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<h2 class="wp-block-heading"><strong>India Bitcoin and crypto ban concerns resurface</strong><p>Indian regulators are reportedly considering a ban on cryptocurrencies again.</p><p>According to local outlet <a href="https://www.hindustantimes.com/india-news/cbdc-has-an-edge-on-bitcoin-ether-experts-to-govt-101729538716941.html" target="_blank" rel="nofollow">Hindustan Times</a>, the government has been consulting experts who support banning cryptocurrencies in favor of a central bank digital currency (CBDC).</p><p>The news outlet cited two anonymous sources familiar with the matter, reporting that the consensus opinion is that the risks of cryptocurrencies outweigh their benefits.&nbsp;</p><p>One of the anonymous sources stated that CBDCs can do whatever cryptos can do, and even have more benefits.</p>
 <figure class="wp-block-image aligncenter size-full">
  <img decoding="async" width="655" height="478" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/10/Sumit-Gupta.jpg" alt="India mulls new crypto ban to support CBDC, Lazarus Group strikes again: Asia Express" class="wp-image-37304" srcset="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/10/Sumit-Gupta.jpg 655w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/10/Sumit-Gupta-300x219.jpg 300w" sizes="(max-width: 655px) 100vw, 655px">
  <figcaption class="wp-element-caption">
   <em>Crypto has been pushed as a potential alternative for centralized currencies like CBDCs. (<a href="https://x.com/smtgpt/status/1849015116072976885" target="_blank" rel="nofollow">Sumit Gupta</a>)</em>
  </figcaption>
 </figure><p>Indias cryptocurrency sector has frequently encountered regulatory restrictions imposed by local authorities.</p><p>In 2018, <a href="https://cointelegraph.com/news/indias-central-bank-to-stop-dealing-with-all-crypto-related-accounts-not-ban-on-crypto-commenters-say" target="_blank" rel="nofollow">the RBI banned financial institutions</a> from providing services to crypto firms, a decision that was later <a href="https://cointelegraph.com/news/india-supreme-court-lifts-rbi-ban-on-banks-servicing-crypto-firms" target="_blank" rel="nofollow">overturned by the Supreme Court</a>.&nbsp;</p><p>In 2021, a proposed legislation sought to <a href="https://cointelegraph.com/news/crypto-prices-in-india-tumble-after-crypto-bill-announced" target="_blank" rel="nofollow">ban cryptocurrencies once more</a>. However, in 2022, rather than enforcing an outright ban, the government introduced <a href="https://cointelegraph.com/news/the-regulatory-implications-of-india-s-crypto-transactions-tax" target="_blank" rel="nofollow">one of the heftiest crypto tax regimes</a> in the world.</p><p>Indian crypto traders are subject to a 30% tax on cryptocurrency income, along with an additional 1% levy on each transaction. Indias CBDC, known as the digital rupee, is currently in its pilot phase. </p><p>Retail tests have reached 5 million users, <a href="https://rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1456" target="_blank" rel="nofollow">according</a> to the Reserve Bank of India, the nations central bank.</p>
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<h2 class="wp-block-heading" id="strong-lazarus-suspected-again-as-autopsy-links-bingx-hack-to-indodax-exploit-strong"><strong>Lazarus suspected again as autopsy links BingX hack to Indodax exploit</strong></h2>
<p>Recent hacks of Asian exchanges BingX and Indodax have been tied together by exploiters use of a common address, according to MistTrack.</p>
<p>Security experts previously <a href="https://cointelegraph.com/news/indodax-crypto-exchange-hacked-22-million-loss" target="_blank" rel="nofollow">accused</a> North Korean state hacking group Lazarus as the suspect behind the $22 million hack on Indodax in September.</p>
<p>Now the blockchain trail suggests Lazarus Group is also the prime suspect behind the attack on BingX.</p>
<figure class="wp-block-image aligncenter size-full">
 <img decoding="async" width="653" height="723" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/10/MistTrack-Indodax-and-BingX.jpg" alt="MistTrack Indodax and BingX" class="wp-image-37307" srcset="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/10/MistTrack-Indodax-and-BingX.jpg 653w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/10/MistTrack-Indodax-and-BingX-271x300.jpg 271w" sizes="(max-width: 653px) 100vw, 653px">
 <figcaption class="wp-element-caption">
  <em>Lazarus trails in both Indodax and BingX hacks. (<a href="https://x.com/MistTrack_io/status/1848943511166763447" target="_blank" rel="nofollow">MistTrack</a>)</em>
 </figcaption>
</figure>
<p>North Korean hackers have been tied to some of the years largest cyberattacks, two of which occurred against Asian crypto exchanges.</p>
<p><a href="https://cointelegraph.com/news/japanese-exchange-dmm-loses-bitcoin-private-key-hack" target="_blank" rel="nofollow">Japans DMM Bitcoin suffered a $305 million exploit</a> in May, while <a href="https://cointelegraph.com/magazine/wazirx-exchange-hackers-fake-tether-scams-asia-express/" target="_blank" rel="nofollow">Indias WazirX lost $235 million</a> in July.</p>
<p>WazirX has been the center of controversy over the past week, as it has <a href="https://cointelegraph.com/news/liminal-responds-wazirx-hack-allegations" target="_blank" rel="nofollow">been accused of conducting</a> a disinformation campaign by its custody partner Liminal, which WazirX blames for causing the breach.</p>
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<h2 class="wp-block-heading" id="strong-13m-in-user-funds-stuck-in-south-koreas-crypto-exchange-graveyard-strong"><strong>$13M in user funds stuck in South Koreas crypto exchange graveyard</strong></h2>
