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Indian crypto exchange Mudrex pauses withdrawals for compliance upgrade
Indian cryptocurrency exchange Mudrex has temporarily paused its crypto withdrawals as it continues upgrading its compliance suite. Mudrex believes it will have completed its compliance upgrade by January 28th and consequently resume crypto withdrawals. Mudrex believes its compliance upgrade will prevent bad actors In an X post on January 12, Alankar Saxena, Founder and Chief Trading Officer at Mudrex, announced that the firm would temporarily cease withdrawing digital assets. Saxena claimed that the company was still working on its compliance upgrade, and the withdrawal halt was implemented as part of the broader effort. The platform, however, still allows for INR withdrawals. Mudrex said the withdrawal suspension would only last until the compliance suite is fully upgraded, potentially till January 28. The company insists that the compliance upgrade will be necessary to “avoid bad actors.” Saxena even emphasized that the company’s priority is serving its investors, ensuring they have unrestricted access to their funds at all times. He defended Mudrex’s decision, saying the company has maintained its services in the last few years; it never halted its deposits or withdrawals, even when other Indian companies did. He claimed the firm believes in crypto’s core principles and is still committed to advancing the crypto movement. Additionally, Edul Patel, co-founder and CEO of Mudrex, commented “ You need to do that with something as critical as crypto. If the infrastructure is not correct, it is very easy for it to be misused for nefarious activities. As a responsible platform, we need to make sure that our systems are in place and we are improving the services at all points in time .” The crypto community believe there’s more to Mudrex’s withdrawal suspension Some crypto community members have been skeptical of Mudrex’s move and have even asked users to be cautious and pull out from the platform immediately. Vivian Live on X warned users on the platform, asking all those with remaining funds to convert them into INR and deposit the funds in their bank accounts. Aakash Athawasya even claimed that Mudrex had never offered crypto withdrawals in the first place, arguing the company had only provided price exposure and not ownership. He even jokingly commented that he would not touch Mudrex with a ten-foot pole, and neither should anyone. Aakash believes that the exchange may not have crypto holdings urging community members not to use Mudrex. Still, Mudrex has over 3 million users, and in December, the exchange’s trading volume rose to $200 million. The company aims to onboard 10 million users by the end of 2025, by entering new markets and catering to a wider range of audience. From Zero to Web3 Pro: Your 90-Day Career Launch Plan

Cryptopolitan 2025-01-12 19:17
Pastor Indicted for Multi-Million Dollar Crypto Grift
The Allegations The Department of Justice charged 51-year-old Francier Obando Pinillo with running “Solano Fi,” a cryptocurrency scheme that allegedly bilked millions from investors between November 2021 and October 2023. A pastor based in Miami who leads a Spanish-language church in Washington, he has been accused of using the trust of his congregation to further his scam. Faith Meets Fraud Pinillo, the leader of Ministerio Apostólico Profético Tiempos de Poder, touted Solano Fi as a “safe and guaranteed investment.” He promised an improbable 34.9% monthly return and convinced his congregants and other investors to invest their hard-earned money with him. His high-pitched selling, he said, was divinely inspired by a vision. And he had an eager audience. Social Media Blitz To expand his network, Pinillo used social networks. He created a Solano Fi page on Facebook and a Telegram chat group, “Multimillionarios SolanoFi,” with over 1,500 members. The scheme also promised irresistible referral fees of 15%, to create a pyramid-like scheme where new money was used to pay phony returns to earlier investors. How the Scheme Worked Fake Gains, Real Losses The DOJ said Pinillo’s promises were a mirage. Instead, he diverted the money into accounts in the names of himself and his associates. Victims were shown fake balances on some sort of online platform that was designed to show growth but avoid withdrawals. Excuses and Evasions When investors tried to cash out, Pinillo blamed everything from problems with the website to market declines. In other cases, he allegedly asked victims to bring in new investors to “buy out” their accounts in order to further the fraud. Justice Awaits Criminal and Civil Cases Pinillo now faces 26 counts of fraud, each punishable by up to 20 years in prison. The Commodity Futures Trading Commission filed its own civil charges, claiming he catered to vulnerable, Spanish-speaking parishioners. A Message from Authorities “Fraudulent investment schemes are nothing new, but cryptocurrency scams are a new method fraudsters steal money from hardworking, honest people,” said U.S. Attorney Vanessa Waldref. This case highlights the increasing danger of cryptocurrency fraud and the awareness that is needed to protect personal finances.

