Cryptocurrency hackers have now stolen over $1.2 billion following hacks in August, raising further concerns about widespread crypto adoption. The crypto industry saw a total of $1.21 billion worth of digital assets lost to hacks and rug pulls year-to-date in 2024 across 154 individual exploits. This represents a 15.5% increase compared to the same period in 2023, when losses totaled just over $1 billion, according to an Immunefi report shared with Cointelegraph.
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The largest US miner announced in July that it was adopting a strategy similar to the one employed by MicroStrategy Inc., which has been accumulating the cryptocurrency for several years in part on a bet the price will rise. Marathon is one of several public mining companies that have started increasing Bitcoin holdings again in the wake of the April software code adjustment known as the ‘halving’ that slashed revenue. In 2022, many miners were liquidating their coin reserves to stay afloat amid inflated energy prices and a series of meltdowns in the industry. Miners mint the cryptocurrency through a process where they compete to solve computational puzzles to unlock rewards in exchange for processing the transactions on the Bitcoin blockchain.
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In a July 25 interview with Moneycontrol, Indian Economic Affairs Secretary Ajay Seth announced that the country will release a discussion paper outlining its stance on cryptocurrencies before September 2024. This paper, rather than proposing immediate legislation, will focus on initiating stakeholder consultation. India’s Evolving Approach to Indian Crypto Regulation An inter-ministerial group, including the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI), is developing a broader cryptocurrency policy. This group incorporates diverse perspectives on Indian crypto regulation. The RBI, for example, advocates prohibiting cryptocurrencies due to perceived macroeconomic risks. Conversely, SEBI appears more open to regulation. “The policy stance is how does one consult relevant stakeholders, so it is to come out in the open and say here is a discussion paper these are the issues and then stakeholders will give their views,” Seth explained in the interview.
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