Tag: NFT

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Coinbase Posts Q3 Loss as Volumes Drop – Top Crypto Updates

Coinbase revenue declines 28% in Q3 as trading volume falls

Coinbase reported net revenue of $576 million for the third quarter (Q3 CY22), down 28% from the previous quarter. Transaction revenue fell 44% compared to Q2 as fewer users were active on the crypto exchange amidst a brutal bear market. Coinbase’s monthly transacting users dropped 5% and trading volumes fell 27% during Q3. The company’s total loss stood at $544.6 million.

Crypto prices today: Bitcoin up 1.1%, ETH rises 1.7%

Bitcoin is currently trading at $20,572.75, an increase of 1.17% over the previous day. Ethereum rose 1.71% over the last 24 hours to $1,578.24. Solana is up 1.56% to $32.41, while Cardano is trading higher by 3.5% at $0.411. Avalanche (AVAX) rose 1.6% to $18.98. The global crypto market cap stands at $1.03 trillion, a 1.35% increase over the previous day.

Kraken launches 70 ETH, Solana NFT collections on new marketplace

Crypto exchange Kraken has launched the beta version of its new platform for its non-fungible token (NFT) marketplace. The launch includes a curated offering of 70 top-selling NFTs on the Ethereum and Solana blockchains. Users can buy and sell NFTs within the Kraken ecosystem without incurring blockchain network fees (gas fees).

Goldman Sachs to standardize crypto data for institutional investors

Wall Street giant Goldman Sachs plans to provide an online resource that explains and categorizes cryptos for institutional clients. The service, called Datanomy, will help institutional investors get data and insights into hundreds of coins and tokens. Datonomy is a joint project with global index provider MSCI and crypto data firm Coin Metrics.

Canada plans crypto, stablecoin consultation

Canada’s federal government announced that it is launching a consultation on “cryptocurrencies, stablecoins, and central bank digital currencies.” This includes a legislative review addressing the financial stability and security of virtual digital assets.

A section of Canada’s Fall Economic Statement (a mini-budget doc) stated that cryptos are “transforming financial systems” and the country’s financial regulatory frameworks have to “keep pace.”

India’s crypto, Web3 industry forms new advocacy body

India’s crypto industry has formed a new advocacy body almost four months after the previous one was disbanded. The body will be called Bharat Web3 Association (BWA), a shift in branding toward Web3 from the earlier Blockchain and Crypto Assets Council (BACC). Leading members of the new association involve Polygon, Hike, Coin DCX, CoinSwitch Kuber, Zebpay, and WazirX.

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Helium Shifts to Solana Blockchain – Top Crypto Updates

Helium ditches own blockchain in favor of Solana

Helium community members have voted to move the decentralized WiFi network from its blockchain (officially known as HIP 70) to the Solana blockchain. The HIP 70 proposal concluded voting early Thursday morning with ~81% voting in favor of migration. Developers behind Helium proposed the migration to Solana to help scale the protocol through more efficient transactions as well as interoperability.

The move will transfer all tokens, applications, and governance to the Solana network.

Crypto prices today: Bitcoin falls 0.3%, ETH down 4%

Bitcoin is currently trading at $18,765.81, a decline of 0.38% over the previous day. Ethereum is down 4.1% over the last 24 hours to $1,267.68. Solana fell 0.68% to $31.30, while Cardano is trading higher by 0.14% at $0.443. Polkadot (DOT) rose 1.7% to $6.29. The global crypto market cap stands at $912.30 billion, a 0.7% decline over the previous day.

Bitcoin bear market is ‘healthy’ for crypto industry long term: Binance CEO

Binance CEO Changpeng Zhao said a four-year crypto market cycle is normal, and a bear market is healthier in the long term than a seemingly never-ending upward trend. He added that investors should not look at token prices as signs of how the crypto market is doing. Instead, he suggested investors look at the number of users buying & using crypto and the number of different blockchains and Web3 projects.

Jesse Powell steps down as CEO of Kraken

Jesse Powell, the controversial co-founder of crypto exchange Kraken, will step down as the company’s chief executive. He aims to spend more time on the company’s products, user experience, and broader industry advocacy. Powell will become chairman of Kraken’s board of directors.

