Latest news with #USDT
New Indian Express
4 hours ago
- New Indian Express
Crypto scam twist: Bengaluru man who reported Rs 2 crore robbery turns out to be mastermind
BENGALURU: In a dramatic twist to the Rs 2 crore robbery case reported in Vidyaranyapura last month, investigators have uncovered that the complainant himself orchestrated the entire heist. The police have arrested 15 people, including the complainant, identified as Shri Harsha, for cheating two businessmen under the guise of converting their cash into the cryptocurrency USDT (Tether). Four more suspects remain at large. The arrested have been identified as Harsha, a businessman, Rakshith M, Chandrashekhar, Benjamin Harsha, Syed Akhib, Mohammed Suhail, Salman Khan, Muheeb S, Mohsin Khan, Salman Khan (second accused with same name), Syed Amjad, Syed Afreed, Syed Wasim, Mohammed Ateeg. Sandeep, Sheikh Sadu, Rakesh and Mohammed Sabeer are absconding. According to the police, Harsha filed a complaint on June 25, claiming that he had been robbed by five armed men while facilitating a cryptocurrency transaction in MS Palya. He alleged that during the deal, the gang assaulted him and his associated and escaped with Rs 2 crore in cash. However, the case took a turn after the arrest of the suspects. During interrogation, they revealed Harsha's role in plotting the crime. Further investigation, bolstered by CCTV footage and call record analysis, confirmed Harsha's involvement. Police said Harsha had lured two businessmen — Bharath Singh from Bengaluru and Abhishek from Mangaluru — promising high returns by converting their Rs 2 crore cash into USDT. He assured them that the deal would be routed through RTGS with GST-compliant documentation and premium profit margins.
Yahoo
9 hours ago
- Business
- Yahoo
Crypto Prediction Market Polymarket Weighs Launching Its Own Stablecoin: Source
Polymarket, the cryptocurrency-powered prediction market that recently attained a billion dollar valuation, is deciding whether to introduce its own customized stablecoin, or accept a revenue sharing deal with Circle based on the amount of USDC held on the platform, according to a person familiar with the plans. Polymarket's motivation to create its own stablecoin is simply to own the yield-generating reserves that back the large amount of Circle's USDC dollar-pegged token used to make bets on the popular betting platform, the person said. A Polymarket representative said no decision has yet been made on the stablecoin question. Legislation around stablecoins passed in the U.S. last week makes issuing a stablecoin all the more attractive a business proposition for both crypto native firms and more traditional finance players alike who may be eyeing the success of stablecoin-issuing giants Tether and Circle. That said, launching a stablecoin is a complex lift for many firms, and USDC issuer Circle is known to be cutting revenue sharing deals with exchanges, payment firms and other fintechs in order to stay competitive in the rapidly evolving space. For Polymarket, issuing its own stablecoin is a much easier lift from a regulatory standpoint, according to the source. "Polymarket is locking a lot of stablecoin value in their betting pools and so they want some kind of mechanism to get the yield,' the person said. 'In the case of Polymarket, it's a closed ecosystem and all they really need to do is to be able to exchange USDC or USDT into whatever their custom stablecoin is. They don't have to worry about the last mile on ramp and off ramp. That's a very simple thing to build, and easy to secure and control.' Spokespeople for Circle did not immediately return a request for comment. The amount of USDC on Polymarket fluctuates with betting activity on the platform, but some $8 billion of bets were placed during last year's U.S. election cycle, and the website attracted some 15.9 million visits in May, according to SimilarWeb. The company is looking to formally reenter the U.S. with the acquisition of U.S.-based QCEX, following the closure of civil and criminal investigations into its allowing U.S.-based customers to place bets on its platform. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Business Upturn
13 hours ago
- Business
- Business Upturn
BitMart Launches Crypto Loans: Unlock Liquidity and Earn While You Borrow
By GlobeNewswire Published on July 22, 2025, 22:10 IST Mahe, Seychelles, July 22, 2025 (GLOBE NEWSWIRE) — BitMart, a leading global cryptocurrency exchange, announced the launch of BitMart Crypto Loans service, the lending product that allows users to stake their digital assets as collateral, borrow instantly, and continue earning interest — all without selling their holdings. As the digital asset market evolves rapidly, users are increasingly seeking flexible and efficient ways to manage their assets. In the current market environment, liquidity has become a major challenge for crypto asset holders. Traditional solutions often require selling assets to unlock funds — but this also means giving up the potential for future appreciation, particularly for long-term holders of major assets like BTC, ETH, or the platform token BMX. For these users, selling their holdings could mean missing out on future opportunities. Therefore, the market urgently needs a solution that provides liquidity without liquidating assets. Key Highlights of BitMart Crypto Loans Flexible Loans Without Selling Assets — Users can pledge their digital assets as collateral to borrow loans without having to sell. This is especially attractive to long-term holders. Users can pledge their digital assets as collateral to borrow loans without having to sell. This is especially attractive to long-term holders. Earn Interest on Collateralized Assets — Users can continue earning yields on your pledged assets via BitMart Earn. — Users can continue earning yields on your pledged assets via BitMart Earn. Flexible Repayment — No fixed terms or late fees; repay anytime at your convenience. — No fixed terms or late fees; repay anytime at your convenience. Multi-Asset Support — Borrow and pledge in USDT, USDC, BTC, ETH, BMX, and more. — Borrow and pledge in USDT, USDC, BTC, ETH, BMX, and more. Transparent, Low Costs — Competitive hourly interest rates that adjust with the market. BMX, BitMart's native token, plays a pivotal role in this ecosystem. It can be used both as