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Crypto News Blocks
Bitcoin Dominance Sinks To 12-Month Low
- Despite its recent rally, Bitcoin dominance has slid to a 12-month low, signaling renewed strength in the altcoins markets.
- The leading cryptocurrency now represents just 61% of the $359.5 billion combined cryptocurrency capitalization. That’s down from 67% in mid-May and a local high of 69.9% last September.
- Bitcoin’s relative decline in dominance comes as the collective crypto market cap tests major resistance.
- An extra $11 billion in value would see the combined crypto capitalization break above $370 billion for the first time since May 2018.
- The combined capitalization of altcoins surged to $140 billion in July for the first time since 2018. Altcoins grew from roughly 32% to represent 40% of volume on Binance Futures.
- The value of assets locked in DeFi also doubled from $2 billion to $4 billion. Binance attributed the strong performance in altcoins to the growing popularity of DeFi protocols and the anticipation of Ethereum staking.
- Read the full story here.
Posted: August 7, 2020
North Korea Hackers Using Altcoins To Convert $1.58 Billion In Stolen Cryptocurrencies Into Cash
- North Korea hackers are believed to be using altcoins to convert upwards of $1.5 billion in stolen funds into cash.
- The hackers deliberately transact using privacy-focused altcoins as they are hard to trace and track.
- The U.N. experts reportedly state that the North Korean hackers try to make their funds untraceable using “mixers” — an advanced service that mixes cryptocurrency funds of various users to preserve privacy.
- Fred Plan, a senior analyst at cybersecurity firm Mandiant Threat Intelligence, believes North Korea hackers have an advantage, given that they are backed by the resources of a nation-state.
- North Korea is suspected of conducting numerous virtual heists and stealing funds worth billions of dollars. Between 2017-18, cybercriminal group Lazarus stole an estimated $571 million.
- In 2019, North Korea had stolen almost $2 billion in cash and cryptocurrencies through cyberattacks to fund its nuclear program. The country’s sponsored hacks reportedly account for more than 65% of stolen cryptocurrencies.
- Read the full story here.
Posted: August 7, 2020
