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<ul class="summary-list"><li>Russia passed a bill allowing crypto trade payments and is aiming to roll out the digital ruble next July.</li><li>Moscow's tilt to crypto reverses its previous anti-crypto stance.</li></ul>Russia is stepping up sanctions-evading measures to keep its international trade flowing. The country is passing new laws regulating cryptocurrency and a plan for the digital ruble.On Tuesday, Russia's State Duma — the lower house of Russia's federal assembly — passed a bill that would let businesses use cryptocurrencies in international trade, <a target="_blank" class="" href="https://www.reuters.com/technology/russia-launch-international-payments-crypto-before-end-2024-2024-07-30/">Reuters</a> reported.Under this new law, Russia's central bank will create a new "experimental" payments platform. Russian central bank governor Elvira Nabiullina said the first transactions are expected by the end of this year, per Reuters.Nabiullina also said on Tuesday that the Russian central bank plans a mass introduction of the digital ruble in July next year, per <a target="_blank" class="" href="https://tass.com/economy/1823089">TASS.</a>Digital currencies, like the digital ruble, are similar to cryptocurrencies but are <a target="_blank" rel=" nofollow" href="https://www.weforum.org/agenda/2023/11/cbdcs-how-different-cryptocurrency-stablecoin/">issued and backed by central banks.</a><h2 id="04f69842-16d5-468a-85c4-9bbe54193e49">Some Russian businesses are already using crypto</h2>In addition, Russia passed new regulations legalizing crypto mining on Tuesday.An existing ban on crypto payments in Russia remains, but Moscow's greenlighting crypto for international trade marks a significant shift.In January 2022 — before the full-scale invasion of Ukraine — <a target="_blank" class="" href="https://www.reuters.com/business/finance/russian-cbank-proposes-banning-cryptocurrencies-crypto-mining-2022-01-20/">Russia's central bank</a> proposed a ban on the use and mining of cryptocurrencies within the country, citing risks to financial stability and monetary policy.However, the heavily sanctioned country is facing so many issues with international payments that it has been forced to shift its position.Some Russian businesses are already using cryptocurrencies to trade with settlements done via Hong Kong, but through central Asian intermediaries, <a target="_blank" rel=" nofollow" class="" href="https://www.bloomberg.com/news/articles/2024-07-25/russian-companies-face-mounting-payment-issues-as-sanctions-bite">Bloomberg</a> reported last week.<a target="_blank" class="" href="http://www.kremlin.ru/events/president/news/74566">Russian President Vladimir Putin</a> himself said earlier this month that Russia had to <a target="_blank" class="" href="https://tass.com/economy/1818055">"seize the moment"</a> to create a legal framework for digital assets, as they are being increasingly used to settle international payments.Russia's tilt toward crypto isn't unexpected. Analysts have been speculating about how <a target="_blank" href="https://www.csis.org/analysis/cryptocurrencies-and-us-sanctions-evasion-implications-russia">Russia would eventually move</a> toward using crypto and digital assets following sweeping sanctions over its invasion of Ukraine.<h2 id="0eca508c-15cf-41aa-b85a-a557ee507d8d">Increasingly tight Western sanctions hit Russia's international trade</h2>Until recently, Moscow hasn't really had to look into digital currencies that intently — since Russian companies have managed to keep on doing business using non-US dollar currencies, such as the Chinese yuan, or via smaller banks.But Russia's international trade is getting <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-china-yuan-payments-delay-months-bounce-back-sanctions-2024-7">ever more difficult.</a>The troubles started in December when the US authorized <a target="_blank" rel=" nofollow" href="https://www.reuters.com/world/us/us-takes-aim-financial-institutions-with-new-russia-sanctions-authority-2023-12-22/">secondary sanctions</a> targeting financial institutions that help Russia skirt sanctions.This prompted <a target="_blank" rel="" class="" href="https://www.businessinsider.com/russia-economy-financial-system-us-sanctions-oil-trade-foreign-banks-2024-3">global banks</a> from <a target="_blank" rel="" class="" href="https://www.businessinsider.com/china-biggest-banks-stop-russia-payments-icbc-ccb-boc-2024-2">China </a>to the UAE, Turkey, and Austria to reduce transactions — even in non-US dollars — with Russia to avoid getting in the crosshairs."This episode demonstrates the global power of the US Treasury, causing banks from Turkey to India and China to pause the processing of payments invoiced by or to Russian counterparties," wrote Christopher Granville, the managing director of global political research at GlobalData TS Lombard, in a May note about <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-brics-usd-dollar-central-banks-digital-currency-payments-mbridge-2024-5">digital currencies and dedollarization.</a>"In other words, simply settling commercial invoices in national currencies rather than US dollars turns out to be an insufficient counter to US sanctions," Granville added.The payment issues were exacerbated last month when the US Treasury rolled out a new package of <a target="_blank" rel="" href="https://www.businessinsider.com/russia-sanctions-us-china-ukraine-war-economy-janet-yellen-treasury-2024-6?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*1nuxsvd*_ga*MTM0MjM1NDU5My4xNjg1MTUzMTcw*_ga_E21CV80ZCZ*MTcyMDE0NzM3MS45MzUuMS4xNzIwMTQ5OTU5LjYwLjAuMA..">expansive US sanctions</a> against Russia, forcing the Moscow Exchange — Russia's key bourse — to halt <a target="_blank" rel="" href="https://markets.businessinsider.com/news/currencies/russia-dollar-ruble-exchange-us-sanctions-currency-yuan-ukraine-war-2024-6">dollar and euro trade.</a><h2 id="b33701e6-83ac-4290-b6c2-ada7fbc1bf3a">Russia could be eying a digital-currency-based settlement system</h2>It isn't clear how Russia's crypto and digital currency regimes will shape up.Implementation may be easier said than done.Even China, which has one of the world's most advanced <a target="_blank" class="" href="https://www.scmp.com/tech/tech-trends/article/3228094/chinas-digital-currency-bank-china-helps-mainland-tourists-spend-e-cny-hong-kong-select-retailers">digital currencies,</a> relies on a "two-tier" system involving banks as wallet-holding agents. Granville wrote in May that that setup avoided excessively disrupting the operations of banks, which could threaten broader financial stability.

