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Social 📈 Crypto
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The last couple of days have been shit. Not good if you have a heart condition. Dropped about 20% of the value of what I had. Now back up and I'm slightly ahead of where I was 3 days ago. If I needed a reminder of how volatile crypto can be the last two days were it
The question I have is if it is so volatile how can it be used in a real world situation to provide people with any sort of certainty of value?
The question I have is if it is so volatile how can it be used in a real world situation to provide people with any sort of certainty of value?
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thats the neat trick. It cant
DCA BTC and dont let it get to more than 20% of your portfolio. Make sure you are buying physical gold and silver to counter.
Anything else is pure gambling
Anything else is pure gambling
-20% is child's play
. Crypto definitely isn't for the faint of heart. @MrFrankWhite has some sound advice.in 2 days it seems a bit more than child's play-20% is child's play
It’s not for crypto, it’s bouncing back strongin 2 days it seems a bit more than child's play
Was its volatility when Trump tinkering with tariffs and the economy got a fright?
Great store of wealth then isn’t it
Great store of wealth then isn’t it
Noitall
👤
Great way for wealth to be filtered from one to another without having to go through the system and any transparencyWas its volatility when Trump tinkering with tariffs and the economy got a fright?
Great store of wealth then isn’t it
This, this and 1000x this.
I’m learning towards Satoshi Nakamoto being an intelligence agency creation.
I saw an interesting theory the other day. That Bitcoin was the first cab off the rank and obviously has some pretty obvious limitations, particularly in the utility of the coin.
They felt that it might end up like Napster being overtaken and replaced by Spotify, Itunes etc...
They felt that it might end up like Napster being overtaken and replaced by Spotify, Itunes etc...
Time will tell…
I agree on a system outside the system to transfer between individuals, but if that system is only underpinned by endlessly inflation it’s not sustainable.
BTC is deflationary
It's even worse. It was taken over by idealists, at a time of financial desperation.
North Korea steals $2.6b as it pulls off world’s biggest ever heist
Matt FieldFebruary 26, 2025 •05:34am
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State-backed North Korean hackers have stolen NZ$2.6b of cryptocurrency in the largest heist in history.
Agents from Pyongyang were able to breach the systems of Dubai-based exchange Bybit to steal the digital coin Ether, according to security analysts.
The hackers stole more cryptocurrency in one attack than all the funds stolen by North Korean cyber criminals in 2024, when the rogue state’s cyber attackers made off with around NZ$2.27b in digital coins, according to cryptocurrency analysts Chainalysis.
The NZ$2.6b total eclipses the largest known bank theft of all time, when Saddam Hussein stole NZ$1.75b from the Iraqi central bank ahead of the Iraq War in 2003.
$1.5 Billion Stolen! Bybit’s Massive Crypto Breach Explained
The record haul comes as Kim Jong-un, North Korea’s supreme leader, turns to elite units of computer hackers to prop up the Communist dictatorship’s failing economy.
Chainalysis said the attack served as a “stark reminder” of the advanced tactics employed by the country’s hackers. As well as technical skills, North Korean hackers are adept at what is known as “social engineering”: manipulating people to do what they want in order to pave the way for a heist.
This can involve developing relationships with targets over email and digital chats, sometimes over a period of months.
Cyber security experts believe North Korea’s notorious Lazarus Group are the masterminds behind the latest attack. The group has terrorised Western businesses for more than a decade with a series of cyber breaches that have caused billions of dollars in losses.
Elliptic, a cryptocurrency analysis business, said the hacking group was the “most sophisticated and well-resourced launderer of cryptoassets in existence”.
The group is believed to be part of North Korea’s intelligence agency, the Reconnaissance General Bureau. It has been linked to past attacks including the hack of Sony in 2014, when the group leaked private emails from executives in an attempt to block the release of the comedy film The Interview, which lampooned North Korea’s supreme leader.
The haul’s total eclipses the largest known bank theft of all time, when Saddam Hussein stole NZ$1.75b from the Iraqi central bank ahead of the Iraq War in 2003.Gursimrat Ganda
Lazarus Group has also been blamed for a near-NZ$1.75b heist from a Bangladeshi bank in 2016 and the global Wannacry cyber attack, which knocked hundreds of thousands of computers offline with damaging ransomware, including NHS systems.
While Pyongyang once relied on its elite hacking cadres to conduct espionage or steal trade secrets, increasingly they have been employed as a weapon of economic warfare to bolster the coffers of the heavily sanctioned regime.
“North Korea started using cyber attacks for espionage, stealing R&D and intellectual property,” said Rafe Pilling, of the cyber security company Secureworks. “Subsequently, they have really capitalised on it as a source of revenue.”
A Soviet-style focus on science and technology has created a “whole education pipeline” for future cyber experts, said Pilling. North Korean science prodigies are identified from a young age, before being pushed to compete in international maths and programming competitions.
The country’s hackers are prolific. In 2024, they made off with approximately 61% of the NZ$3.85b of cryptocurrency stolen globally, according to Chainalysis. Including last week’s attack, North Korean hackers have stolen upwards of NZ$10.5b in cryptocurrency over the last decade.
The thefts offer a substantial boost to the nation’s beleaguered economy and help support its military spending, including its ballistic missile programme. North Korea’s GDP is estimated at just NZ$50b and it is heavily reliant on agriculture and trade with its main ally, China.
While most members of Lazarus Group are unknown, the US has issued indictments against several North Korean military figures it believes are linked to the group.
