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Mumbai-based crypto exchange WazirX has enabled both Indian-rupee and cryptocurrency deposits as it moves toward resuming full trading and withdrawal services, signalling a critical recovery phase after its high-profile $230-million hack. The platform will initiate trading on 24 October 2025, launching with zero trading fees across all pairs for at least 30 days, and is rolling out withdrawals gradually.

WazirX’s comeback is anchored on a restructuring plan approved by the Singapore High Court for its parent company Zanmai Labs Private Limited, which had been navigating creditor claims and asset recovery since the breach. The company has partnered with US-based custodian BitGo to manage digital-asset wallets and bolster security with insured, institutional-grade custody solutions.

Operating under a phased restart, WazirX will first enable crypto-to-crypto markets and the USDT/INR pair from 24 October, with other INR pairs added later. Deposits are active now; withdrawals will follow in stages. Users who opted in to the restructuring will receive so-called “Recovery Tokens” within ten business days, representing claims on illiquid or frozen assets.

This relaunch occurs after the July 2024 hack — attributed to the Lazarus Group by multiple governments — in which WazirX exposed vulnerabilities that resulted in loss of approximately $234 million in digital assets and triggered a suspension of trading, withdrawals and deposits. The setback had eroded trust among India’s crypto retail community and drawn regulatory scrutiny.

WazirX co-founder and CEO Nischal Shetty acknowledged the challenge of restoring confidence, stating on social media: “Our focus is only YOU — we are committed to a secure and transparent restart.” Still, some users have raised concerns over discrepancies in post-rebalancing balances, alleging that their credited holdings were lower than earlier display values. WazirX has pledged to release a detailed audit and reconcile any shortfalls.

Industry analysts view WazirX’s relaunch as a litmus test for Indian crypto exchanges, which have faced security, regulatory and trust-deficit issues. While the zero-fee offer may stimulate trading volume and liquidity, questions remain over how effectively WazirX can demonstrate enhanced operational resilience and compliance oversight. Further complicating matters is India’s evolving regulatory landscape: a proposed crypto-assets bill is under discussion, and exchange-licensing frameworks remain undefined.

For traders, the phased rollout presents both opportunity and risk. Market-makers caution that liquidity may be thin in the initial days, potentially creating wider spreads or slippage. WazirX’s blog announcement advises users to monitor token availability, confirm order execution conditions and treat first-day price action with caution. With a delisting of some tokens and swaps or mergers during the downtime, certainty over token status is also being tested.

India’s online retail sector is showing signs of stabilising momentum outside of its traditional festival peaks, as consumer habits increasingly shift toward year-round purchasing patterns. According to a report by consulting firm Redseer, while the September-October period continues to see elevated demand—driven principally by mobiles and electronics—overall online shopping volumes are less reliant on a single event window than in previous years.

The study noted that during the opening two days of the 2025 festive sales period, gross merchandise value for online platforms rose 23 to 25 per cent year-on-year; this uptick marked a four-to-five-fold improvement relative to the equivalent stage of last year. The growth was particularly strong for premium smartphones and large-screen televisions.

Analysts say this shift reflects structural changes in India’s commerce ecosystem. According to a separate 2025 report by Bain and partners, India’s e-retail market hit roughly US$ 60 billion in 2024, despite growth rates moderating to around 10-12 per cent from earlier double-digit levels, due to inflation and slower wage growth. Long-term projections remain optimistic, with the market expected to grow at over 18 per cent annually and reach US$ 170-190 billion by 2030.

Several key drivers underpin the movement toward more stable demand. First, a broader geographic spread: Tier-2 and Tier-3 cities are playing an increasing role in online retail, with the Internet and smartphone penetration expanding rapidly beyond metro areas. According to the India Brand Equity Foundation, Tier-3 cities posted 21 per cent year-on-year growth during summer sales in 2025 and accounted for 38 per cent of order volumes.

