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Biggest Crypto Youtubers hacked in a coordinated attack labelled as ‘One World Cryptocurrency’

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More than 30 channels of small and big crypto YouTubers and some Indian crypto exchanges were compromised in a coordinated attack carried out by a group of anonymous hackers. Some of these channels are: @IvanOnTech,@boxmining,@aantonop,@themooncarl,@Bitboy_Crypto, @mmcrypto, @Altcoinbuzzio, @FloydMayweather, @crypto_banter, @CoinMarketCap, and Indian exchanges including CoinDCX, WazirX, and Unocoin.

The anonymous group hacked these channels, and without the creator’s authorization, a video was posted on the compromised accounts instructing viewers to deposit “USDT/USDC/BNB/ETH” to a wallet address listed in the video description in exchange for a new cryptocurrency named “OWCY.”

The scam did not inflict too much damage, according to BscScan. A total of 2.3 BNB was moved to the wallet address seen in the video. At the time of reporting, 15 transactions have been completed.

Michael Gu, the founder of the YouTube channel “Box mining,” revealed that his account had been hacked on Twitter. Gu claims to have activated two-factor authentication.

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How were these Crypto Youtubers compromised?

According to a Reddit thread started by u/9Oh8m8, the hackers may have used a sim swapping technique to get around the two-factor authentication (2FA).

Unocoin and WazirX, two cryptocurrency exchanges, announced that hackers had taken control of their accounts in the early hours of Monday. “We can observe that our account has no external logins or activity.” “It appears as if YouTube has been hacked or if there was some rogue employee on their end who did this on purpose, or it is also conceivable that his computer was infiltrated,” said Sathvik Vishwanath, CEO of Uncoin.

According to Rajagopal Menon, VP Marketing, WazirX, informed that their crew discovered the scam video and removed it within 7 minutes of it becoming live on our channel.

Is there an end to these scams?

The specific method employed by the hackers to gain access to the YouTube channels is unknown at this time. Woefully the increasing amount of crypto adoption increases the chances of crypto scams.
According to a new report from CNBC, more than $14 billion in cryptocurrencies were stolen in 2021. The only thing to do is to avoid falling for the scams and ensure that we keep our funds safe.

India’s major crypto exchanges are on the DGCI radar for alleged tax evasion

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India’s Directorate General of GST Intelligence [DGCI] has raided several crypto exchanges operating in the country after detecting a tax evasion by Binance owned exchange WazirX two days ago. In what could be termed as a not-so-good start at the beginning of the year for the Indian crypto scene, the enforcement agency recovered around $9 million worth of tax evasion during the clamp down on the trading platforms’ premises with the help of Mumbai CGST.

As per sources, nearly half a dozen offices of cryptocurrency service providers have been searched and massive Goods and Service Tax [GST] avoidance has been discovered by the agency. The DGGI is investigating Coinswitch Kuber by M/s Bitcipher Labs LLP, CoinDCX by M/s Neblio Technologies PVT. LTD, BuyUCoin by M/S I Block Technologies Pvt. LTD., and Unocoin by M/s Unocoin Technologies Pvt. LTD. Sources revealed that the above-mentioned trading firms are providing facilitation intermediary services for buying and selling crypto coins. These services attract a GST rate of duty of 18 percent which is alleged, all of these entities have been evading.

An official source, who was part of this search team, told a news agency, these service providers were charging a commission for their facilitation to indulge in exchange of bitcoins but were not paying GST tax. These transactions were intercepted by DGGI and they were confronted with evidence that proved non-payment of GST.

Where is India’s crypto regulation heading?

After the developments, WazirX blamed the prevailing lack of clarity in the crypto regulation, while saying it’s “been diligently paying tens of crores worth of GST every month.” In their own words, the exchange noted,

There was an ambiguity in the interpretation of one of the components which led to a different calculation of GST paid. However, we voluntarily paid additional GST in order to be cooperative and compliant. There was and is no intention to evade tax. That being said, we strongly believe that regulatory clarity is the need of the hour for the Indian crypto industry.

