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North Korean Hackers Steal $1.7 Billion in Crypto

The panel also reported continuous activities at the Punggye-ri nuclear test site, although no nuclear test has been detected since September 2017…reports Asian Lite News

North Korea’s state-sponsored hackers were responsible for cryptocurrency theft worth nearly $1.7 billion last year, the UN Panel of Experts on UN Security Council (UNSC) sanctions against Pyongyang has said.

Citing a cybersecurity firm’s report, the panel said that North Korean cyber theft last year was about three times the amount in 2021 while noting that it is prioritising cryptocurrency hacks to bankroll its nuclear weapons programme, reports Yonhap News Agency.

“Actors working for the Reconnaissance General Bureau continued to use increasingly sophisticated cybertechniques to steal funds and information,” the report said, referring to North Korea’s military intelligence agency.

It added that companies in the cryptocurrency, defence, energy and health sectors were particularly targeted.

The panel pointed to overseas North Korean workers, including some on student visas, as another source of revenue. The UNSC has imposed a ban on North Koreans working overseas on concerns that their income would contribute to North Korea’s weapons programmes.

The panel also reported continuous activities at the Punggye-ri nuclear test site, although no nuclear test has been detected since September 2017.

Touching on North Korea’s ballistic missile launches, the panel said that those tests contribute towards fulfilling two goals under the country’s five-year road map announced in January 2021 — the acquisition of a “ground-based solid propellant” intercontinental ballistic missile and “tactical nuclear weapons” capabilities.

Noting North Korea’s drive to bolster its war deterrence and “nuclear counterattack” capabilities, the panel said that these developments point to a strategy of deterrence akin to “second strike” capability — a term referring to a nuclear retaliatory strike capability.

The report, in addition, indicated that the North might have imported refined petroleum products beyond the permitted annual cap of 500,000 barrels.

From January 1 through May 1 this year, 25 North Korean-flagged tankers, including nine designated by the UN Security Council, made 46 deliveries of refined oil products.

To circumvent sanctions, North Korea was seen using various measures that included deactivating a vessel’s automatic identification system during shipments and conducting such shipments under the cover of darkness, usually before dawn or dusk, according to the panel.

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Crypto Hedge Fund Co-founder Su Zhu Arrested

3AC filed for bankruptcy in July last year as the crypto market began to face its worst phase….reports Asian Lite News

Su Zhu, Co-founder of bankrupt crypto hedge fund Three Arrows Capital (3AC) has been arrested here, the media reported on Saturday.

Zhu was taken into custody while attempting to leave the country from Singapore’s Changi Airport.

3AC filed for bankruptcy in July last year as the crypto market began to face its worst phase.

Teneo which is the liquidation firm in charge of liquidating 3AC’s assets, said it received a committal order against Zhu after he failed to comply with a court order, reports The Verge.

During his time in prison, the liquidators will engage with Zhu on “matters relating to 3AC, focusing on the recovery of assets that are either the property of 3AC or that have been acquired using 3AC’s funds.”

The firm said that liquidators “will pursue all opportunities to ensure Zhu complies in full with the court order.”

In July last year, the founders of collapsed 3AC had vanished and the officials charged with liquidating the company were looking for their whereabouts.

The mega fund, founded by Credit Suisse traders Zhu Su and Kyle Davies, once managed an estimated $10 billion in assets.

A British Virgin Islands court tasked business management company Teneo to oversee 3AC’s liquidation.

The bankruptcy came as popular crypto tokens such as Bitcoin and Ethereum nosedived by nearly 70 per cent from their record highs amid the economic meltdown.

3AC defaulted on a more than $650 million loan provided by crypto broker Voyager Digital, which also filed for bankruptcy.

3AC also reportedly failed to repay $270 million to crypto exchange blockchain.com.

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CoinEx Hacker Accidentally Links to Stake Hack

The findings corroborate those of on-chain sleuth ZachXBT, who on X (formerly Twitter) said that the CoinEx hacker had “accidentally connected their address” to the Stake hack…reports Asian Lite News

The notorious North Korean hacking group Lazarus has been held responsible for stealing approximately $240 million worth of crypto assets in the last 104 days, a new report has revealed.

According to the blockchain surveillance firm Elliptic, the hacking group stole crypto assets from Atomic Wallet ($100 million) CoinsPaid ($37.3 million), Alphapo ($60 million), and Stake.com ($41 million).

