Deepshova, Author at BitMala

WazirX Resumes INR Withdrawals in Phases After Suspension

Full INR withdrawal limit of 66% to be available from September 9 to September 22.
The first phase started on August 26, allowing users to withdraw 33% of their INR balance.
WazirX, therefore, adopted a staggered approach to withdrawals for security reasons.

WazirX is one of the largest crypto exchanges in India. It finally cleared the INR balance of 66% of users for withdrawal after the reported security breach. This process again started to get on track from August 26, 2024. As, earlier the action on INR withdrawal was on hold for months.

The whole withdrawal process is going to be executed in two stages. The first one has started on August 26, 2024. It will continue until September 8, 2024, during which the users can access their INR balance up to 33%. This allows partial access to their funds, a welcoming gesture for many users after such a long freeze. The second stage is the withdrawal of the remaining amount from September 9 to September 22, inclusive of the completion of the 66% limit of withdrawal.

The gradual approach is to allow for smooth transactions and the safety of the users since the breach led to the suspension. WazirX has said that it is closely monitoring the situation to ensure no further issues arise.

This development has come as a sigh of relief for many users of the platform who had been waiting to access their funds. WazirX is continuing its work of maintaining platform security while it resumes full operations in stages.

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Trump’s Crypto Project Fuels New Digital Currency Buzz

Ex-U.S. President Donald Trump and his sons, Eric and Don Jr., have stirred the cryptoverse’s interest. Their new mysterious venture amidst rumors of a company cryptocurrency that they may soon be launching. The project relabeled to “World Liberty Financial” (WLFI) after their stealth-mode. Telegram group also renamed from “The DeFiant Ones.

This project seems to take on the traditional banking system, done with a DeFi focus. In their amendment, Trump and his sons complained about Wall Street and promised to revolutionize finance for Americans. They hope to give a platform that nullifies the use of any financial intermediaries. This puts even greater power into the people’s hands. In the most recent messages, they refer to the current banking system as rigged against the little people. They also claimed to be enduring the same kinds of struggles, such as being “de-banked.”

Information on the project is scanty as of now, with no details on the launch date or what features the platform will have. From general views, it could work like other crypto exchanges, such as Coinbase or Binance, and might double as a bank account replacement.

The Trump family warns followers of scams that might be associated with their project. They urge followers to get updates from official sources.

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Argentina Adds Blockchain, Ethereum to High School Curriculum

The Argentine government has announced that it will offer blockchain and Ethereum classes at the high school level beginning August 27. According to reports, the Buenos Aires Ministry of Education is launching a new project in collaboration with the ETH Kipu Foundation. This move seeks to equip these students with skills in the emerging technology world.

What will students learn?

The students will be taught about blockchain technology and how it works. They will also learn Ethereum, one of the largest blockchain platforms. All these lessons promise to prepare students for jobs in technology in the future.

Along with the curriculum mentioned above, they are also going to provide an online course on Solidity, a programing language that developers use in creating apps on Ethereum. This kind of course will be offered to any 500 students and open only to those above the age of 18 years old.

Job Opportunities

It is expected that this training will help young people develop blockchain applications, which local businesses will use in their contribution towards the economic development of Argentina. The ETH Kipu Foundation will also educate 30 teachers. The lessons are going to be taught online with some online and others in-person trainings.

Paula D. , who is another co-founder of the ETH Kipu Foundation, expressed her opinions. According to her, this new addition to the curriculum will let students shape the future. Moreover, it will create new career paths for young Argentinians.

Solving Argentina’s Economic Challenges

Only 23.5 percent of Argentinians, after Turks, possess digital assets such as Ethereum and Bitcoin. This demonstrates that, in spite of its inflation problems, the nation is making progress toward digital currency.

President Javier Milei withdrew a cryptocurrency tax from a package of economic changes earlier this year. The people were to declare any crypto assets that had not been declared or reported earlier in that particular tax. The tax was withdrawn to prioritize the reforms so that the country’s economic problems would be solved at an earlier date.

This new education initiative takes Argentina much ahead of many countries in Latin America. Argentina is teaching blockchain and Ethereum in schools, embracing digital innovation.

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Kaspa unveils its hard forked roadmap: “Crescendo”

On the 19th of August, 2024 Kaspa made a remarkable development in its network capabilities. It announced the “Crescendo” hard-forked roadmap. Shortly after the effective implementation of Rusty Kaspa (RK) node software, the Kaspa Network rapidly adopted it.

It led to miners using RK nodes for about 97% of Kaspa blocks. It shows a rampant acceptance by the Kaspa network. The transition will be able to increase the block rate of the network from 1 to 10 blocks-per-second(BPS).

