The crypto industry’s latest indignities included a report that India regulators were investigating at least 10 crypto exchanges for allegedly assisting foreign firms launder money via crypto.
All the top crypto tokens were trading lower on Tuesday. Uniswap and Solana plunged 8 per cent, whereas Polygon tumbled 7 per cent. Shiba Inu, Polkadot and Ethereum tanked 6 per cent each.
The global cryptocurrency market cap was trading marginally down at the $1.14 trillion mark, dropping as much as 5 per cent in the last 24 hours. However, the total trading volume jumped almost 16 per cent, close to $76.95 billion.
What’s cooking in India
The ED probe into alleged money laundering by crypto exchange WazirX and the subsequent squabbling among its promoters has revealed the ‘darker side’ of cryptocurrencies, a top government source said.
Over seven per cent of Indians owned digital currency in the form of cryptocurrency in 2021, the United Nations trade and development body UNCTAD revealed.
The Enforcement Directorate (ED) said it has attached assets worth Rs 370 crore belonging to a Bengaluru-based company linked to the instant loan apps case.
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