Sanctions-hit Russia is rushing to set up payment systems, including crypto, to make trading easier

In its first ever raids in the Union Territory of <keyword id="19905190" type="General" weightage="20" keywordseo="Ladakh" source="keywords">Ladakh</keyword>, the <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords" meta.keywordsubtype="org" meta.entityname="Enforcement Directorate" meta.hostid="261" meta.entityid="Enforcement Directorate">Enforcement Directorate</keyword> on Friday conducted searches as part of its <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword> probe linked to a cryptocurrency fraud case in which investors lost more than Rs 7 crore worth of deposits, officials said. The agency's zonal office here raided at least six premises in Leh town of Ladakh, Jammu in J-K and Sonipat in Haryana in the case against A R Mir and others. It is alleged that 2,508 investors deposited more than Rs 7.34 crore in a fake cryptocurrency business in the name of "<keyword id="22638371" type="General" weightage="20" keywordseo="Emollient-Coin-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Emollient Coin Limited" meta.hostid="261" meta.entityid="Emollient Coin Limited">Emollient Coin Limited</keyword>". They, however, did not get any returns or currency back, and these funds were laundered by the business' promoters to purchase land assets in Jammu. The money laundering case stems from a March 2020 FIR registered in Leh and some other complaints filed in the Union Territory (UT) of Jammu and Kashmir (J-K) against Mir and Ajay Kumar Choudhary. Police in Leh in their FIR stated that an inquiry was conducted by a committee formed by the local district magistrate against Mir and his agents who were running the "fake" cryptocurrency business (Emollient Coin Limited) from a office located at the Anjuman Moin-Ul-complex, opposite SNM Hospital, in Leh. The committee sealed this office during inquiry on charges of "cheating many innocent individuals by assuring them to double their investment", according to the FIR. The accused lured people of the UT of Ladakh and some other places to purchase "Emollient Coin" using cash or transferring money into bank accounts, according to Enforcement Directorate (ED) officials. The depositors were also duped in the name of "Bitcoins" with the assurance of returns up to 40 per cent with a lock-in period of 10 months, the probe agency said. Investors were dished out a commission of up to seven per cent of the investment made by the people on their reference in the business, thereby forming a multi-level marketing chain, the ED found. A total of 2,508 people invested Rs 7,34,36,267 in the investment plan offered by Mir and the company (Emollient) floated by him that was incorporated in September 2017 and had its registered office in London. A man, Henry Maxwell, living in the UK capital, was its director. The company had two promoters in India -- Naresh Gullia and Channi Singh. The company was "deliberately" dissolved in March 2019, and Mir along with Choudhary launched a real estate business and acquired lands in Jammu from the funds generated by the fake cryptocurrency trade, according to the ED. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