Second, tax policy reforms have had an impact. In September 2025, the government implemented new Goods and Services Tax rate cuts affecting electronics, furniture and mid-priced apparel. For instance, GST on large-screen TVs fell from 28 per cent to 18 per cent, producing a 6-8 per cent drop in retail price in those segments according to reporting by the Economic Times. These changes helped elevate consumption in discretionary categories and show how policy can shift timing and category mix of online purchases.

Third, the rise of quick-commerce and digital payment adoption is changing how and when people shop. Q-commerce platforms delivering in under 30 minutes have been growing rapidly: one market report forecasts the segment will hit US$ 1.6 billion in 2025 and account for 12 per cent of online sales. These platforms are increasingly used for impulse or gifting purchases rather than just replenishment.

Yet, the data also show nuance and caveats. Even as online retail becomes less festival-driven, mobiles and electronics continue to dominate during the peak windows. The Redseer survey found that the surge in early festival days was led by premium smartphones and TVs—users that were already loyalty-members or heavy-buyers. This suggests the shift to steady year-round demand is underway, but not yet universal across all product categories. Beauty, apparel, and general merchandise are still heavily influenced by the time around festivals.

Brands and retailers are responding by adjusting their strategies. Many are investing more in digital-first discovery, including influencer content and short-form video, recognising that consumers are engaging earlier and across multiple touchpoints. For example, analysis by HT Media found that in the 2025 festival season shoppers were starting purchases up to six weeks ahead, and were blending online research with offline store conversions, especially for high-value items.

A governance storm has erupted within the Ethereum ecosystem after long-serving core developer Péter Szilágyi accused the Ethereum Foundation of operating a tightly-controlled “Vitalik-centric” inner circle that dictates project success and sidelines contributors. His public letter places co-founder Vitalik Buterin at the centre of decision-making, raising fresh concerns about decentralisation, compensation and the future of Ethereum’s governance.

Szilágyi, who led the development of the “Geth” client for nearly a decade, claims that only five to ten individuals—alongside one to three venture-capital firms—consistently influence which projects flourish within the ecosystem. He wrote: “Ethereum may be decentralised, but Vitalik absolutely has complete indirect control over it.” According to his account, the public image of his leadership role masked a reality in which he had little real influence and often found himself excluded when he challenged insiders. His letter also revealed that over six years he earned approximately US $625,000—despite Ethereum’s market capitalisation reaching US $450 billion in the same timeframe—highlighting concerns about remuneration for key infrastructure developers.

The Ethereum Foundation now finds itself under scrutiny. Critics say its funding and rewards mechanisms favour a narrow elite and neglect the broader developer community. Analysts point to the letter as sparking a wider debate about whether Ethereum’s governance is diverging from its founding ethos of open participation and merit-based outcomes.

The reaction from the ecosystem has been swift. Sandeep Nailwal, co-founder of Polygon Technology and previously closely aligned with Ethereum, echoed frustrations that “major contributors regularly face public questioning of their allegiance” and receive scant support. He questioned his own loyalty to Ethereum, citing neglect of Polygon’s contributions and reflecting broader unease among Layer-2 project leaders.

Meanwhile, Vitalik Buterin issued a public statement emphasising gratitude for Polygon’s work and the role of the broader community, but stopped short of addressing Szilágyi’s specific claims about governance and compensation. His comments were interpreted by some observers as an attempt to defuse the tension while preserving the Foundation’s preferred narrative.

The governance crisis arrives at a delicate moment for Ethereum. With the ecosystem navigating a complex architecture of Layer-2 scaling, data-availability upgrades and broader institutional adoption, questions of control, reward and direction carry more weight than ever. Governance practitioner Andre Cronje also warned that Ethereum risks losing technological and social cohesion if contributors feel disenfranchised or opt out of aligned development.

