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As the global <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> market hit $2 trillion for the first time in nearly three months, the industry players on Friday said the surge in the market cap indicates a wider acceptance of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">crypto</a> assets across the globe, including in India. <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> has crossed the $46,000 mark (more than ₹34 lakh for single coin) once again. The most popular cryptocurrency has been trading in the green with a market cap of more than $848 billion, according to CoinMarketCap. "The world's oldest<a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink"> cryptocurrency</a>, Bitcoin has witnessed a fantastic rally recently and the latest Ethereum upgrade, also known as <keyword id="11783837" type="UNKNOWN" weightage="20" keywordseo="london-hard-fork">London Hard Fork</keyword>, has boosted the <keyword id="6709758" type="UNKNOWN" weightage="20" keywordseo="Ether">Ether</keyword> price," said Shivam <keyword id="356889" type="PERSON" weightage="20" keywordseo="Thakral">Thakral</keyword>, CEO, <keyword id="6238055" type="UNKNOWN" weightage="20" keywordseo="buyucoin">BuyUcoin</keyword>. Crypto assets are moving towards becoming mainstream with many brands around the world accepting cryptocurrency as a form of payment. "The current bull run is expected to continue, and we are highly optimistic that Bitcoin will hit the $100,000 mark by the end of this year," Thakral said in a statement. In India, Cryptocurrency exchange WazirX has witnessed a massive 2,648 per cent growth in user signups from tier 2 and 3 cities in the country, observing higher participation from women from smaller towns compared to their urban counterparts. The <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">cryptocurrency</a> exchange currently has more than 7.3 million users and has clocked over $21.8 billion in trading volume in 2021 till date. "Crypto has immense potential to remove the financial barriers for rural India, and provide cheaper access to capital, more online jobs," Nischal Shetty, CEO, WazirX had said. There are more than 1.5 crore Indians holding over ₹1,500 crore worth crypto assets. According to industry experts, crypto may become the most important asset class of the 21st century. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/messis-move-to-psg-includes-getting-partly-paid-in-the-clubs-fan-cryptocurrency/articleshow/85272256.cms">Messi’s move to PSG includes getting partly paid in the club’s cryptocurrency — the value of which has tripled since last week</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/ethreums-update-has-boosted-ethers-price-but-the-cryptocurrencys-main-problem-is-yet-to-be-solved/articleshow/85269874.cms">London Hard Fork is affecting Ether’s prices already, but gas fees stabilisation will take longer</a>

Bitcoin climbs back up to ₹34 lakh as global crypto market crosses ₹148 lakh crore in value

In yet another data breach, sensitive data of nearly 3.25 lakh users of India-based global <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> exchange and wallet, <keyword id="6238055" type="UNKNOWN" weightage="20" keywordseo="buyucoin">BuyUcoin</keyword>, have been exposed on the Dark Web. The data leaked include names, e-mails, mobile numbers, encrypted passwords, user wallet details, order details, bank details, KYC details (PAN number, passport numbers) and deposit history. According to independent cyber security researcher Rajshekhar Rajaharia, the 6GB file on MongoDB database contains three backup files containing BuyUcoin data. "This is a serious hack as key financial, banking and KYC details have been leaked on the Dark Web," Rajaharia told IANS and shared some screenshots of the leaked data. Researchers at cyber security firm Kela Research and Strategy Ltd first discovered the stolen data, linked on the same forum, from Wongnai Media Co Ltd, Tuned Global Pvt Ltd, BuyUcoin, Wappalyzer, Teespring Inc and Bonobos.com, which looks the handiwork of infamous hacking group ShinyHunters. "Over this past summer, ShinyHunters was seen publishing leaked data for free, exposing millions of personal records from all over the world," Victoria Kivilevich, threat intelligence analyst at Kela Research, told SiliconANGLE. "We have seen collaborators of Shiny Hunters selling and leaking other dumps in the recent months." BuyUcoin was yet to react to the report. ShinyHunters has also leaked 1.9 million user records stolen from free online photo editing application Pixlr. According to Rajaharia, the hacker is the same who earlier leaked BigBasket and JusPay data in India. In November last year, one of India's popular online grocery stores BigBasket found that its data of over 20 million users had been hacked and were on sale on the dark web for over $40,000. "Now, the same hacker group is asking about $10,000 in Bitcoin for the BigBasket database and is also selling the three companies' databases," Rajaharia said. "There is a strong connection between all these recent data leaks, including BigBasket," he added. Earlier this month, Bengaluru-based digital payments gateway JusPay said that about 3.5 crore records with masked card data and card fingerprint were compromised by the hacker. Rajaharia also disclosed that three Indian companies -- e-marketplace ClickIndia, fintech startup for small business owners ChqBook and wedding planning website WedMeGood -- were also hacked possibly by the same hacker. "Nearly 80 lakh users of ClickIndia (name, email, mobile and other personal details), 10 lakh users of ChqBook (name, email, mobile, full address and other personal details) and 13 lakh users of WedMeGood (name, email, hashed password, other sensitive personal information)," Rajaharia had revealed.

