North Korean Hackers Amass $600M in Crypto; Traders Bet on Bitcoin ETF Approval
Summary:
In 2023, North Korean hackers reportedly stole $600 million in cryptocurrency, according to findings from blockchain intelligence company TRM Labs. Amid anticipation of the U.S. Securities and Exchange Commission's decision on Bitcoin ETF applications, crypto traders have placed $1.5 million in bets, largely predicting a positive outcome. This comes alongside social media speculation that Friday might see the Bitcoin ETF approval. TRM Labs emphasizes the need for continuous policing and innovation being eminently necessary to counter persistent cyber threats. The article advises readers to undertake independent research when making investment decisions.
In 2023, $600 million in digital currency was plundered by North Korean hackers, as reported by TRM Labs, a blockchain intelligence company. Elsewhere, predictions for the long-anticipated approval of a Bitcoin ETF have led crypto traders to wager approximately $1.5 million. Speculation is rife on crypto-centric social media platforms that Friday could see a positive decision by the U.S. Securities and Exchange Commission on Bitcoin ETFs. Investigations by TRM Labs reveal that groups linked with the Democratic People's Republic of Korea appropriated $600 million in online currencies a year prior, with estimates suggesting that the total pilfered could be as much as $700 million. It has been established that since 2017, around $3 billion in digital currency has been pilfered by these hackers.
TRM Labs notes that the procedures employed by North Korea to launder money are evolving continually, to circumvent global law enforcement measures. Typically, these hacking groups target user sensitive data such as private keys or seed phrases, transferring the illicit funds to DPRK-operated wallets. The money is then usually converted into currencies like Tether or Tron. TRM Labs urges companies and governmental bodies to maintain diligent defences against persistent cyberattack threats such as these emanating from North Korea.
In the narrative revolving around the potential approval of a Bitcoin ETF by the US Securities and Exchange Commission, certain traders have risked around $1.5 million on the eventuality of an approval by January 15, 2024, at a gambling site known as Polymarket. The odds of the approval being realized are being represented as shares, just as the cryptocurrency market does, where the probability indicators fluctuate in value.
Online speculation is revolving around the possibility of the SEC's imminent endorsement of a Bitcoin ETF this coming Friday. Social medial "rumor mills" have pointed to cryptic posts, such as one from Grayscale's legal chief saying he was just filling out some forms and expectations by journalists of some breakthrough action. Despite the online whispers, some analysts remain cautious and predict a longer wait time, possibly into next week.
This article does not constitute investment advice or suggestions. Trading and investing inherently incur associated risks and readers are recommended to perform independent research before undertaking any financial decisions.
Published At
1/5/2024 9:50:15 PM
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