ED undertakes first-ever searches in Ladakh in crypto fraud case

Mumbai, <keyword id="19969771" type="General" weightage="20" keywordseo="crypto" source="keywords">Crypto</keyword> currencies cannot be referred to as "currencies" as they have no underlying value, a central bank official said. The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) has been critical of new-age currencies like bitcoins, saying they pose systemic risk to the financial systems. "Crypto currencies cannot be called currencies as they don't have any underlying value," P <keyword id="19944928" type="General" weightage="20" keywordseo="vasudevan" source="keywords">Vasudevan</keyword>, an executive director at the RBI, said during a panel discussion organised by IIM-Kozhikode here. Ultimately it is a call that the government has to take on how to tackle crypto currencies, the official said. Currently, bitcoins have no legal backing in India and investors have to pay a tax on the income earned by trading in them. In the backdrop of the action against <keyword id="19907220" type="General" weightage="20" keywordseo="paytm-payments-bank" source="keywords">Paytm Payments Bank</keyword> and curbs imposed on some international card providers, Vasudevan said self-regulation can protect the fintech sector better. He also said that mechanisms could be looked at to highlight bad behaviour.

Crypto currencies have no underlying value, says RBI official

<ul><li>More than 51 per cent of the total <keyword id="6354947" type="General" weightage="100" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> trading volume on various <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> exchanges this year is fake.</li><li>According to data provided by niche news publisher BanklessTimes.com, the majority of this fake Bitcoin volume is due to wash trading.</li><li>According to the report, faking trading volume can be a way for exchanges to attract new customers.</li></ul>More than 51 per cent of the total Bitcoin trading volume on various crypto exchanges this year is fake amid volatile global economic conditions, a new report has claimed. Bitcoin is the blue chip of cryptocurrency and represents 40 per cent of the total crypto assets outstanding in the new and volatile crypto markets. Its market cap is currently at 382.25 billion. According to data provided by niche news publisher BanklessTimes.com, the majority of this fake Bitcoin volume is due to wash trading. Wash trading is illegal, where an asset is bought and sold simultaneously on the same platform to create false liquidity. This is often done by bots or spoofing orders. "It's difficult to talk about cryptocurrency without talking about Bitcoin. Yet, there is a concern that a large part of the daily traded volume of Bitcoin is fake. This puts into question the legitimacy of exchanges and the reliability of data," said Jonathan Merry, CEO of BanklessTimes. Another factor contributing to the fake volume is stablecoins such as Tether (USDT).A Tether pairs very well with Bitcoin and is often used to buy and sell Bitcoin on exchanges. "This results in much volume being generated without any actual Bitcoin changing hands," said the report. According to the report, faking trading volume can be a way for exchanges to attract new customers. By appearing to be more popular than they actually are, exchanges can trick investors into thinking there is more activity and liquidity on their platform. Another reason people might engage in wash trading is to prop up the price of a particular asset, according to the report. By buying and selling the asset simultaneously, they can create the illusion of demand and drive up the price. This can be done for personal gain or artificially inflate an asset's price before selling it. "Investors should be wary of exchanges that report false figures. You must do your research and only use exchanges you trust," the report suggested. SEE ALSO: <a href="https://www.businessinsider.in/business/news/whatapp-business-gives-a-new-lease-of-life-to-solopreneurs-across-india-and-bharat/articleshow/94673370.cms">WhatsApp Business gives a new lease of life to solopreneurs across India and Bharat</a> <a href="https://www.businessinsider.in/business/news/indias-service-sector-activity-falls-to-6-month-low-in-sep-amid-inflation-competition-pmi/articleshow/94675187.cms">India's service sector activity falls to 6-month low in Sep amid inflation, competition: PMI</a>

