Category Archives: Cryptocurrency

SunCrypto being the leading cryptocurrency exchange/platform has received love from more than 1 million people in the short span of just 1.5 years. And has been continuously growing to become the best exchange for all Indian users including Tier3, and Tier4 cities.

The founders of SunCrypto Mr. Umesh Kumar and Mr. Pramod Yadav had a vision of creating Indias simplest platform for people to trade in crypto. Based on their tough experience of crypto trading, they decided to build an exchange that will be easy enough to be used by all three generations. Not only this they focused on providing security and partnered with Ledger, the top cold wallet service provider. This collaboration promised the best security and insurance of $150 Million to SunCrypto users.

SunCrypto founders turned its business into this success with their respective skills in the marketing and IT field where Mr. Umesh Kumar (Founder & CEO) comes from Marketing and Mr. Pramod from the IT field and is now also the CTO & Co-founder of the company.

Why SunCrypto Is Getting So Popular?

Fintech is not similar to any entertainment industry where you can get popular based on hype and attention only. To make your name in the Fintech world a company has to provide the top services, education, and platform to learn and grow. This is what made SunCrypto successful as it focused on its motto of Learn & Earn, where the exchange grew from a crypto exchange to an educator for crypto users. SunCrypto runs its Youtube channel and SunCrypto Academy to educate its users and other crypto enthusiasts about the cryptocurrency and blockchain industry.

SunCrypto Collaborated With TaxCryp

After the government introduced the 1% TDS and 30% tax, the problems of crypto users were far more than just paying the tax. That is the need of calculating the profits and losses and analyze the data for the whole financial year. And because of that SunCrypto joined hands with the leading taxation platform TaxCryp to make the tax calculation part easier for all SunCrypto users.

This collaboration must be solving the biggest issues of tax calculation for crypto users. Here users got the one-touch integration of Taxcryp on SunCrypto and because of that users could directly see their trade report and summary from the SunCrypto and TaxCryp will provide the data of the exact amount that the individual needs to pay to the Indian government. With this SunCrypto has cleared two goals, one becoming the best cryptocurrency platform to use. Secondly, It became one of the earliest exchanges to implement one-touch integration with Taxcryp to generate crypto taxation reports and limited the daunting process of crypto tax calculation.

TaxCryp Becoming A Reliable Source For SunCrypto Users

Taxcryp is not any simple taxation platform as its more focused on empowering the customers to get complete control of their tax obligations, along with making informed decisions. Taxcryp as a company was started in April 2022 with its three founders Mr. Anmol Chawla, Mr. Indy Sarker, and Mr. Vaibhav Gupta.

Meet Indy Sarker, a seasoned capital markets professional turned entrepreneur, co-founding ANALEC and spearheading innovative financial technology solutions. Joining him on this journey is Anmol Chawla, a dynamic entrepreneur passionate about driving India's digital assets ecosystem forward. Adding to the team is Vaibhav Gupta, a tax specialist with extensive consulting experience, providing invaluable tax and regulatory expertise to TaxCryp. Altogether, Indy, Anmol, and Vaibhav aim to revolutionize India's crypto landscape with TaxCryp's smart technology, ensuring accuracy, transparency, and compliance.

Closing Thoughts

The collaboration between SunCrypto, and TaxCryp, is set to revolutionize the crypto landscape in India. SunCrypto's rapid growth and popularity can be attributed to its focus on simplicity, security, and education for its users.

By partnering with TaxCryp, SunCrypto addresses the challenges of tax calculation and provides a seamless solution for its users. Together, they are driving the transformation of India's crypto ecosystem with their commitment to accuracy, transparency, and compliance.

(Disclaimer: The above content is a press release and PTI takes no editorial responsibility for the same.). PTI PWRPWR

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SunCrypto- Indias Leading Cryptocurrency Exchange Collaborates With Taxation Giant TaxCryp - The Week

Generational differences in investment behaviour among consumers in Ireland has been highlighted in a survey by Banking & Payments Federation Ireland.

