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India-based WazirX, a cryptocurrency exchange was hacked in early days of July 2024, leading to the loss of approximately $234.9 million (around Rs 2000 crore) in investor funds. [1] The exchange ceased to operate on 18 July 2024.
WazirX lost $230 million in that attack, and Coinswitch had about $9.65 million in assets on its platform. [29] The breach affected around 45% of WazirX's total assets and involved a serious security flaw in one of its multi-sig wallets. Following the incident, WazirX suspended all withdrawals and cryptocurrency trading on its platform. [30]
In August 2022, India's Enforcement Directorate froze the assets of WazirX, an exchange owned by Binance, as part of a money laundering investigation. [116] Following the event, CEO Zhao claimed that they never owned WazirX or owned any equity in Zanmai Labs—the operating entity of WazirX—citing "a few issues" that prevented the completion ...
Just months before the ban, India had also restricted investment from Chinese companies, Pahwa added. “TikTok wasn’t a one-off case. Today, India has banned over 500 Chinese apps to date.”
In 2019, a petition has been filed by Internet and Mobile Association of India with the Supreme Court of India challenging the legality of cryptocurrencies and seeking a direction or order restraining their transaction. [83] In March 2020, the Supreme Court of India passed the verdict, revoking the RBI ban on cryptocurrency trade. [84] [85]
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But TikTok actually faced an even bigger exodus of users in 2020, when India banned the app. At the time, India was TikTok’s biggest foreign market outside of China, with 200 million users .
As of March 2023, this is the list of banned terrorist groups in India. The official list often includes longer descriptions, such as "and all its manifestations ...