More than half of Bitcoin volume on crypto exchanges fake: Report

<ul class="summary-list"><li>Russia and China could revive barter trade to counter Western sanctions, Reuters reported.</li><li>Other countries that have looked at barter trade with Russia include Afghanistan, Iran, Pakistan, and India.</li></ul>Russia and China are planning to revive the age-old practice of barter trade to get around Western sanctions, <a target="_blank" class="" href="https://www.reuters.com/markets/first-russia-china-barter-trade-may-come-this-autumn-sources-say-2024-08-08/">Reuters</a> reported on Thursday.The deals could involve agriculture and could come as soon as this fall, the news agency reported, citing anonymous trade and payments sources. One source at a Russian industrial firm told the news agency that Russian firms were also talking about the exchange of metals for Chinese machinery imports.Such arrangements are being discussed as trade between the two countries has become increasingly difficult amid tightening Western sanctions against Russia over its full-scale invasion of Ukraine in February 2022.Recently, about 80% of bank transfers made in the Chinese yuan were <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-china-yuan-payments-delay-months-bounce-back-sanctions-2024-7">bouncing back</a> with no explanation after being stalled for weeks while banks decide whether they could transact, Russian media outlet Kommersant reported last month.Before this year, Russia and its trade partners skirted sanctions by using smaller banks and other payment modes or non-US dollar currencies to circumvent the West's ban of <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/us-eu-announce-some-russian-banks-removed-from-swift-2022-2">some Russian banks</a> from the widely used SWIFT messaging system.However, this strategy has been hitting snags since the US approved <a target="_blank" rel=" nofollow" href="https://www.reuters.com/world/us/us-takes-aim-financial-institutions-with-new-russia-sanctions-authority-2023-12-22/">secondary sanctions</a> targeting financial institutions that were helping Russia. These restrictions prompted <a target="_blank" rel="" class="" href="https://www.businessinsider.com/russia-economy-financial-system-us-sanctions-oil-trade-foreign-banks-2024-3">global banks</a> from <a target="_blank" rel="" class="" href="https://www.businessinsider.com/china-biggest-banks-stop-russia-payments-icbc-ccb-boc-2024-2">China </a>to the United Arab Emirates, Turkey, and Austria to reduce transactions with Russia.Since barter trade doesn't require monetary payments, it would allow Russia and China to skirt such issues.<h2 id="4ef98aff-cc26-4454-855d-f1ccddf1c7c0">Russia has used barter trade before</h2>It would not be Russia's first time using barter trade.It was practiced during the <a target="_blank" rel=" nofollow" href="https://www.joc.com/maritime-news/soviet-union-allows-return-barter-some-trading-deals-partners-former-e-bloc_19910708.html">Soviet era</a> and <a target="_blank" rel=" nofollow" href="https://www.nytimes.com/1998/09/06/world/as-ruble-withers-russians-survive-on-barter.html">in the years following the bloc's collapse.</a> At the time, China was a key trading partner.In August 2022, the <a target="_blank" class="" href="https://www.businessinsider.com/taliban-import-russia-oil-barter-exchange-afghanistan-raisin-minerals-medicine-2022-8">Taliban regime in Afghanistan</a> also discussed barter trade with Russia that could involve trading Russian crude oil products in exchange for raisins, minerals, and medicinal herbs, according to RIA Novosti, a Russian state-owned news agency.Heavily-sanctioned <a target="_blank" class="" href="https://www.reuters.com/business/energy/russia-iran-discuss-swapping-supplies-oil-gas-goods-logistics-2022-05-25/">Iran</a> and the <a target="_blank" class="" href="https://timesofindia.indiatimes.com/india/india-plans-barter-for-russian-fertiliser/articleshow/91750978.cms">Indian government</a> were also in talks with Russia to practice barter trade in the early months of the Ukraine war.Last year, cash-strapped <a target="_blank" class="" href="https://www.voanews.com/a/pakistan-allows-barter-trade-with-iran-afghanistan-russia-/7120806.html">Pakistan</a> authorized the barter trade of specific goods with Russia.It's unclear if any of the parties eventually entered into any barter deal with Russia.Major economy India, for one, has managed to work around payment issues to become one of Russia's <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-divert-oil-exports-europe-india-china-circumvent-sanctions-2023-12">key trading partners.</a><h2 id="a4ac3f71-bfea-4e2c-bbc1-8c442e62804f">Problems with barter trade</h2>Even so, barter trade isn't widely practiced in modern society."Exchanging goods for other goods would have to be manually accounted for, which would create major difficulties for any large or technologically advanced businesses using automated accounting systems," wrote Alexandra Prokopenko, a fellow at <a target="_blank" class="" href="https://carnegieendowment.org/russia-eurasia/politika/2022/09/bartering-cryptocurrencies-and-yuan-russia-seeks-alternatives-to-trading-in-dollars">the Carnegie Russia Eurasia Center,</a> in a September 2022 blog post.Barter trade also makes it difficult for tax collection, she added.Russian authorities are working on other ways to skirt Western payment sanctions.The country is rushing to set up <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-moscow-cryptocurrency-bill-digital-ruble-trade-payments-sanctions-2024-7">alternative payment systems, </a>including crypto, to facilitate trade.

