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Government officials from CGST Mumbai Zone recovered the funds from crypto exchange WazirX after detecting a GST evasion of $5.43 million on trade commissions. Indian crypto exchange WazirX has reportedly paid over $6.6 million (49.2 crore rupees) following non-payment of Goods and Services Tax (GST) on trade commissions. The total recovery includes the pending tax of $5.43 million (40.5 crore rupees), the interest and a penalty for non-payment. Government officials from the Central GST and Central Excise committee (CGST Mumbai Zone) recovered the funds from the crypto exchange after detecting a GST evasion of $5.43 million on the commissions. A typical GST fraud involves creating fake invoices without actually moving the goods between the seller and the buyer. Officers of CGST Mumbai East comm'te have detected GST Evasion of Rs 40.5 Cr. on commission of Wazir X Crypto Currency & recovered Rs 49.2 Cr. in cash as GST, interest & Penalty today on 30.12.2021 from Zanmai L

The crypto industry saw the opportunity of a lifetime this year when OnlyFans, a platform known mostly for its adult content, announced it would ban sexually explicit content. The crypto and porn industry together represents a very profitable merge that has just started to happen. The world of payment methods has a history of hypocrisy, control, and morals, and it tends to not support anything related to sex work. Reportedly, earlier in the year OnlyFans had decided to shut down all sexually explicit content because of pressure from banks and payment processors. There was a huge backlash and the ban stopped days after its announcement, alleging that the platform had “secured assurances necessary” from the banks. The platform’s founder and chief executive told Time that banks were refusing to process adult content-related payments. “OnlyFans stands for inclusion”, they said, but they had been trying to distance themselves from the porn industry, interested in launching a streaming s

MicroStrategy has once again doubled down on its bitcoin holdings with another purchase. This time around, the company spent almost $100 million to add more BTC to its mammoth holdings. The company which has been buying bitcoin since 2019 has stuck to its promise to invest heavily in the digital asset and has been the only company to continue buying through the dips. MicroStrategy Buys More Bitcoin MicroStrategy announced that it has bought more bitcoins to add to its balance sheet. The publicly listed company had bought a total of 1,914 BTC between December 9th and 29th. Each of the BTC was bought at an average of $49,229 and the total cost of the bitcoins purchased came out to $94.2 million. Related Reading | Bitcoin Only Works For The Wealthy, Senator Elizabeth Warren MicroStrategy’s CEO Michael Saylor, took to his Twitter account to share the news of the purchase with his followers. Saylor who is a vocal bitcoin proponent is one of the reasons the company had begun purchasing th

The decentralized nature of the crypto sector gives room for several cryptocurrencies to thrive amongst their communities. The industry currently has thousands of cryptocurrencies in active trading, some of which are tributes or representations of ideas or events. While many are much older and considerably more serious, several others are meme coins. A meme coin is a cryptocurrency that gained popularity relatively quickly (with some much quicker than others), especially when it is based on an online event, phenomenon, or promotional effort. The definition also covers coins originating from jokes or other whimsical events or ideas. Generally, most people credit Dogecoin as the first meme coin, as it started as a joke back in 2013. Apart from paving the way for future meme coins, Dogecoin is also the first “dog coin,” featuring the face of the notorious Shiba Inu dog as its logo. Since it became popular, many other dog tokens have launched, and are now pulling in massive trading number

The Cosmos-inspired DeFi platform Umee set records for a Coinlist public sale with nearly one million unique applicants and 63,000 total contributors. Cross chain DeFi hub Umee's token sale on Coinlist has broken the record for user interest on the platform and concluded with nearly $32 million raised. Coinlist reported that more than 922,000 Coinlist accounts had registered for options 1 and 2 of the UMME token sale, which is the highest number ever for a token sale on the platform. In the end around 63,000 accounts contributed. A Medium post from the Umee team yesterday stated that funds will be used to expand the development and engineering teams. The Beta web app for the platform is set to launch “in the coming days,” and the mainnet is scheduled to ship by mid-February. The $32 million raise is reportedly the fifth largest public raise on Coinlist all year. This also puts it among the top public token sale rounds this year with BitDAO (BIT) which raised over $43 millio

