In a confidential report by the United Nations (UN), it was revealed that North Korean entities, particularly the Lazarus Group, utilized the cryptocurrency privacy tool Tornado Cash to launder approximately $150 million in stolen cryptocurrency assets.
The report, which was accessed by Reuters, highlights a significant breach involving dormant crypto assets linked to the group, traced back to North Korea in March 2023.
The illicit activity commenced when North Korean hackers infiltrated HTX, a cryptocurrency exchange owned by Tron founder Justin Sun, extracting $147.5 million in cryptocurrencies.
This amount was covertly transferred into North Korea over the course of a year using Tornado Cash, a service that anonymizes crypto transactions making them untraceable and is popular among cybercriminals.
The Reuters coverage also pointed out ongoing investigations by the UN into 97 cyberattacks orchestrated by North Korea between 2017 and 2024, which altogether siphoned around $3.6 billion in cryptocurrencies.
In 2024 alone, these investigations have so far included 11 cryptocurrency thefts totaling $54.7 million, allegedly involving North Korean IT workers employed by various small crypto-related companies.
The United States had previously imposed sanctions on Tornado Cash in 2022, accusing it of facilitating North Korea in bypassing international sanctions on cross-border remittances.
Despite these allegations, the founders of Tornado Cash have consistently denied any wrongdoing over the past two years.
The situation escalated when Alexey Pertsev, the developer behind Tornado Cash, was convicted of money laundering charges on May 14, having allegedly laundered $1.2 billion in illicit funds through the platform.
Pertsev was sentenced to five years and four months in prison, with a 14-day period granted to his attorneys for filing an appeal.
This conviction has raised significant concerns about the broader implications for developers of open-source software.
Moreover, on the same day, blockchain analytics firm PeckShield reported that approximately $53 million worth of Ether, stolen from Poloniex during a $100 million hack, was transferred to Tornado Cash.
This incident underscores the prevalent use of Tornado Cash among global cybercriminals.
According to PeckShield, over 17,800 ETH was consolidated from six different wallets into one Tornado Cash address, demonstrating the sophisticated methods employed by hackers to obscure the origins of stolen funds.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Mastercard has partnered with leading U.S. banks such as Citigroup, Visa, and JPMorgan to explore distributed ledger technology for banking settlements through tokenization.
This initiative, dubbed the Regulated Settlement Network (RSN), aims to unify the settlement processes of diverse financial assets like Treasurys and investment-grade debt on a single platform.
By tokenizing these assets, RSN intends to streamline settlements on a shared ledger, enhancing efficiency across the system.
The testing phase, which follows a 12-week pilot that began in late 2022, originally concentrated on managing cross-border and domestic dollar transactions between banks.
The current focus has shifted to simulating settlements in U.S. dollars, looking to optimize the efficiency of cross-border transactions while minimizing risks like fraud and errors.
READ MORE: Grayscale Halts Four-Month Outflow Streak with Positive Inflows into Bitcoin ETF
Mastercard’s Raj Dhamodharan emphasized the potential of this technology, stating, “application of shared ledger technology to dollar settlements could unlock the next generation of market infrastructures — where programmable settlements are 24/7 and frictionless.”
As part of the ongoing proof-of-concept trials, the RSN has welcomed new participants, including the USDF Consortium directly, and Tassat Group as a contributor.
Consulting firm Deloitte has also joined to provide advisory services, with the Securities Industry and Financial Markets Association serving as the program manager.
In total, ten major banking institutions are involved in this pioneering effort, including Citi, JPMorgan, Mastercard, Swift, TD Bank N.A., U.S. Bank, USDF, Wells Fargo, Visa, and Zions Bancorp.
Additionally, six other entities such as the MITRE Corporation, BNY Mellon, Broadridge, the DTCC, ISDA, and Tassat Group will contribute their specialized knowledge to the project, aiming to reshape how financial transactions and settlements are conducted in the banking sector.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Shiba Doge Hybrid (SHIDOGE) could turn early investors into multi-millionaires if it becomes a mainstream coin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
Shiba Doge Hybrid (SHIDOGE), a new Solana memecoin that was launched today, is poised to explode over 8,000% in price in the coming days.