The hacking group has been linked to five major crypto hacks over the past three months. The latest, according to blockchain data, was the global cryptocurrency exchange CoinEx, which was hacked last week for an estimated amount of $53 million.

However, CoinEx informed customers in a response update that it is still trying to calculate how much money was stolen, but current findings revealed that around $70 million was stolen from the platform — higher than the reported amount.

“Elliptic analysis confirms that some of the funds stolen from CoinEx were sent to an address which was used by the Lazarus group to launder funds stolen from the Drake-backed crypto casio Stake.com, albeit on a different blockchain,” the researchers said.

Moreover, the report said that the findings corroborate those of on-chain sleuth ZachXBT, who on X (formerly Twitter) said that the CoinEx hacker had “accidentally connected their address” to the Stake hack.

The hacker first transferred the stolen funds to Ethereum via a bridge that was used by Lazarus in the past. Then, the hacker moved the funds to a wallet address that is known to be under their control. The majority of the funds were taken from the Tron and Polygon blockchains.

According to the report, Lazarus hackers also used addresses seen in the Stake hack as well as an address seen in the $100 million Atomic wallet hack.

“In light of this blockchain activity, and in the absence of information suggesting the CoinEx hack was conducted by any other threat group, Elliptic agrees that Lazarus Group should be suspected for the theft of funds from CoinEx,” the researchers stated.

Other hacks in which Lazarus has been recently implicated include the crypto payments platform CoinsPaid in late June, and the crypto payment provider Alphapo in July.

Lazarus has been recently implicated in several other hacks involving crypto payment platforms, including CoinsPaid in June and Alphapo in July.

ALSO READ-Mark Cuban Loses $870K in Crypto Scam

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Mark Cuban Loses $870K in Crypto Scam

Cuban claims he is “pretty sure” he downloaded a malicious version of MetaMask, which resulted in the hack….reports Asian Lite News

Mark Cuban, an American businessman, investor, film producer, and television personality, lost about $8,70,000 to a crypto scam late on September 15.

On-chain sleuth Wazz first noticed the unusual transactions in the MetaMask cryptocurrency wallet labelled ‘Mark Cuban 2’ on EtherScan. The wallet had been inactive for more than five months, reports CryptoSlate.

“Lmao, did Mark Cuban’s wallet just get drained? Wallet inactive for 160 days and all assets just moved,” Wazz posted on X (formerly Twitter).

The news was first reported by DLNews.

Cuban confirmed that he lost five Ethereum (ETH) tokens, worth around $8,170 at current prices. However, he also lost USD Coin (USDC), Polygon (MATIC), Lido staked Ethereum (stETH), and tokens from SuperRare and Ethereum Name Service, according to the report.

However, the billionaire was able to transfer approximately $2 million USDC from the wallet to Coinbase Custody, preventing the majority of assets from being stolen.

Cuban claims he is “pretty sure” he downloaded a malicious version of MetaMask, which resulted in the hack.

“I went on MetaMask for the first time in months. They must have been watching,” Cuban was quoted as saying.

He also stated that his MetaMask application “crashed a couple times”, after which he locked his non-fungible tokens (NFTs) on OpenSea and removed all of his MATIC from the account.

This is not the first time Cuban has experienced cryptocurrency losses. He lost an unspecified amount of assets when Iron Finance’s TITAN stablecoin collapsed in a rumoured rug pull in 2021, the report said.

Meanwhile, global cryptocurrency exchange CoinEx has announced that its hot wallets were hacked and large amounts of digital assets stolen, which were used to support the platform’s operations.

The incident occurred on September 12, and preliminary assessment indicated that the unauthorised transactions involved Ethereum ($ETH), Tron ($TRON), and Polygon ($MATIC) cryptocurrency.

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Hackers rob $53mn worth of crypto from CoinEx

“The precise amount of the loss is still being determined, and the affected fund is just a very small portion of CoinEx’s total asset,” it added…reports Asian Lite News

Global cryptocurrency exchange CoinEx has announced that its hot wallets were hacked and large amounts of digital assets stolen, which were used to support the platform’s operations.

