Crypto
Khamzat Chimaev Opens Up About Cryptocurrency Scandal
Khamzat Chimaev, a rising star in the UFC, recently found himself embroiled in a controversy unrelated to his prowess in the octagon. A cryptocurrency scandal has cast a shadow over his career, sparking speculations and questions from fans and media alike. In a candid interview, Chimaev shares his perspective on the incident and explains what transpired.
The controversy began when Chimaev participated in a promotional campaign for a cryptocurrency named SMASH, which turned out to be fraudulent. His endorsement led many followers and fans to invest in the currency, resulting in significant financial losses when the project collapsed. Chimaev quickly became a central figure in the scandal, facing accusations of deceiving his fans.
“I trusted the wrong people,” Chimaev admitted. “My management team assured me that this was a safe and reliable investment. I had no deep knowledge of cryptocurrencies and completely relied on their judgment.”
Chimaev acknowledged his mistake in not researching the cryptocurrency before endorsing it.
“I should have been more cautious and learned more about what I was supporting,” he said. “It was naive of me not to do my own research.”
He emphasized that he never intended to deceive his fans.
“I would never knowingly harm or deceive my followers. I am also a victim in this situation and have lost both money and trust.”
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Following the scandal, Chimaev has taken steps to rectify the situation. He has cooperated with authorities to track down those responsible for the fraudulent cryptocurrency and is working to recover the lost funds for his followers.
“We have managed to identify some of the culprits, and they have been forced to admit their fraud,” he revealed.
Chimaev has also made changes to his team, now working with new management whom he trusts more.
“I have learned a hard lesson about the importance of having the right people around me. I will be much more cautious in the future and ensure that I fully understand what I am endorsing.”
Despite the negative attention, Chimaev is determined to rebuild his reputation and return to the octagon with the same strength and determination as always.
“I am sorry for what happened and will do everything I can to make it right,” he said. “But this will not stop me. I am here to fight and to win, and that is exactly what I will do.”
This incident serves as a reminder of the potential pitfalls in the fast-moving world of cryptocurrency, even for those with good intentions. Chimaev’s experience highlights the importance of due diligence and the risks involved in endorsing financial products without thorough understanding.
This article was created based on information from MMAnytt.se.
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Crypto
Budget 2024: Will India see a reduction in TDS and other taxes that currently exist in crypto?
The government and other stakeholders to promote awareness about the benefits and risks of crypto, and align stakeholders on comprehensive regulations around Web3 technology.
Crypto Tracker
Industry Concerns
The Indian crypto industry has voiced its concerns regarding the current taxation framework. The 30% flat tax is considered significantly higher compared to traditional asset classes like stocks, which discourages long-term investment and incentivizes short-term trading. The 1% TDS further adds to the burden, creating an additional compliance layer and potentially hindering trading activity.This has led to a decline in domestic trading volumes, with investors potentially shifting their activities to offshore exchanges that offer more favourable tax environments. This not only deprives the Indian government of potential tax revenue but also undermines the growth of the domestic Web3 ecosystem.The Untapped Potential
Despite the current challenges, the Web3 sector in India holds immense promise for future growth. Industry estimates suggest that Web3 could contribute a staggering USD 1.1 trillion to India’s GDP by 2032. This exponential growth can be attributed to the numerous applications of blockchain technology, including decentralized finance (DeFi), non-fungible tokens (NFTs), and the metaverse. Creating a vibrant Web3 ecosystem which presents a unique opportunity for India to attract investments, create jobs, and become a global leader in this burgeoning technological revolution.
A Global Perspective
In comparison to India, several developed economies have adopted a more measured approach to crypto taxation. Countries like Singapore and Portugal have implemented lower tax rates for cryptocurrencies, creating a more conducive environment for innovation and investment. This highlights the potential competitive advantage India could gain by introducing a more rationalized tax regime.
The Government’s Viewpoint
It’s crucial to acknowledge the government’s concerns regarding cryptocurrencies. The volatile nature of the market and the potential for misuse in money laundering and tax evasion are legitimate issues that necessitate regulatory measures.
A Call for Reform
There exists a clear need for a balanced approach. A well-designed tax framework can ensure that the government receives its fair share of revenue while simultaneously encouraging responsible innovation within the Web3 sector. Open dialogue and collaboration between the industry and the government are essential to achieve this balance.
Tax Optimization Strategies
It’s important to know that some investors explore alternative strategies within the current tax structure. These may include utilizing Crypto-INR Futures and Options (F&Os) offered by certain platforms. However, it’s crucial to understand that such strategies are complex and may not be suitable for everyone. Consulting with a qualified tax professional before implementing any such strategy is essential.
With the upcoming budget approaching, the Indian crypto industry is anxiously awaiting potential changes in the regulatory system. A shift towards more favorable tax regulations for the Web3 sector could unlock its immense potential, propelling India to the forefront of the global digital revolution. By embracing innovation while addressing regulatory concerns, India can create a win-win situation for both the government and the burgeoning Web3 ecosystem.
