Monday, Dec 05, 2022

Latest Crypto News: ED Freezes Bitcoins Worth Rs 12.83 Crore In Mobile App Fraud; KoinX Acquires Crypto Kanoon

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Latest Crypto News: ED Freezes Bitcoins Worth Rs 12.83 Crore In Mobile App Fraud; KoinX Acquires Crypto Kanoon

The following are some of the developments in the crypto space over the past few days.

The Directorate Enforcement (ED) has frozen Bitcoins worth Rs 12.83 crore, or about 77 Bitcoins, from several accused, including a Bengal-based businessman, involved in a mobile gaming racket.

Businessman Aamir Khan and several others are being investigated under the Prevention of Money Laundering Act (PMLA) 2002.

Earlier, the agency had recovered Rs 17.32 crore from Khan’s home during a raid in connection with the alleged mobile app fraud. However, Khan has reportedly managed to escape the ED dragnet.

In a separate development, cryptocurrency taxing platform KoinX has acquired Crypto Kanoon, which imparts knowledge about cryptocurrency legislations. With the help of Crypto Kanoon’s supposed 120,000 plus social media, KoinX hopes to raise awareness about crypto taxation to potential investors.

As India is anticipated to move toward a regulated environment for digital assets, Punit Agarwal, founder and CEO of KoinX, claims that the acquisition will aid the platform in gaining access to community members who are also potential customers and are looking for legal and cryptocurrency tax questions to be resolved.

“We look forward to see Crypto Kanoon in the hands of the KoinX team. Our goal through Crypto Kanoon has been to explain regulatory developments in an easy and simple manner. We hope to witness its next phase through the KoinX acquisition, which is expected to bring value to the cryptocurrency community in India,” Kashif Raza, co-founder, Crypto Kanoon, said.

Other Developments

Guido Cannetti, an Argentine Ultimate Fighting Championship (UFC) player is the first martial arts competitor in the South American nation to receive 100 per cent of his pay in stablecoins, according to Cointelegraph. This is despite rising inflation and Argentina's deteriorating economy, according to the cryptocurrency payroll service Bitwage.

“I am being paid in USD Coin (USDC ) because it is safer for my future,” Cannetti said in a Bitwage statement, stating that stablecoins will protect him from the volatility and devaluation of local currency.

Rario Launches NFT With South African Cricketer 

Rario, an NFT platform announced on Monday a partnership with South Africa’s fast bowler Lungi Ngidi, and batsman Temba Bavuma’s to launch their own non-fungible tokens (NFTs).

Lungi Ngidi is a South African cricketer who has been the fast bowling spearhead for the Proteas. Bowling at a searing pace of up to 140 kph, he is known for using an open-chested action and is equally comfortable during both the opening overs as well as the death. He was one of the five Cricketers of the Year in the 2018 South African Cricket Annual Awards. He joined the Delhi Capitals IPL team in February 2022.

Ngidi said of the partnership: “I cannot contain my excitement about the launch of my non-fungible tokens exclusively with Rario. I have always been a keen follower of technology, and getting my own NFTs with Rario, the biggest cricket NFT platform in the world, seems like a dream come true! I believe this is an excellent illustration of how technology and sports can not only coexist, but support each other to create a higher degree of excitement for the fans.”

Giottus Launches Ethereum Staking For Users

Giottus, a crypto exchange announced that its users can now stake Ethereum (ETH) to earn an estimated annual percentage yield (APY) of 7 per cent. Giottus launched its staking product earlier this month with support for Cardano (ADA), Polygon (MATIC), Solana (SOL), and Tron (TRX) blockchains.

"Users can stake a minimum of 0.1 ETH up to 30 ETH. They will also be earning mining rewards, transaction fees, and maximal extractable value (MEV) earnings on their staked ETH. These rewards will automatically be re-staked and accrue to their wallet," the crypto exchange said in a statement. 

Staking cryptocurrencies is a method that involves engaging crypto assets to support a proof-of-stake (PoS) blockchain network and confirm transactions. Staking compliments Giottus’ suite of smart investment products including fixed deposits, Baskets, and systematic investment plans (SIPs).