North Korea relies on multiple different hacking techniques, ranging from uncovering so-called “zero day” hacks that can break into IT using previously unknown flaws to using fake remote-working contractors to infiltrate US companies.
Cryptocurrency analysis companies including Arkham Intelligence and Elliptic identified Lazarus Group as the likely Bybit hackers. Researchers were able to trace the digital wallets that were used by the hackers to quickly launder their funds, which are recorded on the “blockchain” technology used by the cryptocurrency industry.
Some of the funds moved through wallets believed to be associated with past North Korean hacking attacks. TRM, a cyber security company, said there were “substantial overlaps observed between addresses controlled by the Bybit hackers and those linked to prior North Korean thefts”.
The North Korean hackers were able to steal the huge crypto haul through a multi-layered and long-planned attack, according to Chainalysis. Hackers gained access to Bybit’s internal systems using so-called “phishing” email, which prompted an employee to input their login details to a seemingly legitimate website that was actually compromised.
The hackers were then able to gain access to a so-called “cold wallet” – a supposedly secure cryptocurrency storage device that holds coins offline and away from the internet. When Bybit came to transfer funds from the offline wallet to its online systems, the hackers sabotaged the transfer and stole the funds.
Within minutes the hackers had fed them through a series of other wallets and digital currency exchanges, attempting to obscure their origin by trading them for other coins or passing them through trading houses with no customer checks.
The nature of the cryptocurrency industry, which is virtually unregulated, has made it a haven for cyber attackers to launder funds. Chainalysis said it had worked with exchanges to freeze NZ$70m in funds stolen from Bybit, but far more remained unaccounted for.
North Korea’s hackers are showing no signs of slowing down. According to Chainalysis, its attackers are getting “better and faster at massive exploits”.
North Korea’s cyber prowess allows it to be a “major player even if in the real world they are highly isolated,” Mr Pilling said.
Bybit has said it has “more than enough” assets to cover its losses and insisted the hack was an “isolated incident”.
- The Telegraph
Stuff
www.stuff.co.nz
North Korea steals $2.6b as it pulls off world’s biggest ever heist
Hackers used phishing emails to access Bybit’s cold wallet, Chainalysis reported.
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OM coin price plunges 90%, sparking fraud allegations: Is the Mantra crash the next crypto catastrophe?
As crypto traders speculate about a rug-pull scheme, Mantra’s founder is claiming that the situation is under control.
Over the weekend, crypto traders were likely anything but zen, as the price of OM—the native token to the Mantra blockchain—crashed more than 90%.
On Sunday, OM prices fell from around $6.30 to less than $0.50 within a couple of hours, shaking up the crypto markets and likely leaving many people with crypto holdings wondering if they were witnessing another catastrophe like the FTX collapse. But, so far, that doesn’t appear to be the case.
Here’s a rundown of the important facts to know, as we understand them on Monday morning.
What happened with Mantra?
As noted, OM values plummeted sharply on Sunday, April 14, by more than 90%. It was unclear what exactly was happening at the time, so many crypto traders and investors were justifiably spooSubscribe to the Compass newsletter.Fast Company's trending stories delivered to you daily
In all, OM’s crash resulted in roughly $72 million in liquidations, and its market capitalization fell from around $6 billion to around $683 million. Again, this all happened within a matter of hours, creating a good amount of confusion and worry.
What caused the Mantra crypto crash?
While initial fears centered around a rug-pull scheme—a common crypto scam similar to a pump-and-dump typically seen in the traditional stock markets—Mantra’s cofounder JP Mullin posted on X that his team was sorting things out in an effort to calm investors.In that post, Mullin said: “We have determined that the OM market movements were triggered by reckless forced closures initiated by centralized exchanges on OM account holders. The timing and depth of the crash suggest that a very sudden closure of account positions was initiated without sufficient warning or notice.”
He continued: “That this happened during low-liquidity hours on a Sunday evening UTC (early morning Asia time) points to a degree of negligence at best, or possibly intentional market positioning taken by centralized exchanges.”
Some back-and-forth on X also highlighted some prior concerns about Mantra and its founding team, including that some of its members had been involved in online gambling platforms.
In response to the OM crash, one large crypto exchange, OKX, released a statement noting that its team “conducted investigations and identified major changes to the MANTRA token’s tokenomics model since Oct 2024, based on both publicly available on-chain data and internal exchange data. Our investigation also uncovered that several on-chain addresses have been executing potentially coordinated large-scale deposits and withdrawals across various centralized exchanges since Mar 2025.”
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The exchange also noted that it had added warnings to the OM token page on its website, and taken additional measures to control risks related to the token.
Where things stand with the Mantra crypto crash
It appears that things are still being sorted out as of midday Monday.Prices for Mantra’s coin OM have yet to rebound as of midday Monday, and the token is trading at around $0.68. Again, that’s down significantly from where it was a week ago, trading at more than $6.50.
As it stands, some reporting indicates that OM’s crash could be the next Terra-Luna crypto scandal, which resulted in the destruction of roughly $60 billion in investor funds and sparked a “crypto winter” a few years ago. That also led to the arrest of Do Kwon, the founder of both Terra and Luna. Some crypto traders are even speculating that this marks the end of the current crypto bull market.
However, Mullin continues to reassure the crypto community that his team has things under control for now.
This isn't good news for Crypto is it? Mantra (OM) had real world use and a number of contracts. Its just plummeted in value 90% in basically the space of 4 hours. Doesn't give a lot of confidence does it...