The implied volatility of Bitcoin has remained unusually elevated even as the equity-market gauge of fear, the S&P 500 Volatility Index, has receded to its usual levels. Data show Bitcoin’s 30-day implied volatility hovering above 50 % after the October 10 market shake-up, while the VIX slipped back below 20 %. This divergence signals a significant recalibration of risk within crypto markets.

Analysts point to a cluster of structural pressures within the crypto ecosystem that are now being priced in: chief among them are auto-deleveraging mechanisms on exchanges, thinning liquidity depth, and offshore funding stress. According to Wintermute co-founder Yoann Turpin, “Bitcoin volatility was subdued earlier… It has now become clear that new risks … such as ADL were underestimated and are now being fully priced in.” In practice, when an exchange triggers ADL it forces closure of profitable offsetting positions when an insurance fund is depleted—this introduces an additional risk vector not present in the mainstream equity markets. The residual impact of a major liquidation event on October 10–11, estimated at over billion, has sharpened market caution.

Liquidity concerns are compounded by the behaviour of market-makers during the crash. According to a recent study, market makers withdrew roughly million from key order-books within hours of the triggering event, creating a vacuum in bid-ask depth and amplifying price moves. Participants say that while the VIX drop reflects a return of calm to equity markets after the shock, Bitcoin’s elevated IV suggests the market is in a higher-volatility regime rather than merely bouncing back. Liquidity in offshore markets, which heavily influences Bitcoin trading, appears particularly tight: for example, the Hong Kong Interbank Offered Rate has returned to pre-May levels even as the U. S. dollar index has risen, signalling funding stress that tends to feed into crypto volatility.

Another factor cited is the rapid growth of exchange-traded funds and over-the-counter desks absorbing Bitcoin supply, creating a supply-shock risk for derivatives and making hedging more expensive. A report warned of a potential “liquidity crisis” within six months for Bitcoin ETF structures unless infrastructure adapts. Meanwhile, the macro backdrop of easing interest-rates and previously abundant liquidity has given way to tighter conditions, which amplify volatility across leveraged assets.

Institutional interest in hedging Bitcoin risk has surged. Following the liquidation that knocked Bitcoin from about to roughly, investors rushed into options contracts that bet on further price drops—put-buying spiked as a hedge against renewed turbulence. Such demand for protection keeps implied volatility elevated even if spot prices settle. At the same time, the VIX’s retreat suggests equity investors believe the shock has passed; crypto markets apparently disagree.

The divergence is significant because implied volatility represents the market’s expectation of future price swings. A 50 % annualised IV for Bitcoin implies expected one-month moves of roughly; by contrast, a 20 % IV for the S&P 500 implies one-month moves of around. Such a gap underscores the unique risk environment in which crypto operates—where leverage, thin liquidity and exchange-specific infrastructure risk matter significantly. Academic research supports this: a recent study found Bitcoin’s risk-premia vary across volatility regimes, and that downside risk is significantly more priced in than with equities.

Market makers and trading desks are adapting. Some are widening spreads, reducing inventory and limiting exposure during volatile episodes—actions that in effect undermine liquidity further and contribute to the “sticky” implied volatility. One trader said that “no one slept” during the weekend of October 10–11, as the cascade of liquidations forced hedge funds and desks to scramble for cover amid evaporating depth.

Eight Democratic senators, led by Adam Schiff of California, have formally asked Steve Witkoff—the U. S. Special Envoy to the Middle East—for detailed explanations regarding his continued involvement with crypto assets tied to World Liberty Financial, a venture he co-founded with the family of Donald Trump. The lawmakers’ letter highlights potential conflicts of interest stemming from Witkoff’s dual role as a diplomat and investor.

Their concerns centre on Witkoff’s asset disclosures, which indicate he still holds stakes in entities tied to World Liberty and other crypto businesses as of his 13 August 2025 financial report. The senators press him to clarify whether he has divested these holdings, whether he has obtained ethics waivers, and whether his official capacities have overlapped with personal financial interests.