Cryptocurrency startup BuyUcoin hacked, data of over 3 lakh users leaked

Led by <keyword id="6354947" type="LOCATION" weightage="20" keywordseo="bitcoin">Bitcoin</keyword>, the global <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">cryptocurrency</a> market has zoomed past $2 trillion in market capitalisation amid a surge in institutional demand. <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">Bitcoin</a> alone has contributed more than $1 trillion after its price more than doubled in 2021 and is currently hovering around $57,000 per digital coin. The other key <keyword id="2420795" type="PERSON" weightage="20" keywordseo="cryptocurrencies">cryptocurrencies</keyword> -- Ethereum, Binance Coin, Polkadot, Tether and Cardano -- have a combined value of about $422 billion. The electric car company Tesla has announced to start accepting Bitcoin as payment. Tesla has already invested $1.5 billion in Bitcoins. Tesla CEO <keyword id="6355315" type="COMPANY" weightage="20" keywordseo="elon-musk">Elon Musk</keyword> said late last month that people in the US can now buy a Tesla with Bitcoins, and the option to pay with the popular <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">cryptocurrency</a> will be available to <keyword id="2386915" type="PERSON" weightage="20" keywordseo="other-countries">other countries</keyword> later this year. According to Shivam Thakral, CEO, BuyUcoin, the digital assets have beaten every other asset class as Bitcoin and Ethereum have grown 100 per cent and 190 per cent this year, respectively. "The growing global support for crypto industry is not surprising as think tanks/institutions across the globe have realised the importance of digital assets and want to take first mover advantage. There is no other asset class in the world which can provide such a strong hedge against inflation," Thakral said in a statement on Wednesday. In <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>, with Union Finance Minister Nirmala Sitharaman saying that all windows on cryptocurrencies will not be closed down, industry stakeholders last month said that a positive move at this point can unleash a host of opportunities for the country. India's leading cryptocurrency players, represented by IAMAI (Internet and <keyword id="592650" type="COMPANY" weightage="20" keywordseo="Mobile-Association-of-India">Mobile Association of India</keyword>) have appealed to the government of India not to ban cryptocurrency, saying that a robust mechanism to regulate the ecosystem is needed. The government has listed the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 for introduction, consideration and passing in the current session of Parliament. Reports indicate that India probably aims to launch its own digital currency i.e. Central Bank Digital Currency (CBDC). This measure will be in line with many central banks which have begun planning to issue their own digital currencies. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/one-third-of-indians-hold-cryptocurrencies-and-youngsters-are-leading-the-charge/articleshow/85364856.cms">One third of Indians hold cryptocurrencies and youngsters are leading the charge, according to a new report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/cricket-is-jumping-on-the-nft-bandwagon-heres-how-fans-can-splurge-on-digital-collectibles-in-the-sporting-world/slidelist/85302503.cms#slideid=85302611">Cricket is jumping on the NFT bandwagon — here’s how fans can splurge on digital collectibles in the sporting world</a>

Global crypto market crosses $2 trillion, bitcoin accounts for over 50% of the market cap