It found that younger people more likely to invest in cryptocurrencies and invest online, and under 35s are more likely to seek information about investments through informal channels such social media or friends and family.

The findings, which show that one in three adults in Ireland have some form of investment, also reveals that one in five younger people hold cryptocurrencies such as bitcoin or Ethereum.

BPFI said it is concerning that one in five consumers who hold investments said they did not closely monitor their investments with 16% indicating they did not understand the fees and taxes they needed to pay for their investments.

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"Across all age categories however, we see that Irish investors are conservative in their approach to financial and investment decisions with most considering the level of risk involved and the expected return as the most important factors when considering where to invest," said BPFI Chief Executive, Brian Hayes.

"However, it is a cause for concern that one in five investors indicated that they did not closely monitor the performance of their investment and 16% indicated they did not understand the fees and taxes they needed to pay for their investments."

The survey also found that men are much more likely to hold investments (44%) than women (26%).It found the main types of investment are stocks or shares (held by 15% of adults), investment funds (11%), government or corporate bonds (8%) and cryptocurrencies (8%). Cryptocurrencies are most likely to be held by 18-34 year olds (16%) compared to only 3% of over 55s.

The survey showed that investment funds and government or corporate bonds appeal most to those aged over 55: 17% and 12%, respectively. Stocks and shares appeal to all age groups.

Advisors in brokers or banks and investment companies were the most used sources of information on investing, at 38% and 35%, respectively.

"Investment products can offer a good opportunity to grow your money in the longer term but as investment options continue to diversify it is important make informed decisions, understand the product and monitor its progress," Mr Hayes said.

"In the digital era, there are multiple sources of advice and information which can be helpful but consumers should consider balancing this with professional advice through your bank or broker, not only to help mitigate risk, but also identify the wide range of opportunities that best meet their needs and means."

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Younger people more likely to invest in cryptocurrency BPFI - RTE.ie

Pune, 13th May 2023: A shocking case of online fraud has come to light as a businessman was swindled of Rs 1.12 crore under the pretence of investing in the cryptocurrency Bitcoin with promises of high returns.

The victim, a 46-year-old resident of Vadgaon Sheri, Pune, filed a complaint with the cyber police station in Shivajinagar regarding the incident. The police have registered the case against Daniel Cooper, Alexander Hoodhead, and two other individuals responsible for holding the mobile phones used in the fraudulent activity. The fraudulent transactions took place between 20th September 2021 and till date.

According to the police investigation, the accused individuals, Daniel Cooper and Alexander Hoodhead, contacted the complainant through mobile phones and email. They posed as representatives from the tradex.com trading site and enticed the victim with promises of significant returns by investing in Bitcoin, a popular cryptocurrency.

Subsequently, the accused fraudulently obtained 2.796366 bitcoins from the victim, amounting to a total value of Rs 1 crore 12 lakh 60 thousand, for their financial gain.

Senior Police Inspector Minal Supe Patil from the Cyber Police Station is currently leading the investigation into this case.

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Cryptocurrency: Pune Businessman Duped of Rs 1.12 Crore in ... - Punekar News

Two United States Senators from opposite sides of the political aisle have reintroduced legislation from 2022 aimed at mitigating perceived risks posed by El Salvadors adoption of Bitcoin (BTC) as a legal tender.

Congressional records showIdaho Senator James Risch and New Jersey Senator Bob Menendez introduced a bill to require reports on the adoption of cryptocurrency as legal tender in El Salvador on May 11. The legislation appeared to be a second attempt at the Accountability for Cryptocurrency in El Salvador Act, which Risch introduced in February 2022, mere months after El Salvadors Bitcoin Law came into effect.

According to a May 12 report from the Washington Examiner, Risch introduced the bill as part of efforts to fight using cryptocurrency as legal tender, claiming it could weaken economic and financial stability and empower malign actors. Bitcoin has been accepted as legal tender in El Salvador alongside the U.S. dollar since September 2021.

