Bitcoin falls 3.7% to $24,987

Published

11 months ago

June 14, 2023

June 14 (Reuters) – Bitcoin dropped 3.65% to $24,987 at 2103 GMT on Wednesday, losing $947 from its previous close.

Bitcoin, the world’s biggest and best-known cryptocurrency, is down 19.5% from the year’s high of $31,035 on April 14.

Ether , the coin linked to the Ethereum blockchain network, dropped 5.36% to $1,646.1, losing $93.3 from its previous close.

Reporting by Yana Gaur in Bengaluru; Editing by Krishna Chandra Eluri

Our Standards: The Thomson Reuters Trust Principles.

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North Korea launders $147.5 million in stolen cryptocurrency, UN experts reveal

Published

4 hours ago

May 15, 2024

Press Room

North Korea launders $147.5 million in stolen cryptocurrency, UN experts reveal

North Korea funnelled $147.5 million through the cryptocurrency mixer platform Tornado Cash in March, according to a confidential report by United Nations sanctions monitors reviewed by Reuters.

This illicit activity follows a hack on the HTX cryptocurrency exchange late last year, marking a major case in a broader pattern of North Korean cyber thefts targeting digital currency platforms.

The UN monitors reported to the Security Council sanctions committee that they have been investigating 97 suspected North Korean cyberattacks on cryptocurrency firms from 2017 to 2024, with total stolen funds amounting to approximately $3.6 billion.

The $147.5 million laundered in March was linked directly to the HTX exchange breach, based on data from crypto analytics firm PeckShield and blockchain research firm Elliptic.

In 2024 alone, the monitors have scrutinised 11 cryptocurrency thefts valued at $54.7 million, noting that many of these attacks might have been inadvertently facilitated by small crypto-related companies hiring North Korean IT workers.

These workers, operating abroad, reportedly generate substantial income for the isolated nation, which continues to face severe international sanctions aimed at curbing its nuclear and missile programs.

North Korea, officially known as the Democratic People’s Republic of Korea (DPRK), has been under UN sanctions since 2006.

Despite these measures, the country has continued to find ways to finance its prohibited activities, including through cybercrime and the use of virtual currency mixers like Tornado Cash.

The US sanctioned Tornado Cash in 2022 for allegedly supporting North Korean money laundering activities.

In 2023, two of its co-founders were charged with facilitating over $1 billion in illicit transactions, including for a North Korean cybercrime group.

Virtual currency mixers like Tornado Cash function by blending cryptocurrencies from various users, obscuring the origin and ownership of the funds.

This makes them attractive tools for laundering stolen cryptocurrency.

Lawyers for Tornado Cash co-founder Roman Storm, who pleaded not guilty to US charges in September, did not immediately respond to requests for comment.

The UN sanctions monitors faced a setback when their mandate expired at the end of April due to a Russian veto against its renewal.

Despite this, some monitors submitted incomplete work, including the findings on North Korea’s cryptocurrency activities, to the Security Council’s North Korea sanctions committee.

In addition to cyber theft, the UN monitors have been investigating reports of Russia releasing $9 million of North Korea’s frozen assets and allowing Pyongyang to open an account at a Russian bank in South Ossetia.

This arrangement is reportedly aimed to enhance North Korea’s access to international banking networks.

Furthermore, the monitors observed continued maritime activities suggesting ongoing arms trade between North Korea and Russia.

Ships suspected of carrying weapons have been seen travelling between North Korea’s Rajin port and Russian ports like Vladivostok and Vostochny.

China has also been implicated, with a North Korean vessel reportedly undergoing maintenance at China’s Ningbo port.

The US and its allies have accused North Korea of supplying weapons to Russia for use in the ongoing conflict in Ukraine, a charge both Moscow and Pyongyang deny.

However, both nations have committed to deepening their military cooperation.

In an additional report last month, UN monitors confirmed that debris from a missile that landed in Kharkiv, Ukraine, in January was from a North Korean Hwasong-11 series ballistic missile.

This highlights North Korea’s ongoing missile development and potential involvement in global conflicts.

North Korea’s evasion of UN sanctions continues to be a significant issue.

The monitors documented 208 voyages by North Korean cargo ships suspected of offloading coal in Chinese waters, often through ship-to-ship transfers.

Chinese Coast Guard vessels were observed in proximity to these transfers, raising questions about enforcement and compliance with international sanctions.

