In the Asia Pacific, India is termed to have one of the fast-evolving cryptocurrency markets, with over 10 million digital asset holders & users. Despite massive adoption and colossal market size in the region, the nation still needs a clear and favorable set of rules for the market.
According to a report by The Indian Express, the Cyber Crime Unit of Bengaluru has allegedly detained a software engineer for stealing cryptocurrencies worth roughly $6.67 million from his former employer.
Additional information states that Shubhang Jain, a 26-year-old computer software professional was arrested over the charges of stealing cryptocurrencies from Cipher Technologies Private Limited
An officer of the investigation wing notes that “Jain had transferred the cryptocurrencies to his relatives’ wallets and later had even withdrawn money. He used to live in luxury hotels and lived a low profile. As he moved from place to place, the police were unable to track his movements.”
Jain was detained in Mumbai when the authorities got a lead that he was in constant contact with brokers in Mumbai for a lavish property, said the CID official. He met the owner of Cipher on Telegram, from where he was further selected for a job interview.
Overview of the Indian Crypto Market
According to available data, the Indian cryptocurrency market is expected to reach $6.6 Billion by the end of 2024. However, the market is expected to grow with a negative CAGR of -2.44% and could reach $6.4 billion by 2025 ending.
Binance is one of the most significant players in the Indian crypto space, followed by Gate(dot)io, Coinbase, and Crypto(dot)com, among others.
Other Market News Updates
On September 10, 2024, Todayq reported that Standard Chartered, a leading bank, has started offering its digital assets custody services in the United Arab Emirates.
The bank partnered with Brevan Howard Digital to launch its digital assets custody services in the UAE.
PayPal, a globally popular payment aggregator, and its sister company Venmo have recently disclosed their integration with ENS (Ethereum Name Service) to avoid hassle and make the process more efficient.
The initiation of the ENS domain name by PayPal and Venmo is now expected to help 270 million users transfer crypto assets using simple ENS names rather than long, error-prone wallet addresses.
Crypto Market Price Update
A solid bearish momentum hits the cryptocurrency market capitalization; when writing, it was $1.99 trillion, with an intraday decline of 1.01%.
Dogwifhat (WIF), the trending memecoin of the market, is constantly bleeding, and as of press time it lost 7.30% of its trading price reaching $1.56.
WIF debuted in the cryptocurrency market in December 2023, and soon after its launch it gathered huge limelight and its highest trading price ever was $4.85, on March 31, 2024.
In the past 30 days, WIF lost more than 9.81 of its trading price and also lost 7.38% of its market capitalization in the past 24 hours.
When writing, Bitcoin was trading at $56,591 with an intraday decline of 0.99% and lost more than 3.31% of its price in the monthly time frame. As per border claims BTC prices could soon cross the mark of $60k, and return back to its old territory, a few months ago.
The intraday gainer list is ruled by Internet Computer (ICP) as its prices surge more than 10.20% reaching $8.68 followed by Aave trading at $150.43 with a growth of 9.39%.