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India’s IT Department Uncovers $19M Crypto Fraud Targeting Farmers

by admin September 26, 2025

The Income Tax (IT) Department has unwrapped a fraudulent crypto scheme in the southern states of Telangana and Andhra Pradesh. The scheme involved identity theft, where the fraudsters used the identities of unsuspecting ordinary citizens to carry out trading activities.

According to a Times of India report, this was uncovered after the Central Board of Direct Taxes (CBDT) flagged 20 suspicious cases. Following this lead, officials from the Income Tax Department visited several remote villages across Telangana and Andhra Pradesh. Investigators have been able to verify nine cases where the trading amount reached INR 170 crores, approximately $19.31 million.

In each case, investigators found that ordinary citizens such as farmers and delivery workers were linked to high-value crypto trades. Several people whose names came up in the investigation were astonished when they were approached by officials. When questioned, these individuals denied any involvement, revealing that they had zero knowledge about cryptocurrencies and that they also had no idea their IDs were being used for trading cryptocurrencies.

From farms to fraud

The investigators carried out a probe in more than five districts in Andhra Pradesh and Telangana. Sources also confirmed that most individuals linked to these trades are from lower socioeconomic strata, having no financial literacy, let alone knowledge of cryptocurrencies.

S Narasimha, a farmer whose identity was stolen for the purchase of a cryptocurrency worth INR 9.5 crore, claimed, “We don’t even know what Bitcoin is.” In another case, Shiva Pamula, a food delivery partner being shown to carry out massive volume trades, said he didn’t have an idea about crypto or the trading.

Larger identity theft suspected

The IT officials have cautioned that these verified nine cases may represent only a small fraction of a far larger fraudulent scheme. The racket appears to operate via the theft or falsification of Permanent Account Number (PAN) cards, an identification card issued by the IT department, and other personal details of ordinary citizens. All individuals whose names were used reportedly were non-filers of income tax returns, suggesting the misuse was designed to avoid detection through standard tax filings. The case raises serious concerns about fraud, cybersecurity, and regulatory oversight in India’s rapidly growing crypto sector.

Crypto crimes on the rise across the globe

This is the latest addition to the increasing crypto-related crimes across the world. European nations such as France and the UK have become a hotspot for crypto-related crimes. Earlier this month, the French police detained seven people in relation to the kidnapping of a 20-year-old Swiss man.

Additionally, in August, an Indian court sentenced a former Parliamentarian and senior police officers to life imprisonment in connection with a 2018 Bitcoin extortion and kidnapping case. These incidents highlight the call for strict laws for crypto space.

Also Read: XPL Price Surges 58% as Plasma Mainnet Goes Live with Tether

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September 26, 2025 0 comments

Product Reviews

Defense Department Scrambles to Pretend It’s Called the War Department

by admin September 6, 2025

The Pentagon’s website and social media channels were overhauled Friday at President Donald Trump’s behest to reflect the United States Defense Department’s new “Department of War” persona, shifting from Defense.gov to War.gov—a symbolic rebranding that highlights the administration’s preference for projecting strength through the language of war rather than the idiom of defense.

Trump on Friday signed an executive order directing the Pentagon to once again be named the so-called Department of War, reviving a name retired after World War II to mark America’s turn to deterrence as the principle bulwark against nuclear annihilation.

At an Oval Office ceremony, Trump said the change was about attitude, declaring, “It’s really about winning.”

“We won the First World War, we won the Second World War, we won everything before that and in between,” Trump said during the order’s signing. “And then we decided to go woke and we changed the name to the Department of Defense.”

The order authorizes defense secretary Pete Hegseth and other officials to use titles such as “secretary of war” in official correspondence, though Trump also instructed Hegseth to recommend steps needed to make the change permanent.

“We’re going to go on offense, not just on defense. Maximum lethality, not tepid legality. Violent effect, not politically correct,” Hegseth said during Friday’s signing ceremony. “We’re going to raise up warriors, not just defenders.”

Every prior name change—from the War Department created by Congress in 1789, to the National Military Establishment in 1947, to the Department of Defense in 1949—came through legislation. Allies in Congress quickly introduced a bill to back Friday’s change to the so-called Department of War, but the administration appears to be seeking a workaround anyway, as it has done in the past, whether by invoking sweeping emergency powers or withholding congressionally approved foreign aid. Currently, “Department of War” is a “secondary” title after the Department of Defense.

Within hours of Trump’s order, Pentagon officials rebranded the department’s social media platforms. The Department of Defense’s official Facebook, Instagram, and X accounts quietly rolled out the “Department of War” name and seal, adopting labels at odds with its legal identity.

As of around 6 pm ET on Friday, the new Department of War page still lists all the department’s other social channels and its website as using the “Defense” name, as did its YouTube channel.