Western sanctions are so tight that Russia and China could soon use an ancient trading system. It's worked before.

Mumbai, RBI Governor <keyword id="6359111" type="General" weightage="20" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Thursday said the central bank does not "emulate" others when it comes to regulations and asserted that the bank's as well as his own opposition to cryptocurrencies remain unchanged, a day after US regulators allowed bitcoin Exchange Traded Funds (ETFs). He also said that emerging markets and the world cannot afford to have a "crypto mania". "What is good for another market need not be good for us. Therefore our views -- both that of the Reserve Bank and personally that of mine -- remain the same," Das said. Addressing a financial sector seminar organised by business daily Mint here, the Reserve Bank of India (RBI) chief also said that for emerging market economies and advanced economies, travelling down that path of cryptocurrencies will create huge risks which will be very difficult to contain going forward. "The question is why do you want to go down that road? What is it that you are going to get?," Das said while responding to a query about the development in the US with respect to cryptocurrencies. <keyword id="20153809" type="General" weightage="20" keywordseo="personally-das" source="keywords">Personally Das</keyword> and RBI, as an institution, are opposed to private cryptocurrencies on the grounds that they pose tremendous threat to the financial stability. "The US capital markets regulator in the same announcement also issued necessary cautionary advice and necessary warning to investors to be careful along with the risks it poses. Our position, my position and the RBI's position on this remain unchanged irrespective of who does what. Just because someone has done something, we are not here to emulate them," he said. The remarks were in the context of the US regulator SEC permitting bitcoin ETFs. The approval is seen as a landmark event in the adoption of cryptocurrencies in mainstream finance as the ETF structure gives institutions and financial advisors a familiar and regulated way to have an exposure to bitcoins. "I don't wish to comment on what a regulator of another country has done; they know what is best for their country. But I would like to say that they themselves have flagged risks in the product and advised people to be very careful. "We are all familiar with the Tulip mania in the Netherlands that had led to an asset bubble in the past. I don't think emerging markets and the world can afford a crypto mania that could lead to similar outcomes," the governor said. On whether he sees the forthcoming vote-on-account to be inflationary, Das said that going by the past records of the present government, he feels that the interim budget will not lead to inflationary pressures. Further, Das mentioned many supply side measures that the government has taken to contain price rise since the beginning of the Russia-Ukraine war.