The incident occurred on September 12, and preliminary assessment indicated that the unauthorised transactions involved Ethereum ($ETH), Tron ($TRON), and Polygon ($MATIC) cryptocurrency.

“On September 12, 2023, our Risk Control System detected anomalous withdrawals from several hot wallet addresses used to store CoinEx’s exchange assets. Promptly recognising the gravity of the situation, we immediately established a special investigative team to delve into the matter,” CoinEx Global wrote on X (formerly Twitter).

“The precise amount of the loss is still being determined, and the affected fund is just a very small portion of CoinEx’s total asset,” it added.

While CoinEx has not provided any information about the financial impact incurred because the investigation is still ongoing, a more recent estimate on the CoinEx losses from ‘CertiK Alert’ raises the figure to $53 million.

“The @coinexcom exploit losses have now reached an estimated $53 million taking the total losses for private key compromises this year to $377.7 million,” CertiK Alert posted on X.

Moreover, the cryptocurrency firm said that the affected users will receive full compensation for any loss due to this breach.

“Affected parties will receive 100 per cent compensation for any loss due to this breach. For added security, deposit & withdrawal services are temporarily suspended and will resume after a thorough review,” CoinEx said.

However, it’s not confirmed who hacked the CoinEx server and stole from them, but blockchain investigator ZachXBT believes that the North Korean state-backed group ‘Lazarus’ is responsible for this breach.

“It appears North Korea is also responsible for the $54M @coinexcom hack from yesterday after they accidentally connected their address to the $41M Stake hack on OP & Polygon,” ZachXBT said.

The threat group was linked to the theft of $35 million from Atomic Wallet in June, $60 million from Alphapo and $37.3 million from CoinsPaid in July.

ALSO READ-G20 Paves Way for Crypto Rules

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G20 Paves Way for Crypto Rules

As per sources G20 nations agree on global framework for regulation of crypto asset…reports Asian Lite News

Crypto common framework may emerge as one of the major achievements of India’s presidency of G20, which has been agreed upon by the participating nations, official sources have confirmed.

As per sources, “G20 nations agree on global framework for regulation of crypto asset. The International Monetary Fund (IMF) and Financial Stability Board (FSB) have laid down synthesis paper and a comprehensive framework has been developed and further discussion will take place during leaders’ summit.”

“Indian G20 Presidency recommended to have common framework for
resolution of debt vulnerability where it also addressed debt vulnerability of countries like Zambia, Ghana and Ethiopia along with support for Sri Lanka from outside the framework,” the sources added.

As per sources, several working groups have made recommendations on Multilateral Development Banks (MDBs).

“Working groups have made recommendations to address future financing challenges and MDBs are also keen to implement stated recommendations. There has been a consensus to have USD 200 billion fund to meet financing need during course of next 10 years,” the sources said.

Highlighting further, the sources stated that G20 nations have assessed high volatility in food and energy security.

“G20 under India’s presidency has emphasised on greater cooperation stability in food and energy security which is essential for sustainable growth and it will be discussed during leaders’ summit scheduled to be held later this week in the national capital,” sources mentioned.

On international taxation, the sources state that India under the G20 Presidency has recommendeda pillar taxation system oninternational taxation and “significant progress” has been made so far with regard to that aspect.

India is all set to host the G20 Summit scheduled to be held in New Delhi from September 9-10. Notably, India assumed the G20 presidency on December 1 last year and about 200 meetings related to G20 were organized in 60 cities across the country.

The 18th G20 Heads of State and Government Summit in New Delhi will be a culmination of all the G20 processes and meetings held throughout the year among ministers, senior officials, and civil societies.

A G20 Leaders’ Declaration will be adopted at the conclusion of the New Delhi Summit, stating Leaders’ commitment towards the priorities discussed and agreed upon during the respective ministerial and working group meetings. (By Sahil Pandey/ANI)

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Islamic Coin Partners with Republic Crypto

Islamic Coin plans to conduct a Reg D public token offering facilitated by OpenDeal Broker on Republic’s retail investment platform in September 2023…reports Asian Lite News

Islamic Coin, a Shariah-compliant, ethics-first, digital money that has been featured globally, has announced it is working with Republic Crypto, the web3 advisory group within global digital finance leader, Republic. The collaboration includes white-glove support to promote Islamic Coin’s go-to-market strategy, along with advisory services focused on tokenomics, DAO governance, and long-term economic utility value. Republic Crypto will also help engage with potential strategic partners, exchanges, and market makers.

