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Indian Soft power Sailing through pandemic

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The Indian Navy has made a significant contribution to solving the practical problems of combating the pandemic while at the same time acting as a tool for expanding Indian influence in the region and maintaining relations with significant partners.

The epidemic of COVID-19 that swept the globe in 2019-2020 has had severe repercussions in all aspects of public life, from the economic to the political. India was no different. It compelled the government to reduce other budget items related to security. The Navy suffered most cuts, whose benefits for India, which mostly engages in land-based territorial disputes with its neighbours, are less apparent than those of the army and air force.

Also Read| Indian Navy aims to become ‘Atmanirbhar’ by 2047: Admiral Hari Kumar

Under these circumstances, the Indian Navy was faced with a variety of tasks, including containing the spread of coronavirus infection among personnel, providing all possible assistance in the fight against the pandemic in the country, evacuating citizens who were abroad, and providing assistance to foreign countries, all while continuing combat training and completing traditional duties, such as maintaining control over the ocean, projecting power, and defending against potential threats.

The Indian Navy had paid relatively little attention to soft power before the outbreak of COVID-19, focusing instead on the more traditional parts of the Navy. Indian sailors, after studying the experiences of their American and Chinese counterparts, came to recognise the significance of “soft power” and began to employ it. However, this process was sluggish, primarily because the Indian Navy is far behind the naval superpowers.

Joseph Nye, who originated the term “soft power,” defined it as the capacity to achieve one’s goals through attraction rather than coercion or bribery. It stems from the allure of a nation’s culture, political values, and policies. Among the methods of such extensive “soft power,” the Navy’s humanitarian initiatives stand out. In contrast to the Chinese Navy, the Indian Navy has neither specifically constructed hospital ships nor experienced employing them. The actions of Indian sailors in recent years, however, imply that New Delhi is contemplating the use of proactive marine “soft power.”

In addition, India employs marine “soft power” to assist neighbouring countries impacted by natural catastrophes in a highly efficient manner. Some of them frequently occur, like monsoon rains and cyclones that cause widespread flooding, allowing one to prepare for their coming beforehand.

The efforts of the First Training Squadron of the Indian Navy in March 2019, after Cyclone Idai struck Mozambique, demonstrate the application of Indian maritime “soft power.” Four days later, the patrol ships “Sujata” and “Sarathi” and the tank landing ship “Shardul,” which were in the open sea at the time, landed in the cyclone-ravaged port of Beira. About 5,000 people were evacuated from the ships, and distribution centres for food and fresh water, as well as medical services, were established. The crews of the ships also gathered clothing and blankets for the victims. The tank landing ship “Shardul’s” ship’s helicopter participated in the rescue operations. All efforts were conducted in close cooperation with the military authority in the area. One hundred ninety-two individuals were rescued by Indian sailors, while 1,381 Mozambicans received medical aid. This mission substantially enhanced India’s worldwide reputation and demonstrated that its Navy could operate as a “security provider” in the region when it comes to mitigating natural catastrophes’ effects. In the case of the 2018 Bergitta cyclone, the Indian Navy properly calculated the storm’s path and dispatched the Deepak and Sharda ships with humanitarian relief to Mauritius.
In addition to providing disaster relief, the Indian Navy also coordinates the evacuation of civilians from conflict zones. The most recent example at the beginning of the COVID-19 pandemic is Operation Rahat, conducted by the Indian armed forces when the coalition led by Saudi Arabia intervened in Yemen in 2015. Three ships (Sumitra, Mumbai, and Tarkash) evacuated 3074 people, including 1291 foreigners, from the nation.

In India, the first cases of coronavirus infection were reported in February 2020, although the first cases in the fleet were not discovered until two and a half months later. On April 18, the spokesman for the Indian Navy’s fleet staff, Vivek Madhwal, reported a total of 21 incidents, 20 of which occurred at the Angre coastal naval facility in Mumbai.

