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Investigators have linked over 11,000 wallets to North Korean hackers in connection with the $1.4 billion hack of Bybit. This significant breach highlights ongoing concerns regarding cybersecurity and the involvement of state-sponsored actors in cryptocurrency theft.
Bybit, a major cryptocurrency exchange, has suffered a $1.5 billion theft, marking one of the largest digital heists in history. An attacker exploited security during a routine transfer of Ethereum, prompting a surge in withdrawal requests from its 60 million users. The company reassured customers of its solvency and is seeking cybersecurity experts to recover the stolen funds, offering a 10% reward for any recovery.
Warren Buffett, the chairman and CEO of Berkshire Hathaway, is raising alarms about a potential financial crash, prompting his firm to sell off millions in stocks and hold a record $325 billion in cash. This strategy echoes his past moves during the dot-com bubble and the 2007-2008 crisis, as he responds to rising geopolitical tensions and fears of a global recession. Buffett's cautious approach underscores the importance of risk management in uncertain economic times, suggesting that investors should heed his insights as they navigate the financial landscape.
The United States, Japan, and South Korea have accused North Korea's Lazarus Group of orchestrating a $235 million hack on the WazirX cryptocurrency exchange, contributing to an estimated $659 million stolen in 2024. The trio warned the global crypto industry about the sophisticated cyber threats posed by North Korean hackers, urging firms to bolster cybersecurity and avoid inadvertently hiring North Korean IT workers. They also announced plans to impose sanctions on affiliated hacking groups and collaborate to enhance cybersecurity in the Indo-Pacific region.
Senator Elizabeth Warren has expressed concerns over Scott Bessent's appointment as Treasury Secretary, criticizing his lack of government experience and warning against the use of cryptocurrencies for illicit activities. Despite a pro-crypto administration under Trump, Warren highlights the risks posed by bad actors in the crypto space, referencing national security threats linked to money laundering and terrorism financing. As the political landscape shifts, Trump will need to navigate these challenges to maintain support for his economic policies.
The US, Japan, and South Korea have issued a joint warning about the escalating threat of North Korean cryptocurrency hackers, notably the Lazarus Group, responsible for major cyber thefts like the $600 million Ronin network hack. In 2024 alone, North Korean hackers stole over $1.34 billion in digital assets, accounting for more than 61% of total crypto thefts this year. The three nations emphasize collaboration to combat these cybercrimes and prevent funding for North Korea's weapons programs.
Senator Elizabeth Warren has urged the incoming US Treasury Secretary, Scott Bessent, to implement stricter regulations on the cryptocurrency industry, questioning the oversight of stablecoins and advocating for enhanced Anti-Money Laundering (AML) measures. She expressed concerns over the use of digital assets in illicit activities, including money laundering and financing national security threats. Warren's proposals may signal a broader push for regulatory authority over crypto technology providers as she prepares to take a prominent role in the Senate Banking Committee.
The Biden administration has implemented stringent export restrictions on AI chips and technologies, aiming to safeguard U.S. national security and maintain technological dominance ahead of Donald Trump's inauguration. The new rules limit advanced GPU exports to non-allied nations and introduce licensing requirements for over 120 countries, while exempting allies like the UK and Japan. Critics, including Nvidia, argue that these measures could stifle innovation and competitiveness in the tech sector.
In 2024, the crypto sector faced unprecedented losses of $3.01 billion due to hacks and scams, with North Korean hackers responsible for $1.34 billion, including a significant $300 million theft from Japan’s DMM Exchange. The WazirX hack revealed critical vulnerabilities in crypto infrastructure, leading to $230 million in losses and highlighting the urgent need for enhanced security measures. Despite efforts, recovery remains low, with only $488.5 million retrieved, underscoring the ongoing threat posed by sophisticated cybercriminals.
Losses from crypto hacks and scams surged to over $3.01 billion in 2024, marking a 15% increase from the previous year, according to PeckShield. This total includes $2.15 billion stolen in hacks and $834.5 million from scams, with $488.5 million recovered. Notably, North Korean hackers were responsible for a record $1.34 billion in thefts across 47 incidents, with the largest heist occurring in May when over $300 million in Bitcoin was stolen from the Japanese exchange DMM.
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