Ethereum NFTs driving crypto adoption in Central, South Asia: Report

As per a Chainalysis report, non-fungible tokens (NFTs) may be the biggest driver of crypto adoption in Central, Southern Asia, and Oceania (CSAO). NFT-related actions accounted for 58% of all web traffic going to crypto services from this region in Q2 2022. Another 21% of traffic in the quarter went to websites of play-to-earn blockchain games like Axie Infinity and STEPN.

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DeFi Giant Aave Plans to Launch its Own Stablecoin – Top Crypto Updates

DeFi giant Aave plans to launch its own stablecoin

Decentralised finance (DeFi) protocol Aave is planning to launch its own stablecoin. It has created an Aave Request for Comments (ARC) for a new decentralized, collateral-backed stablecoin native to the Aave ecosystem known as GHO. The proposal for a new stablecoin is now in the hands of the community of AAVE token holders that vote on decisions that affect the protocol’s future.

Crypto prices today: Bitcoin jumps 7%, ETH up 5.9%

Bitcoin is currently trading at $21,831.41, an increase of 7% over the previous day. Ethereum rose 5.94% over the last 24 hours to $1,243. Solana rose 2.53% to $37.52, while Cardano is trading higher by 2.3% at $0.476. Avalanche (AVAX) rose 5.4% to $20. The global crypto market cap stands at $961.4 billion, a 4.92% increase over the previous day.

Reddit to launch NFT avatars built on Polygon

Reddit will launch a new Collectibles Avatar marketplace leveraging non-fungible tokens (NFTs) hosted on Polygon’s blockchain. The website will partner with independent artists to create unique avatars that Reddit users can buy for a fixed price and customize with gear. The purchase of these avatars gives owners a license to use the artwork on Reddit and other platforms. 

Celsius accused of fraud in lawsuit by ex-employee

A former investment manager at Celsius Network filed a lawsuit against the crypto lender, saying it used customer deposits to rig the price of its own crypto token and failed to properly hedge risk. These actions had allegedly caused Celsius to freeze customer assets. The complaint said Celsius ran a Ponzi scheme to benefit itself through “gross mismanagement of customer deposits”.

DeFi lender Teller launches ‘buy now pay later’ feature for NFTs

Teller Finance, a DeFi lending platform, has launched a new feature allowing a ‘buy now pay later’ (BNLP) for NFT projects. Teller has extended this feature for Bored Ape Yacht Club, Mutant Ape Yacht Club, Moonbirds, Doodles, Cool Cats, etc. Teller’s NFT BNLP service is called “Ape Now, Pay Later” and is built on the Polygon network.

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HTC’s Metaverse Phone to Include Crypto, NFT Wallet – Top Crypto Updates

HTC’s metaverse phone to include crypto, NFT wallet

Smartphone manufacturer HTC has launched its first “Viverse” phone that is compatible with its metaverse platform. The HTC Desire 22 Pro comes preloaded with apps that allow users to access and manage their metaverse content, including crypto and NFTs. HTC’s Viverse app also lets users buy NFTs in a digital marketplace and create their own virtual space.

Crypto prices today: Bitcoin falls 4.3%, ETH down 7% 

Bitcoin is currently trading at $20,006.77, a decline of 4.3% over the previous day. Ethereum is down 6.95% over the last 24 hours to $1,124.17. Solana fell 9.6% to $34.89, while Cardano is trading lower by 4.8% at $0.465. Avalanche (AVAX) is down 8.45% to $18. The global crypto market cap stands at $895.58 billion, a 4.75% decline over the previous day.

Anchorage Digital announces Ethereum staking for institutions

Crypto storage firm Anchorage Digital announced the launch of an Ethereum staking service for institutions. Users will be able to earn rewards linked to the second-biggest digital asset by market cap. Anchorage Digital will keep funds safe for institutions (banks, venture capital firms, and even governments) by holding their crypto in cold storage.

Axie Infinity’s ETH bridge back online after $622M hack

The bridge that connects the non-fungible token (NFT) game Axie Infinity’s Ronin sidechain to the Ethereum mainnet is back online. It was taken down in late March after $622 million worth of crypto assets were stolen through an exploit. Users can now make deposits and withdrawals from the Ronin network.

1% TDS on transfer of crypto, NFTs to be levied from July 1

A 1% tax deducted at source (TDS) on the transfer of virtual digital assets (crypto, NFTs) worth more than Rs 10,000 will come into force from July 1. In a peer-to-peer (P2P) transaction, the buyer is required to deduct tax under the given section. When a transfer is made through an exchange/broker, TDS may be deducted only by the exchange which is crediting or making payment to the seller.