How far the rebranding might go is unclear, but any comprehensive effort would saddle taxpayers with costs in the hundreds of millions, if not billions, of dollars, as every sign, logo, uniform, computer system, and piece of official paperwork tied to the Pentagon’s identity across the globe would need to be replaced.

A prior effort to recommend changes at military installations commemorating the Confederacy carried a projected cost of $39 million and covered only nine bases. The Defense Department’s real property portfolio spans hundreds of thousands of facilities, from major bases to small outposts worldwide.

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September 6, 2025 0 comments

GameFi Guides

TRON Selected By US Department Of Commerce To Publish Economic Data Onchain

by admin September 3, 2025

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In the midst of heightened market volatility, Tron has once again captured global attention by securing a landmark partnership with the US Department of Commerce. The agency announced today that it has selected the blockchain as one of the primary networks for posting official economic data, beginning with the release of the second quarter gross domestic product (GDP) figures.

This marks the first time that official US GDP data has been published on a public blockchain, a move that underscores the growing role of decentralized technology in enhancing transparency and global accessibility of critical economic indicators.

For Tron, this partnership is more than symbolic—it highlights the network’s ability to deliver scalability, speed, and trust at a time when blockchain use cases are expanding rapidly. Processing billions in daily settlement volume and millions of transactions, Tron has steadily built a reputation as one of the most active and reliable chains in the industry.

By becoming an infrastructure partner for one of the world’s largest economies, Tron strengthens its position as a critical player in the future of data security and blockchain adoption. This development comes as the broader crypto market heats up, adding momentum to its long-term growth narrative.

US GDP Data Anchored on TRON Blockchain

In its latest press release, TRON confirmed a historic milestone for blockchain adoption: for the first time, a US federal agency has published official GDP data on public blockchains. The Bureau of Economic Analysis (BEA) reported a Q2 2025 GDP growth rate of 3.3 percent on an annualized basis, with the corresponding data hash permanently recorded on TRON.

The transaction hash — 3f05633fb894aa6d6610c980975cca732a051edbbf5d8667799782cf2ae04040 — now serves as an immutable record, ensuring that the information remains transparent and accessible to the public.

The US Department of Commerce selected TRON to record the SHA256 hash of the official GDP release, recognizing the network’s ability to deliver unparalleled scalability, speed, and efficiency.

TRON’s performance metrics underscore its readiness for this role. With more than $22 billion in daily settlement volume and over 8.8 million daily transactions, the network has established itself as one of the busiest and most reliable blockchains globally. Beyond serving as a financial settlement layer, TRON is now positioned as infrastructure for governments and institutions.

This partnership highlights a turning point for blockchain’s utility. TRON is proving that decentralized networks can safeguard sensitive data while granting global, open access. As markets continue to evolve, the integration of TRON into official economic reporting sets a precedent for how blockchain can reshape transparency, trust, and access to critical information worldwide.

TRX Testing Strength Amid Consolidation

TRON (TRX) continues to trade in a strong uptrend despite recent volatility, holding above the $0.33 level. The chart shows that TRX has maintained its bullish momentum since early 2025, supported by consistent higher lows and strong buying interest. After peaking near $0.36, the price has entered a short-term consolidation phase, with bulls working to defend key support levels around the 50-day moving average at $0.29.

TRX testing previous resistance as support | Source: TRXUSDT chart on TradingView

The moving averages reflect a healthy structure, with the 50-day positioned above the 100-day and 200-day, signaling that the broader trend remains intact. TRX’s ability to hold above these moving averages highlights the resilience of buyers, even as the broader market faces heightened volatility. If momentum strengthens, a breakout above $0.36 could open the door toward retesting higher levels around $0.40.

However, risks remain if TRX loses its $0.33–$0.32 support zone, which could trigger a deeper correction back toward the $0.29 demand level. With TRON recently making headlines for its adoption by the US Department of Commerce, fundamentals continue to support long-term growth. For now, the market is watching closely as TRX consolidates, with the next move likely to define its direction in September.

Featured image from Dall-E, chart from TradingView

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September 3, 2025 0 comments

GameFi Guides

Key Reason Deal with US department

by admin August 28, 2025

The U.S. Department of Commerce has entered into partnerships with leading blockchain oracle providers Chainlink and Pyth Network to publish official macroeconomic data directly on-chain.

Following this, the Pyth Network’s native token “PYTH” token recorded a 3,389% surge in its daily trading volume to $874.99 million. With a jump of around 56% in its market valuation, this altcoin has once again claimed the billion dollar milestone and is currently valued at $1.02 billion.

The recent announcement marks a major step in integrating blockchain technology with federal data infrastructure, signaling growing government adoption of Web3 tools.

