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End of the crypto craze? Indian investors wary as mega sell-off continues

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As foreign portfolio investors continue to pull out money from the Indian equity market, the sell-off in the crypto market and the digital asset space has also accelerated in the wake of global economic meltdown.

More than $200 billion were wiped off the entire cryptocurrency market this week and the globally crypto market capitalisation fell below $1 trillion for the first time since February 2021, according to data from CoinMarketCap.

The already sinking cryptocurrency market in India is also witnessing a huge sell-off as the prices of Bitcoin and other cryptocurrencies nosedive amid volatile market conditions triggered by factors like high inflation, rising interest rates, the Russia-Ukraine war, and China lockdowns.

According to experts, crypto investors and traders in India are currently exercising caution and a distinct dip in crypto buying has been noticed.

Nischal Shetty, co-founder of cryptocurrency exchange WazirX, said: “Indian investors are cautious and are taking the ‘wait and watch’ approach.”

Bitcoin (BTC), the world’s largest cryptocurrency, has plunged about 70 per cent since its record high of $69,000 in November last year.

It was hovering around Rs 20,000-Rs 21,000 per coin this week.

According to analysts, Bitcoin may hit a grim $14,000 this year at this rate.

Smaller cryptocurrencies, which tend to move in tandem with Bitcoin, also fell.

Ethererum, the second-largest digital token, fell as much as 12 per cent to $1,045, a new 15-month low.

The current decline means that Ethererum has shed 77 per cent of its value since November 2021.

According to Cointelegraph, Ethereum sell-off resumed this week, with its price risking another 25 per cent decline in June.

However, in such a gloomy scenario, India’s own Gari digital token by short-video making app Chingari has risen about 40 per cent.

Chingari, the fastest-growing Blockchain social app, this week announced the ‘GARI Mining’ programme to empower 4 crore monthly average users (MAU), becoming the first social app in the world to offer crypto to its creators and users on its platform.

“This programme will ensure a level playing field for big and humble creators. Now, creators and users on the app can earn GARI tokens which can be traded on exchanges for money and creators will not be at the mercy of brand collaborations as their only source of income,” said Sumit Ghosh, Co-founder and CEO, Chingari and GARI token.

Meanwhile, the fate of cryptocurrencies in India is still hanging in balance, and the much-awaited crypto bill is yet to see the light of the day.

In April, Finance Minister Nirmala Sitharaman reiterated her doubts about the size of the cryptocurrency market worldwide and stressed the need for a regulatory mechanism acceptable to all countries to prevent its use to launder money and fund terrorism, which, she said, were big concerns for India.

India distinguishes between cryptocurrency and crypto assets as a result, and the minister had in February announced a 30 per cent tax on income from these transactions, which includes a 1 per cent deduction at source.

The country is poised to have its own digital currency by the Reserve Bank of India (RBI) next year that will be based on Blockchain technology.

According to Sathvik Vishwanath, Co-founder and CEO, Unocoin, “the cryptocurrencies industry is fast evolving and hence it would need regulations to be constantly updated”.

“It is unlikely to be successful if we just try to bring guidelines for cryptos,” he said.

Not only cryptocurrencies, investors of DeFi (decentralised finance) platforms also need to exercise “caution and scrutiny” amid growing concerns about the liquidity of this certain type of cryptocurrency service, experts have warned.

The warning came as Celsius Network, a DeFi platform and one of the largest crypto lenders, announced that it was “pausing all withdrawals, Swap, and transfers between accounts” for its 1.7 million clients.

“The wider crypto ecosystem has been rocked again — not by ‘real’ cryptocurrencies like Bitcoin, but by DeFi,” said Nigel Green, CEO of deVere Group, one of the world’s largest independent financial advisories.

“There are legitimate and serious concerns about networks’ high yields, links to failed dollar-pegged stablecoin Terra, and reserves,” said Green, urging people to exercise caution and scrutiny on crypto lending firms which offer clients lucrative double-digit yields on assets like Bitcoin and Ethereum.

Decentralised finance or DeFi offers financial instruments without relying on intermediaries such as brokerages, exchanges, or banks by using smart contracts on a Blockchain.

Crime

Mere recovery of blood-stained weapon matching deceased’s blood group not sufficient to prove murder: SC

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suprim court

New Delhi, June 27: Upholding the acquittal of an accused, the Supreme Court has ruled that mere recovery of a blood-stained weapon bearing the same blood group as that of the deceased would not be sufficient to prove the charge of murder.

A bench of Justices Sandeep Mehta and P.B. Varale was dealing with a criminal appeal filed by the Rajasthan government challenging a judgment of the Rajasthan High Court, which had acquitted the respondent-accused of the offence of murder.

In its impugned order, a division bench set aside the judgment passed by the Additional Sessions Judge in December 2008, which had convicted the respondent for the offence punishable under Section 302 of the Indian Penal Code, 1860 and sentenced him to undergo life imprisonment and pay a fine of Rs 100, and in default of payment of fine, to further undergo 3 months simple imprisonment.

During the trial, the respondent was charged with the murder of Chotu Lal, which took place on the intervening night of March 1 and 2, 2007.

Initially, an FIR was filed against unknown assailants, and at a later stage, the respondent was arraigned in the case on the basis of suspicion and circumstantial evidence.

