Home Blog

India Freezes Peter Thiel-Backed Vauld’s Crypto and Bank Assets Worth $46 Million



India’s social control board (ED) has frozen crypto exchange Vauld’s crypto and bank assets price regarding INR 370 large integer ($46,439,181). Vauld halted deposits and withdrawals last month. The Indian enforcement agency is reportedly investigation quite ten cryptocurrency exchanges.

Indian Authority Freezes Another Cryptocurrency Exchange’s Assets

The social control board (ED), a enforcement and economic intelligence service of the govt. of Bharat, has frozen the assets of another cryptocurrency exchange.

The agency declared Friday that it’s conducted searches at numerous premises of Yellow Tune Technologies in urban center Associate in Nursingd has issued an order to freeze its bank balances, payment entrance balances, and crypto balances of Flipvolt Technologies’ crypto exchange totaling 370 large integer rupees ($46,439,181) price of assets. Flipvolt Technologies is that the India-registered entity of Singapore-headquartered Vauld, a cryptocurrency commerce, borrowing, and disposal platform.

ED explained that more or less 370 large integer rupees were deposited by twenty three entities into the INR wallets of Yellow Tune Technologies command with Flipvolt Technologies’ crypto exchange. These amounts were “proceeds of crime derived from predatory disposal practices,” the authority aforementioned, elaborating:

Yellow Tune by mistreatment the help of Flipvolt crypto exchange … motor-assisted the suspect fintech firms in avoiding regular banking channels, and managed to simply eliminate all the fraud cash within the variety of crypto assets.

The agency alleged that Flipvolt “has terribly lax KYC [know-your-customer] norms, no EdD [enhanced due diligence] mechanism, no check on the supply of funds of the investor, no mechanism of raising STRs [suspicious group action reports].”

In addition, Flipvolt did not offer the entire path of crypto transactions created by Yellow Tune Technologies and will not provide any variety of KYC of the other party wallets, ED noted.

The authority ended that “by encouraging obscurity and having lax AML [anti-money laundering] norms,” the crypto exchange “has actively motor-assisted Yellow tune lavation the yield of crime price 370 large integer rupees mistreatment cryptocurrency,” adding:

Therefore, equivalent movable assets to the extent of Rs 367.67 large integer lying with Flipvolt crypto exchange within the variety of bank and payment entrance balances price Rs 164.4 large integer and crypto assets lying in their pool accounts price Rs 203.26 large integer area unit frozen underneath PMLA, 2002, until complete fund path is provided by the crypto exchange.

Vauld’s web site explains that “As presently as a user deposits funds to their Vauld billfold, it goes to a centralized pool.” From this pool, the funds area unit allotted for disposal and commerce. PMLA, 2002, is India’s interference of cash lavation Act.

The crypto exchange told Businesstoday: “We area unit investigation this matter, we have a tendency to kindly request your patience and support, we are going to keep you updated as presently as we’ve additional info on this.”

After halting deposits and withdrawals last month, Vauld declared a restructuring arrange on Fourth of July because of “financial challenges” it visaged in recent months. Defi Payments Pte Ltd., the entity that operates Vauld in Singapore, additionally applied for court protection from legal proceedings being commenced against it. The exchange is presently not authorised in Singapore.

In Gregorian calendar month last year, Vauld raised $25 million in an exceedingly Series A funding spherical for its India-based borrowing and disposal platform. The spherical was semiconductor diode by Valar Ventures, a U.S.-based risk capital fund co-founded by have Peter Thiel. Pantera Capital, Coinbase Ventures, CMT Digital, Gumi Cryptos, Henry M. Robert Leshner, passage Capital, et al additionally participated within the spherical.

Last week, erectile dysfunction declared that it’s frozen the bank assets of Wazirx, a serious crypto exchange in Bharat. The authority elaborated that it conducted searches on one amongst the administrators of Zanmai Labs, that owns Wazirx, An issued an order to freeze the exchange’s bank balances to the tune of INR 64.67 crore.

ED equally explained that the action against Wazirx is a component of a concealing investigation involving non-bank money firms (NBFC) and their fintech partners for “predatory disposal practices in violation of the run [Reserve Bank of India] tips.”

In addition, the Economic Times according Thursday that erectile dysfunction is inquisitory a minimum of ten cryptocurrency exchanges for allegedly lavation quite INR 1,000 crore. The crypto commerce platforms allegedly didn’t conduct adequate due diligence and did not file suspicious group action reports.


Head of the technology.