Having said that, currently, there are no clear regulations in India around how these crypto exchanges or investors would be taxed as it remains undecided if cryptocurrencies would be categorized as currencies, securities, or a type of asset.

India’s crypto exchanges might be asked to appoint a Grievance Officer: Industry Insider

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In the latest development, India’s crypto exchange maybe ask to appoint a local point of contact, similar to the new IT rules that require to have a Grievance Officer for social network entities operating in the country. This was revealed by industry insider Aritra Sarkhel, Director at Public policy and Government Affairs on WazirX.

Sarkhel has been a part of the discussion group with the government about the crypto bill, revealed in a webinar session about the Indian government’s keen interest in appointing a grievance exec who would be working to resolve complaints and queries as and when needed. This would further open up job opportunities for lawyers as there are at least 15 homegrown crypto exchanges in the country, like WazirX and CoinDCX, as well as foreign trading firms, like Coinbase and CrossTower, who have shown interest in setting up offices in India.

Further in the discussion, Sarkhel said that other aspects of the blockchain world aren’t quite on the government’s radar yet.

“Listen, nobody is discussing the metaverse at the highest quarters. We’re discussing cryptos and exchanges and NFTs, a little bit. I don’t think people are discussing the metaverse.”

The main focus of the administration has been understanding the differences between traditional and crypto trading platforms and how they function. Dwelling more, the industry expert revealed that the government is working to figure out the inflow and outflow of money in users’ wallets and ‘what sets one cryptocurrency apart from the next.’ With regards to non-fungible tokens [NFTs], most of the conversation revolves around how they should be taxed as HODLer of digital art, as a buyer, or as a creator.’ Having said that, the Indian crypto scene has not witnessed any significant developments so far.

India’s much anticipated crypto bill deferred

India’s much-awaited cryptocurrency bill is unlikely to be tabled in the ongoing session of Parliament as the government is yet to finalize details of the legislation, according to sources close to the government. As a matter of fact, the schedule for the last week of the Parliament session has left out the crypto bill from its list of business. However, the government can still introduce the legislation during the ordinance [a temporary law made by the president] in periods when the parliament is not in session.

Another Indian Crypto Exchange embraces Shiba Inu and Dogecoin

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A leading Indian crypto exchange Unocoin finally lists the two most popular meme coins Shiba Inu [SHIB] and Dogecoin [DOGE] according to an announcement made on 13th December 2021 on the platform’s Twitter handle. The latest listing comes after a month when CoinDCX, India’s first crypto unicorn, announced the addition of Shiba Inu into its retail-focused application. Prior to that ZebPay, which is reportedly the oldest crypto exchange in the country integrated SHIB back on 13th October 2021.

With respect to the latest listing, the trading platform informed that its users would be able to trade DOGE against the Indian rupee. However, there is no fiat pair for the second-largest canine token Shiba Inu but can be traded against Tether, the largest USD-pegged stablecoin.

That being said, Unocoin was founded back in 2013, and is known as India’s leading BTC-INR trading platform, earning the tag “Indian Coinbase”. Earlier in October, the digital asset exchange added support for Unified Payment Interface [UPI] transactions, enabling its customers to deposit fiat to the forum significantly quicker. 

So far in the Indian crypto scene

Meanwhile, things haven’t budged much in the Indian crypto scenario. The latest update has been from the nation’s Finance Ministry informing during the winter session of Parliament in Lok Sabha [Lower House] that a bill on Cryptocurrency and Regulation of Official Digital Currency is under finalization for Cabinet’s approval. Previously, the Ministry mentioned that Prime Minister Modi would take the final call on the much highly anticipated crypto regulations in India.

According to Lok Sabha Bulletin, the aim behind the cryptocurrency bill is

“to create a facilitative framework for the creation of the official digital currency to be issued by the RBI. The bill also seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

So far there have been multiple reports discussing the possible options for the bill -one of them has been including a ‘ blanket ban on all private crypto assets, partial ban, allowing all or just a selected few.’ However, the latest updates have been from sources close to the government who is supposedly mulling plans to give a deadline to the digital assets holders in declaring their assets with fines and jail terms for those who do not comply.

