Money Mate

As India’s digital economy grows, households and individuals face rising threats from cyber fraud. From UPI scams to identity theft, cyber incidents can hit both wallets and peace of mind. Cyber insurance is increasingly being recognised not just as a financial safety net, but as a comprehensive support system for victims.
 
Common cyber frauds targeting individuals
 
Experts say the typical cyber fraud in India often begins with social engineering, vishing calls(fraudulent phone calls from scammers pretending to be trusted entities), phishing links( fraudulent URLs designed to trick into visiting a malicious website), or SIM-swap attacks.
 
Rushik Patel, associate director at EDME Insurance Brokers Ltd., notes, “Victims are frequently tricked by fake refund requests or lose mobile network access after SIM cloning. Fraudsters then move money out using OTPs, with losses ranging from Rs 20,000 to several lakhs. Recovery is difficult without insurance, especially if reporting is delayed.”
What cyber insurance actually covers?
 
Many consumers assume cyber insurance covers all online frauds, but experts caution this is rarely true. Common exclusions include voluntary sharing of OTPs or passwords, prior-known circumstances, investment losses, and intentional or malicious acts. Delays in reporting incidents or incomplete documentation often result in partial or rejected claims.

Bernstein says the current crypto market decline could be temporary, as Bitcoin could begin a recovery in the first half of the year.Analysts at the firm highlighted that growing institutional flows and evolving US policy dynamics could lay the foundation for Bitcoin's "most consequential cycle."Other experts predict a rotation from "overcrowded" precious metals toward Bitcoin.Bitcoin could bottom around its last cycle high in the $60,000 range before seeing a recovery potentially in the first half of the year, according to Bernstein analysts.The analysts, led by Gautam Chhugani, highlighted that the recent downturn in crypto prices follows the strong outperformance of gold over Bitcoin in the past year. The top crypto's market capitalization relative to that of the precious metal is approaching a two-year low, as central banks have stepped up their gold accumulation over the past year. #BTC走势分析 $BTC

By suing first, Kalshi controls the narrative to focus on federal preemption rather than contract legality, Decrypt was told.
Event-contract platform Kalshi filed a federal lawsuit against New York regulators on Monday, seeking to block the state's gaming commission from treating its sports prediction markets as illegal gambling, striking preemptively just weeks after rival Crypto.com lost a similar battle in Nevada.
The Manhattan-based company says the federal law preempts state gambling regulations for contracts traded on platforms overseen by the Commodity Futures Trading Commission in its filing.
Kalshi sued after receiving a cease-and-desist letter from the New York State Gaming Commission on Friday, demanding that it halt its sports-event contracts or face civil penalties and potential criminal liability.


"In five out of six cases, Kalshi took the initiative and sued first because most states require advance notice before filing lawsuits against businesses that engage in repeated and persistent violations of state law,” Daniel Wallach, founder and principal of Wallach Legal LLC, a law firm specializing in sports wagering and gaming law, told Decrypt. 
This advance notice became "a heads up for Kalshi" to reach federal court first and "narrowly frame the lawsuit" around whether federal law preempts state authority, rather than whether the contracts are legal gambling, he added.
By filing first, Kalshi avoids the state court, where "the cases would be about whether these contracts are legal, not who gets to have jurisdiction," Wallach explained.


Win some, lose some
Kalshi won preliminary injunctions in New Jersey and Nevada, but lost in Maryland, where a judge ordered it to halt sports-event contracts. Yet, officials have allowed operations to continue while the case is resolved.
Two weeks ago, U.S. District Judge Andrew P. Gordon in Nevada denied Crypto.com's request for an injunction, a reversal from the same judge who had previously ruled in Kalshi's favor in similar circumstances.
Initially, "Kalshi has been able to effectively persuade two courts preliminarily that the broad definition of a swap coupled with the exclusive jurisdiction language gives the CFTC exclusive regulatory authority over any contract traded on CFTC-designated exchanges," Wallach said. 
Judge Gordon accepted this argument in Kalshi's case, focusing simply on whether the contracts could technically qualify as swaps.
But in Crypto.com's case, the judge determined that the outcomes of sporting events do not qualify for treatment as a swap, “because to be a swap under the Commodity Exchange Act, it depends on the occurrence or non-occurrence of an event," Wallach explained.
The courts analyzed the question through congressional intent, he added, and concluded it did not intend the CFTC’s exclusive swaps jurisdiction to cover sports event contracts, citing legislative history and lawmakers’ comments.
Crypto.com must geofence Nevada by November 3 and close all open sports-event positions for state residents pending its appeal, according to a Nevada Gaming Control Board notice.
Wallach predicts Arizona and Illinois, which have issued cease and desist letters and warned state-licensed operators against prediction markets, will likely be next to litigate with Kalshi. 
He expects more states to file cases against Kalshi, Robinhood, and Crypto.com in the coming months, as recent court decisions have favored the states.
Kalshi and Crypto.com did not immediately respond to Decrypt’srequests for comment.