This is because SHIDOGE has announced its first centralized exchange listing, which will be on MEXC.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, Shiba Doge Hybrid (SHIDOGE) can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Shiba Doge Hybrid (SHIDOGE) could become the next viral memecoin.
To buy Shiba Doge Hybrid on Raydium or Jupiter ahead of the MEXC listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for SHIDOGE by entering its contract address – 797CmcxqkLZaSjMd7MdyNZ9swuSzaGdYWkJ65jehiXWa – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like SHIDOGE.
White Pepe (WHPEPE) could turn early investors into multi-millionaires if it becomes a mainstream coin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
White Pepe (WHPEPE), a new Solana memecoin that was launched this week, is poised to explode over 6,800% in price in the coming days.
This is because WHPEPE has announced its first centralized exchange listing, which will be on MEXC.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, White Pepe can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and White Pepe could become the next viral memecoin.
To buy White Pepe on Raydium or Jupiter ahead of the MEXC listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for White Pepe by entering its contract address – 58kSp6Sn8P42EdRDgud75YcvkRLnCpMxPb7MqCRHkUeG – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like WHPEPE.
White Pepe (WHPEPE) could turn early investors into multi-millionaires if it becomes a mainstream coin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
White Pepe (WHPEPE), a new Solana memecoin that was launched this week, is poised to explode over 6,800% in price in the coming days.
This is because WHPEPE has announced its first centralized exchange listing, which will be on MEXC.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, White Pepe can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and White Pepe could become the next viral memecoin.
To buy White Pepe on Raydium or Jupiter ahead of the MEXC listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for White Pepe by entering its contract address – 58kSp6Sn8P42EdRDgud75YcvkRLnCpMxPb7MqCRHkUeG – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like WHPEPE.
Blockchain-based adtech firm Verasity has announced a new partnership with the well-known web3 gaming platform Creo Engine according to a recent press release. The collaboration is set to include VeraView’s video player features and in-game rewards in Creo Play’s vast library of gaming content and selection of game titles.
Known for its fast expansion and goal of becoming the backbone of the financial empowerment and digital entertainment ecosystem in Asia, Creo Engine uses blockchain technology to establish web3 gaming systems in the region. Earlier this year, the platform received a public pledge of support from the Chairman of the Indonesia People’s Consultative Assembly and the Vice Chairman of the prominent Indonesian Golkar political party.
The platform also offers users and creators the chance to earn incentives while playing games, promoting financial well-being in mobile gaming and giving developers a safe platform.
Principally, Creo Play is a dedicated platform within the Creo Engine ecosystem. It enables the easy integration of games and digital products from multiple developers and fosters a single metaverse with true interoperability. Creo Play’s infrastructure hosts a wide range of global web3 games, making integration easier for developers.
With more than 30 web3-based games currently using Creo Engine, some with hundreds of thousands of active users daily, Verasity’s Rewarded Video technology integration offers immense potential.
Based on the partnership, players can access content, tournaments, and replays from their favorite games in a stand-alone video section inside the Creo Play App.
The partnership between the two companies also offers Creo Play a new revenue stream through very targeted contextual ads supplied by VeraViews’ ad server, which connects with major ad networks, including Google, Amazon Ads, and Pubmatic. Parallel to this, the partnership allows Verasity to increase the number of people using its VeraViews video player.
As RJ Mark, CEO and Founder of Verasity comments on the collaboration, “this is the first of many web3 gaming partnerships that will advance adoption of the VeraViews video player in the blockchain space. We will now leverage our relationships in the web3 gaming space, such as our membership of Neo Tokyo and the launch of VeraAds, to explore similar opportunities in the near future.”
Verasity and Creo Engine will work together in the following months to create a unique video environment for the highlights of Creo Play games and assess the viability of adding Watch & Earn capabilities to Creo Play games.
Notably, this collaboration is consistent with Verasity’s strategic focus on web3 gaming projects, as evidenced by the launch of VeraAds in late 2023—a service designed to give blockchain brands access to VeraView’s advertising suite—and their participation in the Neo Tokyo community, which influential figure Alex Becker founded to connect pioneering brands in crypto gaming.