Roadmap to the hard-fork

The official Kaspa account specifies some key phases in the process of this significant change. They are mentioned below:

Launch & stabilize

Launch a testnet with the desired block rate and related network settings, and work on stabilizing it. TN11, the existing 10-BPS Kaspa testnet allowed to accomplish it. It has been operational since January 7, 2024. (Done)

Identify bottlenecks

Iteratively identify processing bottlenecks and make performance optimizations to lower the hardware specifications required for running a node. (Done)

Iterative improvement

Repeat the above until the minimal specs are affordable enough. Also, low enough to satisfy the decentralization required for the mainnet. (We are here, getting close to the convergence of this optimization loop. Approximate timeline: ~2 months from now.)

Enhanced user experience

After settling performance requirements. The team perfects the node software to the level of user experience required by mainnet operators. They address some minor problems that can be neglected in a testnet setting (~3 months from now). (Next)

Additional features

Implement any additional hardfork features and deploy them on TN11. (Target timeline: ~4–5 months from now. Some features might be excluded to fit the timeline.)

Feature freeze

Hardfork version

Implement the hardfork transitioning version

Deploy transition testnet

Deploy the transition version on TN10 (1 BPS testnet) to simulate the mainnet transition.

Mainnet deployment with hardfork transitioning activated 1–2 months later

With the unveiling of the “Crescendo” hard fork Kaspa aims to gain accelerated transaction handling. It also ensures network stability and security.

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Telegram Founder & CEO Pavel Durov Arrested in France

Pavel Durov, the founder and CEO of Telegram, got arrested. The arrest happened while he was arriving from Azerbaijan at Le Bourget Airport near Paris, France. The agents of France’s National Anti-Fraud Office detained him. An initial investigation on drug trafficking, money laundering, and the distribution of child sexual abuse content on the platform led to his warrant.

The investigation is led by France’s OFMIN (Office for Preventing Violence Against Minors).They focus on how Telegram’s lack of content filtering contributes to criminal activity. Durov, 39, was travelling on a private jet. He was with a woman and his bodyguard at the time of his arrest. There are doubts regarding his decision to fly to France. As, reports suggest he was aware of the arrest warrant, which is only enforceable within French territory.

Durov will be appearing in court on Sunday. He may face multiple charges such as participation in organized crimes and encouraging terrorism. An investigator from France’s National Anti-Fraud Office (ONAF) says, “Pavel Durov will end up in pre-trial detention, that’s certain…on his platform.” He also placed Durov in custody. According to him, Durov is not being moderate or cooperative about it. He also says, “He enabled countless offenses and crimes to be committed.”

In 2013, Durov established Telegram. It became well-known for its emphasis on encryption and privacy. The very advantage that was once seen as beneficial later turned into a drawback. Due to the platform’s rising appeal to criminal organizations and extremist groups, some governments including France strengthened their inspection of it.

As of now, both Telegram and the French police remain silent on this matter. They have yet to comment on this arrest. As, the Russian born entrepreneur holds citizenship in both Russia and United Arab Emirates. The Russian foreign ministry is reportedly seeking the clarification about the circumstances regarding his detention.

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Telegram labels claims as “absurd”, upon the CEO’s arrest.

Telegram rejects all accusations following the arrest of its founder and CEO, Pavel Durov, at a Paris airport. This past Saturday, the French Police detained Durov when he landed from Azerbaijan in his private jet. A police investigation reportedly resulted in his arrest. The main question under inquiry is whether Telegram’s content filtering guidelines permitted unlawful activity. This includes connections to human trafficking and terrorism. Mr. Durov has dual citizenship in France and the United Arab Emirates but has not faced any charges.

Know detailed news through our previous news article: Telegram Founder & CEO Pavel Durov Arrested in France

Telegram Defends Platform and Durov

The texting app defended the way it modifies messages. It stated that it correctly complies with both EU requirements and the Digital Services Act (DSA). The business wrote on X, criticizing the notion that Durov or the platform was to accountable for user misconduct. It emphasized that platform moderation is improving daily and that it is carried out in compliance with industry norms.

French Authorities Extend Detention

The investigating judge extended Durov’s detention up to 96 hours Sunday, which might be an indication of the seriousness of the investigation. On this regard, the Russian Embassy in Paris urged for explanation from the French authorities while claiming that it is necessary to ensure respect for the rights of Durov.

Conclusion

This step underscores a strong commitment to comply with EU regulations while at the same time distancing itself from claims of platform misuse. As the investigation unfolds, the situation still stokes debates about what tech platforms are held liable for when it comes to the moderation of content or protecting user privacy.

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