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The Supreme Court of India’s YouTube channel got hacked yesterday, turning a trusted legal platform into a billboard for crypto scam ads. This breach led to all the channel’s content being taken down. What’s left now is a blank home page. The court had been using the YouTube channel to live-stream cases, especially those of constitutional and public importance, making it accessible for everyday citizens. Videos from these sessions, once archived for public access, have now been made private, leaving a major gap in transparency. The court did not respond to Cryptopolitan’s request for comment. This hack couldn’t have come at a more ironic time. India is right in the middle of a massive surge in crypto adoption. According to the 2024 Global Crypto Adoption Index by Chainalysis, India now ranks at the top globally.  Both centralized exchanges like WazirX and decentralized platforms are blowing up, as millions of Indians get seriously into crypto trading and investing.  Right now, the market is worth $6 billion. But here’s the problem. India’s government has always been a little iffy about cryptocurrencies.  There’s no clear, solid legal framework yet, which is pretty ridiculous given how massive the crypto scene has become.  It’s like the government can’t decide whether they want to fully embrace crypto or keep it at arm’s length.  And the YouTube attack probably feels like a direct middle finger to the Indian government’s half-hearted attempt at controlling the industry. In December 2023, India’s Financial Intelligence Unit (FIU) went after nine offshore crypto exchanges for dodging local laws.  They’re definitely trying to force compliance, but the effectiveness of these efforts is still up for debate.  Even more ridiculous is how they quickly slapped a 30% tax on all crypto profits and introduced a 1% tax deducted at source (TDS) on every transaction. …

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Filed under: News - @ September 21, 2024 5:26 pm