We can say that the Indian Navy was operating during the pandemic based on the available facts. Due to stringent access control and military discipline, naval bases were able to prevent mass epidemics.
Operation Samudra Setu

“Samudra Setu” (translated from Hindi as “Sea Bridge”), the operation to evacuate Indian civilians by sea, was the first and most critical. It began on May 5, 2020, as part of the government’s Vande Bharat Mission, which provided for the evacuation from overseas to India of all Indian people who chose to come home before the conclusion of the epidemic. It was expected that the Navy would repatriate up to 10,000 individuals. For the operation, the Jalashva landing transport dock and the Airavat, Shardul, and Magar tank landing ships were chosen. They were stocked with essential rations, and their onboard infirmaries were stocked with anti-infection medications and other supplies. For the length of the expedition, female officers and physicians were added to the teams, and it was their responsibility to maintain touch with female passengers. A few hours after the ship’s arrival in Kochi, the single passenger who was set to give birth shortly, Sonia Jacob, was freed of her load.

The operation lasted a total of 55 days, during which the ships and boats involved travelled a total of 23,000 kilometres. The operation resulted in the evacuation of 3,992 persons from Iran, Sri Lanka, and the Maldives by sea to India.

Operation Sagar

If “Samudra Setu” was primarily intended to implement the domestic political commitments of the state to its citizens, then “Sagar” had obvious foreign policy objectives. It envisioned providing support in the fight against the epidemic to the minor states of the Indian Ocean region, with whom India had important geopolitical ties. Maldives, Mauritius, Madagascar, Comoros, and Seychelles, which are small and medium-sized island nations in the Indian Ocean region, were the aid recipients. To participate in the mission, the Kesari tank landing ship was selected, and 580 tonnes of food, medicine, and medical teams were placed onto it.

Thus, the Kesari journey became a visible indication of India’s willingness to assist the island states of the Indian Ocean basin while simultaneously articulating India’s true interests in the region. New Delhi considers all countries in whose ports the ship docked to be strategically vital for retaining dominance over the Indian Ocean.

Given the widespread concern of a pandemic, this display of “soft power” should considerably enhance India’s image in the eyes of the island states’ inhabitants. Significantly, Indian medical personnel worked in three of the five destinations – the Maldives, Comoros, and Mauritius, which India considers to be its most significant islands. The return voyage of the Kesari, which transported the medical teams left behind on the islands, lasted 49 days and covered 14,000 kilometres.

Joint Military drills

The holding of joint exercises with the fleets of other nations was a significant factor in demonstrating India’s foreign policy priorities. The format of naval manoeuvres proved to be quite practical: unlike ground exercises, naval manoeuvres do not require mandatory contact between military personnel. Coordination of actions, the transmission of orders, and interaction development are carried out at sea.

The Indian Navy conducted Indra, Jimex, and Malabar exercises in the same year, despite the cancellation of the March 2020 MILAN exercises, which were to involve the fleets of 41 countries.

Using these movements, the Indian Navy was able to solve two problems simultaneously. First, to preserve the fighting capabilities of the quarantined teams and coastal services and to retain touch with the ships, an interaction that New Delhi deems essential. Exercise has been shown to be an effective means of sending political signals. The Indian Navy kept its balance with Russia and the Quad members.

In conclusion, it may be stated that the operations of the Indian fleet during the epidemic are of theoretical and practical interest. India has effectively used its Navy as a tool to maintain and expand its influence during an emergency and has demonstrated that it can fulfil the role of a security provider in the face of non-traditional threats, significantly bolstering its position against the backdrop of China’s lack of involvement in the situation, which the elites of many island states viewed as an alternative to India. In reality, India has specified a region of major interest for itself through its humanitarian operations: South Asia and the Indian Ocean.

Reports /TrainViral/

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Crypto

Bitcoin’s Recovery – the Downturn Is Over

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The market is currently in a news-driven environment where the prices of cryptocurrencies have been determined by news agenda rather than fundamentals.