“In the staking market, there was significant latent demand for a decentralized option — it just needed our launch to spark an inferno,” said Rocket Pool general manager Darren Langley. Rocket Pool, a decentralized Ethereum 2.0 staking platform has surpassed $350 million worth of total value locked (TVL) within five weeks of its official launch. The project aims to remove the barriers to entry for Eth2 stakers and node operators. It allows any user to run a node for 16 ETH ($59,000), which is half of the 32 ETH ($119,000) required in the Eth2 deposit contract. Users with as little as 0.01 ETH can also stake their funds and receive yield. According to data from DefiLlama, Rocket Pool has surged up the decentralized finance (DeFi) staking platform rankings to sit at third with a TVL of $355.64 million at the time of writing. The project is currently behind the Keep3r Network at $584.34 million, and Lido Finance in first place with $6.04 billion. Lido Finance was launched in Decembe

This week's Finance Redefined features the latest developments concerning Polygon, Interlay, Bent Finance and Grim Finance. Welcome to the latest edition of Cointelegraph’s decentralized finance newsletter. As the calendar year comes to an end, Cardano’s personable leader Charles Hoskinson shares a message of optimism, unity and collaboration for the future of crypto. As a gesture of goodwill for the holiday season, this week our long-form DeFi newsletter will be published in full here as an article alongside the regular email. Subscribe below for full access to next week's edition! Polygon fixes potential billion-dollar protocol vulnerability  Layer-two protocol Polygon announced this week the rectification of a potentially multi-billion-dollar vulnerability in its proof-of-stake Genesis contract through implementing an Emergency Bor Upgrade to the mainnet. The incident and subsequent upgrade took place at the beginning of December. If compromised to the fullest exten

Some analysts are expecting big things for Bitcoin in the near future when all the institutional selling has completed and capital gets deployed to the market. Some crypto market analysts are highlighting the potential for a green first week on the crypto markets in January as part of what economist and trader Alex Krüger calls the “first week of the year effect.” Krüger pointed out in a Dec. 29 tweet that for the past four years straight, Bitcoin ( BTC ) has enjoyed positive returns in the first week of January ranging from 7% to 36% between 2018 and 2021. In 2021, BTC grew from $28,653 to $41,441 in the first week of Jan. When asked what had happened in previous years, Krüger replied , “tbf only 2020 and 2021 matter, different markets, so do with those two data points as you will”. Still expect a strong crypto up market in early Jan driven by fund inflows. Then risk-off ahead of the next FOMC (Jan/26) if the next inflation print comes in too hot (Jan/12). — Alex Krüger (@kru

DeepDAO ranks the Uniswap DAO, BitDAO and Lido Finance DAO as the top three in terms of treasury value at $2.9 billion, $2.4 billion and $602 million each. The total combined value of treasuries, or assets under management (AUM) for the use of decentralized autonomous organizations, increased by around 40 times between January and September of 2021. According to data from DAO stats platform DeepDAO, the total AUM for DAO treasuries listed on the platform increased from around $380 million in January to a peak of roughly $16 billion in mid-September. Looking ahead at 2022: ✍️How far and how deep will DAOs go into the mainstream, and into which use cases? ✍️(When) will DAO treasuries exceed $100B? Lots of interesting questions, but together we can BUIDL this! pic.twitter.com/JDEC9JBuHC — DeepDAO.io (@DeepDAO_io) December 30, 2021 As of mid-December, the total AUM has decreased by 28.1% since the high water mark to sit at $11.5 billion, dropping a hefty $3.6 billion over th

Art gallery owner Todd Kramer had his valuable NFT collection stolen from his hot wallet yesterday, so OpenSea froze the stolen assets worth about $2.2 million. NFT marketplace OpenSea has frozen 16 Bored Ape and Mutant Ape nonfungible tokens (NFT) after they were reportedly stolen yesterday from a New York art gallery operator. In total, one Clonex, seven Mutant Ape Yacht Club, and eight Bored Ape Yacht Club NFTs currently valued at about 615 ETH ($2.28 million) were stolen and are now not able to be traded on OpenSea. The toddkramer.eth account, which links to the Ross+Kramer Art Gallery in New York, fired off a series of tweets detailing the 16 NFTs that were stolen from his hot wallet and pleading with OpenSea and the NFT community for help. While the NFT community was often unsympathetic to the trader’s plight, OpenSea froze trading on the stolen items. @gidwellsoon @Tob_Opensea @j1mmy I have been hacked. Please Help Ape 2771 Ape 6416 Ape 1623 Ape 1708 Ape 8214 A

