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Mudrex Suspends Crypto Withdrawals Until January 28, 2025

Mudrex Suspends Crypto Withdrawals Until January 28, 2025

Indian cryptocurrency exchange Mudrex has announced a temporary suspension of crypto withdrawals, effective January 11, 2025, to enhance its compliance framework. The platform plans to resume withdrawals by January 28, 2025.

Background and Reason for Suspension

Mudrex’s co-founder and CEO, Edul Patel, stated that the suspension is necessary to upgrade the platform’s compliance systems, aiming to prevent misuse by bad actors. He emphasized the importance of robust infrastructure in ensuring security and compliance within the crypto space.

Community Reaction

The sudden halt has sparked concern among users and the broader crypto community. Some traders have expressed skepticism about the platform’s intentions, urging others to withdraw their funds or convert them into Indian rupees as a precaution.

Mudrex’s Position in the Indian Crypto Market

Despite the suspension, Mudrex remains one of the few Indian exchanges that have consistently allowed crypto withdrawals over the past three and a half years. The platform reported a 200% annual increase in its user base, reaching three million, and a twentyfold surge in December’s trading volume to $200 million.

Regulatory Environment in India

India’s crypto landscape is experiencing increased regulatory scrutiny, leading some exchanges to suspend operations. For instance, Bybit announced on January 12, 2025, that it would restrict services in India, citing evolving regulatory developments.

CoinDCX Introduces Crypto Withdrawals

In contrast, Indian exchange CoinDCX has launched crypto withdrawal functionality for its users. On January 6, 2025, CEO Sumit Gupta announced that the initial rollout would grant access to 1.5 million users, with plans for expansion. Users opting for crypto withdrawals will have to disable their Indian rupee deposit functionality, though rupee withdrawals will continue to operate.

Conclusion

Mudrex’s temporary suspension of crypto withdrawals underscores the challenges and complexities of operating within India’s evolving regulatory framework. Users are advised to stay informed about platform updates and exercise caution during this period.

Frequently Asked Questions (FAQs)

1. Why has Mudrex suspended crypto withdrawals?

Mudrex has temporarily halted crypto withdrawals to upgrade its compliance framework, aiming to prevent misuse by bad actors.

2. When will Mudrex resume crypto withdrawals?

The platform plans to resume withdrawals by January 28, 2025.

3. How has the community reacted to this suspension?

The suspension has led to concern and skepticism among users, with some advising others to withdraw funds or convert them into Indian rupees as a precaution.

4. Is Mudrex the only Indian exchange allowing crypto withdrawals?

Mudrex has been one of the few Indian exchanges permitting crypto withdrawals over the past three and a half years. Recently, CoinDCX also introduced crypto withdrawal functionality for its users.

5. What should Mudrex users do during this suspension?

Users are advised to stay informed through official Mudrex communications and consider converting their crypto assets into Indian rupees if they require immediate access to funds.

6. How is the regulatory environment affecting crypto exchanges in India?

Increased regulatory scrutiny has led some exchanges, like Bybit, to suspend operations in India, while others are enhancing compliance measures to continue serving users.

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Bitcoin

Can Berkshire Hathaway Buy Bitcoin? Potential Impact

Can Berkshire Hathaway Buy Bitcoin? Potential Impact

Warren Buffett’s Berkshire Hathaway has long been skeptical of Bitcoin, but what if the conglomerate changed its stance? With over $168 billion in cash reserves, Berkshire could significantly influence the crypto market by acquiring even a small percentage of Bitcoin’s supply.

How Much Bitcoin Could Berkshire Buy?

At current prices, Berkshire could purchase over 3% of all Bitcoin in circulation—a move that would send shockwaves through the market. Given Buffett’s aversion to crypto, such an investment seems unlikely, but analysts at MyWeb3News suggest that Berkshire’s next-gen leadership might reconsider.

Why Buffett Avoids Bitcoin (For Now)

Buffett famously called Bitcoin “rat poison squared,” favoring traditional assets like stocks and gold. Yet, as institutional adoption grows, even skeptics like MicroStrategy and Tesla have added BTC to their balance sheets. Could Berkshire follow?

Market Impact of a Berkshire Bitcoin Bet

A Berkshire Bitcoin purchase would likely trigger a massive price surge, similar to past corporate buys. According to MyWeb3News, such a move could push BTC to new all-time highs, validating crypto as a mainstream asset.