BTC Pulse 2025-01-12 17:34
Indian crypto exchange Mudrex clarifies on halting crypto withdrawals
Mudrex reported a 200% yearly increase in its user base, surpassing three million.

CoinTelegraph 2025-01-12 15:40
NY Attorney General Files Lawsuit to Recover $2.2M Lost in Crypto Scam
Scammers Enticed Victims with Promise of Flexible Jobs Victims of the scam received sham texts offering them highly paid, flexible jobs that could be done from home. Posing as the recruiters of genuine companies, fraudsters convinced victims into signing up to be a product reviewer. Victims were then asked to open cryptocurrency accounts and deposit money and maintain a balance matching the full cost of the product they were supposedly reviewing. These scammers had convinced their victims that all deposits were merely for “legitimization” of the transactions and would be returned with a commission for the job. But they never got their money back, nor did they get paid; on the contrary, their cryptocurrency had been stolen, which meant a considerable financial loss. Coordinated Recovery Efforts with US Secret Service New York Attorney General Letitia James filed a lawsuit to recover more than $2.2 million in cryptocurrency that was stolen. Working with the US Secret Service, the funds were frozen, and now the process of justice can truly begin for these victims. James’ warning comes to New Yorkers: Beware of unsolicited work-from-home jobs via text message or other websites. Those texts and messages, according to him, are more than likely scams. “It is cruel and unacceptable that individuals are lying to New Yorkers looking to find remote opportunities and earn a paycheck to feed their families,” James said in a statement . Work-From-Home Scam Warning Previously Given by FBI The lawsuit comes after a warning from the FBI in June 2024, stating that work-from-home scams were on the rise, targeting vulnerable individuals. Scammers use different methods to reach out to their victims, such as unsolicited calls and messages, offering fake jobs. These may include jobs related to rating products, optimizing services, or reviewing restaurants. In many cases, victims were asked to send cryptocurrencies to their alleged employers in order to “unlock” more tasks or benefits. These payments, however, went directly to the scammers, leaving victims with no recourse. The FBI urged people to be wary of unsolicited job offers that require paying upfront or transacting in cryptocurrency. These are usually signs of fraud. Beware of Job Scams With scams like these on the rise, the authorities have to reiterate verifying job offers and avoiding paying in advance. Attorney General James’s lawsuit in this direction tries to hold these scammers liable and recover the funds stolen. It has been a case of caveat emptor on the part of the individuals interacting with such job opportunities online. Working hand in glove with federal agencies, such as the US Secret Service, the New York system of justice attempts to protect citizens and recover stolen assets in this ever-changing world of digital fraud.

BTC Pulse 2025-01-12 15:13
Mango Markets shuts down following SEC settlement
Mango Markets, a Solana-based DEX, is shutting down operations following an SEC settlement, governance votes and legal troubles stemming from a 2022 exploit.