If passed, the bill could require federal agencies in the United States to report on El Salvadors cybersecurity and financial stability capabilities, and how these may have led to the passage of the countrys Bitcoin Law. The International Monetary Fund also warned the Central American nationin February to consider the risk of BTC as a legal tender on the countrys financial integrity and stability.

The previous version of the Bitcoin-focused legislation introduced in the Senate passed through a committee in April 2022. Lawmakers in the House of Representatives also introduced a companion bill, but according to congressional records, the legislation has not moved in more than a year.

Related: El Salvadors Bitcoin strategy evolved with the bear market in 2022

El Salvadors President Nayib Bukele directly attacked U.S. lawmakers as boomers on Twitter the last time the bill was introduced, claiming they were attempting to interfere with a sovereign and independent nation. Under Bukele, the country has adopted many pro-crypto policies, including plans to raise funds to construct a Bitcoin city using BTC-backed bonds.

Magazine: What its actually like to use Bitcoin in El Salvador

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US lawmakers target perceived risks of crypto adoption in El Salvador with reintroduced bill - Cointelegraph

IRS Targets Bankrupt FTX with $44 Billion Claims: Crypto Exchange Under Fire

The US Internal Revenue Service (IRS) has submitted claims totaling almost $44 billion against the estate of the now-defunct cryptocurrency exchange FTX and its associated companies.> Bankruptcy documents filed on April 27 and 28 indicate that the IRS presented 45 claims against various FTX entities, including West Realm Shires (FTX.US's legal entity), Ledger Holdings (parent company of LedgerX and LedgerPrime), and Blockfolio, among others.> The most substantial claims involve a $20.4 billion demand against Alameda Research LLC and a $7.9 billion claim against Alameda Research Holdings Inc., as well as two other claims totaling $9.5 billion.> Designated as "Admin Priority" claims, the IRS's demands could potentially take precedence over other creditors' claims in bankruptcy proceedings. Continue here.

Marathon Digital Faces Another SEC Subpoena Over Montana Data Center

Bitcoin mining company Marathon Digital has revealed that it received a second subpoena from the US Securities and Exchange Commission (SEC) concerning its 100-megawatt data center located in Hardin, Montana.> In a quarterly report filed on May 10, Marathon disclosed that the subpoena, issued on April 10, was connected to "transactions with related parties" that took place during the facility's construction in Montana.> The company stated, "We understand that the SEC may be investigating whether or not there may have been any violations of the federal securities law. We are cooperating with the SEC." Details here.

Virtual Protests for Abortion Rights: Amnesty International Partners with Wistaverse

Wistaverse has officially entered The Sandbox open metaverse as the premier global virtual protest platform with tangible impact, beginning with an abortion rights rally organized by Amnesty International from May 11 to 14.> The innovative platform aims to offer a secure, non-violent alternative for those unable to attend real-life protests while fostering universal inclusion and access to events.> The first mass protest, scheduled for May 13th and 14th, will focus on women's rights and abortion and is organized by Amnesty International.> The event will feature prominent activists and celebrities from the movement. Amnesty International aims to use the blockchain environment to reach a new audience, promoting human rights in a more interactive and decentralized fashion. Continue here.

Ethereum Locks Away Billions, Cryptocurrency Enters Uncharted Territory

Ethereum has reached a new milestone with 19,375,242 ETH locked, setting a record for the cryptocurrency, and bringing the total value locked (TVL) to $27.7 billion.> This achievement follows a minor dip due to recent withdrawals and has significant implications for Ethereum and its investors, particularly regarding the potential for continued rapid growth.> The locked ether can be categorized into various segments, such as ether staked on the Beacon chain, ether sent to the Beacon contract but not yet validating, and ether rewarded on the Beacon chain.> Collectively, these categories represent the amount of ETH that is "out of circulation," reducing the total available ETH, which could potentially boost demand and price. Full report here.