(The author is the Cofounder & CEO, Pi42. Views are own)
Crypto
How spot ether ETF launch may impact the broader crypto market (Cryptocurrency:ETH-USD)
Spot ethereum (ETH-USD) exchange-traded funds are expected to begin trading on Tuesday, July 23. The highly anticipated launch is poised to drive outsized gains in ether’s price, as many proponents have predicted, though crypto-market traders appear to be underestimating the full impact.
Indeed, as of Friday midafternoon trading, ether (ETH-USD) slipped 1.3% from a month ago. But it’s still up some 49% so far this year, amid a wider rally among major token prices. Its performance has been poor relative to peers in the current cycle, which Seeking Alpha analyst Richard Durant attributed to “competition, scaling problems or [tighter] monetary policy.”
In May, the U.S. Securities and Exchange Commission approved key regulatory requirements from prospective issuers of ETF investing directly into ether (ETH-USD). But the regulator still needs to approve the applicants’ S-1 registration filings in order for the products to go live. A number of investment giants, such as BlackRock (BLK), VanEck and Ark Investment Management, are all striving to gain the pivotal first-mover advantage in the race to introduce a spot ETH ETF.
“The launch of an ETH ETF would be a boost of validation to the crypto ecosystem at a time when the industry is trying to judge the potential impact of U.S. elections later this year,” said Darius Tabai, CEO of Vertex and former trader at Merrill Lynch and Credit Suisse.
Given the uncertainty around both developments, he added, “it feels like the market is not fully pricing in the impact of the ETF and that we could easily see gains of 25%+ on price if a spot ETF is approved.”
With ether’s (ETH-USD) status as the main smart contract platform in the crypto world, any post-approval price gains would likely more directly impact the decentralized finance (DeFi) ecosystem, he said. “If a move is sustained, I would expect more of a potential halo effect for [alt coins] in contrast to the (BTC-USD) launch where alts really struggled to maintain a bid.”
Recall in January when Spot BTC ETFs debuted in the U.S. Since then, the price of bitcoin (BTC-USD) has jumped over 40%, a move partly driven by strong and persistent inflows (until recently) into such products.
Mara Schmiedt, ETH expert and CEO of Alluvial, laid out the key parallels and differences between the spot BTC and ETH launches. “While BTC spot ETF inflows hit a higher-than-expected ~$60 billion [assets under management] target in the U.S. this year, we can anticipate ETH ETF inflows to reach approximately 30% of BTC’s total market size, or ~$20 billion+ at current prices.”
She contended that inflows into ETH ETFs could amount to much more than $20B in the initial months post-launch, as they are expected to result in higher pricing sensitivity relative to BTC.
Aligning with Schmiedt’s assessment, ether-holding funds, once cleared for trading, will likely attract slower demand than spot BTC peers, partly due to the “lack of an ETH staking feature in the ETF,” Bernstein wrote in a June note.
While inflows are likely to support ether’s (ETH-USD) price, outflows from the Grayscale Ethereum Trust (OTCQX:ETHE) could initially put downward pressure on it, SA Analyst Durant warned. “A similar dynamic occurred with Bitcoin, where there was 6.5 billion USD of outflows from Grayscale in the first month. The fact that Ethereum ETFs will not offer staking rewards to investors may also limit their appeal.”
Crypto
The total cryptocurrency market capitalization increased by 37.3% during the first half of 2024
With this growth, the firm estimated that the market reached approximately $2.27 trillion. This increase was mainly driven by a strong first quarter in 2024 and followed a robust performance in 2023.
The cryptocurrency and blockchain infrastructure provider, Binance, released its first semi-annual report for 2024, highlighting the growth of the crypto market. According to the firm’s research, the total cryptocurrency market capitalization experienced a 37.3% increase so far this year.
The report also emphasized Bitcoin’s performance compared to traditional assets. The cryptocurrency saw significant growth, fueled by key events like Bitcoin’s fourth halving and the approval of Bitcoin exchange-traded funds (ETFs) in the United States.
This approval generated over $14.7 billion in net inflows, contributing to a positive start for the cryptocurrency in 2024.
Additionally, stablecoins, designed to maintain a stable value relative to a reference asset like fiat currency, reached a peak market capitalization of $161 billion. This marked a significant recovery, just 14.5% shy of the peak achieved in April 2022.
BTC/USD
Furthermore, the report highlighted emerging synergies between Artificial Intelligence (AI) and cryptocurrencies, noting that investors and the community maintained a strong interest in these technologies during the first half of 2024.
“The convergence of AI and crypto technologies is becoming increasingly evident, with AI leveraging the advantages of cryptocurrencies, enabling secure and direct transactions without intermediaries or reliance on a single entity,” the firm stated in a release.
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