bitcoin: Cryptocurrency round up: Bitcoin is India’s most loved crypto, there’s a new scam called Twitz

NEW DELHI: Here is the daily roundup of news around cryptocurrencies that you should be aware of
Bitcoin remains the most traded cryptocurrency in India
Bitcoin was the most popularly traded cryptocurrency on India’s largest cryptocurrency exchange WazirX in 2021, followed by Tether, Shiba Inu and Dogecoin. The cryptocurrency exchange platform added over 200 cryptocurrencies on its exchange this year. Bitcoin maintained its lead as the most traded. Among the altcoins, the most traded cryptocurrencies were Tether (USDT), Shiba Inu (SHIB), Dogecoin (DOGE), the WazirX Token (WRX) and Matic (MATIC).
Indians bought more volatile coins like DOGE and SHIB. Women dominated the Bitcoin market, Shiba Inu was the most preferred among men. Investor interest in these coins was exceptionally high in the lead-up to the Diwali.
Mumbai-based WazirX registered an annual trading volume of over $43 billion. The exchange has seen volumes grow by 1,735% over 2020, it said in a report.
“We witnessed over 700% growth in signups from smaller cities like Guwahati, Karnal, Bareilly, among others,” the report, titled “Highlights and Observations from 2021 The Year of Crypto,” said.
WazirX said 66% of its total users are below 35 years. Number of new female users increased 1,009% vis-à-vis an 829% growth recorded in an increase in male sign-ups during this year.
New scam called Twitz
Check Point Research (CPR) has spotted a botnet variant that has stolen nearly half a million US dollars’ worth of cryptocurrency through a technique called “crypto clipping”.
The new variant, named Twizt and a descendant of Phorpiex, steals cryptocurrency during transactions by automatically substituting the intended wallet address with the threat actor’s wallet address. This scam is primarily targeting traders from India, Ethiopia and Nigeria.
Victims: In a one-year period, between November 2020 to November 2021, Phorpiex bots hijacked 969 transactions, stealing 3.64 Bitcoin, 55.87 Ether, and $55,000 in ERC20 tokens. The value of the stolen assets in current prices is almost half a million US dollars. Several times, Phorpiex was able to hijack large amounts transactions. The largest amount for an intercepted Ethereum transaction was 26 ETH.
Salman Khan-backed BollyCoin announces Dabangg NFT collection
BollyCoin-backed by bollywood actor Salman Khan will unveil its non-fungible tokens (NFT) range with Salman Khan starrer movie Dabang. The platform plans to take its NFT range live on December 30.
The platform also has its own cryptocurrency, which is now listed on decentralised exchanges UniSwap and QuickSwap.
India’s crypto bill not likely before Budget session
India’s much-anticipated cryptocurrency bill isn’t expected until next year with this winter session scheduled to be concluded by 23 December, 2020. The government is reportedly reworking the proposed cryptocurrency regulation and is likely introduce it only in the Budget session in February 2022.
Finance Minister Nirmala Sitharaman told Lok Sabha the Bill was in final stages of consultation. Earlier this month, Confederation of Indian Industries (CII) asked the government to consider cryptocurrency as special asset class. It recommended imposing tax reporting requirements on individuals who are investing in crypto assets through specific disclosures in income tax returns.
“The issues being debated include the need for wider consultation and seeking comments from the public as well as whether the Central Bank Digital Currency (CBDC) to be introduced by the Reserve Bank of India needs to be a part of this bill or should be dealt with under the RBI Act,” reported Economic Times.
90% of bitcoin is already mined
90 per cent of the total 21 million bitcoin supply has already been mined, according to data by Blockchain. Mining is the process that allows Bitcoin to exist, through complex mathematical equations. This means that once the supply has been accounted for, no more of it can be made. The remaining 10 per cent isn’t predicted to run out until February 2140.
Thailand is preparing a new regulatory framework for cryptos
Thailand’s government is preparing a new regulatory framework for cryptocurrencies like Bitcoin in order to minimise risks and improve investor protection, reported Cointelegraph. The Bank of Thailand (BoT) will release a consultation paper next month which will define “red lines” for the crypto industry.