How Blockchain-based CBDC and crypto are different
Former Finance Secretary S.C. Garg believes that the CBDC will be more like "dematerialised bank notes" as they have nothing to do with cryptocurrencies. "The way cryptocurrencies have evolved in value, the world may not accept their use as currency. However, regulated digital coins like the CBDC might be the future of crypto," he said.
Cryptos and India's digital coin can coexist in future: CoinSwitch CEO
"The central banks have had currency in digital form for decades, and the introduction of distributed ledger technology (DLT) is welcome. I am really happy to see the successful pilot of India's very own CBDC," said Ashish Singhal. The exact nature of the implementation of CBDCs is still awaited.
Binance co-operates Nischal Shetty-run WazirX, says Zanmai Labs
Amid the controversy over Binance and its association with WazirX that has over 15 million users on its platform, Zanmai Lab said in a statement that "WazirX is a platform co-operated by Zanmai Labs Pvt. Ltd. (Zanmai Labs) and Binance". "We have fully cooperated with the ED for several days and have responded to all their queries fully and transparently. ED appears to be investigating the transactions of certain users and Zanmai Labs has no affiliation to such users and is unaware about the purpose of their transactions," said the company.
Blockchain platform 5ire raises $100 million, becomes 105th unicorn in India
The company said that the funds raised will be utilised for business expansion and extending 5ire's footprint across Asia, North America and Europe, with India as the hub of operations and core area of focus. "Becoming the world's first and only sustainable unicorn born out of India, in just 11 months, is testimony that we are on the right path.
Web3.0 Blockchain projects lost over $2 bn to hackers in 2022 1st half
According to Blockchain auditing and security company CertiK, this year's hacking figure is more than all of 2021 combined. About $308 million were lost across 27 flash loan attacks in the second quarter, from $14 million in Q1. Flash loans are a decentralised finance (DeFi) mechanism that lets borrowers access extremely large amounts of cryptocurrency for very short periods of time.
Now crypto platform Vauld freezes all withdrawals, trading, deposits
Darshan Bathija, CEO of Vauld, said that a significant amount of customer withdrawals in excess of $197.7 million has happened since June 12, when the decline of the cryptocurrency market was triggered by the collapse of Terraform Lab's UST stablecoin, Celsius network pausing withdrawals, and Three Arrows Capital defaulting on their loans.
Hackers post crypto scams on British Army's YouTube, Twitter accounts
The UK Ministry of Defence confirmed in a tweet late on Sunday that they were aware of a breach of the Army's Twitter and YouTube accounts and an investigation was underway. "The Army takes information security extremely seriously and is resolving the issue. Until their investigation is complete it would be inappropriate to comment further," the Ministry further posted. Both the social media accounts were later restored.
Hackers steal $100 mn in crypto from Harmony Blockchain bridge
Harmony admitted that a malicious attack happened on its proprietary Horizon Ethereum Bridge and multiple transactions occurred that compromised the bridge with 11 transactions that extracted tokens stored in the bridge. "The estimated value at the time of the attack was approximately $100 million," the US-based company said in a statement late on Friday.
Crypto lender Celsius Network pauses all withdrawals, transfers
The decision led to a nearly 55 per cent crash in the price of its digital token 'CELL' to as low as 19 cents. "We are taking this action today to put Celsius in a better position to honour, over time, its withdrawal obligations," the crypto lender said in a statement late on Sunday. Celsius Network is a Blockchain-based lending platform that is accessible through a free mobile app.