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Binance Deploys $1B for Crypto Recovery Fund – Top Crypto Updates

Binance allocates $1B for ‘Crypto Recovery Fund’

Crypto exchange Binance has allocated another $1 billion for its industry recovery fund, effectively increasing the fund size to over $2 billion. The fund would have a “loose” structure and be publicly visible on the blockchain. Binance first announced the launch of an “industry recovery fund” on November 14 to support firms that “are otherwise strong but in a liquidity crisis” amid the FTX collapse.

Crypto prices today: Bitcoin falls 1.5%, ETH down 2.4%

Bitcoin is currently trading at $16,434.13, a decline of 1.5% over the previous day. Ethereum fell 2.4% over the last 24 hours to $1,181.77. Solana fell 2.81% to $14.14, while Cardano is trading lower by 1.9% at $0.312. Avalanche (AVAX) is down 3.9% to $12.69. The global crypto market cap stands at $827.36 billion, a 1.29% decline over the previous day.

Singapore police probe Hodlnaut for alleged fraud

Singapore’s Commercial Affairs Department (CAD) launched a probe into troubled crypto lender Hodlnaut for “possible cheating and fraud.” Between August and November, the police received “multiple reports” that Hodlnaut and its directors had made “false representations” about the lender’s exposure to “a certain digital token.” 

Cardano DeFi project Ardana halts development

Ardana (DANA), a decentralized finance (DeFi) project built on the Cardano blockchain, has halted development. The project cited “funding and project timeline uncertainty” as the reason for ceasing operations. The project was working on stablecoin minting and foreign exchange services. DANA token is down over 80% in the last 24 hours.

Indian crypto exchanges seek to reassure investors after FTX collapse

Indian crypto exchanges are implementing measures to provide full transparency on their reserve funds to win back investor confidence after FTX’s collapse. Co-founder of CoinDCX, Sumit Gupta, said his exchange will publish its proof of reserves by the fourth week of November. CoinSwitch has declared that its crypto and fiat currency holdings exceeded the total amount held on behalf of its users.

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Crypto Exchanges Get ED Notices Over Violation of FEMA – Top Crypto Updates

CoinSwitch, CoinDCX get ED notices over violation of FEMA

The Enforcement Directorate (ED) has sent notices to crypto exchanges CoinSwitch Kuber and CoinDCX as they came under the central agency’s radar. ED has registered a case against the two firms under the violation of the Foreign Exchange Management Act (FEMA). The agency is trying to ascertain if these companies are involved in cases of money laundering and foreign exchange violations.

Crypto prices today: Bitcoin up 1.4%, ETH rises 3.25%

Bitcoin is currently trading at $20,431.22, an increase of 1.42% over the previous day. Ethereum rose 3.25% over the last 24 hours to $1,175.04. Solana rose 2.2% to $36.79, while Cardano is trading higher by 1.7% at $0.465. Avalanche (AVAX) rose 2.9% to $19.11. The global crypto market cap stands at $918.44 billion, a 1.24% increase over the previous day.

ProShares Bitcoin Short ETF grows over 300% in a week

The ProShares’ Bitcoin Short ETF (BITI) grew by 306% last week, cementing its place as the second-largest Bitcoin ETF in the U.S. BITI now holds net short exposure equivalent to 3,811 BTC, up from just 937 BTC on June 27. An exchange-traded fund (ETF) provides investors with indirect exposure to an underlying asset. It can be useful when investing in commodities or crypto, which are difficult to transfer or store. 

Experts seek revamp of TDS on digital assets to boost trade volumes, govt revenue

Experts in the crypto industry have called for rationalisation of tax deducted at source (TDS) on digital asset transfers. They have argued that TDS locks up liquidity and the government will likely lose out on revenue as transaction volumes slide. However, some executives acknowledged that TDS was needed to curb money laundering. A tax regime for virtual digital assets (such as crypto, NFTs) will boost investor confidence by eliminating ambiguity.

Ethereum scaling solution Immutable X will allow Ether-to-Dollar withdrawals

Ethereum scaling solution Immutable X will allow users to receive U.S. dollars in their bank accounts on Ether (ETH) withdrawals. The Ether offramp is available to any developer building on Immutable. Developers can enable their users to sell layer 2-based ETH and have the proceeds deposited directly to their bank accounts. Crypto payments firm Moonpay will process the fiat transactions.

