• 19/07/2024 07:42

The Chinese are investing in Bitcoin to protect against the collapse of Chinese stocks: what's new in the crypto market

The main thing on the cryptocurrency market.

The Chinese are investing in Bitcoin to protect against the collapse of Chinese stocks: what's new in the crypto market

North Korean hackers stole more than $1 billion from crypto platforms last year

Cryptocurrency platform hacks by groups linked to North Korea rose to record levels in 2023, but the number of hijacked cryptocurrency assets fell significantly compared to 2023, down approximately 41%. Business Insider reports this.

According to Chainalysis, in 2023, hackers associated with the DPRK broke a total of 20 crypto platforms – a record level of activity over the last 7 years. Meanwhile, the total amount of stolen funds amounted to more than $1 billion, which is less than the record $1.7 billion in 2022.

Meanwhile, a separate report published by blockchain analysis company TRM Labs earlier in January noted that the amount stolen was even lower – $600 million, which is almost a third of all funds stolen during crypto attacks in 2023.

The report notes that hackers linked to North Korea stole approximately $428.8 million from DeFi platforms in 2023. Attacks also targeted centralized services ($150 million stolen), crypto exchanges ($330.9 million stolen) and cryptogamers ($127.0 million stolen).

Chinese citizens invest in Bitcoin due to stock market problems market

Residents of the People's Republic of China (PRC) fear a worsening crisis in the country's stock market. For this reason, they invest in crypto-assets banned by government authorities, reports Reuters.

Media representatives told the story of one of the participants in the Shanghai financial sector, Dylan Rin. The man said that he began investing in bitcoins when he noticed a downward trend in the stock market and in the Chinese economy.

According to Rin, he carried out all investment operations secretly. To buy cryptocurrency, the man bought bank cards from small financial institutions. He limited each transaction to an amount of 50,000 yuan (about $7,000) to avoid checks.

Analysts note that there are millions of similar stories in China. Financially educated people are trying to diversify assets because they see a deterioration in the situation in the economy and the stock market, the media note. To do this, they use the remaining legal loopholes in the law.

Although trading in cryptocurrencies is prohibited in mainland China, and capital circulation is strictly regulated by the authorities, citizens still have some opportunities to secretly acquire assets, according to media reports. This is facilitated by the financial policy of the Hong Kong leadership, which is promoting the legal acceptance of the crypto industry, analysts say.

The publication claims that Chinese citizens are using their foreign currency purchase quota of $50,000 per year to invest in digital assets. Moreover, officially this money can only be spent on foreign travel or education.

The US government will gain $115 million from sales related to Silk Road 2875 BTC

The US government announced the planned sale of 2875 BTC for the amount about $115 million confiscated from drug dealers of the Silk Road darknet marketplace Ryan Faras and Sean Bridges, writes Forklog.

In 2018, Faras and his father received 57 months in prison. At the same time, the court decided to confiscate $5.6 million in cash, property and 4,000 military vehicles.

In 2021, during an investigation into additional charges, the Drug Enforcement Administration seized 2,875 BTC in February and an additional 59 BTC in May.

Worldcoin will release a new version of the Orb device in the first half of 2024

The head of the technology company Tool for Humanity, Alex Blania, said that the Worldcoin project team is preparing to release the second version of the Orb scanner. TechCrunch reports this.

The entrepreneur notes the high degree of readiness of the new product. According to him, Worldcoin intends to introduce a fresh iteration of the iris scanning device in the first half of 2024.

Blania said that the second version of Orb will be noticeably different in appearance from the original product. The company has refined the design to make it more user-friendly. The device will receive alternative form factors and a variety of colors, the head of the company noted.

According to the entrepreneur, the updated Orb in its style will resemble the products of the technology giant Apple.

Tools for Humanity is a company behind the Worldcoin project. Its goal is to create a cryptocurrency that can be distributed to as many unique users as possible, ideally to every person.

To identify a person, Worldcoin has developed the Word ID protocol. It is based on the Proof of Personhood concept and a user verification system using biometric data. Facial confirmation occurs through iris scanning using the Orb device.


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