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Cryptocurrency

A need for legal reform

Very recently, the Madras High Court, on 25 October, declared cryptocurrency a ‘property’ of the user. The question for declaring it as a property arose from a recent incident in which an investor, Rhuti Kumar, among other investors, lost savings in WazirX due to a cyberattack on the platform.

Crypto losses reach $428 mn in Q3 globally, hacks top concern

The world saw crypto losses up to $428 million in the third quarter (Q3), down 36 per cent from Q2, from hacks and frauds, a new report has shown. An analysis of the crypto losses by bug bounty platform Immunefi found that fraud accounts for only 7 per cent of the total losses in the Q3 2022, while hacks account for 93 per cent.