Crypto Compass by BitcoinWalletSG #102

Hello Fam,

Recent reports of North Korean cyber activities, including testing vulnerabilities on blockchain platforms like HyperLiquid, underscore the critical need for enhanced crypto security. These groups have stolen over $1.3 billion in crypto assets this year, funding their operations and creating unprecedented risks for the industry.

For individuals, this reinforces the importance of personal security measures, such as using hardware wallets to protect funds. In a landscape of increasing threats, proactive security is essential for safeguarding both personal and institutional assets.

HyperLiquid Faces $60M USDC Outflow Amid North Korean Hacker Concerns

HyperLiquid, a decentralized exchange specializing in perpetual futures, recently experienced a significant outflow of $60 million in USDC, raising concerns about potential vulnerabilities. Security experts suggest that North Korean hackers may be probing the platform for weaknesses, as similar addresses have incurred substantial losses while interacting with HyperLiquid. Despite these concerns, the platform maintains over $2 billion in USDC and continues to lead the on-chain perpetuals market.

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North Korean Crypto Hacks Reach Record Levels in 2024

North Korean hackers have escalated their cybercrime activities in 2024, stealing a record $1.34 billion in cryptocurrency across 47 incidents, accounting for 61% of global crypto thefts this year. TECHCRUNCH This marks a 102.88% increase from the $660.5 million stolen in 2023. CYBERNEWS The stolen funds are reportedly used to support North Korea's weapons of mass destruction and ballistic missile programs. NK NEWS In response, the U.S. Treasury Department has imposed sanctions on individuals and entities involved in laundering these illicit proceeds.

Bitcoin ETF Outflows Surge Amid Market Uncertainty

Bitcoin spot ETFs reported record net outflows of $671.9 million yesterday, led by Grayscale Bitcoin Trust ($208.6M) and ARK 21Shares Bitcoin ETF ($108.4M). This coincided with a 9.2% dip in Bitcoin’s price to below $93,000. Analysts highlight profit-taking ahead of the holiday season and caution over the Federal Reserve’s projected slower pace of rate cuts in 2025 as contributing factors.

Happenings of the week

• Unichain public mainnet expected in 2025

• Former Binance.US CEO joins MicroStrategy board

• Nic Carter makes full case against strategic Bitcoin Reserve

• OpenSea confirms OCEAN token is incoming

Ragnarok Landverse Set to Launch on Ronin in Early 2025

The blockchain-enhanced MMORPG Ragnarok Landverse: Genesis will expand to the Ethereum sidechain Ronin in early 2025, following a successful soft launch on BNB Chain. With over 400,000 players and $15M in NFT sales to date, the game integrates blockchain features like token rewards and mineable resources. This launch marks a 'fresh start,' with plans for future asset migration from other servers to Ronin.

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