The prosecution led circumstantial evidence in the form of motive, alleging the respondent was having an evil eye on the wife of the deceased; recovery of the weapon of offence and the FSL report indicating that the blood group on the weapon matched with the blood group of the deceased (B +ve).

Contrary to the findings of the trial court, the Rajasthan High Court opined that the prosecution could not prove the complete chain of circumstances required to bring home the guilt of the accused in the case, which was based entirely on circumstantial evidence, and proceeded to acquit the respondent.

Concurring with the view taken by the Rajasthan HC, the Justice Mehta-led Bench said: “We find that the incriminating circumstances relied upon by the prosecution, i.e., the motive and the recovery of the blood stained weapon, even taken in conjunction cannot constitute the complete chain of incriminating circumstances required to bring home the charges against the accused.”

“The High Court seems to have overlooked the FSL report, which fact was stressed upon by learned counsel for the appellant (state government). However, in our view, even if the FSL report is taken into account, then also, other than the fact that the weapon recovered at the instance of the accused tested positive for the same blood group as that of the deceased (B +ve), nothing much turns on the said report,” it added.

The apex court, relying upon a previous judgment of the apex court, opined that mere recovery of a blood-stained weapon even bearing the same blood group of the victim would not be sufficient to prove the charge of murder.

It discarded the theory of motive, saying the evidence in that regard seems to be very vague and vacillating.

The Justice Mehta-led Bench added that the law is well settled by a catena of apex court decisions that in an appeal against acquittal, interference can only be made if the only possible view based on the evidence points to the guilt of the accused and rules out his innocence.

Dismissing the appeal of the state government, the Supreme Court said: “In the present case, we are duly satisfied that the prosecution failed to lead clinching evidence to bring home the charges. The only possible view is the one taken by the High Court, i.e., the innocence of the accused.”

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National

BJP accuses Congress of opposing voter verification to shield fake votes in Bihar

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New Delhi, June 27: Following Congress’ objection to the Election Commission of India’s special revision of the state’s voter list ahead of the upcoming Assembly elections in Bihar, the BJP has launched a sharp counterattack, accusing the grand old party of attempting to protect fake voters.

BJP state president Dilip Jaiswal defended the ECI and called Congress’ objections baseless.

“The Election Commission is an independent body which works independently. It is its responsibility to ensure that elections are conducted with complete transparency. If any political party opposes this, it is wrong. Fake voting can be prevented by the revision of the voter list. Voters who have died will be identified. This process will also make it clear whether the voter is actually in Bihar or voting somewhere else. This is a very necessary step for transparency. I congratulate the Election Commission for this,” Jaiswal said.

Bihar Congress president Rajesh Kumar on Thursday criticised the ECI for initiating the voter list revision process in a limited time frame.

He alleged that the move is part of a conspiracy to suppress the electoral rights of marginalised communities.

Reacting strongly to these allegations, BJP leader and Minister Nitin Nabin questioned Congress’ intent behind opposing the exercise.

“I say that Congress should clarify what exactly they are objecting to. If genuine voters are being verified and fake voters are being removed, is Congress sitting here to commit fraud? I want to ask the opposition members who are opposing this, are you trying to gain power through fake votes? Such fake voters will definitely be stopped, and the parties doing fraud will also be taught a lesson,” Nabin asserted.

The ECI has issued instructions for holding Special Intensive Revision (SIR) in Bihar, where polls are to be held by year-end. This means electoral rolls for the state will be prepared afresh.

The special voter list inspection has been undertaken by the ECI as a standard pre-election procedure to ensure the accuracy of electoral rolls.

Officials have stated that the process will help remove deceased or duplicate voters and correct errors, ensuring a fair and transparent election.

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Crime

Kerala HC judge files complaint of theft at his residence, police probe on

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Kochi, 27 June: The Kochi police have received a theft complaint from Kerala High Court Judge, Justice A. Badharudeen, according to officials on Friday, stating that six sovereigns of gold were missing from his residence.

The complaint, which was filed on Thursday, mentions that the gold has been stolen from the judge’s bedroom. The police have registered an FIR under Section BNS 305.

What has surprised many is that the thief has decamped with gold from a high-security guarded house located in the heart of the commercial capital of the state.

The judge registered the complaint with the Kalamassery police under which his residence falls.

After the preliminary probe, the police are now planning to prepare a list of those who need to be spoken to, as this incident occurred in the bedroom of the senior judge.

More details are awaited.

The incident has raised concerns regarding the security situation in the state. The Congress-led UDF has been accusing the state government of failing to curb the crimes.

It has been found that Kerala is a haven for organised gangs hailing from neighbouring states who specialise in robbing homes, and the cases against non-Keralaite thieves are also on the increase.

According to information prepared by the home department, which was placed before the Assembly last year, it showed 192 cases of theft involving non-Keralites were registered in 2021, and the numbers have been steadily increasing. This rose to 360 in 2022.

In 2023, the number increased further to 519, and by September 2024, a total of 307 such cases were registered. But the image of the Kerala Police got a boost when over 1,350 thieves during this period were put behind bars.

However, with regards to the case being registered in the burglary at the home of a judge, the police appear to have a tough job ahead.

Likewise, with other crimes also on the increase, the Ernakulam Police have come out with a directive to landlords who are seeking to rent out their properties. The police have urged the landlords to get a police clearance certificate from the prospective tenants from their local police station where they stayed.

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