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Crypto News

North Korea Committed More Crypto Theft Than Ever Before

North Korea stole more bitcoin assets in 2022 than in any previous year and targeted the networks of foreign aerospace and defence industries, according to a research that is presently confidential but was reviewed by Reuters news agency. The UN report, which was reviewed by Reuters, provides the basis for these claims.

 

Independent sanctions monitors reported to a committee of the United Nations Security Council that “[North Korea] used increasingly sophisticated cyber techniques both to gain access to digital networks involved in cyber finance and to steal information of potential value, including information related to its weapons programmes.”

 

North Korea has been accused by the monitors of using cyberattacks to help finance its nuclear and missile programmes.

 

A bigger value of bitcoin assets were stolen by DPRK [North Korea] agents in 2022 than in any previous year,” the monitors concluded, citing data from UN member states and cybersecurity businesses. On Friday, the report was given to the 15-person Council committee in charge of North Korea sanctions.

 

There have been previous claims that North Korea was involved in hacking or other cyberattacks, but Pyongyang has always denied these allegations.

 

South Korean sanctions watchers estimate that North Korean hackers will steal $630 million worth of virtual assets in 2022, while a cybersecurity group estimates that North Korean cybercrime will provide bitcoin worth more than $1 billion.

 

“the fluctuation in USD value of bitcoin in recent months is likely to have affected these data,” as stated by the United Nations. Nonetheless, both numbers show that the DPRK stole more cryptocurrency in 2022 than ever before.

 

Similarly, last week, a blockchain analytics firm in the United States reached the same conclusion.

 

“the techniques utilised by cyberthreat actors have become more sophisticated,” the UN study claims, making it harder to recover stolen assets.

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Crypto Featured News

Five of the most recent scams to be on the lookout for, from “hello mom” to Crypto Fraud.

Australians lose at least $1 million daily to scams as con artists use more sophisticated methods.

 

Every day, 745 frauds are flagged to Scamwatch, but experts believe this is merely the peak of the iceberg due to many unreported cases.

 

Here are some of the stream scams that are most prevalent and what to watch out for:

 

First, the “hello mum” con
The “hello mum” con is straightforward and successful.

 

Victims are informed that their loved one has misplaced or broken their phone by an unknown caller, typically via text or WhatsApp. The con artist then demands money to assist in buying a new phone.

 

Man with a credit card and laptop

 

Consumer activists and the ACCC argue that Australian banks should compensate fraud victims. The Australian Consumer and Competition Commission reported that it was observing a new variation of similar scams, in which recipients of texts purporting to be from “Mum” or “Dad” are asked to wire money to the sender.

 

The road toll fraud

 

In this text-based scam, victims receive a message claiming they owe unpaid fines from a toll road business like Link.

 

According to Dr. Khandakar Ahmed, senior lecturer in IT at Victoria University, this fraud targets non-frequent travelers, frequently during the holiday season.

 

“Scammers target irregular travelers over the holiday season,” Ahmed said.

 

According to statistics, 10% of those who see a notice like this will recently have used a toll road but need an account connected to their automobile.

 

After that, the offenders are asked to correct their information or pay their fine by clicking on the Link. They are sent to an official webpage where they enter their bank information.

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News

Bitcoin Finishes January with its Strongest Performance Since 2013

Bitcoin has had its strongest January since 2013, with a 39.4% increase this month. The largest cryptocurrency has been trading at its highest level since August 2022 and hasn’t given such positive returns in January in a decade.

 

The first two weeks of the month saw a return of institutional demand from macro traders and hedge funds, which led to the liquidation of $1.3 billion worth of short positions on bitcoin, according to CoinGlass.

 

However, the trend reversed over the past week, with $331 million in long positions being liquidated.

 

Speculation-driven momentum traders returned to the market between January 10 and 20, causing bitcoin to break out from a range of between $15,700 and $18,000.