Pyth Network To Publish US GDP Data

According to Thursday’s announcement, Pyth Network will serve as the publisher of U.S. gross domestic product (GDP) data, one of the most important indicators of national economic output. The initiative aligns with the Trump administration’s broader push to increase transparency in government spending and strengthen the U.S.’s position as a global crypto hub.

https://twitter.com/PythNetwork/status/1961063140281725138

The integration could also enhance a range of tokenized financial instruments. Stablecoins, government bond tokens, perpetual futures contracts, and real-world assets (RWAs) that depend on reliable macroeconomic inputs stand to gain from the increased availability of transparent, tamper-resistant data.

With this move, the Commerce Department signals a bold step toward bridging traditional economic reporting with the decentralized finance ecosystem.

PYTH Price Surges 56% Within Hours

The PYTH price has recorded its highest single day jump on August 28 after witnessing a consolidated price action for about one month. Following the announcement, this crypto token gained massive attention, resulting in it breaking out of multiple resistance trend levels.

The Bear Bull Power (BBP) which highlights the buying – selling pressure for a digital asset shows a steep rise in the green histogram. This trend suggests an increase in the bullish (buying) pressure for the pyth network price in the market.

If the market bulls continue gaining momentum, it could break out of its immediate resistance level of $0.19580 and head toward its key resistance level of $0.22515 shortly. In an extreme bullish situation, the PYTH price could retest its February high of about $0.25155.

Conversely, a profit-booking could lead to a retest to its support trendline of $0.167. An increase in negative sentiment at that point could result in it plunging toward its lower support of $0.140. The critical watch point for this altcoin is at $0.113 where it has shown increased volatility historically.

Also Read: Caliber Shares Surge 80% as It Announces Chainlink Treasury Plan

Disclaimer: The Crypto Times does not endorse or promote this digital asset in any manner. This article was created only for educational purposes. Make sure to “DYOR” as the market is highly volatile. New positions should be done by traders being careful and awaiting volume-backed breakouts.

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August 28, 2025 0 comments

Crypto Trends

U.S. Justice Department Official Says Writing Code Without Bad Intent ‘Not a Crime’

by admin August 21, 2025

A senior official at the U.S. Department of Justice knew the crypto audience in Wyoming had fresh software developer convictions on its mind when he told them on Thursday that his department doesn’t want to go after digital assets software developers who don’t have money-laundering intentions.

Matthew Galeotti, acting assistant attorney general in the DOJ’s criminal division, made those assurances at an event hosted by the new crypto group American Innovation Project, drawing vigorous applause.

“The department will not use federal criminal statutes to fashion a new regulatory regime over the digital asset industry,” he said. “The department will not use indictments as a lawmaking tool. The department should not leave innovators guessing as to what could lead to criminal prosecution.”

He added that “merely writing code without ill intent is not a crime.”

Those sentiments arrive against the backdrop of a couple of recent courtroom developments in which U.S. prosecutors won convictions against crypto developers. Most prominently, Tornado Cash developer Roman Storm was found guilty of running an unlawful money transmitting business.

That followed closely on the heels of a plea agreement involving the developers behind Samourai Wallet pleading guilty to conspiracy to operate an unlicensed money transmitting business — a significantly lesser charge to what they’d originally faced.

Galeotti directly addressed concerns about that specific criminal code they were all convicted under. He said the DOJ wouldn’t use it in crypto cases unless prosecutors have “evidence that a defendant knew of the specific legal requirements and willfully violated it.”

He said new charges won’t be pressed under that code in cases in which “software is truly decentralized and solely automates peer-to-peer transactions, and where a third party does not have custody and control over user assets.”

An April memo issued by Deputy Attorney General Todd Blanche had set out the stance of the department under the leadership appointed by U.S. President Donald Trump. It noted the national cryptocurrency enforcement team had been disbanded and said the DOJ would take a careful approach to crypto cases after the previous administration “created a particularly uncertain regulatory environment around digital assets.” Despite the Blanche memo, the Southern District of New York (SDNY) pressed forward with their cases against Storm and the Samoruai Wallet developers.

“Developers of neutral tools with no criminal intent should not be held responsible for someone else’s misuse of these tools,” Galeotti said at the Thursday event, the first held by the AIP that was launched this week. “If a third party’s misuse violates criminal law, then that third party should be prosecuted, not the well-intentioned developer.”

The protection of crypto software developers has been a central lobbying point for the industry in its negotiations with lawmakers and regulators in Washington. The crypto market structure legislation currently moving through Congress has included protections of such developers, though the final version isn’t yet set in the Senate.

“The fact that the DOJ acknowledged that software developers should not be held responsible for third parties’ misuse of their code affirms what we have been advocating for years,” said Amanda Tuminelli, executive director of the DeFi Education Fund, in a statement after Galeotti’s remarks. “Let’s celebrate this as a moment of progress and remember that there is still more work to be done to change the law permanently.”

Read More: DOJ Axes Crypto Unit as Trump’s Regulatory Pullback Continues

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August 21, 2025 0 comments