Conclusion

While unlikely in the near term, a shift in Berkshire’s strategy could redefine Bitcoin’s role in institutional portfolios. For now, investors watch for signs of change.

For more crypto insights, visit MyWeb3News.

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Crypto

Bybit Hack Thief Launders 18M of 1.4B Haul in 60 Hours

Bybit Hack Thief Launders

In a shocking development, the hacker behind the recent Bybit breach has successfully laundered 18m stolen in the 1.4 billion in just 60 hours. This rapid money laundering operation has sent shockwaves through the crypto community, raising serious concerns about digital asset security and the effectiveness of blockchain forensics.

The Bybit Hack: A Quick Recap

Bybit, a leading crypto derivatives exchange, recently fell victim to a sophisticated cyberattack. Hackers stole a staggering $1.4 billion in various cryptocurrencies, marking one of the largest heists in crypto history. For a detailed breakdown of the initial breach, visit Daily Crypto Press.

$18M Laundered in Record Time

Recent reports reveal that the hacker has already begun laundering the stolen funds. Blockchain analytics firms tracked $18 million of the loot being moved through multiple wallets and mixing services within 60 hours. This speedy laundering process highlights the challenges authorities face in tracing and recovering stolen crypto assets.

How the Funds Were Laundered

The hacker used a combination of decentralized exchanges (DEXs), privacy coins, and mixing services to obscure the trail. By converting the stolen assets into privacy-focused cryptocurrencies like Monero (XMR) and using mixers such as Tornado Cash, the thief made it nearly impossible to trace the transactions.

Implications for the Crypto Industry

This incident highlights the urgent need for stronger security measures across crypto exchanges. While platforms like Bybit have implemented robust protocols, hackers continue to exploit vulnerabilities. Additionally, the rapid laundering of funds raises questions about the effectiveness of current regulations in combating crypto-related crimes.

What’s Next for Bybit?

Bybit has assured users that it is working closely with law enforcement and blockchain forensics firms to recover the stolen funds. The exchange has also pledged to reimburse affected users, a move that could set a precedent for how crypto platforms handle future breaches.

Stay Informed with Daily Crypto Press

For the latest updates on this story and other breaking news in the crypto world, visit Daily Crypto Press. Our team is committed to delivering timely and accurate coverage of all things crypto.

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Crypto

Binance Pay Transactions Hit $72.4 Billion

binance payment hit b

The use of cryptocurrency for payments has absolutely skyrocketed! Just look at the expanding user base and transaction volume of Binance Pay in 2024.


According to data provided by Binance and analyzed by CryptoQuant, the number of Binance Pay users has tripled from the previous year, reaching a whopping 41.7 million! This rapid adoption is a clear sign of the increasing role of crypto in everyday transactions.

Stablecoins Lead the Charge

The report found that the total transaction volume processed through Binance Pay in 2024 stood at $72.4 billion, a notable rise from $2.5 billion in 2021.

Stablecoins, particularly Tether (USDT), dominated Binance Pay transactions, accounting for 80% of the total payment volume, which equated to $57 billion. Top crypto assets such as Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) followed suit, contributing $6.6 billion, $2.4 billion, and $2.2 billion, respectively, and representing 9%, 3%, and 3% of the total transaction value, respectively.

Another popular stablecoin, USD Coin (USDC), exhibited notable year-over-year growth, with a 1,338% increase in transaction count and a 48% rise in transaction volume.

Broader market trends indicate a rise in high-frequency token transactions on Binance Pay, with Solana (SOL) leading the surge. CryptoQuant found that SOL payments reached $724 million in 2024 and represented a 656% year-over-year increase. During the same period, Bitcoin transactions rose by 73% to $6.6 billion, while Ethereum payments grew by 69% to $2.4 billion. USDC and BNB also recorded notable growth, increasing by 48% and 29%, respectively.

Binance Pay

Binance Pay’s expansion aligns with the overall growth of the crypto market and Binance’s increasing role in facilitating transactions. This trend is further validated by a significant rise in Binance’s cryptocurrency reserves. The USD value of its Bitcoin, Ethereum, USDT, and USDC reserves exceeded $100 billion in 2024, marking a 137% increase from the start of the year when reserves stood at $43 billion.

The surge in Binance Pay usage is a testament to the growing global trend of cryptocurrency adoption.

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