The FBI says that cybercriminals linked to the North Korean regime are liable for an assault on a U.S.-based crypto challenge, Concord Protocol, that led to over $100 million in losses final yr.
On Monday, the FBI printed a short assertion explaining that it had lately completed an investigation confirming that the well-known North Korean hacker group generally known as “Lazarus” was liable for the hack. The hack concerned the focusing on of a crypto “bridge”—a form of digital asset switch mechanism that have grow to be frequent targets for hackers in recent times. The assault, which passed off final June, exploited safety vulnerabilities inside Concord’s Ethereum based mostly bridge, Cointelgraph experiences.
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Officers say that on Jan. 13 of this yr, cash stolen through the heist (a whopping $60 million in tokens) was laundered by North Korean hackers into varied crypto wallets utilizing a privateness protocol generally known as “Railgun.” A few of these funds have been subsequently “frozen” by the crypto service suppliers controlling the wallets.
For years, cybercriminals linked to the Hermit Kingdom have been blamed for high-profile hacks on web3 initiatives. Researchers say that the DPKR’s hackers aren’t simply lining their very own pockets, however regularly use the cash stolen in crypto hacks to assist finance the regime’s initiatives—together with its nuclear weapons program. Final yr, the Lazarus group can also be alleged to have compromised the Ronin Bridge, a preferred crypto challenge. The hackers in the end made off with over $600 million {dollars} in property, making it one of many largest crypto heists in historical past.
The FBI says that it continues to work along with its regulation enforcement companions to “determine and disrupt North Korea’s theft and laundering of digital foreign money, which is used to assist North Korea’s ballistic missile and Weapons of Mass Destruction applications.”
Memecoins took center stage on one of the best days for the cryptocurrency market, with the likes of Pepe PEPE/USD and Bonk BONK/USD turning out to be the highest gainers.
What Happened: The market rallied on higher expectations of an Ethereum ETH/USD spot ETF approval by the SEC, resulting in the highest market cap growth in three months, according to Santiment.
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Price Action: While the rally was spurred by developments around Ether, memecoins stole the highlight yet again, as popular coins like PEPE and BONK grew by 27% and 23% respectively, according to data from Benzinga Pro.
Ethereum ETH/USD-based PEPE rose to an all-time high of $0.000011, while the SolanaSOL/USD-based meme coin BONK bumped to a two-month high of $0.000031. The rest of the meme coin market also reported significant gains.
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Cryptocurrency
Gains +/-
Price (Recorded at 10 p.m. EST)
BonkBONK/USD
+27%
$0.000031
PepePEPE/USD
+23%
$0.000011
FlokiFLOKI/USD
+10.48%
$0.000211
Pepe’s trading volume surged to $2.16 billion in the last 24 hours, exceeding bigger coins with larger market caps like Dogecoin DOGE/USD and XRP XRP/USD, Bonk clocked a volume of $850 million, trumping Shiba InuSHIB/USD
Why It Matters: The latest rally reflected a strong appetite for meme coins, the class of cryptocurrencies that has witnessed significant gains in the year.
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Social analytics platform LunarCrush highlighted bullish social media discourse around the two coins, with 82% of all BONK posts, and 80% of PEPE posts being positively weighted.
Such degrees of optimism could potentially help sustain the rally for the two meme coins.
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Image via Shutterstock
Read Next: Bitcoin, Ethereum, Dogecoin Shoot Up On One Of The Best Days For Crypto In 2024 Amid Ether ETF Approval Buzz: Analyst Flags ‘Robust’ US Investor Demand for King Crypto
Market News and Data brought to you by Benzinga APIs
In a recent video titled “Humility,” Charles Hoskinson, Co-Founder and CEO of IOG (Input Output Global), shared his insights on humility, the current political landscape in the United States, and its implications for the cryptocurrency industry. This blog post delves into Hoskinson’s key points, especially his views on former President Donald Trump and current President Joe Biden, as well as his call to action for the 2024 election.
Hoskinson starts by addressing a Reddit post that critiques him for lacking humility. He clarifies that while he strives to be a decent person who acknowledges others’ contributions, true humility involves recognizing the value of viewpoints other than one’s own. He admits that his logical, mathematical mindset can sometimes obscure the complexities of real-world perspectives.
The Reddit post suggests that Hoskinson struggles with admitting the validity of differing viewpoints. It argues that his approach to logical reasoning might lead to a misunderstanding of the nature of reality and other perspectives. Hoskinson agrees that humility is about recognizing potential misperceptions and valuing other viewpoints.