 

On Fridays, when dealers had large amounts of negative exposure and selling towards the end of U.S. hours trading, Bitcoin pushed above $20,000 and $22,000.

 

Analysts believe the next move for bitcoin will be determined following the Federal Reserve’s monthly rate hike decision. Edward Moya, a senior analyst at Oanda, stated that “This market is going to start to trade very technical,” and volatility is coming back.

 

According to Michael Safai, co-founder and partner of crypto trading firm Dexterity Capital, it takes about two months for the crypto market to stabilize after a major shock, and the market is now at that point after the FTX shock.

 

The cryptocurrency market has experienced a stabilization period after the recent major shock, and the worst of the damage has already occurred. The investors are regaining confidence, as shown in the less intense reaction to the Genesis bankruptcy, and the risk appetite is gradually returning.

 

The total market capitalization of cryptocurrencies has increased by 24% to $1.05 trillion so far this year, as per Coinmarketcap. Global crypto volume has risen by 61% to $5.5 trillion across spot exchanges worldwide, according to Nomics.

 

As bitcoin’s price has regained above $21,000, the ongoing market rally has brought back the buyers of the largest cryptocurrency from 2019 or earlier to a break-even point, according to Glassnode.

 

Moya emphasizes the importance of these psychological levels in the market.

 

 

 

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Featured News

Bitcoin is Preparing for Another Assault on $24K as a Trader Forecasts a “Bearish February”

A trader thinks that the best outcome for Bitcoin is to reach $25,000 before experiencing a correction.

 

According to data from Cointelegraph Markets Pro and TradingView, Bitcoin’s price has gone up by 1% in a single hour, breaking through resistance.

 

However, despite its recent success, reaching $23,950 over the weekend, traders are not confident that it will continue to see gains in February.

 

January saw an increase of over 40% for Bitcoin, making it its best January since 2013. The trader, Crypto Tony, stated that reaching a high of $25,000 is the absolute best-case scenario for Bitcoin.

 

Crypto Tony predicts that February will be bearish for Bitcoin, with price targets of $21,400 and possibly even $19,000. He also mentioned the U.S. dollar, which reached two-week highs, affecting crypto markets since the U.S.

 

Dollar Index is usually inversely correlated with cryptocurrency. Another trader and analyst, Scott Melker, known as “The Wolf of All Streets,” paid attention to the weekly closing of the S&P 500, which closed above its 50-week moving average for the first time since April of last year.

 

Melker believes that this is an important factor to watch, especially with the Federal Open Market Committee meeting coming up and a potentially volatile week ahead. He advises watching the close on Friday.

 

Bitcoin Recalls the Build-Up to Record Highs

 

However, the formal analysis from the on-chain analytics firm Glassnode did not make any predictions for the coming month. In their latest weekly newsletter, “The Week On-Chain,” they emphasized the importance of January as the month that Bitcoin regained momentum.

 

They noted that Bitcoin’s markets saw the strongest monthly price increase since October 2021, driven by both high demand and a series of short squeezes.

 

The rally has brought much back into profitability and has resulted in a healthy contango in futures markets. They also observed that the initial outflow from exchanges, which followed FTX, has stabilized and is now balanced by incoming flows.

 

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Crypto News

Bitcoin Maintains its $23,000 Level as Traders Await Fed Decision

After rallying over the weekend, Bitcoin and other cryptocurrencies were slightly lower on Monday, trimming gains. On Wednesday, the Fed is expected to decide interest rates by cryptocurrency traders as it is likely to trigger the next significant shift.

 

After briefly approaching $24,000 over the weekend, the price of Bitcoin has dropped by less than 1% in the last 24 hours to $23,250. After a ferocious run to start the year, the largest digital asset is still at its highest levels since last August.

 

Bitcoin surged by around 40% in a few weeks to reverse all losses following the market-shaking collapse of cryptocurrency exchange FTX in November.

 

The Fed’s rate decision on Wednesday is anticipated to be the next significant catalyst for equities and digital assets. Bitcoin is expected to follow the Dow Jones Industrial Average and S&P 500.