The world cannot afford a crypto mania: Shaktikanta Das

Cryptocurrency exchange <keyword id="12393531" type="General" weightage="100" keywordseo="vauld" source="Orion">Vauld</keyword> on Monday announced to suspend all withdrawals, trading and deposits on its platform with immediate effect owing to "financial challenges". Darshan <keyword id="52501" type="General" weightage="80" keywordseo="bathija" source="Orion">Bathija</keyword>, CEO of Vauld, said that a significant amount of customer withdrawals in excess of $197.7 million has happened since June 12, when the decline of the cryptocurrency market was triggered by the collapse of Terraform Lab's UST stablecoin, Celsius network pausing withdrawals, and Three Arrows Capital defaulting on their loans. "In furtherance of this, we have engaged the services of Kroll Pte Limited as our financial advisor, as well as <keyword id="2839992" type="General" weightage="50" keywordseo="cyril-amarchand-mangaldas" source="Orion">Cyril Amarchand Mangaldas</keyword> and Rajah &amp; Tann <keyword id="6356662" type="General" weightage="50" keywordseo="singapore" source="Orion">Singapore</keyword> LLP as our legal advisors in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> and Singapore, respectively," said Bathija. The cryptocurrency exchange last month reduced its headcount by about 30 per cent amid volatile market conditions. Bathija said the company is currently in discussions with potential investors into the Vauld group of companies. "We intend to apply to the Singapore courts for a moratorium i.e. a suspension of the commencement or continuation of any proceedings against the relevant companies so as to give us breathing space to carry out the proposed restructuring exercise," he informed. The company said that specific arrangements will be made for customer deposits as may be necessary for certain customers to meet margin calls in connection with collateralised loans. Vauld has already reduced its marketing expenses, slowed down hiring efforts, reduced executive compensation by 50 per cent and paused most vendor engagements. Founded in 2018, the Singapore-registered startup raised $27 million and aimed to reach one million users in the US, followed by <keyword id="28249" type="General" weightage="50" keywordseo="europe" source="Orion">Europe</keyword>, Singapore and India. Earlier this month, cryptocurrency broker Voyager Digital suspended all trading, deposits withdrawals and loyalty rewards, as top crypto hedge fund Three Arrows Capital (3AC) filed for bankruptcy in the US, in which Voyager has made significant investments. Singapore-based cryptocurrency exchange Bybit has laid off 2,000 employees while global crypto exchanges and firms including Coinbase, Gemini, Crypto.com and others announced to downsize their workforce. Cryptocurrency lending platform Celsius has laid off 150 employees which is a quarter of its workforce, as the global crypto market goes through its worst meltdown. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/politics/news/who-will-get-the-party-symbol-bow-and-arrow-if-shiv-sena-splits/articleshow/92611630.cms">It’s not the CM seat but the one who wields ‘bow and arrow’ will be the Sena head</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/ban-on-single-use-plastic-kicks-in-across-india-as-the-country-recognises-the-choking-impacts-of-plastic-waste-on-the-environment/articleshow/92600992.cms">Ban on single-use plastic kicks in across India as the country recognises the choking impacts of plastic waste on the environment</a>

Crypto trading and lending platform Vauld stops customer withdrawals, trading, and deposits

