The Enforcement Directorate of India has taken a step to seize $115.5 million in the crypto sphere under the speculation of money laundering cases. A few crypto ventures may have been spooked, but the measure ensures that the interests of investors and crypto platforms are safe at every step.
As of now, five culprits are under custody, with WazirX running with a warning over its expensive transaction fees. The Ministry of Finance finds the crypto market problematic, with theft cases that are worrisome for everyone involved. A non-Indian situation rings a bell – FTX collapse has taken the crypto market by storm, and SBF is under investigation for 8 fraudulent charges. Unrelated but countries across the globe are on guard since the ways in which loopholes are exploited have been exposed.
ED’s investigation has so far given them the power to seize $115.5 million, and the department is taking every possible action to provide a decent level of tranquility.
(By Trevor Holman)
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