CoinTelegraph 2025-01-12 13:27
NY Attorney General Pursues Legal Action to Reclaim $2M in Crypto Scam Targeting Job Seekers
New York Attorney General Letitia James has taken legal steps to recover over $2 million in cryptocurrency stolen through an elaborate scam targeting individuals seeking remote job opportunities. The scheme involved scammers sending text messages promising flexible, high-paying jobs. Victims were instructed to create cryptocurrency accounts, deposit funds, and participate in product reviews on fraudulent websites designed to mimic legitimate businesses. Scammers Deceived Victims with Promises of ‘Legitimizing’ Data According to James, the perpetrators assured victims that their deposited funds were merely for “legitimizing” data and that they would not be purchasing any products. In exchange, participants were promised full refunds and commissions. However, the victims never received any compensation, losing their money instead. “Scammers sent messages offering good-paying, flexible jobs, only to manipulate victims into buying cryptocurrency and stealing it from them,” James stated on January 9 . With the help of the U.S. Secret Service, authorities have frozen the stolen cryptocurrency. James urged the public to remain vigilant about unsolicited job offers, especially those received via text messages from unknown senders. “Preying on New Yorkers trying to support their families with remote work opportunities is cruel and unacceptable,” James added. CRYPTO SCAMMERS STEAL $2.2M IN REMOTE JOB HUSTLE Scammers baited people with "remote job" gigs, tricking them into loading up crypto wallets for fake product reviews. Victims were told they’d earn commissions – but instead, wallets got drained. Over $2.2M in stolen funds are… pic.twitter.com/v3m3wyz1vn — Mario Nawfal’s Roundtable (@RoundtableSpace) January 12, 2025 This incident follows a warning issued by the Federal Bureau of Investigation (FBI) in mid-2024 about the rising prevalence of work-from-home scams. The FBI reported that scammers often contact potential victims through unsolicited calls or messages, offering seemingly simple tasks like restaurant reviews or service optimization. Victims are typically asked to make cryptocurrency payments to access more work, with the money ending up in the scammers’ hands. “You are directed to make cryptocurrency payments to your employer as part of the job,” the FBI cautioned. California Resident Sues 3 Asia-Based Banks for Failing to Prevent Crypto Scam Last week, a California resident filed a lawsuit against three Asia-based banks, accusing them of negligence in preventing a cryptocurrency scam that led to a loss of nearly $1 million. The legal action claimed that the banks failed to perform essential due diligence, allowing fraudsters to deceive the victim over several months. The plaintiff, Ken Liem, alleges that he became a target of a “pig butchering” scam after being contacted on LinkedIn in June 2023 by individuals posing as representatives of a lucrative cryptocurrency investment opportunity. As reported, the crypto industry witnessed losses totaling $1.49 billion in 2024 due to hacks and fraud, marking a 17% decrease from 2023. According to a report by blockchain security platform Immunefi, hacks were overwhelmingly the primary cause, accounting for $1.47 billion or 98.1% of the total losses across 192 incidents. Fraud, including rug pulls and scams, represented just 1.9% of the losses at $28 million, though this category saw a 72% increase year-on-year. The decline in total crypto losses reflects improved security measures, as the number of successful attacks also fell by 27.5%, from 320 in 2023 to 232 in 2024. The post NY Attorney General Pursues Legal Action to Reclaim $2M in Crypto Scam Targeting Job Seekers appeared first on Cryptonews .

cryptonews 2025-01-12 11:50
US Crypto Enforcement Titans Exit: A New Era for Digital Assets Awaits
Top U.S. regulators who championed aggressive crypto enforcement are stepping down, paving the way for a new era of innovation-focused oversight under the incoming administration. End of an Era: US Regulators Who Championed Crypto Enforcement Step Down Several high-profile cryptocurrency enforcement leaders at the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission

Bitcoin.com 2025-01-12 09:30
Russia Tightens Digital Asset Rules With Stricter Trade Oversight Standards
Russia’s central bank now mandates the registration of foreign exchange trade contracts involving digital rights, aiming to enhance oversight, integrate cryptocurrencies, and ensure financial stability. Bank of Russia Tightens Grip on Crypto Deals and Digital Tokens Russia’s central bank, the Bank of Russia, has introduced regulations to manage foreign exchange operations involving digital rights. Digital

Bitcoin.com 2025-01-12 08:30
Expert Predicts US SEC To Approve XRP And Solana ETF This Year
ETF Store President Nate Geraci has shared his top ten crypto exchange-traded fund ecosystem predictions, with XRP and Solana in the spotlight. Like many industry experts, Nate Geraci believes a major shift is coming to the ecosystem this year. XRP and Solana ETF Prospect In 2025 According to Nate Geraci, spot XRP and Solana ETF products will gain approval this year. As reported earlier by Coingape, asset manager VanEck filed the first Solana ETF product in the US in June 2024. Since then, the US Securities and Exchange Commission (SEC) has welcomed other SOL ETF applications from Grayscale , Canary Capital, and 21Shares. While the Solana products are still under review, Canary Capital filed for XRP ETF in October 2023. This filing changed the crypto ETF outlook and inspired other asset managers to join the trend. While there is no definitive update from the US SEC, the confidence for approval remains high. The change in the US SEC leadership is a major catalyst many are citing will drive the approval. President-elect Donald Trump has nominated Paul Atkins as US SEC Chair in the coming administration. Atkins is expected to redirect the SEC from its strict approach to crypto under Gary Gensler. Like other industry experts, Geraci believes 2025 will see the launch of Solana and XRP ETF products. The Nate Geraci Crypto ETF Predictions The ETF Store President shared 10 predictions on what to expect in the crypto ETF space. He believes spot Bitcoin ETFs will surpass the physical gold ETFs in assets under management. After one year of launch, several Bitcoin ETF milestones are now on record. The Bitcoin ETF products topped $150 billion Assets Under Management (AUM), a feat that took gold 20 years to achieve. Beyond the approval forecast for Solana and XRP ETF, Geraci also believes the U.S. SEC will approve Ethereum ETF staking this year. My 10 crypto-related ETF predictions for 2025… https://t.co/uDj1OCkaVQ pic.twitter.com/ye3zA2sinV — Nate Geraci (@NateGeraci) January 11, 2025 Meanwhile, he narrowed the predictions to include specific ETF filings from Grayscale and Bitwise, predicting approvals for both. He predicted that Vanguard would shift its stance and support crypto ETF trading. Donald Trump to Change the Tides President-elect Donald Trump will take office officially on January 20, creating a new era for the industry. Beyond Paul Atkins, Trump also named a Crypto and AI Czar, David Sacks, to help coordinate policies from the White House. As reported by Coingape, one of Sacks’ first tasks is to organize an inaugural crypto ball next week. As predicted by many experts, these trends will help fuel a robust shift in crypto regulation and enforcement. In addition to the Solana and XRP ETF approvals, price boosts are expected for both. The post Expert Predicts US SEC To Approve XRP And Solana ETF This Year appeared first on CoinGape .