India welcomes Coinstore despite regulatory ambiguity

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At a time when India’s leadership is seeking to impose curbs on most of the private cryptocurrencies, Singapore-based digital exchange Coinstore’s latest venture into the country is reflective of the growing adoption among the netizens in the digital asset industry. According to the blog post, the crypto exchange has set up its web and application platform and is planning to open branches in Delhi, Mumbai, and Bangalore that will serve as a foundation for expansion in the future.

Citing the latest development, Charles Tan, head of the marketing division at Coinstore stated,

With nearly a quarter of our total active users coming from India, it made sense for us to expand into the market. There have been policy flip-flops but we hope things are going to be positive and we are optimistic that the Indian government will come out with a healthy framework for cryptocurrencies.

In addition to that, Tan revealed that the crypto exchange is planning to hire roughly 100 individuals in India and would allocate $20 million for advertising, recruiting, and development of crypto-related products and services exclusively for the domestic market. Apart from India, Coinstore is also planning to expand into countries such as Japan, Korea, Indonesia, and Vietnam, as per the marketing Exec.

Interestingly, Coinstore is the second foreign exchange to gain entry in the subcontinent in recent months, after CrossTower, a US-based trading platform launched its operations in the country back in last September this year.

Latest buzz in India’s crypto environment

India’s first crypto unicorn, CoinDCX, is considering to launch an initial public offering [IPO] after the country’s regulation permits it, as per the trading platform’s co-founder, Neeraj Khandelwal. In an interview held with Bloomberg, Khandelwal revealed that sale of the share would mirror US largest Crypto exchange, Coinbase Global Inc.’s listing on Nasdaq on April this year.

CoinDCX latest announcement comes at a crucial time in the Indian crypto landscape as the administration plans to introduce a bill to regulate cryptocurrencies. With respect to the Reserve Bank of India [RBI] stance on imposing ban to all private cryptoassets while it works on creating a digital currency. The government’s recent publication of banning most private crypto assets has too dampened the hopes for a friendlier approach.

India’s crypto exchanges shell out more than $6M in advertisements

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India’s top cryptocurrency exchanges dished out more than $6 million in advertisements and other promotional activities for the ICC World Cup Cricket tournament 2021. According to information provided by Tam Sports, India’s first crypto exchange unicorn CoinDCX was the biggest spender of all. It spent a total of over $5 million in broadcasting at least seven times in a single match, across all channels.

Out of 50 matches, sources from the first 42 revealed that the crypto exchange accounted for a 4% share in the total ad volume. On the other hand, its competitor CoinSwitch Kuber‘s ad expenditure tallied more than $1 million in total along with another domestic crypto exchange WazirX, who spent anywhere between $500K to $800K.

Interestingly, the Indian crypto exchange’s latest ad ‘blitz’ for the major sporting event is the first of its kind in the country. As per sources from the media, TV commercials by these digital exchanges have increased significantly in the last month. These developments may seem to have attracted a lot of attention from the government and the financial regulators who had unanimously voiced concerns against such ‘misleading’ advertisements and called for stricter curbs on such marketing tactics.

The news comes after India’s PM Narendra Modi chaired a high-level meeting just two days ago wherein, he engaged in detailed discussion with regards to bringing about sound regulations for the burgeoning cryptocurrency sector. According to government sources, authorities were particularly alarmed by an advertisement that claimed that crypto investments in the country reached a massive 600k crore.

India’s legal course

Several sources point towards the probability that the Indian government may approach the Advertising Standards Council of India [ASCI] to bring greater transparency and ‘stricter statutory warnings to accompany ads on digital currencies or their trading platforms.’

At present, there aren’t any legal arrangements for cryptocurrencies. But the recently concluded meeting of the government indicates that a regulatory framework may finally come into shape by December this year. Despite concerns raised by the regulatory entities, there has been a major shift, as witnessed from the government’s latest stance to bring a ‘progressive and forward-looking’ law on the whole sector. Nevertheless, the 2021 bull run has propelled retail investments to rise significantly despite the regulatory ambiguity.