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CoinDCX Extends Withdrawal Restrictions – Top Crypto Updates

CoinDCX extends withdrawal restrictions

Crypto exchange CoinDCX has extended the withdrawal restrictions that have been in place since May 13 until further notice. The company said these extreme steps are necessary to implement enhanced compliance and risk frameworks. The recent liquidity crises at several institutions (including Celsius Network), which paused crypto withdrawals and transfers, have stirred fear among Indian investors.

Crypto prices today: Bitcoin falls 1%, ETH down 2.1% 

Bitcoin is currently trading at $21,258.98, a decline of 1.02% over the previous day. Ethereum is down 2.1% over the last 24 hours to $1,220.1. Solana fell 3.9% to $40.05, while Cardano is trading lower by 4.5% at $0.499. Avalanche (AVAX) is down 4.83% to $20.42. The global crypto market cap stands at $952.19 billion, a 1.41% decline over the previous day.

Harmony offers $1M reward after discovering $100M altcoin hack

The team behind Harmony Protocol is offering a $1 million reward for information leading to the return of $100 million in altcoins stolen from its Horizon bridge. Last week, hackers stole $100 million in Wrapped Ethereum (WETH), AAVE, SUSHI, DAI, Tether (USDT), and USD Coin (USDC) and swapped them for Ethereum. Harmony also halted all Horizon bridge activity following the hack.

Klaytn partners with OpenSea for NFT expansion in Asia

Singapore-based public blockchain platform Klaytn has partnered with non-fungible token (NFT) marketplace OpenSea to boost the Asian NFT ecosystem. The partnership includes conference collaborations and ecosystem grants to promote Asian NFT projects to the global audience.

Indian investors lose Rs 1,000 Crore to fake crypto apps, website scam

As per a report by cyber security research company CloudSEK, Indian crypto investors have lost about Rs 1,000 crore to several ongoing fake crypto exchanges scam. Attackers replicated an exact copy of original crypto websites and made it difficult for people to differentiate between the original and duplicate. A host of phishing domains and Android applications with the keyword ‘CoinEgg’ were used to dupe victims.

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Portugal’s Parliament Rejects Crypto Tax Proposals – Top Crypto News

Portugal’s Parliament rejects crypto tax proposals

The Portuguese Parliament voted against two separate proposals from minority political parties to tax crypto assets. The proposal had asked the government to consider taxing crypto profits over €5,000 ($5,340.45).

Earlier this month, the country’s Minister of Finance declared his commitment to start taxing crypto. He said the government would work on the regulatory framework, but declined to commit to any time frame.

Crypto prices today: Bitcoin down 0.25%, ETH falls 2.7%

Bitcoin is currently trading at $29,616.4, a 0.25% decline over the previous day. Ethereum falls 2.7% over the last 24 hours to $1,922.42. Solana fell 5.2% to $46.27, while Cardano is trading lower by 3.1% at $0.501. Avalanche (AVAX) fell sharply by 8.6% to $25.9. The global crypto market cap stands at $1.25 trillion, a 1.6% decline over the previous day.

Ethereum Beacon Chain suffers longest blockchain ‘reorg’ in years

Ethereum Beacon Chain experienced a potentially high-level security risk known as a blockchain “reorganization” today. A reorganization (or reorg) can happen either through a network failure such as a bug or a malicious attack, temporarily resulting in a duplicate version of a blockchain.

CoinDCX launches ‘Earn’ feature that pays interest on crypto

CoinDCX launched its crypto yield program ‘Earn’ where customers can earn interest on their crypto assets. The platform will deploy assets across multiple yield generating opportunities such as margin trading, lending, and staking to generate returns. The feature offers users full flexibility and control over their crypto with no lock-in periods and withdrawals at any time.

Andreessen Horowitz announces $4.5 billion Web3 fund

US-based venture capital firm Andreessen Horowitz formed a new $4.5 billion fund that will invest in crypto and Web3 companies. It will be the firm’s fourth fund to target digital assets, with over $7.6 billion being raised in total.

