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North Korea Hacking Crypto Exchanges to avoid Sanctions: Biggest BTC Whale?

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According to the United Nations Security Council Expert Panel, North Korea has been engaged in hacking cryptocurrency exchanges in order to avoid sanctions.

According to a report by a United Nations Security Council Expert Panel, North Korea has been continuously engaged in hacking cryptocurrency exchanges in order to avoid sanctions.

 

Report by Nikkei Asian Review

According to the report published by Nikkei Asian Review, it’s the 1st time that North Korea has been detained for illegal crypto activities by the panel. Also, the report states that North Korea has serious sanctions imposed on the nuclear and missile initiative due to which the coal exports of the country have been badly affected.

As cryptocurrencies such as bitcoin are independent of regulations, difficult to trace and can be easily used for money laundering it makes the process of evading sanctions quite easy.

 

According to the report by the United Nations Security Council Expert Panel, between Jan 2017 and Sep 2018, North Korea has carried out more than 5 cyber attacks on cryptocurrency exchanges in Asia which led to $571 million being stolen or lost.

The panel suggested that the member states of the United Nations should prevent such cyber attacks by amplifying their potential to encourage vigorous data trade on the cyber attacks by the Democratic People’s Republic of Korea with different governments.

#Breaking News

Circle Fires 30 Employees due to Regularity and Market Conditions

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Circle, the parent company of Poloniex exchange has fired around 30 people which equates to around 10% of its overall staff.

Circle, the parent company of Poloniex exchange has fired around 30 people which equates to around 10% of its overall staff.

 

Circle Fires 10% of its employees:

Circle, the owner of one of the top cryptocurrency exchange Poloniex, the firm behind SeedInvest and the stablecoin USDC has reportedly fired around 10% of its employees which equates to around 30 people in order to cut its overall operational cost. The same was reported by Jeremy Allaire of Coinbase to Coindesk.

 

According to Jeremy, they made the current changes to their staff in accordance with the market conditions which includes the latest restrictive regulations in the United States. He even mentioned that even after the step taking by the company, they still remain strong and will keep on moving ahead with their innovation and growth. They intended to work with such legislations that are ahead in terms of regulation of businesses related to cryptocurrency.

 

Jeremy posted a blog on 20th May stating that due to the current regulations, Circle has been forced to put restrictions on its users in the United States.

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#Exchange

The Death of Cryptopia: How it all Happened?

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Cryptopia has now gone into liquidation and suspended trading operations with them saying that they have been unable to reduce costs and to be profitable.

After the Cryptopia exchange was hit by a big hack back in mid-January which resulted in a loss of around $16 million in Ethereum and other ERC20 tokens, it has been struggling to reopen and find any kind of relevance.

 

Cryptopia decides to liquidate:

The matter of hack was made worse by the fact that the exchange was already becoming completely irrelevant at the time of the hack. Cryptopia has now gone into liquidation and suspended trading operations with the company saying that they have been unable to reduce costs and to be profitable.

 

It was decided that liquidation was the best path forward for all the stakeholders. While the liquidation takes place, all trading and withdrawals have been suspended and the process may take months to resolve.

 

The users still have their funds locked up in the exchange and they are unable to withdraw them because Cryptopia controls the private keys. If ever it becomes possible for the users to withdraw their cryptocurrencies remains to be seen.

 

What kind of obligations will the exchange have to the stakeholders may impact the kind of obligations they have to their users and the funds of the users that are stuck on the exchange.

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#IEO

SEC Might Crackdown Crypto Exchanges that carried out IEOs

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The Securities and Exchange Commission might start looking into US-based cryptocurrency exchanges that have carried out IEOs.

The Securities and Exchange Commission might start looking into US-based cryptocurrency exchanges that have carried out IEOs. That could mean that Bittrex, KuCoin, Huobi, and Binance could all be in the spotlight here.

 

SEC Cracking Down Exchanges and IEOs?

In spite of not offering these products to Americans, but the fact that these cryptocurrency exchanges allow American customers to trade cryptocurrencies on their platform may be enough for the SEC to crack down on them.

 

The SEC is claiming that cryptocurrency exchanges may be operating as unauthorized securities declared under US securities laws if they take a fee for facilitating that token sale or are offering to bring buyers in for the issuers of the tokens which basically describes that an IEO model is.

 

Assuming that the SEC doesn’t nuke the cryptocurrency markets by making exchanges cancel all the IEOs, 2019 seems to be gearing up for a mass influx of STOs and IEOs when we see the number of ICOs dropping off substantially with estimates putting the number of STOs to double by the end of the year and the number of IEOs to triple by the end of the year. This is due to the fact that Initial Exchange Offerings are generally much better for the company that is offering the token.

 

What do you feel about this? Do you think that its a good thing that the SEC is cracking down on the exchanges and the IEOs? Tell us in the comments section.

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