<ul><li><keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword> has suffered a massive <keyword id="19904114" type="General" weightage="20" keywordseo="security-breach" source="keywords">security breach</keyword>, with hackers stealing cryptocurrency from the platform.</li><li>Over $230 million in cryptos was stolen from the company’s wallets.</li><li>The company has suspended withdrawals in rupees and cryptos.</li></ul> WazirX, India’s largest cryptocurrency exchange on Thursday reported a massive security breach on its platform, which has resulted in the theft of over $230 million in cryptocurrency. WazirX took to social media platform X to confirm the security breach and informed users that customer withdrawals from the exchange have been temporarily paused. “A cyber-attack occurred in one of our multisig wallets involving a loss of funds exceeding $230 million. Despite us taking all necessary steps to protect the customer assets, the cyber attackers appear to have possibly breached such security features, and the theft occurred,” WazirX said in a post on X. <div type="Article" hostid="261" msid="111783199" title="Budget 2024 Expectations: FAME scheme, aid for vehicle scrapping and other expectations of the auto industry" mstype="2" mssubtype="0"></div> The breach reportedly occurred in one of the exchange's multisig wallets, which require multiple private keys to unlock and withdraw funds. The incident was linked to a discrepancy between the data displayed on Liminal's digital asset custody and wallet infrastructure and the actual contents of the transaction. Liminal has been providing services to WazirX since February 2023. “Our preliminary investigations show that one of the self-custody multi-sig smart contract wallets created outside of the Liminal ecosystem has been compromised. We can confirm that Liminal’s platform is not breached and Liminal’s infrastructure, wallets and assets continue to remain safe,” Liminal Custody said in a statement to Business Insider India. “It is also pertinent to note that all WazirX wallets created on the Liminal platform continue to remain secure and protected. Meanwhile, all the malicious transactions to the attacker’s addresses have occurred from outside of the Liminal platform,” Liminal added. WazirX has suspended all withdrawals, in both rupees and crypto on its platform. “To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused. Thank you for your patience and understanding. We'll keep you posted with further updates,” the company added. “We have identified 2 more exploited smart contracts. Our team is still investigating the incident. For the time being we have opened up a secluded website to revoke all approvals. Your funds are at risk until you revoke,” WazirX added. This security breach comes at a challenging time for WazirX, as the exchange has seen its trading volume plummet by 90% in 2023 compared to the previous year. The decline can be attributed to the Indian government's introduction of a 30% tax on virtual currencies and a 1% deduction for every crypto transaction in 2022. Additionally, the Enforcement Directorate (ED) has been investigating several cases under the Prevention of Money Laundering Act, 2002 (PMLA) and the Foreign Exchange Management Act, 1999 (FEMA) related to cryptocurrencies. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-prime-day-2024-to-begin-on-july-20-in-india-everything-you-need-to-know-about-amazons-biggest-sale/articleshow/111838068.cms">Amazon Prime Day 2024 to begin on July 20 in India – everything you need to know about Amazon’s biggest sale</a> <a href="https://www.businessinsider.in/stock-market/webstories/sanstar-ipo-opens-tomorrow-price-band-to-risk-factors-all-you-need-to-know/slidelist/111826563.cms">Sanstar IPO now open – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-4-vs-realme-gt-6t-which-mid-range-phone-should-you-buy-under-35000/slidelist/111803604.cms">OnePlus Nord 4 vs Realme GT 6T – which mid-range phone should you buy under ₹35,000?</a>