We found an interesting article on how crypto is taxed around the world. Read it here!

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CoinDCX Tops $2B in Valuation – Top Crypto News

CoinDCX tops $2B in valuation as investors pump in $135 million

CoinDCX has raised $135.9 million (~Rs 1,000 crore) from investors led by Pantera Capital and Steadview Capital. It has doubled its valuation to $2.15 billion in just 8 months to become the most valued crypto trading platform in India. So far, CoinDCX has raised over $245 million. The trading exchange will use the funds to increase its headcount from 400 to over 1,000 by the end of next year.

Crypto prices today: Bitcoin, ETH up 4%

Bitcoin is currently trading at $40,727, a 4.3% increase over the previous day. Ethereum is up 4.5% over the last 24 hours to $3,047.97. Solana rose 5% to $101.99, while Cardano is trading higher by 5.5% at $0.93. Meanwhile, Terra (LUNA) has surged 15.85% to $89.1. The global crypto market cap stands at $1.89 trillion, a 4.34% increase over the previous day.

Biggest risk of crypto is laundering, terror financing: Finance Minister

The biggest risk of cryptocurrency could be money laundering and its use for financing terror, said Union Finance Minister Nirmala Sitharaman. She added that no country can handle these risks alone, and crypto can be regulated only when countries come on board together.

Stablecoin variant “Gold Coins” emerging as first choice for crypto trading

Coins backed by gold are newer variants of “stablecoins”, which are typically pegged to the dollar to curb volatility. Pax Gold (PAXG) has jumped 7.4% in 2022, while its main rival Tether Gold has surged 8%. Stablecoins have emerged as a common medium of exchange. It is often used by traders to move funds across various platforms.

Hyundai to become the first automaker to enter NFT market

South Korea-based Hyundai Motor Company has announced its decision to enter the world of non-fungible tokens (NFTs). The automaker will partner with the ‘Meta Kongz’ NFT brand to create its own set of NFTs and a concept film. Hyundai also released a short film introducing the Hyundai NFT universe concept ‘Metamobility Universe.’ 

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Crypto Losses Can’t be Set Off, Clarifies Govt – Top Crypto News

Crypto losses can’t be set off, clarifies Govt

The Government of India has clarified that losses from virtual digital assets cannot be set off against gains one makes from other such assets. In other words, crypto investors and traders would have to pay a flat 30% tax on income, while losses would not provide any tax benefit. The Centres’ flat 30% tax rate on income from transfer of crypto and other virtual digital currencies will come into effect from April 1, 2022.

Crypto prices today: Bitcoin rises 3%, ETH up 4.2%

Bitcoin is currently trading at $42,238.46, a 3% increase over the previous day. Ethereum is up 4.2% over the last 24 hours to $2,991.86. Solana rose 1.6% to $90.32, while Cardano is trading higher by 5.9% at $0.93. Meanwhile, Polkadot (DOT) rose 4.88% to $19.73. The global crypto market cap stands at $1.91 trillion, a 3.02% increase over the previous day.

Goldman Sachs makes over-the-counter Bitcoin trade

Goldman Sachs has become the first major US bank to make an over-the-counter (OTC) cryptocurrency transaction. The Wall Street giant bought an OTC Bitcoin non-deliverable option (NDO) from Galaxy Digital. The company bought a contract betting on the future price of Bitcoin— rather than actually buying the digital asset itself. 

Malaysia should make Bitcoin, crypto legal tender: Deputy Minister

Malaysia’s Deputy Minister of Communications Zahidi Zainul said the country should recognize Bitcoin and other crypto-assets as legal tender. Like many other countries, Malaysia is researching a central bank digital currency. Currently, its government is not considering an El Salvador-style leap into crypto. El Salvador made Bitcoin legal tender in September 2021.

Coinswitch, CoinDCX to invest up to $200,000 in crypto, Web3 startups

Coinswitch Kuber and CoinDCX are scouting for investment deals, seeking to infuse $100,000-200,000 in crypto and Web3 start-ups that need funding. The crypto exchanges plan to invest the amount in each of the multiple deals they are seeking. Coinbase’s investment arm, Coinbase Ventures, is also entering the Indian market with plans to invest up to $1 million in Web3 start-ups.