 

A macroeconomic backdrop of rising interest rates, which dampens demand for both types of risk-sensitive assets, has increased the correlation between cryptocurrencies and equities during the past year.

 

After a series of far higher rate hikes last year, the Federal Open Market Committee, It is generally expected that the Fed’s monetary policy committee would raise interest rates by 25 bps, or one-quarter of a percentage point.

 

 Investors will be looking for more accommodating language from the Fed, such as indications that the central bank may suspend rate hikes in March or perhaps start reducing rates later this year since the lesser rate hike has almost already been priced in.

 

Although it’s doubtful that Bitcoin and its competitors will make a significant rise until Wednesday, speculators vying for positions in the cryptocurrency derivatives market prior to the FOMC decision could result in some minor price changes.

 

Investors may want a genuine jolt of optimism from the Fed after the eye-popping run in Bitcoin this year to permit further gains for the cryptocurrency. An underwhelming Fed meeting can be seen negatively and cause at least a minor pullback.

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Crypto News

The NFT Project Ordinals Debate Ignites the Bitcoin Community

The launch of the Ordinals protocol this month, which stores NFTs on the Bitcoin blockchain, is causing a rift between Bitcoin purists and others who believe the network is broad and diverse enough to support a variety of use cases, even if it means hosting meme-themed art.

 

The protocol behind Ordinals, according to its creator Casey Rodarmor, uses “inscriptions,” or arbitrary content like text or images that can be added to sequentially numbered satoshis, or “sats,” to create a one-of-a-kind “digital artifacts” that can be held and transferred across the Bitcoin network as any other Sat.

 

Without Bitcoin’s 2017 Segregated Witness update and the more recent 2021 Taproot upgrade, Ordinals would not be viable in its current form. By creating a block field to store “witness data,” such as transaction signatures and public keys, SegWit made it possible to grow Bitcoin. Developers were forced to set size restrictions because of potential security flaws.

 

When Taproot emerged, it allayed those security worries, enabling the old SegWit limitations to be lifted and opening the door for massive NFT data storage on-chain. It turns out to be the ideal base for Ordinals.

 

The new protocol has revived the longstanding argument about whether Bitcoin should be used for non-financial purposes. The anonymous Bitcoin creator Satoshi Nakamoto responded emphatically “no” in 2010.

 

Opponents of the protocol claim that Ordinals will crowd blocks and raise transaction rates to compete with conventional payment transactions. Rodarmor is indifferent.

 

In an interview, Rodarmor responded, “To that I say, well, there’s this fee market pricing mechanism that bitcoin has, that enables people to pay the number of fees according to how valuable executing the transaction is to them. “And that holds for both written records and financial transactions.

 

Miners choose the transactions with the highest fees because the fee market already considers how much individuals pay for transactions and how much they believe they are worth. Therefore, everything sort of falls into Bitcoin’s security and incentive paradigm.

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Crypto Featured News News

Crypto Market Worth Surpasses $1T, And Evidence Implies Further Gains

Despite unfavorable news and market circumstances, the global cryptocurrency market has been exhibiting signs of development. On January 21, the overall market capitalization surpassed $1 trillion. Although there are some worries about the possible effects of Genesis Capital’s collapse on the industry, derivatives indicators at this time do not show greater demand from negative traders.

 

In instance, Bitcoin has steadily increased by 8% over the past week and is now centered around the $23,100 mark. The possible effects of Genesis Capital’s bankruptcy on its parent business, Digital Currency Group, and its investment vehicle, Grayscale funds management, are a source of concern. Investors are uncertain as to whether the approximately $14 billion worth of Bitcoin positions held by the Grayscale Bitcoin Trust (GBTC) for its owners will eventually be liquidated.

 

The market has also been impacted by regulatory difficulties, as South Korean prosecutors have asked for an arrest warrant for Kang Jong-Hyun, the owner of the Bithumb exchange. He and two other Bithumb officials are accused of engaging in illicit, fraudulent activities.