WazirX suspends withdrawals after $230 million worth of cryptos stolen in a hack

<ul><li>The <keyword id="11364707" type="UNKNOWN" weightage="20" keywordseo="oneplus-blockchain-survey">OnePlus blockchain survey</keyword> has been posted in the company’s community app.</li><li>Questions in the survey hint that OnePlus is exploring the possibility of launching its own cryptocurrency wallet.</li><li>OnePlus’ survey tries to understand what cryptocurrency users use, the problems they face and how often they trade in crypto, among other things.</li></ul>Smartphone maker OnePlus is surveying its users about blockchain technology and by extension, the need for a cryptocurrency wallet. The survey revolves around cryptocurrencies and whether OnePlus users use or have used popular cryptocurrency wallets like Coinbase, Binance among others. The <a href="https://docs.google.com/forms/d/e/1FAIpQLSclgfGi61ev2v99FnZ6CEoHl0AeX7U9ogTkxu5ifNbdRy6Lew/viewform">survey</a>, first spotted by <a href="https://pricee.com/api/redirect/t.php?from=gadgets360&amp;redirect=https%3A%2F%2Fwww.mysmartprice.com%2Fgear%2Foneplus-crypto-wallet-survey%2F">MySmartPrice</a>, contains a list of questions asking users if they have invested in any type of cryptocurrency, their anonymous demographic details and more. This could be a hint at OnePlus entering the blockchain/cryptocurrency space, even if it’s in the form of a wallet to store all your <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrency</a> purchases. Given that cryptocurrencies have exploded in popularity in India – OnePlus’ biggest market – and in other parts of the world, it might make some sense for the company to dip its toes in this space. <cmsannotation type="cmsannotation" annotationid="What is this OnePlus blockchain survey about?" comment="subhead" text="What is this OnePlus blockchain survey about?">What is this <keyword id="11364705" type="UNKNOWN" weightage="20" keywordseo="oneplus-blockchain">OnePlus blockchain</keyword> survey about?</cmsannotation> So far, going by the questions in the survey OnePlus seems to be trying to understand the dealings of its users and what they think about cryptocurrencies. Apart from this, the survey also tries to understand the issues faced by users, be it investing or simply holding cryptocurrencies. There are a few other questions related to using these cryptocurrency wallets, including the ease of use and what users feel about the security offered by these wallets. Essentially, the survey revolves around what cryptocurrency users use, how often they invest or trade in crypto, the ease of use and security. The company has also posed questions about non-fungible tokens (NFT). These questions seem essential from the point of view of designing a product, which suggests that OnePlus is indeed exploring the need and value of creating its own cryptocurrency wallet. Business Insider has reached out to OnePlus for a comment. We will update this story as and when we receive a response. So far, Samsung and HTC have launched their own <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrency</a> wallets or solutions. More specifically, Samsung’s blockchain wallet has been around since the launch of the Galaxy S10 series in 2019. HTC went a step further and <a href="https://www.htcexodus.com/mea-en/">launched</a> its dedicated cryptocurrency phone called the <keyword id="77924" type="COMPANY" weightage="20" keywordseo="exodus">Exodus</keyword>. It remains to be seen if the <keyword id="11364703" type="UNKNOWN" weightage="20" keywordseo="oneplus-cryptocurrency-wallet">OnePlus cryptocurrency wallet</keyword> becomes a reality in the near future. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/google-photos-alternatives-are-hardly-any-good/articleshow/83138238.cms">Google Photos' free storage comes to an end, and there are hardly any good alternatives</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-2-release-date-specs-price-leaks/articleshow/82829154.cms">OnePlus Nord CE 5G release date, specifications and everything else we know so far</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-is-giving-away-9000-worth-google-stadia-bundle-for-free-but-its-not-available-in-india/articleshow/82965884.cms">OnePlus is giving away ₹9,000 worth Google Stadia bundle for free – but it’s not available in India</a>

