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In the week following the G20 summit, the International Financial Services Centres Authority (IFSCA) became the first Indian regulator to officially announce its intention to come up with regulations ...

The recent synthesis paper from the International Monetary Fund (IMF) and Financial Stability Board (FSB) has re-energised the global debate on cryptocurrencies. It has become evident that the recent ...

A 22-year-old software engineer with Google, whose investment portfolio currently includes more than Rs 1 crore in retirement and brokerage accounts, plus two houses, revealed that he lost about Rs 67 lakh by investing in crypto on margin. It means that he bought the cryptocurrency using borrowed money. Ethan Nguonly from Orange County, California, started investing in the stock market with the help of his parents before he was a teenager, CNBC Make It reported. But that journey included what he now calls his biggest financial mistake. The techie said that he lost Rs 67 lakh in crypto between November 2021 and June 2022. His losses include Rs 24 lakh of his original investment and an estimated Rs 41 lakh in unrealised gains. Nguonly told the publication that he had already invested around Rs 33 lakh in Bitcoin and Ethereum, apart from a few hundred dollars that he used in altcoins like Shiba Inu and Dogecoin. But as Bitcoin’s price fell, the techie decided to buy more with about Rs 12 lakh of borrowed money. For a while, the 22-year-old told CNBC Make It that he was up about Rs 42 lakh as the price of Bitcoin reached its all-time high. At the end of 2021, however, the crypto market nosedived and by the summer of 2022, Bitcoin’s price crashed over 70 percent. “I was investing with some money that I didn’t necessarily have,” Nguonly told the publication. “Once the crypto market kind of reversed, my losses were amplified.” Looking back, however, it wasn’t necessarily the decision to invest in crypto that Nguonly regrets, it was using borrowed money into the investments. "That’s why my losses were significantly amplified,” he said. Now, although Nguonly continues to invest in cryptocurrency, he sticks to Bitcoin and Ethereum and steers clear of less reliable options. “I still believe in cryptocurrencies as a whole,” he told CNBC Make It. “However, I do think that a lot of these altcoins can be very risky and I avoid putting any money towards them.” Speaking to the publication about the biggest lesson he learned from his mistake is to “only invest money you have and don’t go un-leveraged into very speculative investments,” he said. Read more: 'Hardest thing I ever had to write': Laid off Google employee, sole breadwinner seeks help

An Ahmedabad-based software engineer found himself ensnared in a cryptocurrency scam, resulting in a staggering loss of over Rs 1 crore as cases of scams in India are witnessing an alarming surge, with unsuspecting victims losing their money to cunning swindlers. Kuldeep Patel, a software engineer, recently approached the cybercrime police narrating his ordeal of financial misfortune. Patel had encountered a woman named Aditi on a matrimonial website in June and what he thought was an innocent connection led him down a path of financial ruin. Aditi, who claimed to be engaged in import and export business in the UK, lured Patel into an investment scheme involving a cryptocurrency known as 'banocoin.' With persuasive words and promises of substantial returns, she convinced Patel to invest his money in this volatile digital currency. Patel, trusting Aditi's guidance, proceeded to engage with a purported 'customer care representative' of Banocoin. Under Aditi's influence, he registered on Banocoin's website and embarked on a series of investments, hoping to reap lucrative rewards. His initial investment of Rs 1 lakh yielded a profit of 78 USDT (US dollar tether). Encouraged by this success, Patel committed even more substantial sums, ultimately channeling Rs 1.34 crore into 18 transactions. These investments took place between July 20 and August 31, 2023. However, the twist in Patel's ordeal unfolded on September 3 when he attempted to withdraw Rs 2.59 lakh from his cryptocurrency account. To his shock and dismay, he received the news that his account had been frozen, leaving him in a state of financial limbo. Panicked and desperate, Patel reached out to the Banocoin 'customer care representative' he had previously interacted with. The response he received was far from reassuring—Patel was informed that the only way to unlock his frozen account was by injecting an additional Rs 35 lakh into the scheme. He then tried to contact Aditi but she remained elusive, sealing Patel's realization that he had fallen victim to an elaborate scam. The cybercrime police have initiated an investigation into the case after Patel filed a case.

G20 leaders agreed on the IMF-FSB Synthesis Paper on cryptocurrencies, including a roadmap, that will support a coordinated and comprehensive policy and regulatory framework, said the discussion paper...

Dictionary.com has unveiled a significant update to its database, introducing 566 new words, 348 fresh definitions for existing entries, and revising 2,256 definitions. This linguistic makeover aims t...

Bitcoin dropped 4.91% to $25,957 at 21:45 GMT on Thursday, losing $1,341 from its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, is down 18.4% from the year's high of $31,...

Tiger Global-backed crypto startup CoinSwitch has laid off 44 employees from its customer support team in August, citing redundancy in roles as customer queries have gone down amidst drop in crypto tr...

Coinbase-backed crypto lending platform Vauld will now replace its current board with a new CEO, a creditor representative, and a scheme manager in a new hearing from Singapore courts, to oversee the ongoing activities to restructure the business and bailout creditors. Vauld had suspended it operations in July last year, citing financial difficulties and challenging market environment. Since then, amid ongoing proceedings in the Singapore courts and increasing distrust among creditors awaiting bailout, it had set up a committee of creditors (CoC) to help creditors without legal representation and take their feedback during business restructuring process. Now in a latest tweet on August 24, Darshan Bathija, co-founder and CEO of Vauld, said, “Vauld (Defi Payments Pte Ltd) got its scheme of arrangement passed in Singapore courts. As part of the scheme, the current board will be replaced with a new CEO, a creditor representative, and a scheme manager. Customers are currently re-submitting their KYC information. More updates to follow in short order.” Whether the CoC and even the founding team will continue to be a part of the startup post this order is not clear yet. Background Vauld was founded in 2018 by Bhatija and Sanju Soni Kurian. Headquartered in Singapore, most of its workforce was based in India. The exchange is backed by Valar Ventures- a firm co-founded by PayPal founder Peter Thiel, Pantera Capital, Coinbase Ventures, CMT Digital, Gumi Cryptos, Robert Leshner, and Cadenza Capital. At present, Vauld has assets worth around $330 million and liabilities worth $400 million. On August 13 2022, Enforcement Directorate had frozen the startup’s bank balances, payment gateway balances, and crypto balances worth Rs 370 crore for allegedly assisting predatory lending apps. It was earlier also in talks to be acquired by London-based crypto lender Nexo, which was called off in December after Nexo allegedly failed to respond to Vauld’s due diligence queries. Meanwhile, Indian crypto ecosystem peers such as CoinDCX and Chingari continue to see troubled times too. CoinDCX this week laid off around 12 percent (estimated to be about 70-80 employees) of its workforce, while Chingari laid off 50 percent of its staff as per media reports. CoinDCX cited changing business priorities and Chingari is going through funding crunch.

Bitcoin (BTC) suffered a major crash and slumped below $26,000 for the first time in two months as investors increasingly turn risk-averse and global government bond yields reach their peaks in about ...