The Crypto Street Restaurant accepts all crypto assets for food payments at its store, and has nothing but five star reviews so far. A new crypto-themed restaurant in Florida is slinging hot dogs and shrimp cocktails inspired by Dogecoin (DOGE) and Shiba Inu (SHIB), with the Dogedogs being highly prized by customers. The Clearwater Beach-based venue is dubbed the “Crypto Street Restaurant” and held a grand opening to the public earlier this month with a menu full of names that give a nod to popular crypto-assets and terminology. Ricardo is such a gentleman. If you hit #ClearwaterBeach make sure you stop by! #crypto $BTC #shopsmallbusiness @LayahHeilpern @CryptoStaceyB @FinTechShark1 @olya_borderless pic.twitter.com/QVPObPf3Ff — Alexandre Lores (@alexandre_lores) December 10, 2021 The menu boasts dishes such as the Dogedog, Crypto Cuban, DeFi Caesar Salad, SHIBA Shrimp Cocktail and the Bitcoinana Split to name a few, while the restaurant's decor is also decked out wi

The BlockbusterDAO wants to raise at least $5 million to buy the iconic video rental brand from Dish Network and turn it into a streaming film studio. A new decentralized autonomous organization (DAO) has been formed with the goal of buying the Blockbuster brand from Dish Network and turning it into a film studio and streaming platform. Blockbuster Video is an American video rental company founded in 1985 which once had 6,000 stores globally and was valued at over $8 billion, before it shuttered almost all of its operations in 2014. It is currently owned by Dish Network and operates just one store in Bend, Oregon. The DAO interested in “liberating” Blockbuster from Dish Network is the aptly named BlockbusterDAO. The DAO explained in a Dec. 26 tweet its plans on rallying a grassroots effort to buy Blockbuster by raising at least $5 million through a Blockbuster DAO NFT minting event. Each NFT will be valued at 0.13 ETH. BlockbusterDAO plans on turning Blockbuster into a decentral

Ethereum gained bearish momentum below the $3,720 support against the US Dollar. ETH price tested $3,600 and currently struggling to recover higher. Ethereum started a major decline below the $3,850 and $3,750 support levels. The price is trading below $3,800 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $3,715 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above $3,500 to avoid more downsides in the near term. Ethereum Price Extends Decline Ethereum failed to stay above the $3,880 and $3,850 support levels. ETH extended decline and traded below the key $3,750 support zone. There was a sharp move below the $3,700 level and the price settled below the 100 hourly simple moving average. It traded as low as $3,602 and is currently consolidating losses. An immediate resistance on the upside is near the $3,655 level. It is near the 23.6% Fib retracement level of the recent decline from the $3,827 s

“Considering how much was at stake, I believe our team has made the best decisions possible given the circumstances,” said Polygon’s co-founder Jaynti Kanani. Ethereum-based layer two scaling network Polygon has quietly fixed a vulnerability that put almost $24 billion worth of its native token MATIC at risk. According to a Dec. 29 blog post from Polygon, the “critical” vulnerability in the network’s Proof-of-Stake (PoS) Genesis contract was first highlighted by two whitehat hackers on Dec. 3 and Dec. 4 via blockchain security and bug bounty hosting platform Immunefi. All you need to know about the recent Polygon network update. ✅A security partner discovered a vulnerability ✅Fix was immediately introduced ✅Validators upgraded the network ✅No material harm to the protocol/end-users ✅White hats were paid a bounty https://t.co/oyDkvohg33 — Polygon | $MATIC (@0xPolygon) December 29, 2021 The vulnerability put more than 9.27 billion MATIC at risk that is valued at around $23