OnePlus cryptocurrency wallet could be in the works, company survey suggests

<keyword id="6355629" type="COMPANY" weightage="20" keywordseo="google">Google</keyword> announced a slight change to its stance on <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrencies</a> yesterday. The company will now allow <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> companies to run ads on its network in the US, starting from August. This is a big change for the crypto community, giving companies a big way to reach new users. The search giant had famously banned all crypto ads back in 2018, an overarching ruling that essentially affected all crypto companies. The rules were <a href="https://cointelegraph.com/news/search-giant-google-lifts-2018-ban-on-crypto-exchange-wallet-advertisements">later revised</a> to allow <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto exchanges</a>, but the company still left <keyword id="727091" type="COMPANY" weightage="20" keywordseo="wallets">wallets</keyword> out of its ad network. Starting this August, the company will allow wallets to run ads on Search, YouTube, and other corners of the Internet where Google’s ad network can reach. The company <a href="https://www.bloomberg.com/news/articles/2021-06-02/google-will-let-crypto-wallets-run-ads-ico-ads-to-remain-banned">said</a> the new rules are “in order to better match existing FinCEN regulations and requirements,” and companies will have to go through a certification process. FinCEN is the US Financial Crimes Enforcement Network. At the moment, Google seems to be allowing “wallets targeting the United States” to advertise, though the company said the policy will apply globally. What Google’s new ad policy means for crypto companies? Under the new rules, <keyword id="9285764" type="UNKNOWN" weightage="20" keywordseo="crypto-wallets">crypto wallets</keyword> will have to be registered with FinCEN or a federal or state-chartered bank entity to get on Google’s ad network. They will also need to “comply with relevant legal requirements, including local legal requirements, whether at a state or federal level”. Of course, all existing Google ad policies apply to crypto companies as well. Importantly, the company noted that crypto companies will have to re-register with their network. “All prior <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">Cryptocurrency</keyword> Exchange certifications will be revoked on August 3, 2021. Advertisers must request new <keyword id="6200159" type="COMPANY" weightage="20" keywordseo="Cryptocurrency-Exchanges">Cryptocurrency Exchanges</keyword> and Wallets certification with Google when the application form is published on July 8, 2021,” Google said in a blog <a href="https://support.google.com/adspolicy/answer/10688110?hl=en&amp;ref_topic=29265">post</a>. Some ads are still banned… That said, ads for <keyword id="4801869" type="COMPANY" weightage="20" keywordseo="initial-coin-offerings">Initial Coin Offerings</keyword> (ICOs) remain banned on <keyword id="493258" type="COMPANY" weightage="20" keywordseo="Google-Ads">Google Ads</keyword>. In addition, Decentralised Finance (DeFi) trading protocols, and ads that are “otherwise promoting” the sale, purchase, or trade of cryptocurrencies or related products are also banned. Companies can’t advertise for cryptocurrency loans, token liquidity pools, celebrity cryptocurrency endorsements, unhoster wallets and unregulated decentralised apps (DApps), either. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/huawei-announces-first-devices-with-harmonyos-set-to-take-on-apple-and-google-with-its-in-house-operating-system/articleshow/83195689.cms">Huawei announces first devices with HarmonyOS — set to take on Apple and Google with its in-house operating system</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-ce-5g-mobile-phone-full-specifications-leaked-days-ahead-of-launch/articleshow/83195375.cms">OnePlus Nord CE 5G full specifications leaked days ahead of launch – heavily inspired by the original Nord</a> <a href="https://www.businessinsider.in/business/startups/news/top-five-fintech-ideas-that-are-drawing-the-most-amount-of-money/slidelist/83194276.cms">Five fintech ideas that are raking in the most amount of money</a>