CoinGape 2025-01-11 23:15
US FOMC Meeting Date 2025: What’s Next for Federal Reserve Interest Rates?
The FOMC meeting date for January 2025 is fast approaching, and for the crypto community, the Federal Reserve interest rates decision is what is of utmost importance. However, recent developments suggest that the decision might not be favorable for the crypto market. FOMC Meeting Date And What To Expect The Federal Reserve’s calendar shows that January’s FOMC meeting date is set for 28th and 29th. The Fed will announce its interest rates decision at the end of this 2-day meeting. The crypto community has its eyes on this Fed meeting to see whether the US Central Bank will continue with the quantitative easing (QE) policies that it adopted last year, having made three interest cuts in 2024. At the December 2024 FOMC meeting, the Fed decided on a 25 basis points (Bps) rate cut, which was bullish for the crypto market. However, the Federal Reserve Chair Jerome Powell’s speech suggested that the committee was hawkish despite the rate cut decision. Since then, the crypto community has been looking forward to the next FOMC meeting. There have been several developments that suggest what the Federal Reserve interest rates decision would be this month. One is the December nonfarm payrolls data, which surged to 256,000. With this strong US job data, traders predict that the Fed will keep interest rates steady. CME FedWatch data shows there is a 93.6% probability of the Fed keeping interest rates unchanged. In fact, traders are now betting against a Fed rate cut in the first half of this year. Instead, they predict that there will be only one rate cut throughout the year, which will happen in October. What It Means For Bitcoin And The Crypto Market The Fed’s potential decision to keep rates unchanged at its next FOMC meeting is bearish for the Bitcoin price and the broader crypto market. Bitcoin flash crashed to as low as $92,000 following the release of the nonfarm payrolls data, which reduced the likelihood of a rate cut at the January Fed meeting. Keeping rates unchanged plays out in the minds of investors who are likely to be more risk-averse. These investors are less likely to invest in risk assets like cryptocurrencies. What To Watch Out For Before The Fed Meeting Ahead of the January FOMC meeting, the PPI and CPI inflation figures are things to keep an eye on. The Producer Price Index data will come out on January 14, while the Consumer Price Index data will be released on January 15. These inflation figures will undoubtedly influence the Federal Reserve interest rates decision at the January meeting. The PPI is expected to rise to 3.0 year-on-year (YoY). Meanwhile, the CPI is expected to rise to 2.8% year The post US FOMC Meeting Date 2025: What’s Next for Federal Reserve Interest Rates? appeared first on CoinGape .