The Chinese mission to the UN did not immediately respond to requests for comment on these findings.

(With inputs from Reuters)

Shashwat Sankranti

Breaking and writing stories for WION’s business desk. A literature nerd, closeted poet and a novelist (in the making).

Crypto

Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, & NFTs- May Week 2 – Innovation & Tech Today

Published

12 hours ago

May 14, 2024

Press Room

Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, & NFTs- May Week 2 – Innovation & Tech Today

Welcome to another edition of Crypto NFT Today! The past two weeks have been full of must-know events that’ll be defining points for the future of blockchain, cryptocurrency, and NFTs.

With President Biden blocking a Chinese bitcoin mine, Wells Fargo announcing new investments in ETFs, and more, there’s lots of essential news you should know about. So, let’s dive in and see what’s happening!

President Biden Blocks Chinese Bitcoin Mine

On May 14, President Joe Biden issued a directive prohibiting a Chinese-backed cryptocurrency mining company from possessing land adjacent to a nuclear missile base in Wyoming, citing concerns about national security.

The directive mandates the sale of property utilized as a cryptocurrency mining facility near the Francis E. Warren Air Force Base. MineOne Partners Ltd., a company partially supported by Chinese investors, and its subsidiaries are instructed to dismantle specific equipment on the premises.

This action coincides with the United States’ plans to impose significant new tariffs on electric vehicles, semiconductors, solar equipment, and medical supplies imported from China.

Wells Fargo Announces Investments in ETFs

According to a regulatory disclosure, Wells Fargo & Company (WFC) has revealed its involvement in cryptocurrencies by investing in several Bitcoin exchange-traded funds (ETFs). This move reflects a growing interest in digital assets within the financial sector.

The disclosure indicates that Wells Fargo has acquired shares of Grayscale’s GBTC Bitcoin ETF, providing the bank with approximately $141,817 worth of exposure to the digital currency. Additionally, Wells Fargo has made a smaller investment of less than $1,200 in the ProShares Bitcoin Strategy ETF (BITO). This ETF enables investors to gain exposure to Bitcoin futures contracts, allowing them to speculate on the future price movements of the cryptocurrency.

Wisconsin Buys Blackrock Spot Bitcoin ETF

According to a filing, the U.S. state of Wisconsin acquired 94,562 shares of BlackRock’s iShares Bitcoin Trust (IBIT) in the first quarter, valued at nearly $100 million.

Following this news, Bitcoin experienced a 1% increase, currently trading at $61,957. However, it saw a 1.7% decline over the past 24 hours, coinciding with the release of new inflation data exceeding expectations during U.S. morning hours.

Wisconsin, which submitted its quarterly 13F report to the Securities and Exchange Commission (SEC) on Tuesday, becomes the first state to publicly disclose its bitcoin investment. Additionally, the state’s investment board bought shares of Grayscale’s Bitcoin Trust (GBTC) valued at approximately $64 million.

OKX Australia Launches

OKX, a cryptocurrency exchange, has launched its services in Australia, offering spot and derivatives trading options for local users.

This move follows OKX’s establishment of a Sydney office in May last year and marks the latest expansion into international markets, joining previous entries in countries like Turkey and Singapore.

OKX’s expansion into Australia reflects the growing interest in cryptocurrencies among Australians. Notably, the Australian Securities Exchange (ASX) is considering the potential introduction of Spot Bitcoin ETFs by the end of 2024.

Crypto

Cryptocurrency Litecoin Falls More Than 3% In 24 hours By Benzinga

Published

19 hours ago

May 14, 2024

Press Room

Cryptocurrency Litecoin Falls More Than 3% In 24 hours By Benzinga

Benzinga – by Benzinga Insights, Benzinga Staff Writer.

Over the past 24 hours, Litecoin’s (CRYPTO: LTC) price has fallen 3.08% to $78.86. This continues its negative trend over the past week where it has experienced a 3.0% loss, moving from $82.02 to its current price.

The chart below compares the price movement and volatility for Litecoin over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has increased 2.0% over the past week while the overall circulating supply of the coin has increased 0.0% to over 74.53 million which makes up an estimated 88.73% of its max supply, which is 84.00 million. The current market cap ranking for LTC is #21 at $5.88 billion.

This article was generated by Benzinga’s automated content engine and reviewed by an editor.

Read the original article on Benzinga