Read more here.

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ProShares to Launch First ETF For Shorting Bitcoin – Top Crypto Updates

ProShares to launch ETF aimed at shorting Bitcoin

ProShares has announced plans to launch an exchange-traded fund (ETF) aimed at shorting Bitcoin. The ProShares Short Bitcoin Strategy ETF will allow investors to potentially profit from a decline in the price of Bitcoin or hedge their crypto exposure. In October 2021, ProShares launched its Bitcoin Strategy ETF, the first US bitcoin-linked ETF. It attracted more than $1 billion in assets from the public in two days.

Crypto prices today: Bitcoin rises 5.4%, ETH up 6.9% 

Bitcoin is currently trading at $21,087.10, an increase of 5.45% over the previous day. Ethereum is up 6.96% over the last 24 hours to $1,153. Solana surged 14.6% to $37.02, while Cardano is trading higher by 6.7% at $0.499. Avalanche (AVAX) jumped 13.43% to $17.71. The global crypto market cap stands at $924.83 billion, a 5.06% increase over the previous day.

CryptoPunk sale raises $100K in ETH to support Ukraine war effort

The Government of Ukraine announced that its Aid for Ukraine crypto fundraising campaign sold a donated Cryptopunk NFT. It has raised over $100,000 from the sale to support its war efforts against Russia. Since February, Ukraine has reportedly raised over $135 million in crypto through donations and sales of donated NFTs. 

ParaSwap launches peer-to-peer NFT trading app

Decentralized exchange (DEX) aggregator ParaSwap announced that it is releasing a peer-to-peer (P2P) non-fungible token (NFT) trading app. The app allows sellers to create custom orders for their NFTs that can be sent directly to buyers. Using ParaSwap’s DEX engine on the backend, both parties would be able to transact in their preferred token.

MoonPay expands further into NFTs

Crypto payments company MoonPay is partnering with major entertainment brands as it expands further into the NFT market. Fox Corp., Universal Pictures, Creative Artists Agency, and Death Row Records will create NFT collections using HyperMint, MoonPay’s platform for minting digital assets

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Salesforce Launches NFT Platform for Brands – Top Crypto Updates

Salesforce launches NFT platform for brands

Salesforce has launched NFT Cloud, an NFT minting and sales platform for brands and businesses. The platform lets brands tap Salesforce’s cloud-based tools to create and sell NFTs, engage online communities, and pull data from their offerings. Salesforce NFT Cloud is currently a pilot program available to limited customers. It is expected to open to all businesses in October 2022.

Crypto prices today: Bitcoin down 0.17%, ETH up 0.14%

Bitcoin is currently trading at $30,347.92, a decline of 0.17% over the previous day. Ethereum rose 0.14% over the last 24 hours to $1,799.6. Solana rose 0.56% to $39.18, while Cardano is trading higher by 2.7% at $0.650. Avalanche (AVAX) fell 0.03% to $24.32. The global crypto market cap stands at $1.25 trillion, a 0.17% increase over the previous day.

Crypto exchanges delist Litecoin over privacy feature concerns

South Korean crypto exchanges Bithumb and Upbit will delist Litecoin over certain modifications that enable greater privacy while conducting transactions. The two exchanges stated they were shutting down market support for the crypto as its newly activated Mimblewimble Extension Blocks (MWEB) network upgrade conflicts with South Korean anti-money laundering regulation.

NFTICALLY launches world’s first metaverse for e-commerce

NFT marketplace creator NFTICALLY has announced the launch of the world’s first e-commerce metaverse ecosystem – Comearth. It can work without crypto. Businesses and individuals can use this platform to open their stores in the metaverse. Users can open their stores through a do-it-yourself (DIY) interface and sell products or generate leads by providing customers with an immersive 3D experience.

India crypto tax cut to 0.1% was a ‘typo’: IT Dept

A typo error on the Income Tax Department’s website mistakenly altered a 1% tax-deducted-at-source (TDS) figure to 0.1%. The department clarified that the error has been rectified. A 1% TDS on crypto transactions above Rs 10,000 (~$129) is set to be levied from July 1. This is on top of the 30% flat tax on all crypto income, which kicked in on April 1.

