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Massive Crypto Theft: North Korean Hackers Stole $3 Billion in 5 Years

It has been uncovered that North Korean hackers orchestrated a series of audacious cyber heists, successfully pilfering a staggering $3 billion in cryptocurrency over the course of five years.

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It has been uncovered that North Korean hackers orchestrated a series of audacious cyber heists, successfully pilfering a staggering $3 billion in cryptocurrency over the course of five years. These brazen cybercriminals, believed to be predominantly operating from Russia and China, have left a trail of unprecedented digital thefts in their wake.

The extent of their activities and the magnitude of the stolen funds have thrust them into the spotlight as one of the most prolific hacking groups in recent memory.

Employing highly sophisticated techniques, the hackers seamlessly assumed the roles of government officials, recruiters, and other trusted figures to execute their nefarious schemes. This allowed them to infiltrate numerous digital wallets and exchanges, siphoning off billions of dollars’ worth of cryptocurrencies.

One of the most remarkable incidents attributed to this group involves the notorious North Korean Lazarus group, whose audacity knows no bounds. They targeted Axie Infinity’s Ronin blockchain, a prominent platform in the world of decentralized gaming. In this audacious attack, the hackers made off with a jaw-dropping $625 million worth of Ethereum and USDC, securing their place in the annals of the largest crypto hacks of all time.

Experts in the field of cybersecurity have been astounded by the technical prowess displayed by these North Korean hackers. Their intricate maneuvers and sophisticated methods have left U.S. officials and researchers impressed, as they have yet to witness such meticulous execution elsewhere. This growing expertise has raised concerns about the increasing sophistication and capabilities of cybercriminals.

Disturbingly, it has come to light that North Korea is leveraging cybercrime as a crucial source of funding for its ballistic missile program. Recent investigations have uncovered a rampant effort by these hackers to steal cryptocurrencies and covertly convert them into hard cash, ultimately fueling the weapons programs of the regime led by dictator Kim Jong Un.

In a chilling account reported by the Wall Street Journal (WSJ), the extent of North Korea’s deceitful operations became painfully apparent. An unsuspecting engineer from a blockchain gaming company, eagerly anticipating a promising job opportunity, found himself entangled in the web of a vast North Korean operation. The engineer received a message from a recruiter on LinkedIn, believing it to be a genuine offer. However, little did he know that the ensuing events were part of an intricate scheme. A seemingly harmless document, purportedly related to the interview process, harbored malicious code that granted the hackers access to his computer. This breach paved the way for the hackers to infiltrate the company’s network, resulting in the brazen theft of over $600 million.

The alarming surge in the number of crypto hacks highlights the growing sophistication of cybercriminals. While exchanges have made strides in fortifying their defenses and minimizing the impact of individual hackers, the frequency of attacks continues to rise. This calls for heightened vigilance and ongoing efforts to combat cyber threats, safeguarding the digital assets of individuals and organizations alike.

As the world grapples with the pervasive menace of cybercrime, the brazen exploits of North Korean hackers serve as a stark reminder of the evolving landscape of digital security. The race to stay one step ahead of these cybercriminals has never been more crucial, as the stakes are higher than ever before.

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Bitcoin

Bitcoin Holds Above $67,000 Amid Trump Win Bets

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Bitcoin is holding above $67,000 after yesterday’s correction after breaching the $69,000 level and rising to its highest level since late July.

Yesterday’s correction comes after an upward trend that investors are pushing to continue in light of a set of supporting factors, whether from the massive inflows into cryptoinvestment products or from more bets on Donald Trump winning the White House again.

Cryptocurrency investment products recorded massive inflows last week, reaching $2.2 billion, which represents the highest level since last July, with Bitcoin accounting for most of these flows that went to US spot ETFs, according to CoinShares. Net flows to these funds amounted to more than $294 million yesterday alone, according to SoSo Value.

This comes with two weeks left until the US presidential election. While the Polymarket betting market indicates that Republican candidate Trump is likely to win with a 63% probability, the betting site has sparked controversy over who is behind the significant increase in Trump bets. In contrast to Polymarket’s results, the poll average indicates that Democratic candidate Kamala Harris is ahead by 48.2% compared to 46.4% for Trump, according to FiveThirtyEight.

