Cryptocurrency News Live: Nomad Hit By $190-Million Theft
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
Background
Cryptocurrency still remains a mystical subject for many keen investors in India. While cryptos are slowly gaining recognition from investors and regulators alike, with countries and leading brands adopting it as an official tender, there are still a sizeable number of people who wish to invest in crypto, but aren't able to closely track breaking and developing news in the sector, which will help them take note of price movements, major sell-offs, and announcements of new blockchain-based developments.
This live news blog is here to help. From major market losses to noteworthy declarations, follow this live blog to stay updated with all the latest happenings in the world of crypto.
While there are many cryptocurrencies to explore, Bitcoin (BTC) is the most popular as it is the world's oldest and most valued crypto coin. As of August 2, Bitcoin price stood at $22,811.30, as per CoinMarketCap data. At the time of writing, the global crypto market cap stood at $1.05 trillion, registering a loss of 3.68 percent in the past 24 hours.
While cryptocurrency is unregulated in India, cryptocurrencies are clubbed under virtual digital assets (VDAs). Under the new tax regime that went into effect on April 1 this year, VDAs attract taxation of 30 percent on gains. A TDS of 1 percent will be applied on top of that.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
US Crypto Firm Nomad Faces $190-Million Theft
Nomad, a US-based crypt firm, tweeted on Tuesday that it is currently investigating an "incident involving the Nomad token bridge." Crypto analytics firm PeckShield told Reuters $190 million worth of users' cryptocurrencies were stolen, including Ether and the stablecoin USDC.
US SEC Charges 11 Individuals In $300-Million Crypto Pyramid Scheme
Cryptocurrencies are slowly gaining recognition around the world as lucrative investment opportunities. Unfortunately, the growing popularity has also led to a rise in scams involving crypto coins. On August 1, the US Securities and Exchange Commission (SEC) said that it has charged 11 people for their roles in creating and promoting a fraudulent crypto pyramid and Ponzi scheme, raising over $300 million across the globe. As reported by Reuters, the individuals charged included the four founders of the scheme, called Forsage.
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