 

A US appeals court is also scheduled to hear arguments in Grayscale Investment’s complaint against the Securities and Exchange Commission (SEC) on March 8. The fund manager disputes the SEC’s choice to block the launch of its asset-backed exchange-traded fund (ETF).

 

Despite these difficulties, the market as a whole remains positive, with 11 of the top 80 coins rising by at least 18% recently. Following a substantial spike in transaction volumes during an NFT incentive programme called Optimism Quest, optimism (OP) showed a 21% growth. Additionally, perpetual contracts, sometimes referred to as inverse swaps, have a positive funding rate, suggesting that market longs (buyers) are asking for more leverage.

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Crypto Featured News News

Anti-Crypto Traditional Finance Would Have “Existential Ramifications,” According To Cz’s Forecast

Wybbo Wiersma, a 40-year-old man from Oxford, England, was found guilty of stealing more than 2 million pounds (US$2.5 million) worth of Bitcoin and was sentenced to a total of four years and six months in prison for his crime. On Friday, the sentence was made public by the South East Regional Organized Crime Unit (SEROCU) in the United Kingdom. Since 2019, when they took laptops, narcotics, and cash from his home in Oxford during a police inquiry, Wiersma, a Dutch national, had been the subject of an investigation by authorities in both the United Kingdom and the Netherlands.

 

Wiersma allegedly stole IOTA tokens from users all over the world by setting up a website with a fictitious name and generating an 81-character code that he used to access the websites. This information was provided to the authorities by the authorities. After thereafter, he transported the stolen funds through a complex network of trading accounts, which led to the collapse of several victims’ enterprises and the loss of their life savings. More than a hundred victims from different countries were interviewed for the investigation.

 

“Wiersma deprived people of their money which they had invested in cryptocurrency, moving it through a web of trading accounts and causing some people to lose their businesses and life savings,” Detective Inspector Rob Bryant of SEROCU said in a statement. “Wiersma moved it through a web of trading accounts.” He also noted that the case serves as a warning that people should be careful when investing in cryptocurrencies, as they can be a target for fraud and theft, and that the case serves as a caution that people should be careful when investing in cryptocurrencies. This case demonstrates that law enforcement will not tolerate criminal activity committed online and that they will take steps to bring those responsible to justice.

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Crypto Featured News News

UK Man Gets 4-1/2 Years for Stealing $2.5M Crypto

Wybbo Wiersma, a 40-year-old man from Oxford, England, was found guilty of stealing more than 2 million pounds (US$2.5 million) worth of Bitcoin and was sentenced to a total of four years and six months in prison for his crime. On Friday, the sentence was made public by the South East Regional Organized Crime Unit (SEROCU) in the United Kingdom. Since 2019, when they took laptops, narcotics, and cash from his home in Oxford during a police inquiry, Wiersma, a Dutch national, had been the subject of an investigation by authorities in both the United Kingdom and the Netherlands.

 

Wiersma allegedly stole IOTA tokens from users all over the world by setting up a website with a fictitious name and generating an 81-character code that he used to access the websites. This information was provided to the authorities by the authorities. After thereafter, he transported the stolen funds through a complex network of trading accounts, which led to the collapse of several victims’ enterprises and the loss of their life savings. More than a hundred victims from different countries were interviewed for the investigation.

 

“Wiersma deprived people of their money which they had invested in cryptocurrency, moving it through a web of trading accounts and causing some people to lose their businesses and life savings,” Detective Inspector Rob Bryant of SEROCU said in a statement. “Wiersma moved it through a web of trading accounts.” He also noted that the case serves as a warning that people should be careful when investing in cryptocurrencies, as they can be a target for fraud and theft, and that the case serves as a caution that people should be careful when investing in cryptocurrencies. This case demonstrates that law enforcement will not tolerate criminal activity committed online and that they will take steps to bring those responsible to justice.