Ethereum Stumbles Against Bear as Market Enters Red Zone

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The start of the new week spelled misery for the world’s largest altcoin as prices plummeted to 14-day lows. Ethereum’s drastic price action was replicated across all indicators as well with a majority of them siding with the bear. At the time of writing, Ethereum was trading just above the $2000 mark.

The cryptocurrency’s current price hold came at a time when organizations were building new products on the Ethereum platform. India-based CoinDCX recently launched an Ethereum backed token called Liqueth with the intention of making staking accessible to all. Speaking about its latest token, CoinDCX CEO and co-founder Sumit Gupta stated:

“We want to make staking very simple and accessible for our users, which is why we are providing an ETH staking facility to anyone who holds at least 0.1 ETH in their CoinDCX wallet. Ultimately, we believe that this will allow our users to unlock the full earning potential of digital assets—by more actively participating in the token economy and the DeFi space.

Ethereum 1 hour:

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Ethereum Stumbles Against Bear as Market Enters Red Zone 4

Ethereum’s hourly charts showed signs of the bear’s arrival in the market. After having enjoyed the near $2500 range this month, the cryptocurrency was currently holding immediate support of $1992. Meanwhile, the immediate resistance clocked in at $2398 after which Ethereum dipped sharply.

The RSI surged back into the oversold zone post crashing below it on the 12th. This was a sign that users were buying back into the Ethereum market despite the red streaks on the chart. According to the Chaikin Money Flow, the capital coming into the Ethereum ecosystem had drastically reduced compared to the outflow.

The upper and lower Bollinger bands had converged towards one another indicating a price settlement.

Ethereum 1 day:

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Ethereum Stumbles Against Bear as Market Enters Red Zone 5

This year has been nothing short of dynamic for the altcoin. After the surge in May, a massive price correction brought Ethereum to its current level of $2014.

The CMF in the long term had turned for the worse but still stayed above the zero line. Reduced capital flow was imminent and if this continues, the outflow may overtake it soon.

Bollinger bands on the daily spectrum moved parallel to each other. An increased sell-off pressure may result in the upper band diverging from the lower band. The Relative Strength index fell below the zero line today as the selling pressure overtook the ETH buying pressure.

Zebpay to aid in formulating India’s crypto regulatory framework

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Prominent cryptocurrency exchange, Zebpay joined the list of several crypto platforms in India in coming together in order to lay out better regulations for the country.

The crypto scene in India has been quite confusing for many. While several authorities of the country have been hinting at an imminent ban, the Finance Minister of India, Nirmala Sitharaman asserted that the Indian government was taking a “calibrated” approach towards crypto regulations. The government has even set up a panel to regulate the crypto market.

Alongside all of this, IndiaTech, a platform focused on inducing regulatory clarity in the country came to be. This platform has been garnering the help of several crypto firms across the country. Zebpay is the latest to jump onto this.

Zebpay dives into IndiaTech

With Zebpay affirming its involvement with IndiaTech, it was noted that several platforms have considered diving into the project. Addressing this, the CEO of IndiaTech, Rameesh Kailasam stated,

“The exchanges liked the approach we took to address the issues. Crypto exchanges want to be part of IndiaTech because we have moved the needle in the past few months on the narrative and perception of this industry.”

IndiaTech isn’t the only project that Zebpay was part of. The crypto exchange had also joined prominent Indian cryptocurrency platforms like CoinSwitch Kuber, WazirX as well as CoinDCX to be a part of the Blockchain and Crypto Assets Council [BACC].

An anonymous executive from a platform revealed that he was considering joining IndiaTech. He added,

“It’s all about trying from different bodies and seeing what works. There’s unlikely to be a single regulator anyway, so we’re just trying to do different things to see what works.”

While India is home to an array of crypto exchanges, the government seemed to be moving towards regulating the industry. As Indians await regulatory clarity, the crypto market continued to slump without a stop.