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Tether Launches Peso-Backed Stablecoin – Top Crypto News

Tether launches Mexican Peso-backed stablecoin

Tether has announced the launch of MXNT, a new type of stablecoin backed by the Mexico Peso (national currency). Initially, MXNT will be available on the Ethereum, Polygon, and Tron blockchains. The launch of MXNT will provide a testing ground for onboarding new users in the Latin American market. It will also pave the way for launching fiat-pegged currencies in the region in the future.

Crypto prices today: Bitcoin falls 2.5%, ETH down 9%

Bitcoin is currently trading at $28,872.9, a 2.5% decline over the previous day. Ethereum plummeted 8.5% over the last 24 hours to $1,757.46. Solana crashed 11.11% to $41.21, while Cardano is trading lower by 8.4% at $0.461. Avalanche (AVAX) fell sharply by 12.3% to $22.76. The global crypto market cap stands at $1.19 trillion, a 5.16% decline over the previous day.

MetaMask partners with Asset Reality for recovery of stolen digital assets

Non-custodial crypto wallet MetaMask has partnered with Asset Reality to create a solution for recovering, managing, and accessing seized crypto and complex assets. The two entities will help victims of scams across the globe recover their digital assets. With the exponential growth of Web 3.0 in the last few years, the number of online scams has increased along with new financial services and innovative applications.

Huobi acquires Latin American crypto exchange Bitex

Chinese crypto exchange Huobi has acquired Latin American crypto exchange Bitex to expand its presence in the region. Huobi plans to integrate Bitex’s exchange platform with its global platform. With over 200,000 open accounts, Bitex serves individuals, high-net-worth clients, and corporate customers. It operates in Argentina, Chile, Paraguay, and Uruguay.

Crypto tax firm CoinTracker forays into Indian market

US-based CoinTracker announced its foray into the Indian market with an official product launch. The crypto tax compliance and portfolio tracking products offered by CoinTracker are now available for crypto users in India. The company aims to collaborate with partners and the community to boost crypto adoption and usage in the country.

CoinTracker’s entry comes at a time when the crypto industry is grappling with a 30% tax on virtual assets and will additionally start paying 1% TDS starting July 1. \

Crypto scammers pose as journalists, NFTs on Twitter

As per a Bloomberg report, internet scammers are using hijacked accounts on Twitter to promote shady crypto platforms that enable them to compromise victims’ sensitive data. Since March 2022, fraudsters have impersonated journalists, crypto apps, and a variety of nonfungible token (NFT) projects on Twitter to steal users’ virtual currency, usernames, and password credentials.

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GameStop Launches Digital Wallet for Crypto, NFTs – Top Crypto News

GameStop launches digital wallet for crypto, NFTs

GameStop announced a digital wallet that allows gamers to send, receive, store and use virtual currencies and NFTs across decentralized apps. The wallet will also allow users to buy and sell NFTs on GameStop’s upcoming NFT marketplace, which is expected to launch by the end of July.

Crypto prices today: Bitcoin, ETH falls 3.5%

Bitcoin is currently trading at $29,363.5, a 3.5% decline over the previous day. Ethereum fell 3.4% over the last 24 hours to $1,982.4. Solana fell 6.6% to $49.7, while Cardano is trading lower by 4.8% at $0.519. Avalanche (AVAX) crashed 8.8% to $29.33. The global crypto market cap stands at $1.26 trillion, a 3.4% decline over the previous day.

FTX held acquisition talks with Webull, Apex, Public.com: Report

FTX has reportedly kicked off acquisition talks with at least three brokerage startups— Webull, Apex Clearing, and Public.com. The move could mean that FTX is making another serious push into stock trading. All three companies are registered brokerages with the Financial Industry Regulatory Authority (FINRA). This means that they can buy and sell securities on their own or on clients’ behalf.

Magic Johnson launches NFT collection on NBA Top Shot

Basketball legend Earvin “Magic” Johnson is the latest athlete to jump into the digital art market. He has launched “The Anthology: Magic Johnson” NFT collection on NBA Top Shot. The collection will drop on June 7. It will comprise 1,600 NFT packs that include moments from his career, with a price tag of $399 per pack. 

‘India needs regulation before investments scales up’: Binance APAC Head

“Blockchain startups are what garnered the attention of Binance and many global tech experts and investors in India,” said Leon Foong, Head of APAC at Binance. He believes the Indian market has some fundamental competitive advantages— a very sizeable market and a large number of well-trained engineers. He further said a clear, progressive, and pro-innovation regulatory framework is necessary to boost investments in the crypto space.

