By : ABP News Bureau | Updated: 09 Aug 2022 05:11 PM (IST)
Tornado Cash, a decentralised mixer protocol that enables private transactions on Ethereum, has been slapped with sanctions by the United States as the platform has been accused of assisting hackers from different nations, including North Korea, to launder proceeds from cybercrimes.
For those unaware, crypto mixers help obfuscate the source and destination of crypto assets by mixing a client’s digital money, like cryptocurrencies, with that of other users to create multiple combinations. While crypto mixers are not illegal, their nature of operation makes them a tool of choice for bad actors.
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Hodlnaut, a Singapore-based crypto lending platform, announced on Monday that it has halted “withdrawals, token swaps, and deposits with immediate effect”, joining a host of other crypto platforms that have taken a similar decision in the last few weeks. “We have reached this difficult decision due to recent market conditions,” Hodlnaut said. The company also said that it has notified the Monetary Authority of Singapore (MAS) that it would withdraw a licence to provide digital token payment services, for which it received approval in March.
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Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, is racing towards the $24,000 mark as it’s on a steady growth spell over the last few days. Other popular altcoins, including the likes of Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Litecoin (LTC), and Ripple (XRP), all managed to land in the greens on early Tuesday morning. Among lesser-known altcoins, the Celsius (CEL) token emerged to be the biggest gainer in terms of price over the last 24 hours. On the other hand, Lido DAO turned out to be the biggest loser.
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Cryptocurrency still remains a mystical subject for many keen investors in India. While cryptos are slowly gaining recognition from investors and regulators alike, with countries and leading brands adopting it as an official tender, there are still a sizeable number of people who wish to invest in crypto, but aren’t able to closely track breaking and developing news in the sector, which will help them take note of price movements, major sell-offs, and announcements of new blockchain-based developments.
This live news blog is here to help. From major market losses to noteworthy declarations, follow this live blog to stay updated with all the latest happenings in the world of crypto.
While there are many cryptocurrencies to explore, Bitcoin (BTC) is the most popular as it is the world’s oldest and most valued crypto coin. As of August 9, Bitcoin price stood at $23,855, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $1.13 trillion, registering a gain of 1.92 percent in the past 24 hours.
While cryptocurrency is unregulated in India, cryptocurrencies are clubbed under virtual digital assets (VDAs). Under the new tax regime that went into effect on April 1 this year, VDAs attract taxation of 30 percent on gains. A TDS of 1 percent will be applied on top of that.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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