Cryptocurrency

CoinSwitch Launches Recovery Fund for WazirX Hack Victims

Wednesday. January 8 at 4:00 AM

1 min. read

Indian cryptocurrency exchange CoinSwitch has introduced a recovery fund worth 600 crore Indian rupees ($69.9 million) to assist victims of the WazirX hack. The initiative, named 'CoinSwitch Cares,' aims to aid users who suffered losses due to a cyberattack in July 2024. Eligible users can claim funds by providing evidence of their losses through WazirX statements. The program offers sign-up bonuses, revenue sharing, and referral rewards, with plans to distribute funds over two years. CoinSwitch, a major player in the Indian crypto market, is funding the program internally and will screen affected users using balance statements. The move comes after WazirX faced a $235 million hack, leading to withdrawal suspensions. CoinSwitch's support program targets four million WazirX users and aims to strengthen the Indian crypto ecosystem.

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Warning of Impending Stock Market Crash by Robert Kiyosaki

Wednesday. January 8 at 10:00 PM

Renowned author Robert Kiyosaki, known for 'Rich Dad Poor Dad,' has issued a caution about an upcoming historic stock market crash. He anticipates a sale of pricey assets like homes, gold, silver, and Bitcoin. Kiyosaki's remarks coincide with sharp corrections in the crypto market, linked to a drop in US stocks such as Nvidia and Tesla. He reiterated his long-standing predictions on social media, attributing the looming crash to decisions made post the 2008 financial crisis. Kiyosaki also mentioned a future crash in car and housing markets, restaurants, retailers, and wine sales by 2025. Despite Bitcoin's recent price drop, Kiyosaki remains optimistic and plans to buy more BTC during the crash. Experts connect the crypto market correction to the downturn in US stock prices, emphasizing the opportunity to buy BTC at discounted rates.

Cryptocurrency

Bhutan's Gelephu Mindfulness City Plans Cryptocurrency Reserve

Wednesday. January 8 at 8:00 PM

Bhutan's Gelephu Special Administrative Region (SAR), also known as Gelephu Mindfulness City (GMC), has announced plans to establish a strategic cryptocurrency reserve that includes major assets like Bitcoin and Ether. The city aims to enhance its economic resilience by including digital assets in its reserves, with a focus on cryptocurrencies with large market capitalizations and liquidity. GMC intends to engage with government officials and industry leaders to discuss this plan in March. Unlike other jurisdictions, GMC plans to diversify its reserve by including various established cryptocurrencies. The project, expected to be completed in 21 years, is part of an economic corridor connecting South Asia to Southeast Asia. Bhutan's government, through Druk Holding and Investments (DHI), already holds significant amounts of Bitcoin and other crypto assets. The country has been investing in Bitcoin since 2019, with a focus on local mining operations and partnerships with major mining firms.

Cryptocurrency

South Korea to Allow Corporate Crypto Investments

Wednesday. January 8 at 7:00 PM

South Korean regulators are set to approve cryptocurrency investment by institutional investors, as reported by local media. The Financial Services Commission (FSC) of South Korea plans to introduce corporate investment in digital assets by permitting the issuance of real-name corporate trading accounts. Although there are no legal barriers to issuing such accounts to corporations, local regulators have been advising banks against it. The FSC will discuss gradually allowing corporate crypto investments in collaboration with the Virtual Asset Committee. The controversy surrounding South Korea's potential approval of corporate crypto investments has been ongoing, with the FSC denying previous reports of a roadmap for corporate crypto accounts. FSC Secretary-General Kwon Dae-young emphasized the need for South Korean crypto regulations to align with global standards. The country is currently facing a leadership crisis, with tensions escalating following a declaration of martial law in December 2024.

Cryptocurrency

Analysis of Virtuals Protocol (VIRTUAL) Price Movement

Wednesday. January 8 at 4:00 PM

The price of Virtuals Protocol (VIRTUAL) has surged by 133% in the last month due to the increasing interest in crypto AI agents. Despite this, there has been a 6% drop in the past 24 hours, indicating a potential slowdown in its upward trend. With a market cap of $4 billion, VIRTUAL is now the third-largest AI coin, trailing behind RENDER and TAO. The Average Directional Index (ADX) for VIRTUAL has decreased to 13.3, showing weak trend strength, while the BBTrend has turned negative at -1.51, suggesting a consolidation phase. The low ADX level implies that VIRTUAL's price may remain stable in the short term unless there is a significant change in buying or selling pressure. Traders are advised to watch for a shift in momentum to determine the coin's future direction.

Cryptocurrency