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SEC Adds ‘Misleading’ Crypto Firms to Public Alert List – Top Crypto News

SEC adds ‘misleading’ crypto firms to public alert list

The US Securities & Exchange Commission (SEC) has added “misleading” crypto trading firms to its list of unregistered entities. The SEC launched the Public Alert: Unregistered Soliciting Entities list in 2007. It now includes “SuperBinance” and “Superfxtrading,” which takes advantage of investors confusing them with Binance and FTX. There’s also a “Gemini M&A” impersonating the Goldman Sachs mergers & acquisition deal-making app, Gemini.

Crypto prices today: Bitcoin rises 5.2%, ETH up 6.5%

Bitcoin is currently trading at $40,468.76, a 5.2% increase over the previous day. Ethereum is up 6.5% over the last 24 hours to $2,992.46. Solana rose 5.64% to $100.58, while Cardano is trading higher by 5.8% at $0.887. Terra (LUNA) jumped 9.15% to $96. The global crypto market cap stands at $1.86 trillion, a 3.83% increase over the previous day.

NFL releases 2022 Draft ‘Virtual Ticket’ NFTs on Flow

The National Football League (NFL) has released Draft-themed NFT collectibles minted on Flow. Each of the league’s 32 teams is offering 52 NFTs that sell for $52 each. Each NFT is dubbed a “virtual commemorative ticket” for the NFL Draft. However, it does not serve as an actual access pass to the live event in Las Vegas. 

Abu Dhabi licenses Kraken to operate crypto exchange

Abu Dhabi Global Market (ADGM) has licensed the Kraken Group to operate a regulated virtual asset exchange platform in the financial-free zone. Kraken is the first global virtual assets exchange group in the United Arab Emirates to receive a full financial license from the ADGM. The Kraken MENA (Middle East & North Africa) aims to provide access to virtual assets through regulated funding, trading, and custodial services in dirhams. 

Central African Republic passes bill legalizing use of crypto

The Central African Republic has passed a law to accept Bitcoin as legal tender. As per reports, the law was unanimously supported by the National Assembly to assist the country’s economic recovery and peacebuilding efforts. However, experts still believe Bitcoin and other cryptos are too volatile to function as legal tender in modern economies.

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US Govt Sanctions Russian Bitcoin Miner – Top Crypto News

US Government sanctions Russian Bitcoin miner BitRiver

The US Government has sanctioned a Russian Bitcoin miner. The Treasury Department’s Office of Foreign Asset Control has added Moscow-based BitRiver to its Specially Designated Nationals list. Ten Russia-based subsidiaries of BitRiver AG (BitRiver’s Switzerland-based holding company) were also added to the list. It is the first time the US has sanctioned a crypto mining company.

Crypto prices today: Bitcoin up 0.4%, ETH down 0.5%

Bitcoin is currently trading at $41,582.4, a 0.44% increase over the previous day. Ethereum is down 0.5% over the last 24 hours to $3,083.31. Solana fell 1.4% to $106.32, while Cardano is trading lower by 0.5% at $0.94. XRP fell 2.5% to $0.747. The global crypto market cap stands at $1.92 trillion, a 0.32% decline over the previous day.

Cricket NFT platform Rario raises $120 million in funding

Cricket non-fungible tokens (NFTs) platform Rario has raised $120 million in funding led by Dream Capital. The startup also counts Animoca Brands, Presight Capital, and Kingsway Capital as its investors. Dream Capital is the corporate venture capital arm of Dream Sports. This marks the first bet by the Dream11 parent company in the Web3 space.

Germany’s Commerzbank applies for local crypto licence: Report

Germany’s Commerzbank (CBK) reportedly applied for a crypto licence earlier this year. The application is to get authorization to offer exchange services along with custody and protection of crypto-assets. This move would make CBK the first major bank in Germany to move towards crypto adoption.

Mudrex becomes world’s largest crypto index investing platform

Global crypto asset management platform Mudrex witnessed a massive 2,400% surge in its platform’s user base in the first quarter of 2022. It has become the world’s largest crypto index investing platform. Interestingly, Indian users contributed the most to this exponential growth, with more than 80% of the increase coming from the country.

Coinbase NFT Beta goes live with no transaction fees

Crypto exchange Coinbase has announced the launch of its Web3 NFT Marketplace, Coinbase NFT. The company has begun with the beta version first, where only a handful of features will be available for the users. Beta users can buy and sell a wide range of NFT collections at zero transaction fees (for a limited period).

