Market Update 10.21.18 – North Korea Hack Responsible for 65% Crypto Hack
Market News
North Korea Hack Responsible for 65% Crypto Hack
Hacker group “Lazarus” is reportedly funded by North Korea and has stolen a staggering $571 million worth in cryptocurrencies. It is an exploit that the group has since started in early 2017. This is according to a study conducted by cybercrime group called Group-IB.
The report, which is specifically dedicated to hacks in 2017 and 2018, identifies the allegedly state-sponsored hacker group Lazarus as responsible for $571 million of the $882 million total in crypto that was stolen from online exchanges during the studied time period; almost 65 percent of the total sum.
Out of fourteen separate exchange breaches, five have been attributed to the group, among them the industry record-breaking $532 million NEM hack of Japan’s Coincheck this January.
Read the full report here.
Russia Removes Crypto Mining Definition From Draft Bill
Russian deputies have decided to remove the definition of crypto mining from a draft bill on digital currency regulation ahead of its next reading in the State Duma. Consequently, the new law will not clarify tax issues for miners.
The chairman of the Duma Committee on Financial Markets Anatoly Aksakov briefly explained the reason behind the deputies’ decision to eliminate a core crypto term from the bill:
“Earlier we had some thoughts on Bitcoins, on their integration into our economic system. But as we decided we don’t need them, these ambiguous Bitcoins, therefore we don’t need mining as well.”
If the law were to define crypto mining, it consequently would also need to define cryptocurrencies. Reports also suggest that it would be “senseless” to include mining in the regulation proposed by the government.
Read the full report here.
Gibraltar Gov’t Creates Group To Develop Blockchain Courses
The Government of Gibraltar in collaboration with the University of Gibraltar have created an advisory group focused on the development of blockchain-related educational courses. The New Technologies in Education (NTiE) group is reportedly a joint initiative between the government, the University of Gibraltar, and a number of the leading technology firms based in the country.
Following the expansion of new technologies in Gibraltar, the NTiE will address the demand for related skills both in the private sector and at the governmental level. The courses — which are expected to be launched later this year — will also be backed by “significant input” from industry players who are in the process of becoming licensed by the Gibraltar Financial Services Commission.
Read the full report here.
Total Market Cap: October 21
The volume of trade in the crypto market sat at $10.04 billion. The market’s capitalization, on the other hand, reached $209.11 billion.
Bitcoin Price Analysis: October 21
In the past 24 hours, Bitcoin jumped 0.23% to trade at $6,476.40. The leading cryptocurrency’s trade volume trickled to $3.44 billion, while its market slid to $112.52 billion.
Ethereum Price Analysis: October 21
Ethereum’s price jumped 0.65% to trade at $205.28. As for the altcoin’s trading volume, it reached $1.25 billion; whereas its market capitalization hit $21.08 billion.
State of the Top 10 Cryptocurrencies: October 21
In the past 24 hours, most prices were up. Meanwhile, Monero continues to dethrone TRON at the 10th spot.
- Bitcoin’s market price jumped 0.23% to $6,476.40, and its value in the market is $112.25 billion.
- Ethereum’s market price jumped 0.65% to $205.28, and its value in the market is $21.08 billion.
- XRP’s market price jumped 0.56% to $0.456996, and its value in the market is $18.28 billion.
- Bitcoin Cash’s market price jumped 0.57% to $444.37, and its value in the market is $7.74 billion.
- EOS’ market price jumped 0.84% to $5.39, and its value in the market is $4.88 billion.
- Stellar’s market price jumped 0.58% to $0.243150 and its value in the market is $4.59 billion.
- Litecoin’s market price fell 0.59% to $53.00, and its value in the market is $3.12 billion.
- Tether market price fell 0.22% to $0.984111, and its value in the market is $2.04 billion.
- Cardano market price jumped 0.51% to $0.076631, and its value in the market is $1.98 billion.
- Monero dethroned TRON at the 10th spot, with its market price jumping 0.02% to $103.58, and its value in the market is $1.71 billion.