Hoskinson criticizes the Biden administration for its definitive anti-crypto stance. He attributes this position to a deal made between Biden and Senator Elizabeth Warren during the 2020 presidential campaign. Warren, a staunch opponent of cryptocurrency, was given control over domestic treasury policy, leading to the appointment of many anti-crypto officials in the Treasury Department.
He highlights the administration’s systematic efforts to unbank cryptocurrency companies, evidenced by Wells notices against major players like Robinhood, Coinbase, Uniswap, Kraken, and Binance. Hoskinson points out a clear trend of hostility towards the industry.
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Despite the cryptocurrency industry’s extensive efforts to engage with the Biden administration through meetings, open letters, and private discussions, Hoskinson believes the administration remains unyielding and duplicitous. While claiming to be open to dialogue, the administration has aggressively worked to undermine the industry.
Hoskinson asserts that the Biden administration’s policies have created significant challenges for the cryptocurrency industry, including driving businesses abroad and treating crypto users as criminals.
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Hoskinson contrasts the Biden administration’s hostility with the relatively neutral stance of the Trump administration. While the Trump administration did not provide regulatory clarity, it did not exhibit the same level of adversarial actions toward the cryptocurrency industry.
Hoskinson suggests that a potential Trump victory in the next election might not lead to the same level of hostility towards the industry as seen under Biden. However, he emphasizes the importance of electing pro-crypto candidates regardless of their party affiliation.
Hoskinson endorses Robert F. Kennedy Jr. (RFK) for the presidency, arguing that the American people deserve better leadership than what is currently offered by both Trump and Biden. He believes RFK represents a much-needed alternative.
Hoskinson stresses the importance of the 2024 election for the future of the cryptocurrency industry. He argues that the political consequences of opposing cryptocurrency should be made clear. If anti-crypto stances result in electoral losses, politicians will be forced to reconsider their positions.
Hoskinson argues that the issue at hand is not about humility but about policy. The cryptocurrency industry has consistently approached the government with humility, presenting well-reasoned arguments and data. However, the administration’s actions suggest a predetermined decision to oppose cryptocurrency, regardless of the industry’s efforts.
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In his closing remarks, Hoskinson calls on the cryptocurrency community to vote for pro-crypto candidates in the 2024 election, regardless of their political affiliation. He emphasizes the importance of preserving liberty and freedom and urges the community to fight for a better future.
The cryptocurrency market seems to be stagnating over the last few days. Bitcoin (BTC) is struggling to overcome the $67,000 level, while the global crypto market cap is hovering around $2.5 trillion.
However, with cooler-than-anticipated inflation numbers in the US, we may witness a surge in the crypto market over the next week. With that said, let’s look at three crypto assets to watch for the end of this month.
Top3 cryptocurrencies to watch in May-end 2024
Bitcoin (BTC):Source: embca.com
BTC has rallied by 8.3% in the weekly charts, 3.6% in the 14-day charts, and 4% over the previous month. However, the asset has faced a nearly 1% correction in the daily charts.
Source: CoinGecko
Also Read: Top 3 Cryptocurrencies to Buy Now with NVIDIA’s Earnings Around the Corner
According to CoinCodex, BTC could hit a new all-time high this week, surpassing the $74,000 level by May 23, 2024. Moreover, the platform anticipates the original cryptocurrency to hit $79,493 on May 31, 2024. Hitting $79,493 from current levels would translate to a growth of about 19.2%.
Source: CoinCodex
Changelly also predicts BTC to hit a new all-time high this week. Moreover, the platform predicts BTC to surpass the $80,000 level by the end of this month, hitting $80,131 on May 31, 2024.
Shiba Inu (SHIB):
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Source: Twitter
Shiba Inu (SHIB) is another popular cryptocurrency that has struggled to gain momentum over the last few days. SHIB is facing significant resistance at around $0.000025. However, the asset may turn the tide very soon.
Also Read: Cryptocurrency: Top 3 Dogcoins For Maximum Profits
According to CoinCodex, SHIB could surge to $0.00003551 on May 31, 2024. Hitting $0.00003551 from current levels would lead to a price spike of about 47.6%.
Source: CoinCodex
Changelly also paints a bullish picture for SHIB over the next few weeks. The platform expects SHIB to hit $0.00003769 on May 31, 2024, a rise of about 56.4% from current levels.
Avalanche (AVAX):Source: Binance Academy
AVAX is another popular cryptocurrency that may witness a price spike by the end of this month. According to CoinCodex, AVAX could surge to $52.17 on May 31, 2024. Hitting $52.17 from current levels would entail a growth of nearly 45%.
Source: CoinCodex
Changelly also presents a bullish prediction for AVAX over the next few weeks. The platform anticipates the cryptocurrency to hit $55.73 on May 31, 2024.
