India Partners with Google and Meta to Combat Crypto Scams

News on the Blockchain, January 5th, 2025

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🌍 Daily Crypto Market Overview

Global Stats:

• Cryptocurrencies: 2.4M+

• Exchanges: 773

• Market Cap: $3.48T (+0.06%)

• 24h Volume: $87.13B (-28.82%)

• Bitcoin Dominance: 55.6%

• Ethereum Dominance: 12.5%

• ETH Gas Price: 4.97 Gwei

• Fear & Greed Index: 61 (Greed)

🪙 Top 5 Cryptocurrencies by Market Cap:

💹 Market Highlights:

• Total DeFi Volume: $8B (9.18% of total 24h volume)
  Stablecoins Volume: $77.82B (89.31% of total 24h volume)
  Coin with Highest % Change: BTG (+49.37%)

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📈 Preview On Today’s News:

1. - India Partners with Google and Meta to Combat Crypto Scams

2. - MicroStrategy to Raise $2 Billion for Bitcoin Expansion Through Innovative Stock Offering

3. - Ripple CEO Applauds Historic Pro-Crypto Shift in U.S. Congress

Keep reading below for more!

Today’s News:

1)

India Partners with Google and Meta to Combat Crypto Scams

India is intensifying its battle against cryptocurrency-related scams, especially the surge in "pig butchering" frauds, by collaborating with tech giants Google and Meta, as highlighted in the Ministry of Home Affairs’ 2024 annual report. These scams have defrauded investors of over $3.6 billion this year, targeting vulnerable populations such as unemployed youth and financially struggling individuals by promising high returns on crypto investments. Scammers exploit social media and search engines, utilizing Google’s ad services and Meta’s sponsored ads to promote fraudulent schemes and phishing campaigns. In response, the Indian Cyber Crime Coordination Centre (I4C) has established protocols to swiftly identify and block suspicious activities, including monitoring digital lending apps and integrating Google Pay into the Citizen Financial Cyber Frauds Reporting and Management System for real-time interception of fraudulent transactions. Additionally, nationwide training programs on blockchain analysis have been launched, and India is actively engaging in international collaborations with organizations like the Financial Action Task Force to enhance global standards against money laundering and terrorism financing related to cryptocurrencies.

• Strategic Partnerships and Measures: India collaborates with Google and Meta to target and dismantle "pig butchering" crypto scams that have defrauded over $3.6 billion in 2024 by exploiting advertising platforms for malicious activities.

• Enhanced Enforcement and Training: The Indian Cyber Crime Coordination Centre (I4C) implements real-time fraud interception through Google Pay integration, monitors digital lending apps, and conducts nationwide blockchain analysis training while participating in international efforts to strengthen anti-money laundering standards.

2)

MicroStrategy to Raise $2 Billion for Bitcoin Expansion Through Innovative Stock Offering

MicroStrategy, the largest corporate holder of Bitcoin, plans to raise $2 billion by issuing perpetual preferred stock, a strategy aimed at expanding its Bitcoin reserves while maintaining financial flexibility. This approach allows the company to offer investors regular dividends without the pressure of repayment deadlines, differing from previous capital-raising methods. Dylan LeClair, Bitcoin strategy director at Metaplanet, highlighted that this method enables investors to benefit from Bitcoin's volatility and provides MicroStrategy with a cost-effective funding solution. The company expects to pay approximately $120 million in annual dividends, supported by substantial equity raised in 2024, and aims to launch the offering in early 2025 pending favorable market conditions. While the strategy reinforces MicroStrategy’s leadership in corporate Bitcoin investment and its position on the Nasdaq 100, it also presents risks such as potential dilution of existing shareholders and possible disruptions to acquisition plans. Nonetheless, MicroStrategy remains confident in the benefits of this offering to bolster its Bitcoin holdings and manage market volatility effectively.

• $2 Billion Fundraising Plan: MicroStrategy will issue perpetual preferred stock to raise $2 billion, enhancing its Bitcoin reserves while offering investors regular dividends and financial flexibility.

• Strategic Benefits and Risks: The initiative strengthens MicroStrategy’s position in corporate Bitcoin investment and the Nasdaq 100, though it carries risks like shareholder dilution and potential acquisition disruptions.

3)

Ripple CEO Applauds Historic Pro-Crypto Shift in U.S. Congress

Ripple CEO Brad Garlinghouse has hailed the 119th U.S. Congress as the most pro-cryptocurrency in history, signaling a promising shift towards favorable regulations and enhanced support for blockchain innovation. With Republicans reclaiming control and anticipated leadership changes at the SEC, the crypto industry is optimistic about a more supportive regulatory environment, which could positively influence Ripple’s ongoing lawsuit with the SEC regarding the classification of XRP. Garlinghouse emphasized the urgent need for clear and decisive U.S. crypto policies to maintain the nation’s global leadership in the cryptocurrency sector. Additionally, the crypto community’s significant investment in the 2024 elections, backing over 200 pro-crypto lawmakers through lobbies like Stand With Crypto, underscores their commitment to fostering an innovative and investor-protective legislative framework.

• Historic Congressional Support: The 119th Congress, now under Republican control, is considered the most pro-crypto in U.S. history, offering hope for improved regulations and stronger backing for blockchain technologies.

• Optimism for Regulatory Clarity: Ripple and the broader crypto industry anticipate that the new Congress and potential SEC leadership changes will lead to clearer U.S. crypto policies, helping to sustain America’s leadership in the global cryptocurrency market.

Disclaimer:

The information provided in this newsletter is based on our data findings and opinions. It is intended for informational purposes only and should not be considered financial advice. Cryptocurrency investments carry significant risk, and it is important to conduct your own research and consult with a qualified financial advisor before making any investment decisions. We are not responsible for any financial losses or gains you may incur as a result of using this information.

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