Bitfinex analysts have warned crypto investors to be cautious as bitcoin’s (BTC) recovery over the weekend is not a sign that its correction is over; the asset could witness more bloodshed in the near term.

In the latest Bitfinex Alpha report, experts deemed the market’s reaction this week critical, especially as supply alleviated over the weekend could return when traditional markets open.

“No Man’s Land”

Since Saturday, bitcoin has risen almost 10% from $57,600 to $63,000, closing last week in the green. The asset has surged above the 125-day range low of $60,200, which it broke through earlier this month after news of the German government’s massive BTC selling hit the market.

Market sentiment began to improve after reports that wallets linked to the German government were almost empty. However, the positive sentiment may not be sustained for long as the BTC the German authorities moved to trading desks and exchanges are yet to be sold.

While the supply from Germany appears to have been factored into bitcoin’s market price, Bitfinex analysts believe the end of selling pressure depends on how the involved trading desks execute their trades in the coming days.

Although the shift in sentiment underscores the market’s capacity to integrate new information and adjust expectations quickly, analysts think the market’s reaction over the first two trading days of the week cannot be overlooked for two reasons.

First, the low support level in the $60,200 range has now become a potential resistance line. Second, trading patterns over the past three months suggest that weekends are usually favorable for markets, especially on Saturdays when supply pressure seems to subside.

“We are now in no man’s land until we get clear resolution above or below this level,” the analysts said.

A News-Driven Environment

Besides the potential resistance level and three-month weekend trading pattern, the market is currently in a news-driven environment, where the prices of cryptocurrencies have been determined by news agendas rather than fundamentals.

Since selling pressure concerns are not yet completely obsolete due to upcoming Mt Gox creditor distributions, Bitfinex analysts expect such headlines to continue to have some impact on price movements. As such, the analysts urged investors to exercise caution in their trading strategies.

Reports /Trainviral/

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Crypto

Bitcoin ETFs Saw $300M in Daily Net Inflows

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BlackRock’s IBIT led with $117.25 million in inflows on July 15, also being the most traded Bitcoin ETF.

The US spot Bitcoin ETFs recorded a daily net inflow of $301 million on July 15th. This extended their winning streak to seven consecutive days amidst a broader market recovery.

None of the ETFs recorded outflows for the day.

Bitcoin ETFs Rake in $16.11B in Net Inflows Since Jan

According to the data compiled by SoSoValue, BlackRock’s IBIT, the top spot Bitcoin ETF by net asset value, recorded the largest net inflows of the day at $117.25 million. IBIT was also the most actively traded Bitcoin ETF on Monday, with a volume of $1.24 billion. Ark Invest and 21Shares’ ARKB came in close behind with net inflows of $117.19 million.

Fidelity’s FBTC experienced net inflows of $36.15 million on Monday, while Bitwise’s BITB saw $15.24 million in inflows. VanEck’s HODL, Invesco and Galaxy Digital’s BTCO, and Franklin Templeton’s EZBC funds also recorded net inflows. Meanwhile, Grayscale’s GBTC and other ETFs, such as Valkyrie’s BRRR, WisdomTree’s BTCW, and Hashdex’s DEFI, registered no flows for the day.

A total of $2.26 billion was traded on Monday. The trading volume for these ETFs was less than in March when it exceeded $8 billion on some days. Meanwhile, these funds have collectively attracted $16.11 billion in net inflow since their January launch.

What’s Next For Bitcoin?

Earlier this month, bitcoin’s price decline was mainly due to fears of massive selling pressure from Mt. Gox and the German government’s BTC sales.

But the assassination attempt on pro-crypto former US President and presumptive Republican candidate Donald Trump at Saturday’s rally seemed to spark a recovery in the world’s largest digital asset, and experts are bullish on the asset’s price trajectory going forward. Bitcoin surged more than 9% over the past week and was currently trading slightly below $64,000.

