Saturday, Aug 20, 2022
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ED Asks Top Crypto Sites For More Information Under FEMA, GARI Falls 80% On Hacking Rumours

The Directorate of Enforcement (ED) has asked cryptocurrency companies for more information and documents as part of its ongoing investigation into any possible foreign exchange crimes. Salman Khan-backed GARI fell 80 per cent due to hacking rumours, which have now been denied.

The ED has requested further information and documentation from cryptocurrency firms as part of its continuing investigation into potential foreign exchange offences committed by these entities.

The Directorate of Enforcement (ED) has asked cryptocurrency companies for more information and documents as part of its ongoing investigation into any possible foreign exchange crimes by these companies, according to a report in Economic Times.


In accordance with the Foreign Exchange Management Act (FEMA), ED has notified cryptocurrency exchanges that additional information is required.


Sumit Gupta, the founder of cryptocurrency trading platform CoinDCX, was part of the federal agency's investigation at its Bengaluru office earlier this month, according to ET sources.


"We receive queries from various government agencies. Our approach has always been that of transparency. Crypto is an early-stage industry with a lot of potential and we continuously engage with all stakeholders," a CoinSwitch spokesperson told Outlook Money, reacting to the ET news.At least two persons with knowledge of the situation told ET that executives from other cryptocurrency exchanges, including cryptocurrency trading platform CoinSwitch Kuber, had also been summoned.

Further, Salman Khan-backed GARI, India's first social cryptocurrency token, fell 80 per cent due to hacking rumours, which have now been denied. The crypto asset crashed after a large investor sold $2 million worth of GARI, the company claims, according to various media reports.

The GARI token was introduced in October 2021 to assist Indian content creators in making money from their work via the Chingari platform for short videos. Chingari, which was established in November 2018, allows users to download and publish brief films as well as browse items inside the app. 

Cryptocurrency Prices

The global crypto market capitalisation went down by 1.16 per cent to $897.74 billion as of 9:30 am. The global crypto volume was up by 17.85 per cent to $65.22 billion, according to Coinmarketcap data.

The market leader's $20,000 support level continues to be crucial for investors, serving as a gauge to measure the bearishness of the current market.

Ethereum and other major altcoins continue to trade in red after rising slightly. However, AVAX and SAND were spotted in the green.

The market is flat and the inflow of bad news in their market has reduced which has resulted in minimal variations, so far. -Gaurav Dahake, CEO & Founder, Bitbns

Bitcoin holds new support slightly above $19,000 and other cryptos traded flat over the weekend.

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $19,920.91 lower by 1.75 per cent in the last 24 hours. Ethereum (ETH) was down by 1.91 per cent to $1,128.78.

Among other significant coins, Cardano (ADA) was down by 2.44 per cent at $0.4546, Algorand (ALGO) was trading with a loss of 3.79 per cent at $0.3075, Solana (SOL) was trading with a loss of 0.29 per cent at $35.64, Polkadot (DOT) was down by 2.89 per cent at $6.82, and Binance Coin (BNB) was down by 0.20 per cent at $232.33.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 2.70 per cent at $0.06744. Its volume to market cap ratio stands at 0.036145. Rival Shiba Inu (SHIB) was down by 3.01 per cent at $0.00001037.

Dogelon Mars (ELON) lost 3.41 per cent to trade at $0.0000003127, Floki Inu (FLOKI) lost 1.28 per cent at $0.000006412, and Samoyed Coin (SAMO) falls by 1.62 per cent at $0.008446.

In the DeFi segment, Dai (DAI) was up by 0.04 per cent at $1.00 and Wrapped Bitcoin (WBTC) was trading with a lose of 0.29 per cent at $20,170.56. Avalanche (AVAX) was up by 3.34 per cent at $18.35, Uniswap (UNI) was trading with a lose of 0.25 per cent at $5.32, and Chainlink (LINK) fell by 0.91 per cent at $6.33

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