New Delhi, A hacker that goes by the name of <keyword id="9206309" type="UNKNOWN" weightage="20" keywordseo="shinyhunters">ShinyHunters</keyword> has now leaked data of 2.28 million users of a dating <keyword id="10649183" type="UNKNOWN" weightage="20" keywordseo="website-meetmindful">website MeetMindful</keyword> that includes real names, Facebook account tokens, email addresses and geo-location information. According to a report in ZDNet, the leaked <keyword id="14345" type="PERSON" weightage="20" keywordseo="Date">date</keyword> in a 1.2GB file has been shared as a free download on a publicly accessible hacking forum. "The content of this file includes a wealth of information that users provided when they set up profiles on the MeetMindful site and mobile apps," said the report citing a cyber security research on Sunday. The leaked data also includes body details, dating preferences, marital status, birth dates, IP addresses and Bcrypt-hashed account passwords. The message on the website reads: "This website is using a security service to protect itself from online attacks". MeetMindful was founded in 2014. For several MeetMindful users, the leaked data can be used to trace their dating profiles back to their real-world identities. The data is still available for download on the public file-hosting site where it was initially uploaded. Several hackers have been engaged in sextortion where they contact dating site users, threatening to expose their profiles to family unless they pay a ransom. ShinyHunters has been involved in several data breaches recently, including allegedly leaking sensitive data of nearly 3.25 lakh users of Delhi-NCR based global cryptocurrency exchange and wallet, BuyUcoin, on the Dark Web. ShinyHunters has also leaked 1.9 million (19 lakh) user records stolen from free online photo editing application Pixlr. According to cyber security experts, the hacker is the same who earlier leaked BigBasket and JusPay data in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>. Three other Indian companies -- e-marketplace ClickIndia, <keyword id="2461546" type="DOMAIN" weightage="20" keywordseo="FinTech">fintech</keyword> startup for small business owners ChqBook and wedding planning website WedMeGood -- were also breached possibly by the same hacker. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/an-american-electric-car-maker-explains-why-it-took-a-different-route-than-elon-musks-tesla-tata-motors-or-mahindra/articleshow/80442243.cms?upcache=2">An American electric car maker explains why it took a different route than Elon Musk’s Tesla, Tata Motors or Mahindra</a> <a href="https://www.businessinsider.in/tech/mobile/news/new-realme-stores-in-india-and-ceo-says-there-is-plan-for-new-devices/articleshow/80443801.cms">EXCLUSIVE: Realme plans to open 500 new stores in 2021⁠— the CEO reveals the company will go beyond smartphones in the 5G era</a> <a href="https://www.businessinsider.in/budget/news/indias-co-working-sector-wants-recognition-under-real-estate-tax-benefits-as-flexible-workspaces-aim-for-a-significant-revival-in-the-post-covid-era/articleshow/80431768.cms">India’s co-working sector wants recognition under real estate, tax benefits as flexible workspaces aim for a significant revival in the post-COVID era</a>

Dating site MeetMindful hacked — data of over 2 million users leaked including Facebook details and geo-location