While this disparity and fluctuation in polls and predictions is likely to keep cryptocurrencies vulnerable to sharp volatility in the coming days, as the identity of the winner of the White House presidency might shape the future of the industry.

However, the futures market is presenting a mixed story and is questioning the sustainability of Bitcoin’s bullish trend. Bitcoin futures open interest regained its record level of more than $40 billion yesterday, according to CoinGlass, despite the price correction. This correction only resulted in a very small liquidation of the long positions of about $28 million yesterday.

Of that $40 billion, $12.5 billion was on the Chicago Mercantile Exchange (CME), which also represents a new record high for Bitcoin futures on the US’s largest futures exchange. This reflects the increasing involvement of institutional investors in driving price action.

What is concerning is the decline in the long/short ratio from 1.04 on Sunday to 0.94 today, which may reflect increasing bearish bets in futures market, which in turn may indicate a possible reversal of the bullish trend and a renewal of yesterday’s losses soon.

Written by Samer Hasn, Senior Market Analyst at XS

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Cryptocurrency

Binance Expands Crypto Access in West and Central Africa With Mobile Money Integration

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Binance, the world’s leading blockchain and cryptocurrency infrastructure provider continues to drive innovation and expand access to cryptocurrency in Africa, now allowing users in Benin, Cameroon, Ivory Coast, Democratic Republic of Congo (DRC), Togo and Senegal to purchase crypto directly through mobile money payments enabled through local partnerships. 

This new functionality further strengthens Binance’s commitment to providing simple and secure access to cryptocurrency for users across the continent, reinforcing the platform’s vision of financial inclusion.

Samantha Fuller, Spokeswoman for Binance says “We remain focused on advancing financial inclusion and delivering user-friendly solutions for crypto adoption across Africa. This expansion into West and Central Africa is a significant step in our mission to increase crypto adoption, providing millions of people with more direct access to the global digital economy”.

This new service currently supports only BUY transactions, further simplifying the entry point for new crypto users in these regions, while providing them with a reliable and secure platform to acquire digital assets.

How to buy crypto:

  1. Log in to your Binance app and select [Add Funds] from the homepage.
  2. Choose your local fiat currency you wish to use by selecting the currency in the top-right column.
  3. Follow the instructions to complete your crypto purchase.

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Bitcoin

Bitcoin Fails to Hold $63,000 Amid Weak Risk Appetite, Growing Selling Pressure

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Bitcoin remains below $63,000 after failing to hold above it over the past two days while Ethereum is also struggling to reclaim $2,440.

The crypto market has been trading sideways since the beginning of this week.

The cautious moves in the crypto market come amid uncertainty over a range of economic and political factors in the US and geopolitics in the Middle East.

Add to that the potential selling pressure that the US government may exert with its permission to sell around 70,000 Bitcoin.

The Supreme Court has allowed the US Marshals Service to proceed with the sale of 69,370 Bitcoins seized from the Silk Road online store, which would be the largest sale of its kind in history. While the nature and pace of this selling is not yet known, it will not necessarily put downward pressure on prices if it is done in over-the-counter (OTC)
transactions, according to Beincrypto.

As for the economic side, in light of the surprise labor market numbers that were much better than expected and Jerome Powell’s hawkish speech, hopes for a rapid continuation of interest rate cuts this year have diminished. While the relatively high rates remain for a longer period and the continued rise in Treasury bond yields will weaken appetite for risky assets in general, including cryptocurrencies.

Whereas, after the hypothesis of a half-percentage point cut at the next November meeting was the most likely, it has now become excluded in the Fed Fund futures market, and the probability of a quarter-percentage point cut has become 87%, according to the CME FedWatch Tool. The remaining 13% is for the possibility of keeping current rates unchanged.

The state of caution may also prevail in the markets in the coming weeks, as we anticipate the presidential elections in the United States, which will begin next month. While the outcome of these elections could cause a structural shift in the crypto industry.

Far away, in the Middle East, markets are still anticipating the nature of the expected escalation in the region, especially regarding the nature of the Israeli response to the unprecedented attack from Iran and the nature of the counter-response. While one of the most prominent scenarios is targeting energy facilities, which would bring inflation back to the forefront, which in turn may require central banks to keep interest rates high.

 

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