ChainCatcher news, according to BeInCrypto, Indian police have arrested West Bengal resident SK Masud Alam for allegedly participating in the WazirX hacking incident. Earlier this year, the hacking incident resulted in a loss of over $230 million in cryptocurrency, leaving customers unable to withdraw their funds.Alam is accused of creating a fake account under the alias Souvik Mondal and selling that account to hackers via Telegram. The account was later used to conduct illegal operations against the cryptocurrency exchange WazirX.

ChainCatcher news, Nischal Shetty, the founder of the Indian cryptocurrency exchange WazirX, announced that the company is expanding its business and exploring the establishment of an independent decentralized exchange (DEX) to operate alongside its current centralized services.According to Shetty, the decision to launch the DEX is a response to the WazirX security incident in July 2024, when attackers stole approximately $235 million in user funds from the exchange. The latest initiative will help eliminate the counterparty risks inherent in centralized platforms. He also revealed plans to launch a corresponding DEX token for paying platform fees and providing governance tools.In addition, WazirX will reopen its trading platform, allowing users to resume trading to increase trading volume. The fees generated during this period will be shared with creditors, creating new avenues for fund recovery.

ChainCatcher news, according to Jinshi reports, the Governor of the Reserve Bank of India, Shaktikanta Das, stated that the central bank is not in a hurry to launch the central bank digital currency (CBDC), and there is currently no specific release date. He pointed out that the CBDC project is still in the implementation phase. There is a noticeable increase in market interest in central bank digital currencies (CBDC), especially in the area of cross-border payments.

ChainCatcher news, Reserve Bank of India Governor Shaktikanta Das reiterated a cautious stance on cryptocurrencies, stating that they have the potential to undermine the stability of the financial system.Das recently spoke at the Peterson Institute for International Economics' 2024 Macro Week, where he mentioned that the creation of cryptocurrencies is intended to bypass the traditional financial system. The fundamental issue is whether authorities or governments are willing to accept privately issued cryptocurrencies that possess all the characteristics of money.He believes that issuing currency is traditionally a sovereign function. Allowing cryptocurrencies to flourish could detach parts of the economy from central bank control, a shift that could lead to monetary instability.He further elaborated on the risks, particularly how cryptocurrencies could weaken the central bank's ability to manage the money supply, which is crucial for controlling inflation and managing economic cycles. "If the central bank loses control over the money supply in the economy... how can banks check the available liquidity in the system?" Das emphasized that if cryptocurrencies become prevalent, the financial and monetary systems could face chaos.

ChainCatcher news, the Indian government is weighing a ban on private cryptocurrencies like Bitcoin while actively promoting the adoption of Central Bank Digital Currency (CBDC). According to the Hindustan Times, Indian regulators are inclined to implement a cryptocurrency ban after consulting with several key institutions.Reports indicate that India's attitude towards cryptocurrencies has undergone several reversals. In 2018, the RBI banned banks from processing cryptocurrency transactions, which was overturned by the Supreme Court in 2020. In November 2023, RBI Governor Shaktikanta Das emphasized the potential risks of cryptocurrencies to the Indian economy, supporting CBDC as a safer alternative.

ChainCatcher news, according to Jinshi reports, market news: Nvidia is in preliminary talks with India to jointly develop artificial intelligence chips.

ChainCatcher news, according to Bitcoin.com, Indian actress Tamannaah Bhatia has been questioned by the Enforcement Directorate (ED) of India for allegedly promoting the "HPZ Token" platform, which is accused of deceiving investors through a cryptocurrency scheme. Authorities are investigating whether she supported the scam and whether she promoted IPL content related to illegal gambling. It remains unclear whether Tamannaah Bhatia is involved, but the investigation is ongoing.Tamannaah Bhatia had previously been questioned in Maharashtra for similar allegations. Investigators looked into her promotion of the Fairplay betting application, which is under investigation for encouraging the viewing of IPL matches related to illegal gambling.Reports suggest that Tamannaah Bhatia promoted IPL content on Fairplay, raising concerns about her role in supporting questionable activities. Investigators are also reviewing her appearances in HPZ Token events, where she received appearance fees, to determine whether her endorsement helped legitimize the platform, which is now allegedly part of a scam.