collateral and as a borrowed asset, further enhancing liquidity and utility. BMX holders also enjoy additional perks, including trading fee discounts, VIP benefits, and participation in BitMart's growth through airdrops and rewards — creating a vibrant, user-driven ecosystem. Launch Benefits: Interest Rebates and USDC Rewards To celebrate the launch, BitMart is offering exclusive promotions: Interest Subsidy — New users receive a 50% rebate on interest paid; VIP users enjoy a full 100% rebate, achieving 'zero-interest' borrowing. — New users receive a 50% rebate on interest paid; VIP users enjoy a full 100% rebate, achieving 'zero-interest' borrowing. Leaderboard Rewards — The top 50 borrowers by total loan amount will share in generous USDC prizes, with first place taking home 1,000 USDC. Details: As the digital asset market matures and evolves, traditional asset management models can no longer meet modern users' demands for flexibility, efficiency, and diversification. The launch of BitMart Crypto Loans not only brings a fresh liquidity solution to the market but also opens up new possibilities for the application of crypto assets. Without sacrificing the long-term appreciation potential of their holdings, users can easily allocate funds while earning transparent and sustainable yields through financial tools. This innovative model undoubtedly represents the future of the industry: smarter, more flexible, and more efficient asset management is set to become the new norm in the crypto market. About BitMart BitMart is the premier global digital asset trading platform. With millions of users worldwide and ranked among the top crypto exchanges on CoinGecko, it currently offers 1,700+ trading pairs with competitive trading fees. Constantly evolving and growing, BitMart is interested in crypto's potential to drive innovation and promote financial inclusion. To learn more about BitMart, visit their Website, follow their X (Twitter), or join their Telegram for updates, news, and promotions. Download BitMart App to trade anytime, anywhere. Disclaimer: Use of BitMart services is entirely at your own risk. All crypto investments, including earnings, are highly speculative in nature and involve substantial risk of loss. Past, hypothetical, or simulated performance is not necessarily indicative of future results. The value of digital currencies can go up or down and there can be a substantial risk in buying, selling, holding, or trading digital currencies. You should carefully consider whether trading or holding digital currencies is suitable for you based on your personal investment objectives, financial circumstances, and risk tolerance. BitMart does not provide any investment, legal, or tax advice. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Time of India
14 hours ago
- Time of India
Rs 2 crore dacoity victim in Bengaluru turns out to be mastermind, in custody
Bengaluru: A sensational Rs 2 crore dacoity case in MS Palya took a dramatic twist after police uncovered that the man who claimed to be the victim was, in fact, the mastermind behind the operation. Sriharsha V, 33, a resident of Kengeri Satellite Town and a BE graduate involved in stock trading, had filed a complaint with Vidyaranyapura police on July 14 stating that a gang of armed men had robbed him of Rs 2 crore at a shop in MS Palya. He claimed the money was borrowed from multiple people to fund a cold-pressed oil business and purchase machinery from Germany. To convert the cash into cryptocurrency, he said he sought help from friends who introduced him to a chain of middlemen. The transaction was set up at a shop named AK Enterprises, where, according to Sriharsha, a group of seven men stormed in, assaulted him, and fled with the money. Police inspector Shivaswamy CB found inconsistencies in Sriharsha's story. When asked to provide details of his lenders, he faltered. Probe revealed the money didn't belong to him at all, it was owned by electrical goods businessman Bharath, who had approached Sriharsha to convert it into USDT cryptocurrency. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Ready for a Glow-Up? [Get Your Reading Now] Undo Glow-Up Packages from $15 [Sign Up] Undo Affect Your Future Now! (Book Today) Undo Instead, Sriharsha masterminded a staged robbery to pocket the sum, police found out. You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru Police soon contacted Bharath, who confirmed the money was his. Bharath's employee, Shantha Kumar, later filed a complaint, shifting the case from a dacoity to an elaborate fraud. Police uncovered a racket where Sriharsha and his associates targeted businessmen looking to invest in cryptocurrency, took their money under the pretext of conversion, and fled. Police arrested 15 people, including Sriharsha. The accused include Benjamin Harsha, 45, a taxi service agent; Rakshit M alias Appu, 29, a dry fruit trader; Chandrashekar HS, 58, a garment firm manager; and several others from Vidyaranyapura, KR Puram, and Chamarajpet. Four suspects are absconding.
Time of India
14 hours ago
- Business
- Time of India
Telegram introduces built-in crypto wallet, bringing its users into mainstream blockchain
The Open Network (TON) is a decentralised, layer-1 blockchain platform developed by the Telegram team, led by the Durov brothers, to create a highly scalable and user-friendly blockchain ecosystem integrated with the Telegram app. Tired of too many ads? Remove Ads Global messaging giant Telegram has launched its integrated TON Wallet to its users, beginning the roll out for its US Open Network (TON) is a decentralised, layer-1 blockchain platform developed by the Telegram team, led by the Durov brothers, to create a highly scalable and user-friendly blockchain ecosystem integrated with the Telegram the new feature, American users can send, receive and manage cryptocurrencies, including Toncoin (TON), USDT, Bitcoin, and other tokens directly inside the Telegram app, without any additional downloads or browser makes Telegram the first mass-market social app in the US to offer a self-custodial crypto of the key features include instant peer-to-peer crypto transfers within Telegram chats, token swaps, staking and built-in trading tools, zero-fee crypto purchases via Apple Pay, Google Pay, or cards, and access to TON's expanding ecosystem of decentralised 'Mini Apps'.