Ethereum’s Vitalik Buterin Donates Over $600K To India’s COVID-19 Relief Campaign

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India continued to reel under the severe second wave of COVID-19 that has crippled the already crumbling health sector of the country. In the wake of massive resource-starved conditions brought upon by public laxity and government negligence, social media platforms have become helplines and saviors to the ones in need.

The cryptocurrency community is doing its bit to provide necessary aid to the country. Sandeep Nailwal, the Co-founder and Chief Operations Officer of Polygon had announced a COVID-19 relief fund and asked the global crypto community to help. Nailwal asserted that he would take full responsibility for transparency, funds usage, and regulatory compliance.

Nailwal plans to pour the funds collected to purchase oxygen, food, and even cover the cost of vaccines for poor people in the country.

The multisig address to donate in ETH/ERC20 to this address: 0x68A99f89E475a078645f4BAC491360aFe255Dff1

At press time, around $154 ETH has been deposited to the address.

Weighing down upon the lack of regulatory clarity around the space in India, the exec noted,

“I already got a few people pinging me that Regulatory things would be tough on this, it’s not easy to give money, even for social causes. My Answer “Our Hows should not affect our Why”. Whatever happens we will handle it, lets not let it stop us from doing what is right.”

Indian crypto market scene is worth billions of dollars, but these digital assets cannot be used to directly fund relief efforts as they’re not widely accepted as fiat. To overcome this barrier, the Polygon COO urged Indian crypto exchanges such as WazirXIndia, CoinDCX, and Bitbns to help convert the COVID donations into fiat currency.

COVID Donations From Ethereum Community

One of the many to donate was Ethereum Co-founder Vitalik Buterin who reportedly donated more than $600k India Covid Relief Campaign. Buterin posted the transfer receipts of 100 ETH and 100 MKR, worth roughly $606,110 for use in relief in the country.

Ethereum Foundation’s Hudson James also donated 138,000 MATIC [approximately $49K]. Indian-origin technology investor and entrepreneur Balaji Srinivasan vouched for the Polygon exec and revealed his intentions to donate.

India’s Security Mkt Watchdog Wants IPO Promoters To Sell Crypto Holding

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India’s cryptocurrency space has been facing gloomy days and troubles are far from over. If the latest reports are to be believed, holding cryptocurrency in the country may now become a major problem for promoters looking to raise money through an initial public offering [IPO].

This comes as the latest blow to the country’s crypto ecosystem as the Securities and Exchange Board of India [Sebi] reportedly wants IPO promoters to divest themselves of any crypto holdings before their companies consider filing for public listings.

According to the report, the matter appears to originate from the possibility that the government may ban cryptocurrency that is not issued by the Reserve Bank of India [RBI].

While there is no formal written communication provided by SEBI, however, the Economic Times reported that SEBI has communicated to merchant bankers and securities lawyers involved with the IPO.

A top securities lawyer currently working on some of the largest IPOs was quoted as saying,

“There could be a direction from the government in this regard. The market regulator seems to think that this could become a risk for investors if a promoter holds an asset that is illegal in the country”

#IndiaWantsBitcoin

The country’s sizeable crypto ecosystem had previously come into the spotlight after concerns regarding the drafting of the framework of Cryptocurrency and Regulation of Official Digital Currency Bill emerged. The bill essentially plans to makes it easy for RBI to launch its own crypto and the second to ban “private cryptocurrencies”.

Hence, the campaign #IndiaWantsBitcoin rose to prominence once again.

This was followed by several platforms such as CoinDCX, WazirX, Unocoin, CoinSwitch Kuber, Zebpay, and PocketBits, to join hands to launch the online platform of the same name. The website was created to enable the citizens to show support for the cryptocurrency ecosystem to their leaders.

Commenting on the lack of regulatory clarity in the country, Sumit Gupta, who happens to be the CEO and Co-founder of CoinDCX, tweeted,

“Crypto will enable Indians to participate on the global level and build companies that can be the next Google, Facebook. Other countries are looking to tap this opportunity, India shouldn’t be left behind in this.”