Pierce and Lee believe that Bitcoin will continue its meteoric rise in price through 2022, but that's pretty much par for the course with those two. Despite missing the mark with their $100,000 Bitcoin price predictions in 2021, Former Chief Strategy Officer at Block One Brock Pierce and co-founder of research firm Fundstrat Global Advisors Tom Lee are both tipping Bitcoin could hit $200,000 in 2022. Essentially they are doubling down on their ambitious projections for 2022, even though Bitcoin's high water mark of $69,000 was set on Nov. 10 and BTC is currently trading at $46,270. Tom Lee predicted $200,000 for BTC in the Dec. 23 Market Rebellion Roundtable discussion. He said in the discussion: "So maybe Bitcoin is, you know, in that $200,000 range. I mean, I think that’s achievable and I know it sounds fantastical, but it’s very useful." Lee previously maintained his 2021BTC price prediction of $100,000 as late as October in light of ProShares launching the

Bitcoin extended decline below the $47,500 support zone against the US Dollar. BTC could recover, but upsides might be limited above $47,500. Bitcoin started a fresh decline below the $48,500 and $47,500 support levels. The price is trading below $48,000 and the 100 hourly simple moving average. There is a key declining channel forming with resistance near $47,150 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct higher, but upsides might be limited above $48,000 in the near term. Bitcoin Price Extends Decline Bitcoin price failed to recover above $48,800 and started another decline. BTC traded below the $48,500 and $47,500 levels to move further into a bearish zone. The decline gained pace below the $47,000 level. A low is formed near $46,120 and the price is now consolidating losses. Bitcoin is trading below $48,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $46,600 level. It is near the 2

Retail and institutional investors love derivatives instruments. Here‘s how they could impact crypto markets in 2022. We‘ve all heard stories of billion-dollar future contracts liquidations being the cause of 25% intraday price crashes in Bitcoin ( BTC ) and Ether ( ETH ) but the truth is, the industry has been plagued by 100x leverage instruments since BitMEX launched its perpetual futures contract in May 2016. The derivatives industry goes far beyond these retail-driven instruments, as institutional clients, mutual funds, market makers and professional traders can benefit from using the instrument‘s hedging capabilities. In April 2020, Renaissance Technologies, a $130 billion hedge fund, received the green light to invest in Bitcoin futures markets using instruments listed at the CME. These trading mammoths are nothing like retail crypto traders, instead they focus on arbitrage and non-directional risk exposure. The short-term correlation to traditional markets could rise As a

The research firm made numerous predictions about crypto in 2022 about the price, regulations, Bitcoin's hashrate, and even the fate of XRP and ADA. Blockchain data research firm Arcane Research has taken a look at the year that was in its final report for 2021 and offered its predictions for crypto markets going into 2022. Arcane’s Dec. 28 The Weekly Update report focuses on Bitcoin ( BTC ) and Ethereum ( ETH ) but delves into other major coins, decentralized finance ( DeFi ), meme coins, nonfungible tokens ( NFT ), derivatives, and others. Arcane offered a prediction for what would happen in 2022 on every topic covered in the report. “Bitcoin will outperform the S&P 500 in 2022.” The report noted that through 2021, Bitcoin has outperformed the S&P 500 index . Bitcoin is up 73% while the S&P 500 is up 28% this year, and Arcane believes Bitcoin will continue this performance next year. The benchmark S&P 500 index consists of the 500 biggest companies listed o

While Bitcoin critics claim this means that BTC is losing its first-mover competitive advantage, others are anticipating the “altcoin season” is just around the corner, or might even be already underway. Bitcoin’s market dominance has continued to fall, bottoming out below 40% this week. That’s very close to the all-time low of 36.7% in Jan 2018 according to data from Tradingview. Bitcoin ( BTC ) market dominance refers to the ratio between BTC’s market cap and the total crypto market cap. It's not the first time dominance has dipped in 2021. Back in May, Cointelegraph reported that BTC had dipped to represent just 40.3% of the combined crypto asset capitalization, according to Coinmarketcap, and it neared the same level again in September.  Bitcoin critic and Europac chairman Peter Schiff tweeted about the event on Dec 29th, saying that it’s indicative that BTC is “losing its first-mover competitive advantage.” With over 16,000 alternative cryptos to choose from Bitcoin