Webtagr - Technology News Summarizer

Tornado Cash De-listed: Sanctions Rollercoaster Ends (For Now)

2025-03-21

The US Treasury Department removed Tornado Cash, a crypto mixing service accused of aiding North Korea's Lazarus Group in laundering stolen funds, from its sanctions blacklist. A federal appeals court ruled that OFAC couldn't sanction Tornado Cash's smart contracts, as they weren't considered 'property' of any foreign national. While the Treasury expressed continued concern over North Korean cybercrime, the de-listing sent the TORN token soaring. However, the Treasury hinted at potential future actions, suggesting the complete removal of sanctions might have 'disruptive consequences'. Co-founder Roman Storm still faces criminal trial.

(www.coindesk.com)

Tech

North Korea's Crypto Laundering Scheme: A Billions-Dollar Headache

2025-03-18

North Korea's hacking spree has netted billions in cryptocurrency, but converting this loot into fiat currency presents a massive challenge. Unable to use major exchanges due to KYC regulations, they rely on a global network of over-the-counter brokers, particularly in under-regulated regions like China. The sheer volume of funds, however, creates a significant bottleneck, leaving vast sums of crypto trapped in wallets – a modern-day equivalent of Escobar's cash storage problem. While employing mixers and other tools to obfuscate transactions, North Korea faces persistent pressure from nations like the US, who employ various methods to track and seize these illicit funds. This includes using provisions in the USA PATRIOT Act to subpoena Chinese banks, a strategy requiring significant political capital.

(www.coindesk.com)

Tech Cryptocurrency Laundering

Bybit Suffers $1.5B Hack, Triggers $5.5B Exodus

2025-02-23

Cryptocurrency exchange Bybit suffered a near $1.5 billion hack, believed to be perpetrated by North Korea's Lazarus Group, leading to over $5.5 billion in outflows. Hackers drained roughly 70% of client ether from Bybit's cold wallet. CEO Ben Zhou revealed emergency measures, including securing loans to process withdrawals and developing new software to verify signatures amidst a bank run. Although Bybit had reserves, the incident exacerbated the crisis when Safe temporarily shut down its smart wallet functionality. Bybit is cooperating with Singaporean authorities and blockchain analytics firms, and explored the possibility of an Ethereum blockchain rollback, though this requires community consensus. The exact cause of the hack remains under investigation.

(www.coindesk.com)

Tech Hack

Bybit Suffers $1.46 Billion Crypto Heist in Largest Ever Hack

2025-02-21

Cryptocurrency exchange Bybit has been hit with a massive $1.46 billion crypto heist, according to blockchain investigator ZachXBT. Hackers gained control of a Bybit ETH cold wallet, transferring approximately $1.1 billion worth of ETH and other tokens to a new wallet. The hackers are now liquidating assets on decentralized exchanges, having already sold around $200 million in stETH. Bybit CEO Ben Zhou confirmed the security breach, assuring users that other cold wallets remain secure. This incident is potentially the largest cryptocurrency hack in history, causing BTC and ETH prices to drop.

(www.coindesk.com)

Tech Cryptocurrency theft Blockchain security

Argentine President's Memecoin Endorsement Leads to Wild Price Swing, Millions Lost

2025-02-17

Argentine President Javier Milei's tweet endorsing a memecoin called Libra sent its market cap soaring to $4.4 billion before a dramatic 95%+ crash. Milei deleted the tweet, claiming unawareness of the project's details. Analysis suggests early investors manipulated liquidity pools to profit, resulting in $1.1 billion in trading volume but a heavily skewed buy/sell ratio. The incident also impacted other memecoins, with TRUMP losing $500 million in market cap in a short period.

(www.coindesk.com)

Tech

Trump Signs Crypto Executive Order, Charting a Path for US Digital Assets

2025-01-23

President Trump signed a long-awaited executive order on cryptocurrencies, setting a federal agenda to bring US digital asset businesses under friendlier oversight. The order establishes a working group to review existing regulations and propose modifications or revocations within 180 days. It also bans the development of a US central bank digital currency (CBDC). The move is seen as positive for the crypto industry, causing a brief spike in Bitcoin's price before a retracement.

(www.coindesk.com)

Tech Cryptocurrency