North Korean Cyberattacks on Crypto Industry and Major Losses in November 2024

News on the Blockchain, November 29th, 2024

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📈 Preview On Today’s News:

1. - North Korean Cyberattacks on Crypto Industry and Major Losses in November 2024

2. - Switzerland Explores Bitcoin Mining for Excess Energy Utilization

3. - Bitwise Proposes Multi-Cryptocurrency ETF to SEC

Keep reading for more!

Today’s News:

1)

North Korean Cyberattacks on Crypto Industry and Major Losses in November 2024

North Korean hackers, operating under the groups Sapphire Sleet and Ruby Sleet, have increasingly posed as IT workers and recruiters to infiltrate multinational companies. This tactic has led to significant financial gains, including the theft of $10 million in cryptocurrency. In addition to these ongoing cyber threats, the cryptocurrency industry has faced substantial losses in November 2024, totaling $1.48 billion. Notable victims include the decentralized finance firm Thala, which lost $26 million due to a protocol exploit, and Dexx, which was also targeted by hackers, losing around $21 million.

• North Korean hacker groups posing as IT workers have stolen significant amounts of cryptocurrency, including $10 million in just six months.

• The crypto industry lost $1.48 billion in November 2024, with Thala and Dexx among the major victims of hacking incidents.

2)

Switzerland Explores Bitcoin Mining for Excess Energy Utilization

Switzerland's Canton of Bern passed a legislative proposal to study Bitcoin mining as a method to utilize excess electricity, aiming to position the region as a hub for mining companies. This initiative, proposed by the Parliamentary Group Bitcoin, seeks to assess how surplus energy, particularly from the country's hydroelectric resources, could stabilize the grid while supporting sustainable Bitcoin production. Despite concerns over Bitcoin's energy consumption and regulatory challenges, the bill was approved, mandating a report on the feasibility of using excess energy for medium-scale mining operations. Switzerland already benefits from favorable mining conditions, such as abundant hydroelectric power, cool climates, and a strong presence in the global Bitcoin node network.

• Key Points: Switzerland's Canton of Bern approved a bill to study Bitcoin mining's potential to utilize surplus energy, leveraging its hydroelectric power and cool climate to attract mining companies.

• Additional Insight: Switzerland ranks 9th globally in Bitcoin node availability and has a history of sustainable mining practices, positioning it as a leader in energy-efficient crypto operations.

3)

Bitwise Proposes Multi-Cryptocurrency ETF to SEC

Bitwise Asset Management has submitted a proposal to the SEC for an ETF that invests in its 10 Crypto Index Fund, offering diversified exposure to major cryptocurrencies like Bitcoin, Ethereum, Solana, and XRP. The ETF will be listed on NYSE Arca, with operations supported by key financial partnerships ensuring secure asset management and transparency. The proposal reflects growing institutional acceptance of crypto, following prior approvals of Bitcoin and Ether ETFs, and underscores a shift toward integrating cryptocurrencies into mainstream finance under evolving regulatory frameworks.

• ETF Highlights: Bitwise's proposed ETF, backed by its 10 Crypto Index Fund, covers Bitcoin, Ethereum, and other major cryptocurrencies, aiming for broad market exposure. It leverages financial partnerships for secure management and daily valuation transparency.

• Market Implications: The filing reflects increasing acceptance of crypto in traditional finance, building on past SEC approvals of Bitcoin and Ether ETFs, and positions Bitwise as a leader in diversified crypto investment products.

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