Fine-tuning the Islamic Coin value proposition, Republic Crypto advised on creating fair and Shariah-compliant allocation options, distribution, and other mechanisms aimed at adding to the sustainability features in the ecosystem.

Separately, Islamic Coin plans to conduct a Reg D public token offering facilitated by OpenDeal Broker on Republic’s retail investment platform in September 2023. Upon public launch, Islamic Coin’s international community will reap various advantages, including options to offer liquidity, stake their holdings, and gain tokens during the liquidity mining stage.

The Advisory Board of Islamic Coin is steered by members of ruling families of the UAE, including the grandson of UAE founder, Sheikh Dr. Hazza bin Sultan bin Zayed Al Nahyan, the country’s Navy Chief, Sheikh Saeed bin Hamdan bin Mohammed Al Nahyan (serving in a private advisory capacity), Sheikh Khalifa Bin Mohammed bin Khalid Al Nahyan, Sheikh Mohammad Bin Khalifa Bin Mohammad Bin Khalid Al Nahyan, His Highness Sheikh Juma bin Maktoum Al Maktoum, and Her Highness Sheikha Mariam Suhail Obaid Suhail Al Maktoum.

The Executive Board is also composed of experts from both traditional and Islamic finance. It humbly highlights Emaar’s Hussein Al Meeza (also a co-founder), an award-winning banker with over four and a half decades of experience across the Islamic banking, finance, and insurance industries. He was a key figure in the establishment of the Dubai Islamic Bank, one of the first fully operational Islamic Banks. The Executive Board is further strengthened by Khamis Buharoon AI Shamsi, the former Assistant Director of the Finance Division, and Assistant Director of the Internal Audit Division of the Central Bank of the UAE. Adding to the team’s robust profile, Greg Gigliotti, CEO, Chief Investment Officer, and Founding Partner of Xtellus Advisors. With a rich background at Goldman Sachs and other global institutions, Gigliotti has managed a portfolio exceeding $16 billion throughout his career.

The Reg D offering is slated for September 2023.

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G20 set to crystalize global crypto rules

The comments contributed to a sentiment that stalled one part of India’s plans – putting forward its own presidency note on crypto…reports Asian Lite News

Leading economic officials pushed for greater global coordination of crypto regulations during a recent roundtable discussion held during a G20 meeting.

International Monetary Fund Managing Director Kristalina Georgieva opposed the idea of an outright ban, likening crypto to water: “You try to plug it from one side, it will find some hole and come out.”

At the same meeting, key U.S. Treasury official Jay Shambaugh said drafting global crypto rules wouldn’t normalize the sector’s disasters, much like how mandating seat belts didn’t normalize car crashes. The roundtable, which was hosted by India as the current G20 president, was conducted under Chatham House rules and thus closed to the media.

The comments contributed to a sentiment that stalled one part of India’s plans – putting forward its own presidency note on crypto.

The note was intended to reflect a roadmap for crypto regulations and show an appreciation of India’s role in shaping it, two people familiar with the matter told CoinDesk. Local reports confirmed India’s intent, but other G20 members pushed back, asking for changes. They said that given India is currently the G20 president, it represents the collective voice of the G20, and thus anything it puts out should be after consultations with members.

India published the note on August 1, almost two weeks after additional discussions around its contents. The note assumes significance as it’s an official document that voices India’s recommendations for global coordination around crypto regulation.

In its presidency note, India announced that an anticipated “synthesis paper,” which will be jointly produced by the IMF and the Financial Stability Board (FSB), is expected by the end of August.

The paper will focus on the global macro implications for crypto, and is expected to include the recommendations from India’s presidency note, as well as recommendations from other standard-setting bodies.

India’s push for an inclusion of concerns around macro-financial implications and risks specific to Emerging Markets and Developing Economies (EMDEs) is likely to be accommodated and is seen as an achievement by local officials, individuals familiar with it said.

India is hoping to celebrate its efforts in pushing for a globally acceptable framework for crypto rules during the leaders’ summit in early September, and a ready synthesis paper would exemplify that effort, the individuals familiar with the matter told CoinDesk.

