$65 Million Lost in High-Profile Cryptocurrency Thefts
The Lazarus Group, affiliated with North Korea, stole $41 Million from cryptocurrency sports betting platform Stake.com. This is part of the groupโs total thefts of over $200 Million inย theย year. Concerns over such attacks have led to legislation like the Crypto-Asset National Security Enhancement and Enforcement Act. In a separate incident, an Ethereumย (ETH) user lost $24 Million in a phishing attack, making it one of the most wholeย lotย of individual cryptocurrency phishing events.
Former FTX Executive Pleads Guilty
Ryan Salame, a former FTX executive, pleaded guilty to charges of conspiracy related to unlawful political contributions and operating an unlicensed money transmitting business. Salame admitted to making $10 Million in political contributions under the guise of loans and agreed to surrender $1.6 Billion in assets.
Mashinskyโs Assets Frozen
Alex Mashinsky, former CEO of Celsius, had his assets and property frozen following states of defrauding customers and misrepresenting the profitability of Celsius. Various regulators, including the SEC, have accused Celsius and Mashinsky of fraudulent fundraising and misleading investors. Regardlessย of the charges, Mashinsky maintains his innocence.
Paying Mining Corporations Not to Mine
Bitcoinย (BTC) mining corporations Riot Platforms and Iris Energy received energy credits from Texas for reducing power consumption during peak demand periods. Riot Platforms was compensated with $31.7 Million, while Iris Energy received $2.3 Million in credits. Both corporations saw substantial revenues in August.
Tornado Cash Founder Pleads Not Guilty
Tornado Cash co- founder Roman Storm pleaded not guilty to charges of conspiracy to commit money laundering. Cryptocurrency enthusiasts criticized the Unitedย States Treasuryโs decision to sanction Tornado Cash. Ethereumย (ETH) co- founder Vitalik Buterin and others introduced a privacy protocol named Privacy Pools as an alternative to Tornado Cash, aiming to balance privacy and regulatory compliance.
Hot Take
The cryptocurrency industry continuesย to face security challenges, with high-profile thefts and phishing attacks resulting in wholeย lotย of losses. Regulatory efforts, such as the Crypto-Asset National Security Enhancement and Enforcement Act, intendย to combat these crimes. Inย addition, the case involving former FTX executives outlines the importance of proper oversight and compliance in the industry. The Texas program incentivizing Bitcoinย (BTC) miners toย lower energy consumption during peak demand demonstrates an increasing focus on sustainability. The introduction of Privacy Pools as a probable alternative to Tornado Cash shows ongoing efforts to address privacy concerns while meeting regulatory requirements.
Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats.