Millions of innocent Indian users have risked their hard-earned money in highly-volatile cryptocurrencies which are not a legal tender and the country stands on the cusp of an economic disaster in the making as self-styled <keyword id="12537889" type="General" weightage="20" keywordseo="crypto-cartels" source="Orion">crypto cartels</keyword> bombard citizens with misleading ads while relevant government authorities quietly watch the whole saga from the sidelines. The deafening silence on the part of statutory authorities to the increasing number of crypto platforms luring the public into investing from as low as Rs 100 is "incomprehensible" in absence of a dedicated law on crypto assets and crypto currencies, lament leading legal experts. <div type="Article" hostid="261" msid="87642591" title="Crypto players in India to meet with government today to give inputs on the potential of cryptocurrencies in the country and its impact" mstype="2" mssubtype="0"></div> A recent advertisement by the Blockchain and Crypto Assets Council (BACC), a part of the Internet and Mobile Association of India (IAMAI), and industry players like <keyword id="10245463" type="General" weightage="20" keywordseo="coinswitch-kuber" source="Orion">CoinSwitch Kuber</keyword>, <keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword>, <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword> and <keyword id="2761019" type="General" weightage="20" keywordseo="zebpay" source="Orion">Zebpay</keyword>, claimed that crores of Indians have invested over Rs 6 lakh crore in crypto assets. India has recently seen a spurt in the popularity of <keyword id="6422582" type="General" weightage="20" keywordseo="crypto-exchanges" source="Orion">crypto exchanges</keyword> and platforms in recent months like CoinSwitch Kuber (CSK), WazirX, CoinDCX, ZebPay, Unocoin and BuyUcoin, etc. According to Dr Pavan Duggal, a seasoned Supreme Court advocate and a cyber law expert, if Indians have invested over Rs 6 lakh crore in the crypto ecosystem and there is absence of legal clarity, it is very much possible that a large number of people could lose huge chunks of money. "It is also possible that some people may make a lot of money. The chances of an innocent user being made a victim of this impending economic disaster cannot be ruled out. The quicker India as a nation wakes up from its deep slumber and starts addressing the crypto ecosystem, the better it will be," Duggal told IANS. In some respite for the common investor, the Indian government is finally aiming to prohibit crypto ads that are growing across media platforms and were seen in plenty during the IPL 2020 and the ICC Men's T20 World Cup cricket matches. In a memo outlining the summering of a meeting between Prime Minister Narendra Modi and the crypto industry players over the weekend, the government has shown its displeasure over such mushrooming advertisements that promise wild profits. However, the bigger crypto threat looms as the country has still not made up its mind on the legalities pertaining to crypto assets. New Delhi-based cyber law expert Virag Gupta said that taking the benefit of zero regulatory framework around crypto, the "self-styled godmen" of this industry have made their own regulatory mechanism and code of conduct which have put the Indian law-making machinery in bad light for the world. "The crypto market which was illegal some years back has now risked over Rs 6 lakh crore worth of money from Indians investors. The biggest question now is: How is the government planning to levy and recover tax on money being made by crypto trading exchanges and apps? If it is treated as capital gain then the players get undue benefit and if it is treated as business income, then the whole illegal system turns legal," Gupta elaborated. There are several serious aspects to the whole crypto scenario in India that need to be addressed fast. "First, when crypto is spreading like wildfire then why is its regulation delayed. Second, without Parliament-specific approval and amendment in the RBI Act, private currency like crypto cannot be treated as a valid legal tender," argued Gupta. In the proposed law, if cryptocurrencies are not accepted as legal tender, then how will it be treated as an asset class and who will be its regulator. "Crypto craze is reaching tier II and III towns and non-regulation of this market of Rs 6 lakh crore size is raising questions on the sovereign authority of government of India. Non-levy of GST in various layers of its transaction and non-imposition of income tax with penalty is causing huge loss to the state and central government revenue," Gupta further stressed. Crypto platforms, especially WazirX, CoinSwitch Kuber and CoinDCX, have launched ads across platforms, promising big returns on crypto investments, with a thin line titled "Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks," placed at the end of the ads. A large number of Indians have become victims of such luring advertisement campaigns in the past, which asked them to invest in digital coins. Currently, the RBI is the nodal agency that is responsible for all issues pertaining to crypto assets in India, thanks to a recent Supreme Court judgment. "However, we have still not seen effective steps being taken from the statutory authorities to protect consumers from vagaries of crypto-assets and crypto currencies and their sharp volatility," Duggal said. According to a recent report by IT industry's apex body Nasscom, there are more than 15 million retail investors in India investing in the cryptotech space. A cryptocurrency bill is expected in Parliament's winter session and according to experts, strong mechanisms need to be put up to prevent the innocent citizens from becoming victims of an impending economic disaster, who do not fully understand the legal and policy ramifications of the same. "Facing a catch-22 situation, India needs stronger laws, not only for the Blockchain-based trading but also for IT and data security, in order to tame the crypto cartels," Gupta stressed. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/top-15-best-altcoins-to-buy-in-2021/slidelist/87717381.cms">Looking beyond Bitcoin and Ethereum — Here’s a list of top 15 altcoins you should keep an eye on</a> <a href="https://www.businessinsider.in/investment/news/top-6-stablecoins-in-the-crypto-market-what-are-they-how-to-they-work-and-why-they-have-governments-worried/articleshow/87667452.cms">Top 6 stablecoins in the crypto market — what are they, how they work and why they have governments worried</a>

Lack of crypto regulation in India is pulling the savings of millions at risk, according to Supreme Court advocate