It is even possible that Indian Prime Minister Narendra Modi will tout the creation of global crypto rules under India’s presidency during his address at the G20 leaders’ summit, the same people said, seeking anonymity as they were not authorized to speak on the matter.

An FSB paper recommending a framework for crypto assets included a de-facto deadline to implement its framework for jurisdictions.

“The FSB will, by end-2025, conduct a review of the status of the implementation of these two sets of recommendations (for crypto assets and stablecoins) at the jurisdictional level,” the paper said.

Effectively, this means FSB member nations will have to bring in individual rules or legislation that implement the recommendations by end-2025.

ALSO READ-‘G20 will spotlight developing countries in global discourse’

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Lawmakers want crypto regulated as gambling

That includes the high-profile collapse of cryptocurrency Terra in mid-2022 and the failure of exchange FTX later that year…reports Asian Lite News

Cryptocurrency investments in Britain should be regulated like the gambling industry, UK lawmakers said on Wednesday.

The plea, from parliament’s powerful cross-party Treasury Committee, came one day after EU ministers agreed on tougher tax rules for crypto transactions.

Global authorities are increasingly anxious of the lack of oversight of the sector, whose most popular units are bitcoin and ether.

“Unbacked cryptoassets have no intrinsic value, and their price volatility exposes consumers to the potential for substantial gains or losses, while serving no useful social purpose,” the Treasury Committee said in a report.

“These characteristics more closely resemble gambling than a financial service, an impression reinforced by the evidence we have received of consumer behaviour.” It continued: “We therefore strongly recommend that the government regulates retail trading and investment activity in unbacked cryptoassets as gambling rather than as a financial service.”

The value of the global cryptocurrency market, boosted by keen demand from small investors during Covid lockdowns, hit a peak of about $3.0 trillion in late 2021, but then fell off a cliff and currently stands at just over $1.1 trillion.

The industry, which craves acceptance by traditional finance, has been rocked by a series of scandals.

That includes the high-profile collapse of cryptocurrency Terra in mid-2022 and the failure of exchange FTX later that year.

The Treasury Committee expressed caution on Wednesday over risks posed by “poorly run businesses” in the sector, as well as the increasing use of crypto by fraudsters and other criminals.

Britain’s Conservative government, led by Prime Minister Rishi Sunak, is looking to establish a regulatory framework for crypto as it seeks to avoid falling behind the EU and United States.

“It is not the government’s role to promote particular technological innovations for their own sake,” the committee report added Wednesday.

It also criticised Britain’s aborted project to sell non-fungible tokens (NFTs), or digital tokens based on crypto technology. Sunak unveiled the initiative as finance minister in April 2022.

The committee however praised UK proposals for greater regulation of professional crypto investors.

It added cryptocurrencies could potentially be used “to improve efficiency and reduce the cost of making payments”.

The European Union meanwhile took more steps this week to protect investors.

EU finance ministers agreed Tuesday on rules to go after individuals who stash their cash where tax authorities have no oversight.

The 27-member bloc’s parliament last month approved the world’s first comprehensive rules covering crypto assets.

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‘Crypto Assets requires immediate attention from G20’

Issues related to crypto have emerged as a major point of discussion among G20 countries…reports Asian Lite News

Union Finance Minister Nirmala Sitharaman has said that ‘Crypto Assets’ is an issue that requires immediate attention from the G20 and “our response has to ensure that we do not lose any potential benefits while protecting our economies from harm”.

Sitharaman made the remarks during a brainstorming session on “Macrofinancial Implications of Crypto Assets” with G20 Finance Ministers and Central Bank Governors at the International Monetary Fund (IMF) headquarters in Washington D.C. on Friday.

India currently holds the rotating annual presidency of G20 countries.

cryptocurrency.



Issues related to crypto have emerged as a major point of discussion among G20 countries and there is unanimity among member nations about the urgency to regulate this sector.

The brainstorming session was attended by global experts on this issue.

Sitharaman said the G20 acknowledges the work of the IMF and the Financial Stability Board (FSB) in bringing out key elements of policy and regulatory framework.

She also said a synthesis paper, which would integrate macroeconomic and regulatory perspectives of crypto assets, is required.

Sitharaman also noted that there was consensus among G20 members to have a globally coordinated policy response on crypto assets that takes into consideration the full range of risks, including those specific to emerging markets and developing economies.

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