CoinGape 2025-01-11 20:33
Russian Trio Charged in Crypto Mixer Money Laundering Case
US DOJ Charges Three Russians Operating Crypto Mixer Services The U.S. Department of Justice has charged three Russian nationals, Roman Vitalyevich Ostapenko, Alexander Evgenievich Oleynik, and Anton Vyachlavovich Tarasov, for operating cryptocurrency mixing services Blender.io and Sinbad.io, respectively. According to the indictment, these mixers were used to launder proceeds from various cybercrimes, including those perpetrated by North Korean state-sponsored hackers. Crypto Mixers Blender.io and Sinbad.io in the Crosshairs Blender.io was an online mixing service operating from 2018 until the U.S. government shut it down in 2022. Shortly thereafter, Sinbad.io took over but immediately became a target of federal investigations. According to the DOJ, these websites enabled the laundering of stolen funds by concealing their origin, allowing criminals to benefit from their illegal activities and compromise the integrity of the world’s financial system. Arrests and Ongoing Investigation Two of the defendants, Ostapenko and Oleynik, were arrested last month, and the third – Tarasov – remains a fugitive, wanted by U.S. prosecutors. As noted by Principal Deputy Assistant Attorney General Brent S. Wible, the defendants created “safe havens” through which illicit proceeds could be washed, therefore facilitating crimes dangerous to public safety and national security. The Department of Justice and the U.S. Treasury have increased their efforts to dismantle crypto mixing services as they try to shift more focus on the role these platforms play in disguising illicit transactions. Mixing services are commonly utilized by hacking groups, drug traffickers, and other cybercriminals looking to bypass detection. Debate on Privacy vs. Regulation The DOJ’s takedown of crypto mixers has been a contentious issue within the blockchain community, with many critics arguing that it is an infringement of privacy rights. Blockchain proponents point out that mixers also have very legitimate uses, such as maintaining financial privacy. The action against ChipMixer is just part of the wider U.S. campaign to regulate crypto mixers. A similar treatment has been meted out to Ethereum-based tumbler Tornado Cash, which was put under sanction by the U.S. Treasury in 2022. Although in November 2024, a federal appeals court overruled and deemed unlawful sanctions against Tornado Cash, the prosecution of its developers still goes on. Broader Implications As more people increasingly adopt cryptocurrencies , the efforts from the DOJ accentuate the lingering tug-of-war between privacy advocates and regulators seeking to reign in illicit financial activities. The result may set the landscape for crypto-mixing regulations on a global level.

BTC Pulse 2025-01-11 19:20
US Bitcoin Reserve Would Have ‘Profound’ Impact on Adoption
A Strategic Bitcoin Reserve: Game Changer According to cryptocurrency researcher CoinShares , the potential creation of a strategic Bitcoin reserve in the United States would serve as a much greater catalyst for Bitcoin adoption and mainstream legitimacy than any other factor. CoinShares said in a blog post this January that the long-term effects of such a reserve would be much more significant than the approval of ETFs in 2024. The Bitcoin Act Proposal The Bitcoin Act, proposed by Senator Cynthia Loomis in July 2024, mandates the US Treasury Department to buy 1 million BTC over five years. This ambitious plan has been gaining momentum since the November elections in which Republicans, led by President-elect Donald Trump, won a Senate majority. Trump has expressed support for the Act, but it is not yet law. Lowering Barriers for Institutions This is commonly because institutional investors have many question marks over the credibility of Bitcoin as an asset class. CoinShares explained that the Bitcoin Act would alleviate many of these challenges as Bitcoin would have the endorsement of the world’s largest economy . This could reduce stigma and lead to much wider participation from institutional investors, opening up a new wave of adoption. Institutional Inflows Surge The approval of nearly a dozen spot Bitcoin ETFs in early 2024 marked a significant milestone for cryptocurrency markets. These together amassed more than $100 billion in net assets by November, a signal of strong demand from traditional investors. Analysts at Steno Research see another $48 billion in net inflows into Bitcoin ETFs in 2025. A strategic Bitcoin reserve would amplify this momentum into “demand shocks” that could further drive Bitcoin’s price upwards. Asset manager Sygnum Bank projects such demand could push Bitcoin’s price beyond $1 million per coin in coming years. Political and State-Level Backing Growing support for the Act is not limited to federal lawmakers; several US states, including New Hampshire and North Dakota, are considering their own state-level bills with the aim of creating local Bitcoin reserves. In fact, such initiatives from across the political and geographic divides reflect immense belief in the transformational impact of Bitcoin. Global Ripple Effects If the Bitcoin Act is passed, it would set a global precedent that could prompt other countries to build their own Bitcoin reserves. According to experts such as Adam Back, CEO of Blockstream, such a transition could trigger substantial inflows into Bitcoin, making it a store of value and driving its price into seven-figure territory. A US Bitcoin reserve would change everything in terms of adoption, institutional credibility, and Bitcoin’s role in the global economy.

BTC Pulse 2025-01-11 17:00

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