Silvergate Capital Announces Major Headcount Reduction Amid Bank Liquidation

Silvergate Capital Corporation has announced that it will begin a series of substantial headcount reductions starting May 12, 2023.Approximately 230 employees will be affected in this first wave of separations.> Further reductions are expected to take place on June 30, August 30, and November 30, 2023, or later.> The decision comes as part of the Company's ongoing efforts to wind down operations and voluntarily liquidate its wholly-owned subsidiary, Silvergate Bank in an orderly manner, complying with applicable regulatory processes.> Following the initial reduction in May, the remaining 80 officers and employees will concentrate on implementing the Bank Liquidation, preserving the residual value of the Company's assets, and addressing pending regulatory and other inquiries and investigations concerning the Company and the Bank. Continue reading.

Do Kwon Faces Montenegro Trial: Bail Proposal Awaits Court Decision

Attorneys representing Terraform Labs founder Do Kwon have suggested supervised bail as an alternative to detention while he faces charges in Montenegro for attempting to travel using counterfeit documents.> Kwon and Terra executive Han Chang-Joon were arrested in March by Montenegrin authorities, who subsequently charged them with document forgery.> Both defendants denied any wrongdoing and presented their defense during a court hearing in Podgorica, Montenegro's capital, on Thursday.> According to a notice from the hearing, the defense lawyers proposed, "Instead of detention, bail and supervision measures be imposed, prohibiting them from leaving the apartment and periodically reporting to a certain state authority." Full report here.

BlockFi: Judge Rules $300M in Custodial Wallets Belong to Clients, BIA Customers Left Empty-handed

BlockFi clients can expect the return of almost $300 million held in custodial wallets, following a decision by New Jersey Judge Michael Kaplan on Thursday, May 11.> He ruled that these assets belong to the customers and not the bankrupt crypto lender's estate.> However, Kaplan denied the repayment of an additional $375 million that clients attempted to withdraw from BlockFi's interest-bearing accounts (BIA) after the company froze funds last year due to the FTX collapse's impact on the crypto sector.> Judge Kaplan stated, "The court finds that all digital assets held by the debtors in custodial omnibus wallets are indeed client property, and not property of the bankruptcy estates, subject, of course, to possible avoidance and clawback rights." Continue reading

IRS Teams Up with Chainalysis to Track Sanctions Evaders Using Cryptocurrency

In a bid to combat sanctions evasion using cryptocurrency, the IRS criminal investigation division has announced its collaboration with blockchain analytics firm Chainalysis and Ukrainian investigators.> The joint effort aims to track Russian individuals who may be using digital assets to conceal their assets following Russia's invasion of Ukraine.> As part of the collaboration, the IRS is sponsoring Ukrainian investigators' access to a specialized tool provided by Chainalysis, which assists in conducting crypto-related investigations.> Additionally, the agency is conducting virtual and in-person training sessions for Ukrainian law enforcement to enhance their skills in tracing blockchain transactions.> Highlighting the significance of information-sharing, Jim Lee, Chief of IRS Criminal Investigation, stated, "Sharing tools not only safeguards the US financial system, but the global economy."Full report here

Paradigm Files Amicus Brief in Support of Coinbase Against SEC: The Fight for Clarity in the Crypto Industry

Leading cryptocurrency investment firm Paradigm has filed an amicus brief in support of Coinbase's ongoing lawsuit against the U.S. Securities and Exchange Commission (SEC).> The lawsuit aims to compel the SEC to respond to Coinbase's rulemaking petition, which seeks practical guidance for the crypto industry.> Paradigm's filing highlights its belief that SEC Chair Gary Gensler's repeated call for crypto projects to register is insincere, as it lacks clear regulatory guidance necessary for compliance.> In the amicus brief, Paradigm argues that the SEC has a legal obligation to provide explicit rules and regulations for the crypto industry, allowing individuals and companies to conform their conduct accordingly. More here.