Related Posts

India Freezes Peter Thiel-Backed Vauld’s Crypto and Bank Assets Worth $46 Million source https://blockchainconsultants.io/india-freezes-peter-thiel-backed-vaulds-crypto-and-bank-assets-worth-46-million/

Bitcoin Mining Operations Continue to Expand Amid the Crypto Winter, whereas changing ‘Wasted Gas to Energy at Scale’



The bitcoin mining trade continues to expand as corporations are getting additional megawatts of capability, building new facilities, and getting thousands of application-specific integrated circuit (ASIC) mining rigs. On Friday, the firm Validus Power discovered it has acquired  2 gas power stations in Ontario, Canada, that may become crypto mining facilities. On a similar day, the firm Applied Blockchain got a $15 million loan to fund growth and “buildout of its knowledge centers.” whereas the bitcoin mining industry’s growth has been exponential, at a similar time, bitcoin mining operations are creating a big dent toward cleanup up the world’s CO2 gas emissions.

Applied Blockchain Secures $15M in Credit to Build Out Data Centers

While cryptocurrency markets saw a big deterioration throughout the previous couple of months, it’s not stopped specific bitcoin miners from increasing. As an example, this week, the bitcoin company Genesis Digital Assets declared that the firm secured 708 megawatts (MW) in capability throughout the primary half of 2022. When securing thousands of ASIC mining devices at a reduction, the bitcoin laborer Cleanspark declared earlier in the week that it acquired a plug-in-ready facility with eighty six MW of capability.

On Friday, the bitcoin mining hosting company Applied Blockchain declared that it secured a $15 million loan to continue enlargement. “[Applied Blockchain] intends to use the power to repay its existing debt and supply extra liquidity to fund the buildout of its knowledge centers,” the corporate noted throughout the announcement. “The new credit facility doubles our loan-to-value on our village facility and provides the North American nation with extra capital to fund our growth plans and deliver on the increasing demand from our customers,” Applied Blockchain’s chairman and business executive, Wes Cummins, explained.

Validus Power Expands Ontario Presence With Plans to Convert Waste Gas Into Bitcoin With Proprietary to Clean Energy Technology

While Applied Blockchain got a loan to pay off existing debt and build out infrastructure, Validus Power, a blockchain power solutions firm, declared that the corporation is building out additional knowledge centers in North American nations. Validus Power is within the limits of developing 2 crypto mining facilities in Kapuskasing and North Bay, Ontario, and its plans for knowledge center construction in Iroquois Falls,  Ontario. The corporation acquired the gas power stations from septentrion Power in April 2022.

According to Validus, the Ontario Falls plant is a 120 MW and a natural-gas-fired power center. The Kingston location is additionally a natural-gas-fired power center with a 110 MW of capability. Last October Validus declared its North Bay power station and it additionally inked a partnership with Hut eight Mining house. sort of a myriad of bitcoin mining corporations nowadays, Validus Power additionally converts wasted gas into crypto.

On June 3, the corporation wrote concerning the “Mad Maxx Mobile Power Fleet,” that converts “waste gas into Bitcoin with deportment clean energy technology.” Validus joins Crusoe Energy, Greenidge Generation, Upstream knowledge, Vespene Energy, EZ Blockchain, and a variety of others reworking wasted gas into bitcoin. The enlargement of the bitcoin mining trade in 2022 isn’t solely seeing growth, however the technologies behind bitcoin mining operations are serving to the setting. The diary post Validus revealed last June says:

“Through the use of property and well-tried technology, Validus Power is ready to require undesirable and unusable waste gas created within the oil refinement process and convert it to energy at scale.”


Head of the technology.

Related Posts

Bitcoin Mining Operations Continue to Expand Amid the Crypto Winter, whereas changing ‘Wasted Gas to Energy at Scale’ source https://blockchainconsultants.io/bitcoin-mining-operations-continue-to-expand-amid-the-crypto-winter-whereas-changing-wasted-gas-to-energy-at-scale/

World’s Largest Asset Manager Blackrock Launches Bitcoin Private Trust Citing ‘Substantial Interest’ From Client



The world’s largest plus manager, Blackrock, has launched a spot bitcoin personal trust. “Despite the steep worsening within the digital plus market, we have a tendency to ar still seeing substantial interest from some institutional shoppers,” aforesaid Blackrock.

Blackrock Launches Bitcoin Trust

Blackrock, the world’s largest plus manager, has launched “Blackrock bitcoin personal trust.” consistent with a weekday journal post, the spot bitcoin personal trust, on the market to U.S. institutional shoppers, seeks to trace the performance of BTC, less expenses and liabilities of the trust.

