Prepare for a ‘pretty long crypto winter’, North Korea stole $1.2 billion in crypto in 5 years, malicious hackers returned $32.7 million in 2022

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Market News Zhou Wei, the former CFO of the Binance exchange and CEO of the Coins.ph platform, said that the crypto market will remain depressed for a long time with more restrictive regulations coming following the collapse of FTX. “Basically, we all have to prepare for quite a long winter in the crypto world,” Zhou told the South China Morning Post. “It will push everyone into a deeper bear market. reported the Independent, citing the South Korean spy agency. Experts and officials say North Korea has turned to crypto hacking and other illicit cyber activities because it is in dire need of foreign currency. were made through Immunefi in total, with the top 5 crypto bug bounty payouts bringing a total of $30.2 million in rewards to whitehats in just over a year. The highest bounty paid in 2022 is $10 million for a vulnerability discovered in the Wormhole Protocol. Critical vulnerabilities take the lead with over $61 million, representing 92.7% of all bounties paid, while smart contracts saw over $59 million in bounty payments, accounting for 89.6% of the amount total paid to whitehats. Meanwhile, malicious hackers returned $32.7 million illicitly earned through DeFi protocols in 5 specific situations in 2022, and retained nearly $6.5 million in total ransom payments. Exchange newsCoinbase reported that had successfully registered with the Central Bank of Ireland as a Virtual Asset Service Provider (VASP), meaning Coinbase can continue to provide products and services to individuals and institutions in Europe and internationally, from Ireland, says the blog. He also introduced Cormac Dinan as his new Country Director for Ireland.Regulatory NewsBrazilian President Jair Bolsonaro has signed a bill that establishes a regulatory framework for the trading and use of “virtual currencies” in the country, according to the official gazette of the federal government. The new law will come into force in 180 days. Investment platform MyConstant has been ordered by the California Department of Financial Protection & Innovation (DFPI) in the United States to “refrain from violating California securities law and the California Consumer Financial Protection Act “. through its crypto-related products, the press release states. The DFPI action found that MyConstant’s peer-to-peer lending services and interest-bearing accounts violated California law and ordered it to stop offering them, it added. the first federal regulatory framework for payout stablecoins and guides Congress down a path of sensible regulation of cryptocurrencies. new electrical connection requests from cryptocurrency miners for 18 months. “The temporary suspension will preserve British Columbia’s electricity supply, while giving the government and BC Hydro ample time to engage with industry and First Nations, and develop a permanent framework for any future electricity operations. cryptocurrency mining,” the press release read.

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