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Odisha police busted a big multimedia, ponzi scam related to crypto worth ₹1,000 crore

Odisha police busted a big multimedia ponzi scam related to cryptocurrency worth ₹1,000 crore. The police arrested the mastermind of the crypto scam spread in India. Other than this, the Odisha head of the scam was also arrested. Huobi has experienced a significant drop in stablecoin reserves in response to speculations about possible arrests of its executives in China. Payments giant PayPal (PYPL.O) said on Monday that it had launched a U.S. dollar stablecoin, becoming the first major financial technology firm to embrace digital currencies for payments and transfers. With this crypto daily roundup, you can jumpstart your day with the latest updates on cryptocurrencies like Bitcoin, Ethereum, and more.

Crypto Price Moment

Bitcoin was trading flat as the largest crypto token remained above the 29,000 mark, while Ethereum traded lower but did not breach the US$1,800 level. Other popular altcoins like Litecoin (LTC), Dogecoin (DOGE), Solana (SOL), and Ripple (XRP) prices saw minor dips and gains across the board. The global cryptocurrency market cap was trading slightly higher, rising to US$1.17 trillion as it fell more than half a percent in the last 24 hours.

The Biggest Crypto-Ponzi Scam of India

Odisha police busted a big multimedia ponzi scam related to cryptocurrency worth ₹1,000 crore. The police arrested the mastermind of the crypto scam spread in India. Other than this, the Odisha head of the scam was also arrested.

The EOW arrested Gurtej Singh Sidhu, 40, the India head of STA (Solar Techno Alliance) Crypto Token, from Sri-Ganganagar, Rajasthan.

Sidhu, a native of Faridkot, Punjab, was produced before a local Sri Ganganagar court granting a seven-day transit remand. He was brought to Odisha and would be produced before the Odisha Protection of Interests of Depositors (OPID) Court, Cuttack.

PayPal to issue Dollar-Pegged Crypto Stablecoin

Payments giant PayPal (PYPL.O) said on Monday that it had launched a U.S. dollar stablecoin, becoming the first major financial technology firm to embrace digital currencies for payments and transfers. The Ethereum-based token will soon be available to PayPal users in the U.S. This is the first time a major financial company is issuing its stablecoin. Users can transfer PYUSD between PayPal and supported external digital wallets, use the tokens to pay for goods and services, or convert any of PayPal’s supported cryptocurrencies to and from PYUSD.

ED Seizes ₹ 1,144 Crore in Crypto Fraud Cases

The Enforcement Directorate (ED) has seized proceeds of crime amounting to ₹ 1,144 crore and arrested 20 people in cases related to cryptocurrency or virtual digital assets fraud, Minister of State for Finance Pankaj Chaudhary said on Monday.

Further, under Foreign Exchange Management Act, 1999 (FEMA), assets amounting to ₹ 270.18 crore have been seized under section 37A of FEMA, and a show cause notice to cryptocurrency exchange Zanmai Labs Pvt Ltd, known as WazirX, and its Directors under FEMA for transactions involving cryptocurrencies worth ₹ 2,790.74 crore has also been issued.

“The Directorate of Enforcement is investigating several cases related to cryptocurrency / virtual digital currency frauds wherein a few crypto exchanges have also been involved in money laundering,” Mr Chaudhary said.

Telegram Crypto Bots Gain Momentum

Telegram bots have been increasingly emerging as a new tool for exposure to cryptocurrency markets and several related services.

The cumulative crypto trading volume associated with Telegram bots exceeded US$190 million as of early August 2023, according to a new report by Binance’s research arm, Binance Research.

Huobi’s Stablecoin Reserves Drop 30%

Cryptocurrency exchange Huobi has experienced a significant drop in stablecoin reserves in response to speculations about possible arrests of its executives in China.

Contrary to earlier reports, a spokesperson for Huobi has denied any executive arrests. Still, data indicates a 33% decrease in stablecoin exchange balances, with traders withdrawing US$49 million in stables during the last week.

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