World Liberty Financial launched the stable-coin USD1, and in May 2025 a firm linked to the Abu Dhabi sovereign investment arm reportedly committed around US$2 billion to the venture. The same Gulf-state entity is connected to high-level U. S. export approvals of advanced semiconductor chips, a situation that lawmakers see as raising grave ethical questions.

Witkoff, a New York real-estate magnate and longtime Trump associate, was appointed envoy in early 2025 despite limited experience in diplomacy. While his defenders say he has taken steps to divest and comply with regulation, critics say he remains financially tied to ventures that stand to benefit from his government role. The administration has signalled it is reviewing his disclosures and ethics compliance.

In their letter, the senators request responses to seven key questions by 31 October 2025. They ask how Witkoff could sell off a real-estate holding of about US$120 million while retaining crypto interests; whether he or his family hold additional digital assets beyond those disclosed; when he divested, if at all; whether he holds any interests in Trump-family business ventures; whether he has obtained ethics guidance from the U. S. Office of Government Ethics; and whether any waiver was granted allowing him to participate in matters in which he had a financial interest.

Separately, lawmakers highlight the chronology of events: after World Liberty received the Gulf-state investment commitment, the White House approved export of advanced U. S. chips to the United Arab Emirates—raising the appearance of intertwined public and private interests. Ethics experts say this conflation of diplomacy and private profit may run afoul of federal rules under 18 U. S. C. § 208 and the constitutional emoluments clause, which bars public officials from participating in matters in which they have a financial interest.

Riyadh is advancing its push into artificial intelligence, sidestepping some of the previous fanfare around the massive urban-megaproject Neom, and signalling a new strategic pivot by its sovereign wealth arm Public Investment Fund. The fund is repositioning to attract global AI investment, deepen partnerships with major tech players and harness data-centre infrastructure at scale.

The kingdom’s leadership is steering resources away from grand construction ambitions to technology-driven growth. The newly formed Humain — a PIF-backed AI company — was launched in May with the mission of establishing Saudi Arabia as a global hub for AI. The firm plans to build advanced data centres, cloud services and one of the world’s most powerful Arabic large-language models.

Strategic deals have followed. U. S. chip-maker Nvidia has agreed to ship some 18,000 Blackwell chips to Saudi Arabia to support a 500-megawatt data-centre facility coordinated by Humain. PIF and international analysts say the move reflects a shift in focus: less emphasis on sprawling “giga-projects” of construction, more on the digital-infrastructure layer that underpins a future knowledge-economy.

Globally, transformative AI applications — from generative-AI language models to edge computing in industries — require vast compute power, energy and state coordination. PIF’s governor Yasir Al‑Rumayyan has said the kingdom is well-placed, given its energy resources and large-scale capital, to become a “hub outside the U. S.” for AI development. Analysts suggest the pivot acknowledges market realities: mega-cities like Neom have proved slower to materialise than envisaged, while digital-economy bets offer faster, more measurable returns.

The megacity Neom and its flagship component – The Line – have faced scepticism over timelines, cost-overruns and foreign investor pull-back. Executive reshuffles in Neom’s leadership and recalibrated investment priorities have signalled the shift. Meanwhile, PIF has begun trimming the proportion of its portfolio allocated to global investments — moving foreign-allocation toward 18 per cent from previous targets — to double-down on domestic strategic sectors like AI.

The investment case for Saudi Arabia is sizeable. Humain aims to tap into the Arab-language market of over 450 million people, while deploying data-centre capacity measured in gigawatts. Academic and industry voices say the kingdom has already built one of the strongest AI-ready physical infrastructures in the Middle East: multiple super-computers, data centres and training programmes are in motion. On the human-capital front, programmes to train 20,000 data/AI experts by 2030 are underway through partnerships with international firms such as Microsoft, Accenture and Huawei Technologies.