Google will now allow crypto wallets to advertise on its network in the US

<ul><li>Many experts are advising investors to be cautious while investing in cryptocurrencies.</li><li>The <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> market went through a correction of sorts, with steep drops in the price of Bitcoin, Ethereum and more.</li><li><keyword id="18712" type="ENTERTAINMENT" weightage="20" keywordseo="Gold">Gold</keyword>man Sachs’ Jeff Currie said cryptocurrencies are not akin to gold.</li></ul>The recent fluctuation in the prices of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrencies</a> have confused many. Investors, especially retail investors, are having trouble deciding what to do with their investments. And though there is a barrage of opinions out there, investments are best made when you listen to the experts. So, here’s what experts are saying about cryptocurrencies like Bitcoin, Ethereum and more. “The bitcoin flow picture continues to deteriorate and is pointing to continued retrenchment by institutional investors. Over the past month, Bitcoin futures markets experienced their steepest and more sustained liquidation since the Bitcoin ascent started last October,” analysts at investment bank JP Morgan wrote in a note recently. “Institutions are unwinding Bitcoin futures and building up long positions in gold futures. And Bitcoin funds are also seeing a steady deterioration, with four-week flow turning negative for the first time,” they added. JP Morgan isn’t the only one who is advocating caution right now. Jeff Currie, the global head of commodities research at investment bank Goldman Sachs, said that <keyword id="3144636" type="PERSON" weightage="20" keywordseo="digital-currencies">digital currencies</keyword> aren’t substitutes for gold, alluding to comparisons between Bitcoin and gold as investment mediums. "Digital currencies are not substitutes for gold. If anything, they would be a substitute for copper, they are pro-risk, risk-on assets. They are a substitute for risk on inflation hedges, not risk-off inflation hedges,” Currie <a href="https://cointelegraph.com/news/bitcoin-is-risky-digital-copper-it-s-not-gold-goldman-sachs-commodities-boss">said</a> while speaking at CNBC’s Squawk Box Europe yesterday. The terms “risk-on” and “risk-off” refer to investor optimism about the market. Essentially, Currie is warning investors from taking too many risks on the crypto market right now. A ‘risk-off’ market is one where investors go for the more dependable investments in order to fend off market uncertainty. Crypto markets are always volatile, so it’s more difficult to find dependable assets to invest in. With more and more investors treating cryptocurrencies as assets, many have called them “digital gold” at times, referring to the investments people made in gold bars a long time ago. The term is usually used for Bitcoin and Ethereum -- two of the most popular cryptocurrencies in the world. Both have market capitalisation in the billions and are favourites amongst investors. “Investors need to distribute their buying, and closely follow market movement for at least the next one week,” Nischal Shetty, founder and chief executive officer (CEO) of top Indian <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto exchange</a>, WazirX, <a href="https://www.newindianexpress.com/business/2021/may/24/caught-in-the-bitcoin-fad-experts-advise-caution-2306713.html">said</a> recently. On the other hand, while experts are advising investors to be cautious, many are also advising governments to formulate policies that would allow cryptocurrencies and blockchain technologies to grow. “Now is the time for India’s policymakers to take the forward-looking approach that many other jurisdictions have taken. Responsible usage of blockchain technology and digital assets can introduce tremendous potential to the Indian economy,” said a <a href="https://ripple.com/insights/policy-framework-for-digital-assets-in-india/">policy paper</a> by Ripple recently. “Under a clear regulatory framework, consumers and businesses can confidently take full advantage of and operate within a safe environment that encourages the use of innovative technology,” the paper added. Central banks are yet to take a firm call on cryptocurrencies though. The Reserve Bank of India (RBI), the US Federal Reserve, the European Union, and many more are considering issuing their own digital currencies, known as <a href="https://www.businessinsider.in/cryptocurrency/news/central-banks-in-europe-us-china-india-have-been-working-on-central-bank-digital-currencies/articleshow/82943973.cms">central bank digital currencies</a>, and regulations are definitely going to be affected by these. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/oneplus-cryptocurrency-wallet-could-be-in-the-works-company-survey-suggests/articleshow/83164929.cms">OnePlus cryptocurrency wallet could be in the works, company survey suggests</a> <a href="https://www.businessinsider.in/careers/news/microsoft-airtel-tiktok-just-dial-byjus-and-other-companies-are-calling-out-interns-for-different-roles/articleshow/83168022.cms">Microsoft, Airtel, BYJU’S, IIT-Bombay and more — here is a list of companies looking for interns</a> <a href="https://www.businessinsider.in/tech/mobile/news/upcoming-new-smartphones-launching-in-india-in-june-2021/slidelist/83169331.cms">Smartphones launching in India in June 2021</a>

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WazirX suspends withdrawals after $230 million worth of cryptos stolen in a hack

Sourabh Jain

OnePlus cryptocurrency wallet could be in the works, company survey suggests

Rounak Jain

Google will now allow crypto wallets to advertise on its network in the US

BI India Bureau

It is not a good idea to compare crypto with gold — here is why

BI India Bureau