The Shib Crypto Recap: Monday

This Monday, the spotlight is on the fight to reclaim stolen cryptocurrencies linked to the infamous Lazarus Group, the exposé of links between organized crime syndicates and cybercrime, Bitcoin’s resilience, and major players expanding their Bitcoin holdings.

U.S. Launches Legal Battle to Recover $2.67M in Crypto Stolen by Notorious North Korean Hackers

The U.S. government is taking legal steps to recover about $2.67 million in cryptocurrency that the Lazarus Group has stolen. This North Korean hacking organization is implicated in major cybercrimes. Two complaints have been filed to seize assets from hacks on Deribit and Stake.com. One filing seeks to recover $1.7 million in Tether (USDT) stolen from Deribit in a 2022 attack that drained $28 million. The other aims to get back approximately $970,000 in Avalanche-bridged Bitcoin (BTC.b) taken during a 2023 Stake.com hack, which lost over $41 million. Investigators have connected the group to other significant hacks, including a July 2024 breach of India’s WazirX exchange that lost about $235 million.

A security researcher has also identified a network of North Korean developers involved in compromising at least 25 cryptocurrency projects. They appear to be working for the Lazarus Group.

These actions show the U.S. authorities’ commitment to tackling the Lazarus Group’s cybercrimes.

Cybercrime Alliance Exposed: Evil Corp Faces Global Sanctions Over LockBit Ransomware Connections

International law enforcement initiatives have become more aggressive after reports linked the Russia-based cybercrime organization Evil Corp to the LockBit ransomware group. A Chainalysis report states that both groups utilize common cryptocurrency systems, suggesting a potential partnership. In response, the U.S., UK, and Australia imposed sanctions last week on key Evil Corp members due to their roles in large-scale financial crimes and ransomware incidents. An indictment from the U.S. Department of Justice, charging an Evil Corp member for using BitPaymer ransomware against U.S. victims, accompanied these sanctions.

The report also revealed connections between ransomware strains from Evil Corp and LockBit, with shared deposit addresses at centralized exchanges. Prior reports noted that Evil Corp has leveraged LockBit’s ransomware to rebrand and evade penalties. Evil Corp’s leader, Maksim Victorovich Yakubets, and his family members reportedly have ties with Russia’s Federal Security Service (FSB).

Bitcoin Reigns Supreme: NYDIG Notes 49.2% Surge as Corporates Like Metaplanet Buy In

According to a report from the New York Digital Investment Group (NYDIG), Bitcoin remains the top asset for 2024 despite facing challenges in Q3. The report revealed a modest 2.5% gain in Bitcoin during Q3, rebounding from a decline in Q2, although the cryptocurrency still encountered persistent selling pressure. Greg Cipolaro, head of research at NYDIG, stated, “Bitcoin is still the best-performing asset class in 2024, but its lead has narrowed.”

Year-to-date, Bitcoin has surged by 49.2%, which shows remarkable resilience. Notably, it recorded a 10% gain in September, usually a weak month. Corporate interest also boosted Bitcoin’s value, especially from companies like MicroStrategy and Marathon Digital. Additionally, its correlation with U.S. equities increased due to higher demand for spot exchange-traded funds, and political events impacted market sentiment in the latter Q3.

Meanwhile, in other Bitcoin-related news, Metaplanet, a Japanese investment firm, announced on Monday that it has acquired 108.78 Bitcoin for 1 billion yen ($6.7 million). This purchase boosts its total Bitcoin holdings to 639.5 BTC, valued at around 5.96 billion yen ($40 million). The firm is following an aggressive acquisition strategy, mirroring U.S. company MicroStrategy, as part of its treasury management plan to address Japan’s economic challenges. Since implementing this strategy, Metaplanet has experienced a rise in stock value, indicating strong investor interest. Recently, it made another purchase amid market optimism and reported earning 23.9 Bitcoin ($1.4 million) by selling put options to QCP Capital.

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Malaya has positions in SHIB, ETH, USDT, MATIC, etc. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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