The Asset management firm detailed:

Despite the steep worsening within the digital plus market, we have a tendency to ar still seeing substantial interest from some institutional shoppers in a way to expeditiously and cost-effectively access these assets exploitation our technology and products capabilities.

“Bitcoin is that the oldest, largest, and most liquid cryptoasset, and is presently the first subject of interest from our shoppers at intervals the cryptoasset area,” the plus manager additional.

Blackrock additional explained that it’s been conducting add four digital plus areas wherever it sees potential to learn its shoppers and capital markets additional broadly speaking. The four aras are permissioned blockchains, stablecoins, crypto assets, and tokenization.

Last week, Blackrock declared a partnership with the Nasdaq-listed cryptocurrency exchange Coinbase. The collaboration can “provide common shoppers of Aladdin and Coinbase access to the digital assets commercialism lifecycle through property between Coinbase and also the Aladdin platform, beginning with bitcoin,” Blackrock represented.

In March, Blackrock CEO Larry squealer aforesaid his company “is finding out digital currencies, stablecoins and also the underlying technologies to know however they will facilitate USA serve our shoppers.” the manager indicated accrued consumer interest for crypto compared to last year once he aforesaid in July that his firm saw “very little” demand for crypto assets.

Meanwhile, Blackrock CIO Rick Rieder has created many optimistic statements regarding bitcoin and crypto. He repeatedly aforesaid that the value of BTC might go up considerably. He additionally aforesaid in June that bitcoin and crypto ar sturdy assets. In April, Blackrock launched a blockchain exchange-traded fund (ETF).


Head of the technology.

Related Posts

World’s Largest Asset Manager Blackrock Launches Bitcoin Private Trust Citing ‘Substantial Interest’ From Client source https://blockchainconsultants.io/worlds-largest-asset-manager-blackrock-launches-bitcoin-private-trust-citing-substantial-interest-from-client/

Crypto Exchange Hotbit Suspends Service After Law Enforcement Freezes Its Funds, Subpoenas Senior Managers



Crypto exchange Hotbit has declared the suspension of commerce, deposits, withdrawals, and funding on its platform. The exchange’s enforcement has frozen a number of its funds and subpoenaed some senior managers as they investigate a criminal case involving the exchange’s former worker.

Hotbit Suspends commerce, Deposits, Withdrawals

Cryptocurrency exchange Hotbit declared the suspension of its services on Wednesday. the corporate wrote:

We regret to tell you that Hotbit may need to suspend commerce, deposit, withdrawal and funding functions. The precise time of start can not be determined at the instant.

The exchange elaborated that the explanation for the suspension is as a result of a former management worker being suspected of violating criminal laws.

The employee left Hotbit in Apr. Unbeknownst to the exchange, he was concerned during a project last year that was in violation of the company’s internal observer, the announcement details.

Law enforcement has subpoenaed a variety of Hotbit senior managers since the end of July. they’re presently aiding the authorities within the investigation, the exchange additional, elaborating:

Furthermore, enforcement has frozen some funds of Hotbit, which has prevented Hotbit from running commonly.

Hotbit’s web site states that the exchange has over 700,000 registered users from over 210 countries. “By that specialize in the world’s rising markets like the markets of Russia, Japan, Asian nations, Turkey, and Southeast Asian countries, Hotbit has gathered its users from Twitter, Telegram, VK, and Facebook,” the website details.

The exchange doesn’t offer services for users from a variety of nations, together with the U.S., China, Singapore, and Japan.

Hotbit is applying for the discharge of the frozen assets, the exchange noted, action that “The assets of all users square measure safe” on its platform. Moreover, the corporate claims that each one users’ assets and knowledge on the exchange “are secure and proper,” elaborating:

Hotbit can resume traditional service as before because the assets square measure ice-free.

Hotbit has become the most recent crypto exchange to halt withdrawals. On Tuesday, German crypto exchange Nuri, erst Bitwala, filed for financial conditions. Recently, Singapore-based crypto exchange Zipmex halted withdrawals and filed for a moratorium. different crypto corporations that have filed for bankruptcy embody crypto lenders traveller Digital and Anders Celsius Network.


Head of the technology.

Related Posts

Crypto Exchange Hotbit Suspends Service After Law Enforcement Freezes Its Funds, Subpoenas Senior Managers source https://blockchainconsultants.io/crypto-exchange-hotbit-suspends-service-after-law-enforcement-freezes-its-funds-subpoenas-senior-managers/

Could Today’s CPI Data be Bullish?


By Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock 

After Bitcoin slumped just under 5% on Tuesday, it hovers above $23,000 at time of writing, after Coinbase’s Q2 earnings were released. They reported a 63% decline in revenue in the second quarter, hence leading to a $1.1 billion loss from a year ago, despite its monthly customer rising from 8.8 million to 9 million. This demonstrates further how impactful the macroeconomy has been have been for many crypto exchanges during the past few months.

Coinbase also predicted that over the next 3 months its userbase will continue to fall. U.S. CPI data (which were released Wednesday at 1.30pm UK time) will be playing a huge part in determining whether we will continue to see crypto users indeed decline or not over the coming months.

CPI is expected to be 8.7% – if the released number is lower than this figure, I expect a rally for crypto and equities to ensue. I think any figure below 9.1% is promising though, as this was las month’s CPI figure, and it would signal the start of a plateau with inflation. In this case, the Federal Reserve would be inclined to become less aggressive in its next FOMC meeting in September, which the market would be excited about.

Hacks have become more prevalent in the crypto space over the past 2 years, as the industry has grown tremendously. Yesterday, Curve Finance, an established DeFi protocol, was hacked with $570,000 stolen.

In this instance, Curve Finance’s domain name system, DNS, was hijacked (DNS maps readable website names to IP addresses). The hackers modified the IP address translated by the DNS for http://curve.fi. They provided the IP address of their own server, and they created an identical web application. They then created new smart contracts to steal money, so users were then approving transactions that were stealing their funds.

This is an example of how important it is for users within DeFi to be fully educated on the protocols they use. People could have protected themselves if they checked all the smart contracts they interact with.

Could Today’s CPI Data be Bullish? source https://blockchainconsultants.io/could-todays-cpi-data-be-bullish/

Thailand Plans to Tighten Crypto Oversight, Giving Central Bank More Powers to Manage Digital Assets



Thailand is reportedly getting ready to amend its law on digital assets to tighten the oversight of the crypto sector and empower the Thai financial institution to superintend the world. “Right now, the financial institution has no space to enter into the restrictive framework apart from notifying that cryptos don’t seem to be a legal means of payment for merchandise and services,” aforementioned the Thai Finance minister.

Thai Central Bank will facilitate Regulate Crypto Industry

Thailand is reportedly aiming to amend its law on digital assets to tighten the oversight of the crypto sector, notably trading platforms.

Thai Finance Minister Arkhom Termpittayapaisith explained that the planned amendments to the country’s crypto laws can “bring the financial institution to be a part of it,” Bloomberg reported Tuesday. He said that the Thai Securities and Exchange Commission (SEC) has been asked to guide the restrictive overhaul. Under these rules passed in 2018, the securities watchdog has the only mandate to supervise the crypto Industry.

The decision to overhaul crypto laws followed the halting of withdrawals by Zipmex (Thailand) Ltd., a accredited cryptocurrency and digital token exchange within the country. Zipmex recently allowed some coins to be withdrawn, however the corporation filed for a moratorium in Singapore.

Noting that this restrictive framework for digital assets “is not clear enough to manage the trade,” Termpittayapaisith was quoted as speech Monday:

Right now, the financial institution has no space to enter into the restrictive framework apart from notifying that cryptos don’t seem to be a legal means of payment for merchandise and services.

However, the official stressed that the aim of tighter crypto laws is to supply investors with larger protection, to not throttle innovation or technology.

The Thai government minister proceeded to match crypto exchanges to ancient finance platforms. “For the stock market, you’ve got the paper to prove you’re the house owners. within the digital world, you’ve got nothing apart from the consent that you simply place at the lowest, which individuals ne’er browse,” he careful, elaborating:

We are attempting to guard investors yet keep the players within the trade within the truthful terms.

SEC Secretary-General Ruenvadee Suwanmongkol disclosed plans to overhaul current crypto laws in July. She explained that the proposals enclosed stricter qualifications for management and licensing of crypto custodians.

“The extreme volatility of digital-asset costs has spurred the imperative for improved management,” she noted at the time. “Our main focus is going to be to supply additional protection for tiny investors, a number of whom are swinging most of their savings into these assets.”


Head of the technology.

Related Posts

Thailand Plans to Tighten Crypto Oversight, Giving Central Bank More Powers to Manage Digital Assets source https://blockchainconsultants.io/thailand-plans-to-tighten-crypto-oversight-giving-central-bank-more-powers-to-manage-digital-assets/