagship product, the Juno card, allows users to transact with Circle’s stablecoin USDC.

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Metamask Unveils Digital Asset Portfolio dApp – Top Crypto Updates

Metamask unveils all-in-one digital asset portfolio dApp

Metamask has launched a new beta decentralized application (dApp) that serves as a one-stop shop for managing crypto and non-fungible token (NFT) portfolios on different platforms. Users can access this dApp by clicking the “Portfolio” link on their browser extension’s home screen to connect multiple accounts. The dApp is available on the browser extension and for mobile users as well.

Crypto prices today: Bitcoin up 1%, ETH rises 1.3%

Bitcoin is currently trading at $19,530.66, an increase of 0.92% over the previous day. Ethereum is up 1.37% over the last 24 hours to $1,339.76. Solana rose 2.45% to $34.11, while Cardano is trading higher by 1.32% at $0.436. Avalanche (AVAX) rose 1.2% to $17.38. The global crypto market cap stands at $944.04 billion, a 0.72% increase over the previous day.

ETHW surges as Binance launches Ethereum Proof-of-Work mining pool

Crypto exchange Binance announced an Ethereum Proof-of-Work (ETHW) mining service for its users. Those who take part in the pool will not be charged a fell until October 29. Following this news, ETHW (the new asset born out of Ethereum’s merge earlier this month) surged 12% over 24 hours.

Mining pools are formed when groups of crypto miners want to share resources to allow other miners to work with them and collectively have a better chance of processing a transaction.

Warner Music Group partners with OpenSea

Warner Music Group will partner with NFT marketplace OpenSea to accelerate its artists’ expansion into Web3. The collaboration will grant Warner Music artists early access to new OpenSea products, improved discoverability on the NFT marketplace, and featured portions of the OpenSea site for upcoming NFT projects.

Meta opens NFT sharing on Instagram, FB to all US users

Meta has launched NFT collectibles support for all Facebook and Instagram users in the United States. Users can now connect wallets from Coinbase, Dapper Labs, MetaMask, Rainbow, and Trust with Instagram to post digital collectibles minted on Ethereum, Polygon, and Flow. Insta users can also crosspost their NFTs to their Facebook accounts.

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Circle Expands USDC Stablecoin to New Chains – Top Crypto Updates

Circle expands USDC stablecoin to five new chains

Circle Internet Financial will expand USDC (the second largest stablecoin) to five new blockchains to strengthen its market position. It also unveiled a tool called Cross-Chain Transfer Protocol to enhance USDC transactions between different blockchains. USDC will begin to circulate on the Arbitrum One, NEAR, Optimism, and Polkadot chains by the end of 2022.

Crypto prices today: Bitcoin up 3.7%, ETH rises 4%

Bitcoin is currently trading at $19,352.9, an increase of 3.7% over the previous day. Ethereum is up 3.9% over the last 24 hours to $1,321.64. Solana rose 4.3% to $33.33, while Cardano is trading higher by 1.03% at $0.431. Uniswap (UNI) rose 5.16% to $6.37. The global crypto market cap stands at $935.66 billion, a 2.57% increase over the previous day.

Stablecoin markets shift as Binance begins USDC conversions

Binance has started conversions of Circle’s USDC, Paxos’s Pax Dollar, and TrueUSD to the exchange’s own stablecoin— Binance USD. Outflows of the world’s largest stablecoin by volume, USDC, from Binance have jumped 93% since the crypto exchange declared that it would discontinue support for competing stablecoins. USDC’s market cap has fallen by 5%. 

Brazil’s securities regulator targets Mercado Bitcoin over token sale

Brazil’s Securities & Exchange Commission (CVM) has ordered Latin America’s biggest crypto exchange Mercado Bitcoin to provide information on digital fixed-income tokens it issued over the past two years. CVM plans to release an official crypto guide recommending companies to consult the commission before issuing any token that may be considered a security.

ED freezes $1.5 million in crypto allegedly laundered through WazirX, Binance

The Enforcement Directorate (ED) has frozen over $1.57 million in crypto as part of a money laundering investigation against mobile gaming application E-Nuggets allegedly disabled withdrawals after collecting a significant amount of money from users and all data were erased from the app servers. It used a dummy account to purchase crypto on WazirX before transferring the assets to Binance exchange.

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Ribbon Finance Launches Options Exchange – Top Crypto Updates

Ribbon Finance launches options exchange on Ethereum

DeFi derivatives protocol Ribbon Finance has launched a “high-performance” options exchange called Aevo. Built on Ethereum, the first iteration will only offer ETH options. It will offer other cryptos (including Bitcoin) in the coming months.

[Options are financial contracts that give traders the ability to buy or sell an asset at a given date at a specific price. They are often used as a hedge against volatility, as they can guarantee a price for a specific asset.] 

Crypto prices today: Bitcoin, ETH falls 7%

Bitcoin is currently trading at $18,695.51, a decline of 7.41% over the previous day. Ethereum is down 7.9% over the last 24 hours to $1,274.32. Solana fell 7.5% to $32.04, while Cardano is trading lower by 7.13% at $0.428. Avalanche (AVAX) fell 7% to $16.88. The global crypto market cap stands at $913.61 billion, a 6.03% decline over the previous day.