Hong Kong’s financial regulator, the Securities and Futures Commission (SFC), recently greenlit the debut of spot Bitcoin (BTC) and Ether exchange-traded funds (ETFs), scheduled to commence trading on April 30, as per a Cointelegraph report.
The approved ETFs, spearheaded by China Asset Management (ChinaAMC), are poised to offer investors, both retail and institutional, a regulated avenue for delving into the world of digital assets.
Thomas Zhu, head of digital assets and family office business at ChinaAMC, emphasized the allure of these ETFs, stating, “The in-kind feature also attracts coin holders by offering the ease of converting coins to fully regulated ETFs managed by professional fund managers and regulated custodians.”
Hong Kong’s approach stands in contrast to the cash-centric model seen in the United States, with a focus on in-kind creation models that facilitate the generation of new ETF shares through BTC and ETH.
Rebecca Sin, an ETF analyst at Bloomberg, highlighted the significance of this strategy, noting, “Hong Kong is aiming for in-kind creation of the ETF, unlike the US, where the transaction is cash only — in the US, it’s cash in, Bitcoin ETF out, while Hong Kong aims for Bitcoin in, ETF out.”
READ MORE: DAO Maker Faces Backlash Over Unfulfilled Compensation Promises Following $7M Hack
Anticipation surrounds the potential for a fee competition among ETF issuers in Hong Kong, with James Seyffart, another Bloomberg ETF analyst, suggesting, “A potential fee war could break out in Hong Kong over these Bitcoin and Ethereum ETFs.”
Harvest, in particular, is set to shake things up with a full fee waiver and a meager fee of 0.3% after the waiver.
Eric Balchunas, a senior ETF analyst at Bloomberg, expressed optimism regarding the lower-than-expected fees for the initial ETFs, deeming it a promising indicator.
He observed, “Fees are 30bps, 60bps, and 99bps which is on average lower than we thought, good sign.”
The impending debut of these ETFs in Hong Kong not only marks a milestone in the region’s financial landscape but also signals a significant step forward in the mainstream adoption of cryptocurrencies within a regulated framework.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Uniswap Labs, the entity behind the widely utilized decentralized cryptocurrency exchange Uniswap, received a Wells notice on April 10.
This notice, issued by the United States Securities and Exchange Commission (SEC), serves as a precursor to a potential enforcement action against the company.
The SEC’s purported investigation into Uniswap reportedly centers on the platform’s marketing strategies and investor services.
This regulatory scrutiny prompts reflections on the legal implications of open-source development and the classification of code as a form of free speech.
While the SEC targets Uniswap, some argue that the jurisdictional boundaries of the commission do not extend to entities like Uniswap Labs, which disseminate open-source software for decentralized platforms.
This raises pertinent questions: Can Uniswap Labs be held accountable for activities within a decentralized and permissionless market? Moreover, does the act of publishing code enjoy protections under free speech laws?
The issue of developer liability regarding open-source code has already undergone legal scrutiny.
In 2022, Uniswap Labs faced a class-action lawsuit where plaintiffs held the organization responsible for losses incurred due to scam tokens traded on the Uniswap platform.
However, the court ruled in favor of the developers, asserting that creators of computer code cannot be held liable for the misuse of their platform by third parties.
READ MORE: $60 Million in Tether Issued on The Open Network (TON) in First Days
Nevertheless, recent cases, such as the prosecution of developers associated with Tornado Cash, highlight the potential legal risks faced by blockchain developers.
Concerns about regulatory compliance and avoiding prosecution have prompted discussions within the industry regarding the immutability of smart contracts.
Peter Van Valkenburgh, from Coin Center, advocates for the creation of immutable smart contracts to shield developers from legal liabilities.
Conversely, others argue that mutable code may provide developers with better defense mechanisms and facilitate regulatory compliance.
Despite differing opinions on the technical and legal aspects, the intentions of developers play a crucial role in assessing liability.
However, determining intent is subjective and may not offer a foolproof defense against legal persecution.
As uncertainties persist regarding the nature of SEC action against Uniswap Labs, the broader implications on developer activities and regulatory environments remain subjects of intense debate.