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Blockchain.com Hits $14B Valuation in Latest Funding Round – Top Crypto News

Blockchain.com hits $14B valuation in latest funding round: Report

As per a Bloomberg report, crypto exchange Blockchain.com reached a $14 billion valuation in a funding round led by Lightspeed Venture Partners. The UK-based company raised $300 million in March last year at a valuation of $5.2 billion. The exchange currently has 37 million verified users, and one-third of Bitcoin network transactions are conducted through it.

Crypto prices today: Bitcoin down 0.6%, ETH down 0.2%

Bitcoin is currently trading at $47,114.3, a 0.65% decline over the previous day. Ethereum is down 0.22% over the last 24 hours to $3,398.7. Solana jumped 8.7% to $122.53, while Cardano is trading higher by 0.6% at $1.21. Meanwhile, Avalanche (AVAX) rose 5.23% to $98.69. The global crypto market cap stands at $2.16 trillion, a 0.53% increase over the previous day.

Crypto assets to be taxed in India from April 1

The taxation of Virtual digital assets (VDAs) or “crypto tax” proposed in the Union Budget 2022-23 will be implemented from April 1. A 30% income tax plus cess and surcharges will be levied on such transactions in the same manner as it treats winnings from horse races or other speculative transactions. There is also a 1% TDS on payments towards VDAs beyond Rs 10,000 in a year and taxation of such gifts in the hands of the recipient. 

Samsung partners with Nifty Gateway to create Smart TV NFT Platform

Samsung and Nifty Gateway have partnered to create an NFT platform for the tech giant’s smart TVs. Users will be able to view, buy, trade, and display NFTs via the smart TV interface. It taps into Nifty Gateway’s custodial wallet system, in which the platform secures users’ collectibles rather than requiring them to hold them in an external wallet.

Lionel Messi signs multi-year deal to promote ‘fan token’ firm Socios

Lionel Messi has signed a deal reportedly worth $20 million to promote fan token platform Socios on the world’s stage. The deal was made in fiat rather than cryptocurrencies. As a brand ambassador, Messi will participate in several promotional and educational campaigns. The first campaign’s tagline is “be more” and will be used to onboard users to the Socios platform.

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Ethereum Upgrade To Cut Energy Use By Over 99% – Top Crypto News

Ethereum upgrade to cut energy use by over 99%

Ethereum will soon see a much-anticipated upgrade that could result in more institutional investors investing in the network. The goal is to make Ethereum more scalable, safe, and sustainable.  It would make its crypto (Ether) mining obsolete and decrease the enormous amount of energy necessary to create new currencies. As per reports, this upgrade can cut energy consumption by at least 99.95%.

Crypto prices today: Bitcoin, ETH jumps 5%

Bitcoin is currently trading at $46,967.71, a 5% increase over the previous day. Ethereum is up 5.2% over the last 24 hours to $3,317.42. Solana rose 6.29% to $108.76, while Cardano is trading higher by 3.4% at $1.18. Meanwhile, Polkadot (DOT) jumped 8% to $22.81. The global crypto market cap stands at $2.12 trillion, a 4.73% increase over the previous day.

African Digital Art Network launches Nandi NFT marketplace on Celo

African Digital Art Network, a global collective of Black digital artists, is taking its first steps into Web3 by launching the NFT marketplace Nandi. The new platform allows Black artists and creators to showcase their talent. It is also a place where they can experience the financial benefits of Web3 across the African diaspora.

Crypto for Ukraine provides a flow of war-related assistance

People around the world have donated millions of dollars directly to Ukraine’s war effort via cryptos such as Bitcoin. The Ukrainian government says it has taken in almost $67 million of its $200 million target as of Saturday (March 26). The country has spent ~$34 million of the funds received as of last week. It has converted about 80% to traditional currencies and used the remainder with merchants that already accept crypto.

Govt recovered Rs 95.86 crore from 11 crypto exchanges for GST evasion

The Centre has recovered a total of Rs 95.86 crore, including interest and penalty, from 11 crypto exchanges for evading Goods and Services Tax (GST). The biggest evasion was detected at Zanmai Labs Pvt. Ltd, which operates under the brand WazirX. The quantum of evasion was Rs 40.51 crore. Coin DCX came second on the list with evasion of Rs 15.70 crore.