New Delhi, As the surging <keyword id="6354947" type="LOCATION" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> grabs most of the headlines, Ether or Ethereum, the second biggest cryptocurrency, is touching <keyword id="10720211" type="UNKNOWN" weightage="20" keywordseo="record-valuation">record valuation</keyword> and could still be bought cheaper -- for nearly ₹1.16 lakh or $1,600 for one Ether. According to industry players, Bitcoin which is hovering around $40,000 is beyond the reach for <keyword id="10720212" type="UNKNOWN" weightage="20" keywordseo="most-investors">most investors</keyword> while Ether that has touched an all-time high is still within reach. According to Rahul Pagidipati, CEO, ZebPay, Ether tends to follow Bitcoin. "Now that Bitcoin has hit record high and is consolidating, investors are adding Ether. Together the two <keyword id="2721952" type="COMPANY" weightage="20" keywordseo="crypto">crypto</keyword>currencies constitute nearly 80 per cent of the total crypto market cap," Pagidipati said. "Nearly 3 million ETH ($3.8 billion) have been locked up for long-term staking, removing them from the buyable supply. With lower supply comes higher prices," Shivam Thakral, CEO of BuyUcoin said that Ether is touching record valuation because Bitcoin is consolidating and investors are looking at Ether to reap greater economic benefits in the long term. "Ethereum is up about 135 per cent since the start of the year and is expected to become as valuable as Bitcoin in the years to come," Thakral added. "We hope Indian counterparts will take note of this and enable the growth of the digital asset industry in India by providing a positive regulatory environment. Ethereum <keyword id="6355684" type="COMPANY" weightage="20" keywordseo="Blockchain">Blockchain</keyword> has very strong fundamentals and a lot of projects are using it to power their infrastructure." As India plans to introduce the 'Cryptocurrency and Regulation of Official Digital Currency Bill, 2021', to prohibit all "private cryptocurrencies" in the country, the industry stakeholders have come out in unison hoping that the Indian government would listen to all stakeholders before taking any decision. "As more people see new applications for the Ethereum protocol, like staking, they're realising that Either is real and has lasting value, just as they are realising the truth about Bitcoin," said Pagidipati. Owning one full bitcoin is probably a dream now for most people. "But you can still buy a full Ether for ₹1.6 lakh, still in reach for many. Those who remember Bitcoin at that price may be thinking that this opportunity won't last for much longer," the ZebPay CEO noted. The Reserve Bank of India (RBI) is already exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it. The apparent softening in RBI's stand on cryptocurrency came after the Supreme Court last year set aside a circular issued by the RBI that barred any entity from providing banking services to anyone dealing with virtual or cryptocurrencies. The RBI, in its booklet on payment systems, noted that central banks around the world are examining whether they could leverage on technology and issue fiat money in digital form. With the overall value of all cryptocurrencies surpassing the $1 trillion mark, industry experts have said that crypto may become the most important asset class of the 21st century and India needs to catch up fast with the global trend. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/heres-why-you-arent-being-able-to-apply-for-brookfield-reit-ipo-through-zerodha-groww-angel-broking-and-other-stockbroking-apps/articleshow/80686457.cms">Here's why you aren't being able to apply for Brookfield REIT IPO through Zerodha, Groww and other stockbroking apps</a> <a href="https://www.businessinsider.in/stock-market/news/analysts-explain-why-indigo-paints-shares-fell-with-a-thud-just-like-burger-king-and-mrs-bectors-and-what-to-do-with-it-now/articleshow/80704864.cms">Indigo Paints joins the league of Burger King and Bector's — frenzied IPOs that fizzled out</a> <a href="https://www.businessinsider.in/tech/news/the-india-stack-that-bill-gates-and-sundar-pichai-so-love-is-set-to-get-much-bigger-thanks-to-the-indian-governments-new-blockchain-strategy/articleshow/80718403.cms">The India stack that Bill Gates and Sundar Pichai so love is set to get much bigger – thanks to the Indian government’s new blockchain strategy</a>

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Bitcoin climbs back up to ₹34 lakh as global crypto market crosses ₹148 lakh crore in value

IANS

Cryptocurrency startup BuyUcoin hacked, data of over 3 lakh users leaked

IANS

Global crypto market crosses $2 trillion, bitcoin accounts for over 50% of the market cap

IANS

Dating site MeetMindful hacked — data of over 2 million users leaked including Facebook details and geo-location

IANS

Lack of crypto regulation in India is pulling the savings of millions at risk, according to Supreme Court advocate

IANS

Why surging Ether cryptocurrency is next best bet after Bitcoin

IANS

Choosing the best cryptocurrency exchange — your options and how to pick between them

Madana Prathap

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