While some express concerns about potential chilling effects on innovation, others maintain optimism about the resilience and allure of blockchain technology.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
In a recent update that boosts optimism among affected users, the trustee of the hacked cryptocurrency exchange Mt. Gox has provided crucial information regarding the repayment process for the lost funds.
Users on the Mt. Gox insolvency subreddit began reporting in mid-April that their claims accounts had been updated.
These updates included details on the amounts of Bitcoin, Bitcoin Cash, and fiat currencies slated for repayment.
This has led many to anticipate imminent cryptocurrency reimbursements.
A creditor shared a screenshot on the subreddit that displayed a new table in their Mt. Gox account.
This table indicated various entries such as the status of repayments, the amounts that have been paid, and those still pending.
Further reinforcing these updates, multiple creditors have confirmed receiving fiat payments directly into their bank accounts.
One user detailed their experience on April 22, stating, “Money received as USD into an HSBC currency account and looks like zero fees,” highlighting the efficient processing of their repayment more than a month after initial updates were noted on their account.
They explained the timeline of updates: “Table had been updated March 15 first then April 8 second then April 18 when BTC lines arrived.”
These developments have been positively received within the community, with one creditor discussing the significance with Cointelegraph: “The latest additions of Bitcoin on the accounts in the Mt. Gox rehabilitation claims system is a major move for Mt. Gox creditors signaling disbursement of crypto or fiat will happen,” they noted.
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They further compared it to previous disbursements, recalling, “In comparison, last December Japanese claimants received notes on their page and within two weeks they saw fiat in their accounts via PayPal and private banks,” adding hopefully, “Let’s hope the crypto remittance echoes that of its fiat predecessor.”
Mt. Gox was established in 2010 and quickly ascended to become the world’s leading Bitcoin exchange, handling about 70% of all Bitcoin transactions until its collapse in 2014 due to a massive security breach that resulted in the loss of 850,000 BTC.
The exchange, now inoperative, is slated to reimburse its creditors with significant assets: 142,000 Bitcoin, 143,000 Bitcoin Cash, and 69 billion Japanese yen (approximately $510 million), with all repayments expected to be completed by October 2024.
This positive momentum follows the completion of identity verifications in January 2024, allowing the trustee to prepare the repayments through various established platforms such as Bitstamp, Kraken, Bitbank, BitGo, and SBI VC Trade.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Pro-XRP attorney John Deaton is steadfastly fulfilling his promise to support Coinbase users amid their legal challenges with the U.S. Securities and Exchange Commission (SEC).
On April 19, Deaton filed a motion in the Southern District of New York’s District Court to act as amicus counsel for 4,701 Coinbase customers in a lawsuit that began in June 2023.
In his filing, Deaton confirmed, “I am admitted or otherwise authorized to practice in this court and I appear in this case as counsel for 4,701 Coinbase Customers.”
Deaton’s involvement is driven by a desire to advocate for the average person’s right to financial growth, as he expressed in an April 18 podcast with Fox Business reporter Eleanor Terrett.
“This isn’t about crypto, this is about freedom.
“This is about upward mobility, this is about people who want a fighting chance, people who want to build a little wealth.
“They are not looking to get rich, they’re not crypto bros,” Deaton stated.
The move to represent Coinbase users comes shortly after Coinbase lodged an interlocutory appeal following a denied motion to dismiss the SEC lawsuit.
The appeal hinges on the question of whether an investment contract necessarily involves a contractual agreement, a point highlighted by Coinbase’s Chief Legal Officer Paul Grewal.
Deaton’s efforts to support the cryptocurrency community are well-documented through several amicus counsel applications in significant legal battles.
Notably, he appeared as a friend of the court for over 6,000 XRP holders in the SEC’s 2021 lawsuit against Ripple Labs and more recently in the LBRY vs. SEC case in September 2023.
Adding to his legal activism, Deaton is also eyeing a political role, challenging Senator Elizabeth Warren, a known crypto critic, for her Senate seat.
His campaign has garnered significant financial support, outpacing Warren’s fundraising efforts in the first quarter of this year.
According to an April 15 Cointelegraph report, Deaton raised $1.36 million, surpassing Warren’s $1.09 million.
He also invested $500,000 of his personal funds into his Senate run and appealed to his 324,100 Twitter followers to help raise an additional $500,000.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.