Veteran trader Peter Brandt discussed bitcoin’s price outlook, suggesting a potential major rally. He referred to a pattern he terms “Hump->Slump->Bump->Dump->Pump” and highlighted that the July 5 double top attempt was a bear trap, confirmed by the July 13 close. He sees a likely continued upward trend but warned that a close below $56,000 would negate this bullish view.

“Bitcoin $BTC could be unfolding its often-repeated Hump…Slump…Bump…Dump…Pump chart construction. Jul 5 attempt at the double top was a bear trap, confirmed by Jul 13 close. Most likely scenario now is that bears are trapped. Close below $56k negates this interpretation”

Reports /Trainviral/

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Crypto

LI.FI DeFi Platform Exploited, Over $8M Lost

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PeckShield alert reveals LI.FI’s protocol vulnerability is similar to a March 2022 attack, with the same bug recurring.

The decentralized finance (DeFi) platform LI.FI protocol has suffered an exploit amounting to over $8 million.

Cyvers Alerts reported detecting suspicious transactions within the LI.FI cross-chain transaction aggregator.

LI.FI Issues Warning After $8 Million Exploit

LI.FI confirmed the breach in a statement on July 16 via X: “Please do not interact with any http://LI.FI powered applications for now! We’re investigating a potential exploit.” The team clarified that users who did not set infinite approval are not at risk, emphasizing that only those who manually set infinite approvals seem to be affected.

According to Cyvers Alerts, more than $8 million in user funds have been stolen, with the majority being stablecoins. According to on-chain data, the hacker’s wallet holds 1,715 Ether (ETH) valued at $5.8 million and USDC, USDT, and DAI stablecoins.

Cyvers Alerts advised users to revoke relevant authorizations immediately, noting that the attacker is actively converting USDC and USDT into ETH.

Crypto security firm Decurity provided insights into the exploit, stating that it involves the LI.FI bridge. “The root cause is a possibility of an arbitrary call with user-controlled data via depositToGasZipERC20() in GasZipFacet, which was deployed 5 days ago,” Decurity explained on X.

“In general, the risks behind routers, cross-chain swaps, etc. are about token approvals. Raw native assets like (unwrapped) ETH are safe from these kinds of hacks b/c they don’t have approvals as an option. Most users & wallets also no longer do “infinite approvals” which gives a smart contract total control on removing any amount of their tokens. It’s important to understand which tokens you’re approving to which contracts.

This dashboard looks for all transactions of a user that intersects Lifi. Not all of these transactions indicate risk- but you can see how, broadly, integrations & layers of tech (like how Metamask bridge uses Lifi on BSC) can complicate how users do or don’t put their assets at risk. Revoke Cash is the most well known approval manager app.

But it’s also good security practice to simply rotate your address. New addresses start with 0 approvals, so starting fresh by moving your tokens to a fresh address is another good security practice.” – commented Carlos Mercado, Data Scientist at Flipside Crypto.

Recent Exploit Mirrors March 2022 Attack

Further analysis by PeckShield alert revealed that the vulnerability is similar to a previous attack on LI.FI’s protocol that occurred on March 20, 2022. That incident saw a bad actor exploit LI.FI’s smart contract, specifically the swapping feature, before bridging.

The attacker manipulated the system to call token contracts directly within their contract’s context, making users who had given infinite approval vulnerable. This exploit resulted in the theft of approximately 205 ETH from 29 wallets, affecting tokens such as USDC, MATIC, RPL, GNO, USDT, MVI, AUDIO, AAVE, JRT, and DAI.

“The bug is basically the same. Are we learning anything from the past lesson(s)?” PeckShield Alert said in a July 16 X post.

Following the 2022 incident, LI.FI disabled all swap methods in its smart contract and worked on developing a fix to prevent future vulnerabilities. However, the recurrence of a similar exploit raises concerns about the platform’s security measures and whether adequate steps were taken to address the vulnerabilities identified in the previous breach.

LI.FI is a liquidity aggregation protocol that allows users to trade across various blockchains, venues, and bridges.

Reports /Trainviral/

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