Robinhood taps Polygon for Web3 wallet beta launch

Robinhood announced the launch of its beta Web3 wallet and allowed 10,000 waitlisted customers to participate in the testing phase. The application will let users trade crypto with reportedly “no network fees” and earn yield by connecting with other decentralized applications (dApps). Robinhood has selected Polygon as its exclusive blockchain partner for the platform.

FTX President Brett Harrison resigns

Brett Harrison, president of FTX US, is stepping down from his role but will stay on in an advisory capacity at the crypto exchange. The announcement comes a month after the Federal Deposit Insurance Corporation (FDIC) said one of Harrison’s tweets contained misleading claims that stocks purchased through FTX were FDIC insured.

McLaren Racing unveils crypto-inspired car

Formula One (F1) team McLaren Racing unveiled a crypto-inspired look for its racing cars at an event in Singapore, ahead of next week’s Grand Prix. The move is part of a planned partnership with the crypto exchange OKX. McLaren said the design represented the emergence of new technologies in Asia such as crypto and the broader Web3 sector.

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FTX Wins Bid to Buy Voyager Digital’s Assets – Top Crypto Updates

FTX wins bid to buy Voyager Digital’s assets out of bankruptcy

Crypto exchange FTX won the bidding war to acquire the assets of bankrupt Voyager Digital. The agreement is valued at about $1.4 billion, comprising an ‘additional consideration’ worth about $111 million and the $1.3 billion market value of all the crypto on the bankrupt platform. Crypto lender Voyager Digital filed for bankruptcy in July.

Crypto prices today: Bitcoin, ETH up 7%

Bitcoin is currently trading at $20,188.98, an increase of 7.46% over the previous day. Ethereum is up 7.41% over the last 24 hours to $1,383.34. Solana rose 7.7% to $34.74, while Cardano is trading higher by 4.6% at $0.461. Polkadot (DOT) jumped 8.62% to $6.77. The global crypto market cap stands at $972.32 billion, a 5.78% increase over the previous day.

Crypto lender Nexo hit with enforcement actions from 8 states

State securities regulators in California and several other states took action against Nexo Group (the parent company of crypto lender Nexo), calling the company’s Earn Interest Product an unregistered security. “These crypto interest accounts are securities and are subject to investor protections under the law,” said the California Department of Financial Protection and Innovation (DFPI) in a press release.

Nearly $1 million in crypto stolen during Ethereum ‘vanity address’ hack

According to blockchain security firm PeckShield, crypto worth $950,000 was stolen in an attack using a vanity-address generator called Profanity. The hackers took 732 $ETH on Sep. 25 before moving the funds to the U.S. government-sanctioned crypto mixer Tornado Cash. A “vanity address” is a crypto address with defined parameters created by the users of the address. 

Disney’s latest job posting hints at major plans for NFT, crypto adoption

The Walt Disney Company posted a job listing for a principal counsel specializing in non-fungible tokens (NFT) and decentralized finance (DeFi). This hints at the company’s broader Web3 expansion across the Disney ecosystem. The position would provide guidance on global NFT products across its business branches, including Disney Media & Parks, Experiences, and Products.

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Filecoin Reports Strong Growth Ahead of FVM Launch – Top Crypto Updates

Filecoin reports strong growth ahead of FVM launch

Decentralized filesharing protocol Filecoin saw a nearly seven-fold growth of data suppliers since the start of 2022. The project plans for a major upgrade in early 2023. The network’s storage providers were increasing at a rate of 20% each month, with most activity in North America, Korea, and Hong Kong. 

This comes ahead of the launch of Filecoin Virtual Machine (FVM), a software platform for developers to create decentralized applications (dApps) based on the Filecoin network.

Crypto prices today: Bitcoin falls 1.3%, ETH down 3%

Bitcoin is currently trading at $18,784.28, a decline of 1.35% over the previous day. Ethereum is down 2.95% over the last 24 hours to $1,288. Solana fell 4.7% to $32.24, while Cardano is trading lower by 3.18% at $0.441. Polkadot (DOT) fell 1.45% to $6.22. The global crypto market cap stands at $917.41 billion, a 1.98% decline over the previous day.

ZebPay’s CEO Avinash Shekhar quits; to launch own Web3 startup

Amidst uncertainties and challenges in India’s cryptocurrency ecosystem, crypto exchange ZebPay’s Avinash Shekhar has decided to quit as CEO. He will now work on his own startup, which will be operating in the Web 3.0 and crypto tax compliance space. ZebPay will hold a minority stake in this new start-up. Shekhar will continue to be ZebPay’s board member and consultant for the long term. 

Coinbase sued over patent infringement

Veritaseum Capital LLC has sued Coinbase, alleging that the crypto exchange has infringed on a patent awarded to Veritaseum founder Reggie Middleton. According to Veritaseum, Coinbase has used the patent for some of its blockchain infrastructure, and the company is seeking ~$350 million in damages.

Interpol issues red notice for Terraform founder Do Kwon

Interpol has issued a red notice for Terraform founder Do Kwon. It requested law enforcement agencies worldwide to locate and arrest him. Do Kwon’s blockchain startup collapsed earlier this year, wiping out $40 billion of investor wealth. In the past few weeks, South Korean prosecutors have intensified their investigation into Kwon, and said he was “not cooperating” and “clearly on the run”.