For global tech firms and investors, Saudi Arabia’s offer now centres around “sovereign AI infrastructure” rather than purely construction or real-estate play. The deal with Nvidia is seen as precedent-setting: Nvidia’s CEO told reporters that AI infrastructure is “essential infrastructure” akin to power and internet. Moreover, the shift aligns with the kingdom’s broader strategic framework Vision 2030 — which seeks to reduce oil-dependence and build a diversified economy.

Nevertheless, risks remain. Observers caution that the AI ambition is spectacular in scale yet faces operational and regulatory challenges — from data-governance to talent retention and ideological scrutiny. The push may also attract geopolitical scrutiny given the involvement of U. S. technology in Saudi infrastructure. The earlier mega-project model illustrates how bold vision can be slowed by delivery hurdles.

Moscow has authorised the use of cryptocurrencies in cross-border payments for trade, marking a significant departure from previous policy. The Ministry of Finance of the Russian Federation and the Bank of Russia have reached an agreement to legalise digital-asset settlements in foreign trade transactions, while simultaneously tightening regulatory oversight of the wider crypto market.

Finance Minister Anton Siluanov said the step was necessary because imports are already being paid for with crypto assets and the existing regulatory framework was inadequate. He emphasised that the legalisation would be accompanied by “proper legislative regulation” to restore order in the sector.

Under the new framework, firms engaged in exports and imports will be able to transact using cryptocurrencies—but only via authorised channels that meet stringent anti-money-laundering and know-your-customer standards. The shift builds on an earlier “experimental legal regime” that allowed limited crypto use in foreign trade and by select investors.

The Bank of Russia remains cautious. Its governor Elvira Nabiullina continues to resist full recognition of cryptocurrencies as a means of payment domestically, and proposed restricting use to cross-border trade and wealthy “qualified” investors under licensed firms.

Market analysts interpret the decision in the context of pressures from Western sanctions, which have constrained access to global payment systems. The move is seen as part of Russia’s strategy to bolster trade flows, particularly in energy and commodities, by bypassing traditional channels.

Still, legalisation is selective rather than broad. The regime applies for now only to foreign-trade transactions; the domestic use of cryptocurrency for everyday payments or retail investments remains prohibited. The Bank of Russia argues allowing wide retail access poses “financial and social” risks.

For domestic investors, the path to broader engagement remains narrow. Earlier this year the regulator proposed allowing only those with assets above 100 million roubles or annual incomes above 50 million roubles to participate in a crypto-investment experiment.

Industry players say the legalisation will create new opportunities. Top banks—such as Sberbank and Alfa‑Bank—had warned that millions of Russians hold crypto assets despite being excluded from the formal regime. They argued the grey market status of holdings was a risk for the broader financial system.

Critics caution that regulatory oversight and enforcement will be key. The Prosecutor-General’s Office, under Alexander Gutsan, highlighted that the new framework includes tools to monitor transactions linked to corruption, terrorism, extremism, and illicit financial flows.

Observers outside Russia are weighing potential ripple effects. Some suggest the policy could encourage other sanctioned or emerging-market nations to adopt crypto-based trade settlement models, challenging the dominance of traditional systems such as SWIFT.

For Russian exporters and importers, the shift may offer relief from constrained access to Western-dominated financing and payment networks. Nonetheless, firms must still operate within Bank of Russia-endorsed platforms and are subject to rigorous compliance oversight—so adoption may remain cautious in the near term.

From the government’s perspective the move attempts to draw the large informal crypto-market inside the regulatory perimeter. Holding of crypto assets by Russian users has been estimated in the hundreds of billions of roubles, according to central bank data.

By Nitya Chakraborty   The twist and turns in Prime Minister Narendra Modi’s dealing with the overtures to him from the US President Donald Trump in the last three weeks speak eloquently of the tussle that is going on at the highest level of the BJP leadership and the RSS over how to send the […]

The article Sangh’s Nationalist Line Restrains Modi From Early Deal With Trump appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).