<ul class="summary-list"><li>The cryptocurrency sector just saw its first-ever sentencing for insider trading. </li><li>Nikhil Wahi, the brother of a former Coinbase staffer, will serve 10 months in prison and was ordered to pay $892,500.</li></ul>Nikhil Wahi, the brother of a former Coinbase product manager, was sentenced to 10 months in prison on Tuesday at a federal court in Manhattan in what prosecutors have called the first-ever insider trading case for cryptocurrency. The 27-year-old was also ordered to pay $892,500 after pleading guilty to one count of conspiracy to commit wire fraud in September. US Attorney Damian Williams maintained that the sentencing clarifies that "cryptocurrency markets are not lawless." "There are real consequences to illegal insider trading, wherever and whenever it occurs," he said.Prosecutors said Wahi first began to receive tips from his brother, Ishan Wahi, in October 2020, and that information was used to sell tokens for a profit.When charges were initially filed in July, the Justice Department alleged that Ishan Wahi tipped off his brother and a friend, Sameer Ramani, at least 14 times on asset listings before the information was publicly available, which allowed them to net $1.5 million in total on at least 25 assets. The Securities and Exchange Commission also filed a separate insider trading complaint against them.At the time, attorneys for Ishan Wahi, who has pleaded not guilty, told Insider that the allegations were baseless: "Ishan Wahi is <a href="https://markets.businessinsider.com/news/currencies/crypto-insider-trading-coinbase-wahi-ramani-doj-sec-fraud-regulation-2022-7">innocent of all wrongdoing</a> and intends to defend himself vigorously against these charges and in the SEC action." Meanwhile, Ramani remains at large, according to the Associated Press.The trio began to raise suspicion in April after Ramani purchased large quantities of six crypto assets before they were going to be listed on Coinbase, attracting the attention of a Twitter user within the online crypto community and pushing Coinbase to launch an investigation.When Coinbase contacted Wahi in May to talk about the incident, he allegedly purchased a one-way ticket to India and notified his brother and Ramani of his attempt to depart the country. He was later stopped by law enforcement before he could board the plane.

An ex-Coinbase staffer's brother was just hit with the first-ever sentence for crypto insider trading

<ul class="summary-list"><li>Former <keyword id="11895315" type="UNKNOWN" weightage="60" keywordseo="coinbase" source="Orion">Coinbase</keyword> exec Ishai Wahi and two others were charged in the first-ever crypto <keyword id="11938290" type="UNKNOWN" weightage="60" keywordseo="insider-trading" source="Orion">insider trading</keyword> scheme.</li><li>The Justice Department alleged that Wahi tipped off his brother and friend on at least 25 crypto assets before they were listed on Coinbase.</li></ul>A former Coinbase product manager and two others were charged in the first-ever crypto insider trading scheme, according to the Justice Department.The US Attorney's Office in Manhattan alleged that the former Coinbase employee tipped off his brother and a friend on assets before they were going to be listed on Coinbase, which isn't implicated in any wrongdoing.Ishan Wahi, the former Coinbase executive, as well as Nikhil Wahi and Sameer Ramani now face charges of <a href="https://www.justice.gov/usao-sdny/pr/three-charged-first-ever-cryptocurrency-insider-trading-tipping-scheme">wire fraud and insider trading</a>. The Securities and Exchange Commission also filed a separate <a href="https://www.sec.gov/news/press-release/2022-127">insider trading complaint against them</a>.The Wahi brothers were arrested Thursday, though Ramani had yet to be taken into custody. Attorneys for Ishan Wahi told Insider that the allegations against him have no merit. "Ishan Wahi is innocent of all wrongdoing and intends to defend himself vigorously against these charges and in the <keyword id="11898795" type="UNKNOWN" weightage="60" keywordseo="sec" source="Orion">SEC</keyword> action." An attorney for Nikhil Wahi didn't respond when contacted by other news outlets.US Attorney Damian Williams said in a statement that this is the first-ever insider trading case involving <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>, adding that the <a href="https://www.justice.gov/usao-sdny/pr/former-employee-nft-marketplace-charged-first-ever-digital-asset-insider-trading-scheme">first-ever case of NFT insider trading</a> happened just a month ago. "Our message with these charges is clear: <keyword id="11893299" type="UNKNOWN" weightage="60" keywordseo="fraud" source="Orion">fraud</keyword> is fraud is fraud, whether it occurs on the blockchain or on Wall Street," he said.The Justice Department alleged Ishan Wahi tipped off his brother and Ramani at least 14 times on asset listings before they appeared publicly, allowing them to make at least $1.5 million in total on at least 25 crypto assets due to insider information.The trio began to raise suspicion in April after Ramani purchased large quantities of six crypto assets before they were going to be listed on Coinbase, attracting the attention of a Twitter user within the online crypto community and pushing Coinbase to launch an investigation.When Coinbase contacted Wahi in May to talk about the incident, he allegedly purchased a one-way ticket to India and notified his brother and Ramani of his attempt to depart the country. He was later stopped by law enforcement before he could board the plane.

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