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Top crypto firms go on the hunt for acquisition targets as market crashes

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Top crypto firms go on the hunt for acquisition targets as market crashes

Two prime cryptocurrency corporations, Ripple and FTX, instructed CNBC that they are looking out for acquisitions because the business hopes to drive progress by way of shopping for different companies.

It’s a signal that some crypto companies really feel that they are giant sufficient and properly capitalized to splash the money on acquisitions.

Brett Harrison, president of cryptocurrency change FTX U.S., mentioned in an interview final week that the corporate is in “an excellent spot by way of our capital and money” and can “go searching the marketplace for potential merger and acquisition alternatives.”

Harrison mentioned that FTX U.S. will search for corporations which can assist them purchase extra customers or regulatory licenses. In 2020, FTX acquired buying and selling platform Blockfolio which helped it get extra customers. Earlier this month, CNBC reported that FTX is searching for brokerage start-ups to amass to push additional into inventory buying and selling.

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Final 12 months, FTX U.S. purchased LedgerX, a futures change that had a number of licenses from regulators within the U.S.

“We’re doing that globally, in locations like in Japan, Australia, in Dubai, totally different locations the place we have been capable of both associate with native corporations or typically do acquisitions to have the ability to get licenses that we want,” Harrison mentioned.

In the meantime, Brad Garlinghouse, CEO of cross-border funds firm Ripple, mentioned the corporate has “a really robust steadiness sheet,” predicting an increase in mergers and acquisitions within the crypto business.

“I feel there will be an uptick in M&A within the blockchain and crypto house. We have not seen that but. However I feel that is probably sooner or later. And I definitely suppose as that unfolds, we’d contemplate issues like that,” Garlinghouse instructed CNBC in an interview final week on the World Financial Discussion board in Davos, Switzerland.

“We’re now at a stage of progress the place I feel we’re extra more likely to be the customer versus the … vendor,” he added.

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Mergers and acquisition exercise in crypto boomed in 2021 with the worldwide worth of such transactions totaling greater than $55 billion, versus $1.1 billion in 2020, in response to PWC. That coincided with a increase in cryptocurrency costs that took bitcoin to an all-time excessive in November final 12 months.

However since then, costs have come crashing down. Bitcoin is about 55% off of its report excessive of $68,990.90, in response to CoinDesk information.

A drop in cryptocurrency costs, and probably valuations of corporations within the business, may make sure acquisitions engaging to bigger gamers.

Observe CNBC Worldwide on Twitter and Fb. 

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Data: BGB's market value rises to 25th place in the cryptocurrency rankings, currently reported at 7.43 billion USD – ChainCatcher

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Data: BGB's market value rises to 25th place in the cryptocurrency rankings, currently reported at 7.43 billion USD – ChainCatcher

ChainCatcher news, according to CoinMarketCap data, BGB’s market capitalization has risen to the 25th position in the cryptocurrency rankings, currently reported at 7.43 billion USD. BGB briefly touched 5.39 USDT, now quoted at 5.35 USDT, with a nearly 14.02% increase in the last 24 hours, continuing to set a new historical high.

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click “Report”, and we will handle it promptly.

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North Korean hackers linked to hack of 4,500 bitcoins from Japanese crypto exchange – SiliconANGLE

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North Korean hackers linked to hack of 4,500 bitcoins from Japanese crypto exchange – SiliconANGLE

North Korean hackers linked to the infamous Lazarus hacking group have been identified as being behind the theft of more than 4,500 bitcoins from Japanese cryptocurrency exchange DMM Bitcoin earlier this year.

The Federal Bureau of Investigation, in conjunction with the Department of Defense Cyber Crime Center and National Police Agency of Japan, has revealed that hackers who go by the name of TraderTraitor, an arm of Lazarus, successfully stole the equivalent of $308 million from DMM in May and have detailed how the North Korean hackers did so.

The investigation into the hack found that in late March 2024, a North Korean cyber actor pretending to be a recruiter on LinkedIn contacted an employee at Ginco, a Japanese enterprise cryptocurrency wallet software company. The threat actor sent the target, who maintained access to Ginco’s wallet management system, a URL linked to a malicious Python script under the guise of a pre-employment test located on a GitHub page. The victim copied the Python code to their personal GitHub page and was subsequently compromised.

With the access gained, the TraderTraitor hackers sat patiently, waiting until May to exploit their access. To steal the bitcoin, the actors exploited session cookie information to impersonate the compromised employee and successfully gained access to Ginco’s unencrypted communications system. With this access, it’s believed that the hackers then manipulated a legitimate transaction request from a DMM employee, resulting in the theft of 4,502.9 bitcoin.

The stolen bitcoin was subsequently transferred to TraderTraitor-controlled wallets, which ultimately lead back to the North Korean government.

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“The FBI, National Police Agency of Japan and other U.S. government and international partners will continue to expose and combat North Korea’s use of illicit activities — including cybercrime and cryptocurrency theft — to generate revenue for the regime,” the FBI noted in a statement.

The involvement of both North Korea and an arm of Lazarus in the hack comes as no surprise, as the hack of DMM isn’t the first time Lazarus has targeted cryptocurrency exchanges.

In 2022, Lazarus was linked to the hack on the Ronin Network that led to the theft of $615 million in cryptocurrency, and more recently, in July, the group was linked to the theft of $234.9 million in cryptocurrency from India-based cryptocurrency exchange WazirX.

Image: SiliconANGLE/Ideogram

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Japan, US blame North Koreans for $300 million crypto theft

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Japan, US blame North Koreans for 0 million crypto theft

INQUIRER.net stock images

Tokyo, Japan — A North Korean hacking group stole cryptocurrency worth over $300 million from the Japan-based exchange DMM Bitcoin, according to Japanese police and the United States’ FBI.

The TraderTraitor group — believed to be part of Lazarus Group, which is allegedly linked to the Pyongyang authorities — carried out the heist, Japan’s National Police Agency said Tuesday.

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Lazarus Group gained notoriety a decade ago when it was accused of hacking into Sony Pictures as revenge for “The Interview,” a film that mocked North Korean leader Kim Jong Un.

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READ: Philippines ranks 2nd in cryptocurrency ownership globally — study

The FBI detailed “the theft of cryptocurrency worth $308 million US dollars from the Japan-based cryptocurrency company DMM by North Korean cyber actors” in a separate statement dated Monday.

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It described a “targeted social engineering” operation where a hacker pretended to be a recruiter on LinkedIn to contact an employee of a different crypto wallet software company.

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They sent the employee what appeared to be a pre-employment test, which actually contained a malicious line of code.

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That allowed the hacker to compromise their system and impersonate the employee, the FBI said.

“In late May 2024, the actors likely used this access to manipulate a legitimate transaction request by a DMM employee, resulting in the loss of 4,502.9 Bitcoin, worth $308 million at the time,” it said.

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“The FBI, National Police Agency of Japan, and other US government and international partners will continue to expose and combat North Korea’s use of illicit activities — including cybercrime and cryptocurrency theft — to generate revenue for the regime,” it said.

North Korea’s cyber-warfare program dates back to at least the mid-1990s.



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It has since grown to a 6,000-strong cyber-warfare unit known as Bureau 121 that operates from several countries, according to a 2020 US military report.

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