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Indian Investors Lost $128M To Fake Crypto Exchanges

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Indian Investors Lost $128M To Fake Crypto Exchanges

  • Crypto scams via fake crypto exchanges have defrauded Indian investors of over $128 million.
  • Since March, cryptocurrency transaction volumes in India have dropped by approximately 90%.
  • Businesses are slashing marketing expenditure and seeking new revenue streams to tackle the global economic crisis.

As the price of cryptocurrencies worldwide continues to plummet, a new study published on June 21 asserts that fraudulent cryptocurrency exchanges have conned Indian investors out of more than $128 million.

CloudSEK, a company that specializes in cyber security, said that it has found an ongoing operation that involves many phishing domains and Android-based bogus crypto apps.

This massive effort dupes those who aren’t paying attention into participating in a massive gambling fraud. According to the research, several of these fake websites try to pass themselves off as “CoinEgg,” a genuine cryptocurrency trading platform situated in the United Kingdom.

According to Rahul Sasi, the Founder, and CEO of CloudSEK, these acts are estimated to have defrauded victims of up to $128 million via the use of similar cryptocurrency frauds.

It wasn’t too long ago that it was announced that since March, the cryptocurrency ecosystem in India has seen a reduction in transaction volumes of almost 90%. A perilous role has also been played by India’s tax policies and weak financial channels, in addition to the global headwinds that have been there.

Experts who share his perspective feel that India’s stakeholders would be on alert in the near future as a result of a reduced appetite for risk brought on by global macroeconomic turmoil.

In the meantime, businesses are cutting down on their spending on marketing and looking into other sources of income in an effort to combat the global economic disaster. This makes it even more important to regulate the cryptocurrency business in India.

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Cryptocurrency

Institutional crypto asset products saw record weekly outflows of $423M

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Institutional crypto asset products saw record weekly outflows of $423M

Digital asset investment products saw record outflows totaling $423 million last week, with institutional investors from Canada representing nearly all of the carnage.

According to the latest edition of CoinShares’ weekly “Digital Asset Fund Flows” report, Canadian investors offloaded a whopping $487.5 worth of digital asset products between June 20 and June 24.

Flows by Asset: CoinShares

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Cryptocurrency

‘Crypto is just like the end of the 90s with the internet bubble,’ says Hodl CEO Maurice Mureau

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‘Crypto is just like the end of the 90s with the internet bubble,’ says Hodl CEO Maurice Mureau

For Maurice Mureau, CEO of crypto investment fund operator Hodl, there’s “not a lot left” to invest in anymore. With soaring inflation, bonds are no go, real estate is getting more difficult but there is one asset class that’s (unsurprisingly) catching the fund manager’s attention — cryptocurrencies. During the European Blockchain Convention in Barcelona this week, Cointelegraph editor Aaron Wood sat down with Mureau, who gave his insight on the outlook of the digital assets investment landscape.

“It’s just like the end of the 90s with the internet bubble, so you’re still early in the space,” said Mureau. “A very solid use case for crypto is becoming apparent in the gaming industry, where people invest time that you can earn from it, and that’s all arranged by the blockchain.” He reiterated that there would be only 21 million Bitcoin in existence with no more printing. Therefore, alluding to hyperinflation in Turkey and Argentina, Mureau said that central banks can’t print more of the digital currency. “So that, for me, makes for a very safe hedge. Thirty percent volatility in asset prices can be bad, but not if you lose 70% on your local currency’s purchasing power each year.”

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Cryptocurrency

Final Capitulation — 5 reasons why Bitcoin could bottom at $10,000

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Final Capitulation — 5 reasons why Bitcoin could bottom at $10,000

Bear markets have historically been challenging to navigate for traders and the conventional set of “reliable” indicators that determine good entry points are unable to predict how long a crypto winter might last.

Bitcoin’s (BTC) recent recovery back above the psychologically important price level of $20,000 was a sign to many traders that the bottom was in, but a deeper dive into the data suggests that the short-term relief rally might not be enough proof of a macro-level trend change.

BTC/USD price normalized since all-time high (Current vs. 2017 peak) source: Delphi Digital
ETH/USD price percent drawdown (current vs. prior ATH). Source: Delphi Digital
BTC/USD weekly price vs. 14-week RSI. Source: Delphi Digital
BTC/USD price vs. 200-week SMA and 14-week RSI. Source: Delphi Digital
Crypto Fear & Greed Index. Source: Alternative
BTC/USD vs. Fed funds rate vs. Fed balance sheet. Source: Delphi Digital
BTC/USD price vs. percentage of supply in profit. Source: Delphi Digital

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