<figure class="wp-block-image alignright size-large is-resized">
 <img decoding="async" width="1024" height="768" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/10/Bitcoin-graveyard-1024x768.jpg" alt="A graveyard" class="wp-image-37308" style="width: 100%;height:auto" srcset="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/10/Bitcoin-graveyard-1024x768.jpg 1024w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/10/Bitcoin-graveyard-300x225.jpg 300w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/10/Bitcoin-graveyard-770x578.jpg 770w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/10/Bitcoin-graveyard.jpg 1280w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  <em>South Korea is becoming a graveyard for crypto exchanges. (Jessica Crawford)</em>
 </figcaption>
</figure>
<p>South Koreas crypto exchange licensing requirements have led to the closure or suspension of operations at 14 local exchanges.</p>
<p>According to data provided to lawmaker Kang Min-guk by the Financial Services Commission (FSC), more than 33,000 customers of these now-defunct exchanges have been unable to reclaim 17.8 billion Korean won (about $13 million) in fiat and cryptocurrencies.</p>
<p>During the National Assemblys audit of state affairs on Oct. 24, Kang <a href="https://www.youtube.com/watch?v=LQ2jYbS3NzE" target="_blank" rel="nofollow">said</a> that more exchanges are expected to shut down due to strict local regulations, leaving additional funds inaccessible.</p>
<p>The local industrys self-regulatory group, known as the Digital Asset Exchange Association, has <a href="https://cointelegraph.com/news/south-korea-crypto-fund-recovery" target="_blank" rel="nofollow">set up a foundation</a> with the FSCs blessings to help return funds to users through a voluntary system.&nbsp;</p>
<p>Kang has criticized the voluntary model, with his office telling local media that it is <a href="https://www.etoday.co.kr/news/view/2411841" target="_blank" rel="nofollow">nonsensical</a>.</p>
<p>Throughout the nations state audit, which typically runs for about three weeks in October, the FSCs handling of the crypto industry has faced harsh criticism from lawmakers.</p>
<p>They have accused the commission of showing favoritism toward Upbit, allowing it to achieve a monopoly while driving other exchanges out of business.</p>
<p><a href="https://cointelegraph.com/magazine/plus-token-ether-fud-crypto-king-asia-express/" target="_blank" rel="nofollow">One lawmaker likened the FSCs alleged actions</a> to Squid Game, a childrens game popularized by the hit Netflix series of the same name. In the show, contestants are killed until only one remains.</p>
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<h2 class="wp-block-heading" id="assassins-creed-developer-makes-a-blockchain-game">Assassins Creed developer makes a blockchain game</h2>
<p>Ubisoft, the gaming giant behind popular titles like Assassins Creed and Far Cry, entered the blockchain gaming space on Oct. 23 with the launch of its first Web3 game, Champions Tactics: Grimoria Chronicles, on the Japanese blockchain Oasys.</p>
<figure class="wp-block-image aligncenter size-large is-resized">
 <img decoding="async" width="1024" height="469" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/10/Champions-Tactics-marketplace-1024x469.jpg" alt="Champions Tactics marketplace" class="wp-image-37310" style="width: 100%;height:auto" srcset="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/10/Champions-Tactics-marketplace-1024x469.jpg 1024w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/10/Champions-Tactics-marketplace-300x137.jpg 300w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/10/Champions-Tactics-marketplace-770x353.jpg 770w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/10/Champions-Tactics-marketplace.jpg 1502w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  <em>The most expensive character can be bought for $67,700 on Oct. 24. (Ubisoft)</em>
 </figcaption>
</figure>
<p>This turn-based role-playing game allows players to battle others using non-fungible token (NFT) characters on Oasys, a blockchain designed specifically for gaming. </p>
<p>Oasys has already attracted major gaming firms like Sonic the Hedgehog creator Sega and Pac-Man creator Bandai Namco.</p>
<p>It supports games through specialized scaling networks known as Verses.</p>
<p>The project recently committed to a Web3 gaming expansion in Asia with backing from <a href="https://cointelegraph.com/news/oasys-partnership-web3-gaming-japan" target="_blank" rel="nofollow">Japanese financial conglomerate SBI Holdings</a>.&nbsp;</p>
<p>Ubisofts move into the Web3 space adds to the growing momentum for blockchain games, following the success of Off The Grid, a game featuring optional blockchain elements on Avalanche subnet Gunz.&nbsp;</p>
<p>However, Off The Grid has taken a different approach, downplaying its crypto and NFT components and even distancing itself from the label.</p>
<p>Off The Grid is not an NFT game. Its a battle royale game with an optional NFT element. If you want to try out NFTs, you can; if you dont want to, you dont have to. Its entirely up to the player how they want to play the game, and the game is playable without dipping into NFTs, it <a href="https://gameoffthegrid.com/faq/" target="_blank" rel="nofollow">says on its FAQ page</a>.</p>
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India mulls new crypto ban to support CBDC, Lazarus Group strikes again: Asia Express

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