Daily trading volume on WazirX hit a one-year high of 1.5 million on October 1, 2022, from 478 million on October 28, 2021, according to CoinGecko data.
No trading volume on any day is less than 1 million, not enough to support operations.
According to Coindesk on Sunday, February 10, 2022, the decline in trading volume began shortly after India’s strict crypto tax laws were enacted in March 2022, when WazirX founder Nischal Shetty told CoinDesk he was entering a painful period.
Recently, Indian exchanges have faced several issues, including an online dispute between Shetty and Binance CEO Changpeng Zhao over whether Binance is the holding company of the Indian exchange.
Meanwhile, according to CoinGecko data, the daily trading volume at the time of the dispute was around 5 million, but since then, the trading volume has dropped to less than 2 million.
Two of the laid-off employees said: “After an online altercation, I was told at one meeting that I had enough reserves to secure financially.”
Since then, WazirX has also been the subject of money laundering investigations initiated by Indian law enforcement, including a raid on one of the WazirX admins.
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Previously, JPMorgan Chase CEO Jamie Dimon said in a US Congressional hearing that cryptographic tokens like Bitcoin are decentralized Ponzi scams. He told lawmakers that he was very skeptical about cryptocurrencies.
Dimon said Friday (9/23/2022), citing Bitcoin.com that “I am very skeptical of crypto tokens that I call currencies like Bitcoin. They are decentralized Ponzi scams.”
The CEO of JPMorgan continues to point out that billions of dollars are lost every year through cryptocurrencies, linking cryptocurrencies to crimes such as ransom payments, money laundering, prostitution, and theft. He stressed that encryption is ‘dangerous’.
The CEO of JPMorgan also talked about stablecoins, which he said wouldn’t be a problem with proper regulation.
As Dimon put it, “There is nothing wrong with properly regulated stablecoins like money market funds.”
Regarding blockchain, he confirmed that JPMorgan is a big user of blockchain. Dimon, a longtime Bitcoin skeptic, has repeatedly warned investors to be careful when investing in cryptocurrencies.
He always warned that they had no intrinsic value. He previously said that Bitcoin has no value and questioned the limited supply of BTC.
However, the CEO of JPMorgan has repeatedly said that innovations like blockchain and DeFi are real. In May, global investment banks said they would increase the use of blockchain in finance.
JPMorgan, on the other hand, offers several crypto-related investments, has its own JPM coin, and has a lounge on the Metaverse. JP Morgan analysts are also more optimistic about bitcoin and cryptocurrencies than bank CEOs.
In May, JPMorgan analyst Nikolaos Panigerzoglu revealed that banks have turned real estate into digital assets, along with hedge funds, as the preferred alternative asset class.
Previously, cryptocurrency fraud was reported as one of the most common cyber breaches in Hong Kong in the first half of 2022, involving 25% of digital assets.
This number of scams can be explained by the growing interest in cryptocurrencies among many Hong Kong residents. A recent study ranked the region as one of the most widely used cryptocurrencies in the world.
According to the South China Morning Post, there were 10,613 cyberattacks in Hong Kong from early January to late June this year. 798 is a scam involving a 105% increase in cryptocurrency when considering the same period in 2021.
Criminals have spent HK$387.9 million (about US$50 million or Rs 744.61 billion, assuming an exchange rate of US$14,892) from digital asset companies and individuals in Hong Kong, which amounted to US$21 million or 312 million. This is a significant increase compared to Rs. In the first half of 2021, $1 billion was stolen.
One of the victims was Van, a 30-year-old woman who runs a money changer in the area.
A few months ago he received a message on WhatsApp from an unknown person introducing himself as the head of the digital asset platform. Criminals persuaded him to invest around $280,000 in Tether (USDT).
“The first four transactions on the Tether [cryptocurrency] exchange went smoothly. The victim received HK$2.7 million, including exchange services provided to the scammer. At that time, the scammer earned the victim’s trust.” Sunday, July 8, 2022, citing Cryptopotato.
However, after a while, the perpetrator advised Fan to transfer the accumulated profits to a cryptocurrency wallet. Needless to say, he was unable to access the assets while the scammers stopped communicating with him.
The Hong Kong police also determined that fraud involving digital assets was one of the top three frauds in Hong Kong in the first half of 2022. The other two are job fraud and online shopping activity fraud.
The surge in cryptocurrency-related fraud in Hong Kong may be due to the growing desire for digital assets that residents have shown recently.
According to a survey conducted last month, China’s SAR ranks as the world’s most favored country for cryptocurrencies.
Number one is the result of a combination of factors, including the government’s favorable attitude towards the industry, the number of cryptocurrency ATMs and interest in the sector per capita.
The United States, the world’s largest economy, ranked second, and Switzerland, Europe’s financial center, ranked third.