Bitcoin and Ether Hold Steady Amid Market Uncertainty: Crypto Market Update

Continuing its downward trend from the previous day, Bitcoin, the cryptocurrency market leader, slipped to figures reminiscent of late March, dipping below $27,000.> Bitcoin was trading around $27,052, registering a minor setback of 1.8% over the last day.> The popular digital currency has been fluctuating between $25,000 and $30,000 throughout the season. Market observers anticipate this trend to continue unless a convincing incentive prompts a move upward or downward.> Ether, the runner-up in the crypto market, was trading at approximately $1,800, showing a small decrease of about 1.9% from the same time on the previous day.> Despite the successful implementation of the Ethereum Shanghai upgrade earlier in April a move that transitioned the blockchain from a proof-of-work to a more energy-efficient proof-of-stake protocol Ether's price has mostly stayed within its recent range.> The fever surrounding Pepecoin-inspired memes appears to be cooling down, less than a week after it hit a surprising market cap of $1.8 billion.> According to data from cryptocurrency intelligence company Nansen, by late Thursday morning (ET), "smart money" wallets those crypto accounts owned by individuals or institutions known for their lucrative trades had trimmed their PEPE holdings by $3 million in the last day.Most other leading cryptocurrencies were also experiencing a slight downturn during this period.

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Cryptocurrency roundup for May 12: FTX and Affiliates Face Massive $44 Billion IRS Claims: Unraveling the... - Moneycontrol

Citing excessive energy use, noisy operations, pollution and electronic waste, Buncombe County put a one-year moratorium on any new cryptocurrency mining operations.

The vote in Asheville follows a ban on the server farms approved last year in Clay County, in the mountains southwest of Asheville. Neighboring Macon County is also considering a ban on the mining operations.

In December, Cherokee County passed a resolution asking the legislature for more power to regulate cryptocurrency mines.

Cryptocurrency mines use server farms to run complicated algorithms to mine Bitcoin and similar digital currencies. They use warehouses full of powerful computers that require a lot of electricity. The operations have brought complaints from nearby residents over the 24-hour noise from the servers and cooling equipment in previously quiet rural areas in the North Carolina mountains.

The server farms are attracted to western North Carolina by low-cost energy and lax zoning regulations, according to a recent report from the Environmental Working Group.

Cryptocurrency miners have also been looking for new places to set up shop since China banned most of their operations two years ago, according to the Associated Press.

Buncombe County Planning Director Nathan Pennington said the county is working on a new comprehensive plan.

This one-year pause gives us time to work with residents and craft standards, he said.

The commission passed the moratorium unanimously last week.

The moratorium will maintain the status quo by limiting any negative effects in neighborhoods impacted by this use until a proper regulatory scheme can be developed, the ordinance states.

The ban would expire after a year or when the county comes up with new rules for where the server farms can be located. It only includes unincorporated areas of Buncombe County.

They have proven to be a nuisance to neighbors and a threat to our environment, Chris Joyell, with the environmental group Mountain True, said during a public hearing over the temporary ban in Buncombe County.

There is no way to greenwash crypto mining. Even if miners claim to rely on renewable energy, their operations are still hogging energy that we would need to meet the county and state carbon reduction goals, he said.

But not everyone at the hearing supported the moratorium. Craig Deutsch told the commissions the moratorium could discourage new industry in the county.

The crypto mining operations, he said, could encourage innovation and bring new industry to the area.

Noise problems should already be addressed by noise ordinances, said Dennis Fassuliotis, director of the South Carolina Emerging Tech Association, speaking during the public hearing.

He also countered the environmental arguments against the server farms.

Bitcoin mining specifically does not produce any greenhouse gasses itself. It uses a mixture of the grid that everyone else uses, Fassuliotis told the commission. Bitcoin is the industry leader in sustainability.

New York lawmakers last year passed a 2-year ban on new cryptocurrency mines that wanted to retrofit old fossil-fuel power plants to power their servers.

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Another N.C. county moves to stop Bitcoin mines. Here's why - Spectrum News