Pune Police Charges Ex-IPS Officer, Cyber Expert In Crypto Crime, Bitcoin Falls

Pune police have filed a 4,400-page chargesheet against a former IPS officer and a cybersecurity expert in connection with an alleged multi-crore cryptocurrency fraud. The police had roped in former IPS officer Ravindra Patil, and Pankaj Ghode to help them crack cryptocurrency fraud cases, but the pair allegedly cheated investigators by transferring crores from digital wallets to their accounts, according to a report in The Telegraph.

The police claimed that Patil transferred some of the cryptocurrencies in his account during the investigation and Ghode provided screenshots of the accounts to the police by manipulating the figures. 

According to the police, the duo allegedly used data provided by the police for technical analysis to their advantage. Investigations further revealed that Ghode manipulated the screenshots to appear to show less money in crypto wallets, and submitted the same to the police.

In another news, Japan has passed a landmark bill around Stablecoins. The bill provides a clear definition of Stablecoins, which will now be considered digital money if they fulfil the condition of being linked within or any other legal tender.

Japan has been rather cautious about Stablecoins since 2021. The bill was conceived in 2021 by Japan’s financial services agency. According to experts, it can serve as a benchmark for the industry and boost confidence in the long run, The Economic Times reported.

A Stablecoin is a type of cryptocurrency whose value is tied to an outside asset, such as the US dollar. Some common Stablecoins include Tether and USD Coin. 

Crypto Prices

The price of Bitcoin in the cryptocurrency market fell by 6.04 per cent in the last 24 hours, and it was trading at $29,505.77 at 6:00 pm IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 46.41 per cent, down by 0.01 per cent in the last 24 hours.

In the last 24 hours, Ethereum (ETH) was trading at $1,751.99, down by 8.22 per cent, while Binance Coin (BNB) was down by 10.12 per cent during the same time period, and was trading at $276.57. Solana (SOL) was down by 13.75 per cent to $37.89, while Cardano (ADA) was down by 6.62 per cent to $0.5839. 

Meme Coins

Dogecoin was trading at $0.0795 on Coinmarketcap.com, down 4.92 per cent, at 6:00 p.m. IST. Its rival, Shiba Inu, was up by 5.49 per cent, and it was trading at $0.00001053. Samoyedcoin was up by 4.33 per cent, and it was trading at $0.005685, while Dogelon Mars was up by 8.21 per cent, and it was trading at $0.0000004293.

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $1.21 trillion, a decrease of 6.01 per cent in the last 24 hours, while the total crypto market volume was $79.49 billion, an increase of 21.87 per cent.

CV SHOTS was the biggest gainer, gaining 236.64 per cent. It was trading at $40.30 at 6:00 pm IST, according to Coinmarketcap. In contrast, Revolotto witnessed the maximum loss and fell by 90.69 per cent. It was trading at $0.01161.