ChainCatcher News: The U.S. District Court for the Western District of North Carolina sentenced Indian citizen Chirag Tomar (31 years old) to 5 years in prison and 2 years of probation for committing a cryptocurrency fraud of over $20 million by spoofing the Coinbase exchange website.U.S. prosecutors stated that since June 2021, Tomar and his accomplices have defrauded hundreds of victims worldwide by impersonating the Coinbase Pro website (using similar domain names like CoinbasePro.com). The scam group stole user login credentials through phishing websites or impersonated customer service to trick users into providing two-factor authentication codes, thereby illegally accessing the victims' real Coinbase accounts and transferring cryptocurrency.In February 2022, a victim in the Western District of North Carolina was defrauded of cryptocurrency worth over $240,000 when logging into the spoofed website. Tomar converted the stolen cryptocurrency into cash to purchase luxury watches, high-end cars, and extravagant trips.Previously, Tomar was arrested on December 20, 2023, upon entering Hartsfield-Jackson Atlanta International Airport, and pleaded guilty on May 20, 2024.

ChainCatcher news, according to Cointelegraph, at the 2024 peer-to-peer financial systems seminar, legal practitioner Amit Kumar Gupta presented a research paper on cryptocurrency taxation in India.Gupta stated that India imposes heavy taxes on the cryptocurrency industry and blockchain sector, but it is unregulated, reflecting their lack of understanding of the technology, as they believe these technologies are only used for illegal purposes such as money laundering and terrorist financing.

ChainCatcher news, according to Decrypt, Indian police recently cracked a case of fraud impersonating a government solar energy project, seizing $100,000 worth of USDT with the assistance of Binance exchange. It is reported that the fraud gang impersonated officials from the Indian Ministry of Power, claiming to have obtained the rights to expand the national solar network, luring individual investors under the guise of helping India achieve its renewable energy goals.The fraud gang promoted a company named "M/s Goldcoat Solar" through social media, impersonating senior government officials and displaying forged so-called proof of returns from previous investors. They used forged innocent personal information to activate SIM cards, establishing an extensive network to conceal their true identities.

According to ChainCatcher news, data from the Web3 asset data platform RootData shows that among the 15,032 projects/institutions currently operating (excluding those that have ceased operations) recorded by RootData, a total of 2,675 projects/institutions (including 2,549 projects and 126 institutions) are using the ".io" domain, accounting for approximately 17.8%.Notable projects include Sui, Sei, Arbitrum, Filecoin, Blur, Optimism, KuCoin, BitTorrent, Gate.io, StarkNet, Merit Circle, EOS, Neiro, Nexo, Synthetix, zkSync, Raydium, Blur, IOTA, Kava, IoTeX, 1inch, WOO X, Hamster Kombat, AltLayer, Mask Network, GMX, Metis, Blast, Banana Gun, etc. Notable institutions include Waterdrip Capital, The Spartan Group, AC Capital, OpenSea Ventures, Ryze Labs, YBB Foundation, Ton Ventures, etc.Previous report stated that the UK government announced the abandonment of sovereignty over the Chagos Archipelago in the Indian Ocean. Once the treaty is signed, the British Indian Ocean Territory will cease to exist. Previously, the Internet Assigned Numbers Authority (IANA) nominally assigned ".io" as a country code top-level domain (ccTLD) to the British Indian Ocean Territory, and returning the Chagos Islands would lead to the disappearance of the British Indian Ocean Territory, which may also result in the cancellation of the corresponding ISO-3166 two-letter country code IO and the ".io" domain.

