Here are some of the major crypto happenings of the past few days
The transformation of terrorism from ‘dynamite to metaverse’ and ‘AK-47 to virtual assets ’ is a matter of concern for different countries of the world, Union Home Minister Amit Shah said on November 19, 2022. He was addressing the first session of the ‘NoMoneyforTerror’ ministerial conference in New Delhi.
“We also recognise that the threat of terrorism cannot and should not be linked to any religion, nationality, or group. To confront terrorism, we have made significant progress in fortifying the security architecture and the legal and financial systems. In spite of this, terrorists are constantly finding new ways to carry out violence, radicalise youth and raise financial resources. Terrorists are using the Dark Net to spread radical content and conceal their identities. Additionally, there is an increase in the use of virtual assets like cryptocurrency. We need to understand the patterns of these Dark Net activities and find their solutions,” Shah said.
Indian-American Arrested In $10 Million Crypto Fraud Scheme
Rathanakishore Giri, an Indian-American, was detained by federal law enforcement authorities in the US on November 18, 2022 in Ohio on suspicion of participating in a cryptocurrency investment fraud operation that defrauded investors of at least $10 million, PTI reported.
In court records, Giri (27) of New Albany has been accused of deceiving investors by falsely portraying himself as a seasoned cryptocurrency trader with a focus on trading Bitcoin derivatives.
Federal prosecutors claimed that the accused misled investors by claiming that he would generate profitable returns with no danger to their principal investment amount, which he vowed to return.
In reality, the prosecution claimed, Giri often reportedly utilised funds granted by fresh investors to pay off previous ones.
India Witnessed 3rd Highest Crypto App Downloads In 2015-2022
According to data from a working paper published by the Bank for International Trading (BIS), between August 2015 and June 2022, India had the third-highest number of downloads of cryptocurrency exchange applications worldwide. There were 30.1 million total downloads of these apps in India, the paper said.
With 126.9 million downloads, the US had the most downloads followed by Turkey with 44.2 million downloads.
According to the data, India has continued to have a low rate of crypto adoption per 100,000 citizens.