ChainCatcher news, according to CoinDesk, two insiders revealed that India has not yet released a discussion paper outlining its cryptocurrency policy stance, as officials are focused on other priorities. The paper was initially expected to be published in September after consultations with stakeholders such as the central bank and market regulators. Insiders stated that the intention to publish still exists, but there is no timeline yet.India is the world's fifth-largest economy, but the country has not yet developed comprehensive cryptocurrency legislation, and this discussion paper is expected to take a step in that direction. The country claims that cryptocurrencies are unregulated, but it has imposed high taxes on the industry and requires cryptocurrency entities to register with the country's Financial Intelligence Unit (FIU-IND) to comply with anti-money laundering (AML) and counter-terrorism financing standards set by global organizations such as the Financial Action Task Force (FATF).

ChainCatcher news, on the X platform, on-chain detective ZachXBT disclosed that he successfully assisted an elderly victim from the United States in recovering $275,000 in stolen funds. This case originated in April 2024, when the victim fell prey to an Indian phone scam gang impersonating Coinbase customer support, resulting in the theft of most of their savings.ZachXBT stated that the recovered funds have been seized by law enforcement and will be returned to the victim. During the investigation, ZachXBT discovered that the scam gang's activities extended far beyond this case. He pointed out, "I found that this gang had stolen over $5 million from other victims. These funds were transferred from Ethereum and Bitcoin to the Tron network through centralized exchanges, and then sent to over-the-counter (OTC) traders in the form of stablecoins."

ChainCatcher news, according to Bitcoin.com, the Indian Enforcement Directorate has uncovered a massive $48 million scam related to the online gaming app Fiewin, which involves Chinese nationals.After an in-depth investigation, approximately $3 million in accounts linked to these individuals have been frozen. The scam lured users with a quick money-making scheme but blocked fund withdrawals. The investigation also involves assistance from Binance, revealing a complex transfer of cryptocurrency to China.

According to ChainCatcher, Tiger Research reported that the Ministry of Electronics and Information Technology (MeitY) of India announced the National Blockchain Framework (NBF) on September 4.India's National Blockchain Framework adopts a different approach compared to existing public blockchains. It uses a permissioned blockchain instead of public blockchains like Bitcoin or Ethereum. In this model, only authorized participants can validate transactions, making it more suitable for government services. This is because the protection and control of personal information have been strengthened.The key keywords of the announced National Blockchain Framework are security, transparency, and increased trust. By establishing a blockchain infrastructure that will become the foundation of national systems, companies can develop blockchain solutions suitable for the public sector.

ChainCatcher news, according to an official announcement, the Enforcement Directorate (ED) of India has arrested four individuals related to the Fiewin gaming application scam, which allegedly caused victims to lose over 47.6 million dollars. The Fiewin app lured users into online gambling and gaming, falsely claiming that profits could be easily made. In deep collaboration with Binance's Financial Intelligence Unit (FIU), the ED's investigation uncovered the connection between the scam and digital wallets.

ChainCatcher news, the Indonesian Criminal Investigation Agency (Bareskrim) has collaborated with Binance and Tokocrypto to capture a major fraud operation, identifying multiple suspects and seizing $200,000 in ill-gotten gains.Bareskrim has launched an investigation into a suspected trading fraud case involving a cryptocurrency trading website. The investigation confirmed that the website was part of a pig butchering scam. During the investigation, several individuals involved in managing accounts that received stolen funds were arrested. Authorities discovered approximately 50 mobile phones and several local bank cards, as well as banking applications, on the suspects' mobile phones and tablets. When asked about the cryptocurrency wallets they controlled, the suspects refused to cooperate.Through forensic analysis, Bareskrim investigators identified wallet addresses that may be controlled by the suspects and found supporting evidence in their communication records, particularly on Telegram. Their chat screenshots revealed several key wallet addresses, further linking the suspects to the fraud.Bareskrim has arrested individuals involved in managing the stolen funds.