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The quick laundering of over $400 million from Bybit’s hack suggests North Korea may have expanded its operations, analysts say. Over $400 million from Bybit ‘s $1.46 billion incident was laundered in just days, with analysts at blockchain forensic firm TRM Labs now raising serious concerns that North Korea may have expanded its laundering operations. In a Feb. 27 blog post , the analysts pointed out that Bybit’s attackers moved nearly half a billion in less than a week, using intermediary wallets, crypto swaps, decentralized exchanges, and cross-chain bridges to hide the trail. “This rapid laundering suggests that North Korea has either expanded its money laundering infrastructure or that underground financial networks, particularly in China, have enhanced their capacity to absorb and process illicit funds.” TRM Labs You might also like: ‘Blind signing is an issue, but not the prime suspect’ expert says on Bybit $1.4b saga The analysts note that North Korean hackers typically use crypto mixers to hide stolen funds before cashing out. But the scale of the Bybit incident has forced them to adopt new methods. Instead of mixers, they are now using multiple wallets and decentralized platforms to obscure the money trail. Initially, some stolen Ethereum was sent through BNB Chain and Solana . Now, most of it has been sent to the Bitcoin network. Despite the quick laundering, much of the Bitcoin remains untouched, suggesting the attackers are preparing for large-scale liquidation through OTC networks, the analysts suggest. Bybit lost $1.46 billion in a multi-stage attack, which security experts link to Safe Wallet. The attackers reportedly compromised a Safe{Wallet} developer’s device, tricking Bybit’s Safe wallet owner into signing a malicious transaction. Read more: Crypto mixers were allegedly used to launder funds stolen from Bybit and Infini. Will pro-Bitcoin countries ban crypto mixers?
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Market Turbulence: Trump’s Tax Announcements and Fed Members’ Latest Comments Shake Crypto
Cryptocurrency markets react to PCE data predictions and significant announcements. Trump`s tax measures could further complicate the economic landscape. Continue Reading: Market Turbulence: Trump’s Tax Announcements and Fed Members’ Latest Comments Shake Crypto The post Market Turbulence: Trump’s Tax Announcements and Fed Members’ Latest Comments Shake Crypto appeared first on COINTURK NEWS . crypto.news
Bitcoin Sentiment Hits 2022 Lows as Fear & Greed Index Falls to 10
The Bitcoin Fear & Greed Index has plummeted to 10, its lowest level since June 2022, signaling extreme fear among investors. Despite the panic, experts suggest this could be a prime moment to buy. Sentiment Crashes as BTC Price Falls The index, which measures market sentiment, fell from 49 last week, considered neutral, to 10 today , signifying extreme fear. According to Alternative.me, which publishes the metric, extreme fear is often an indication that investors are overly concerned about the goings-on in the market, which could present a buying opportunity. However, analysts remain divided; while some have referenced historical data showing extreme fear often precedes rebounds, others, like BitMEX co-founder Arthur Hayes, have cautioned that Bitcoin, the largest cryptocurrency by market capitalization, could drop to as low as $70,000 before stabilizing. The ongoing turmoil has seen the value of BTC tumble from nearly $99,000 last week to under $84,000 , a three-month low. While it’s trading at just under $86,000 at the time of this writing, the asset’s recent poor form dragged the wider crypto market into the red, erasing months of gains, with altcoins like Ethereum, Solana, and BNB equally bleeding and pushing traders into panic mode. The downturn saw the sector’s overall value dip below $3 trillion, shedding at least $200 billion in just one day. Liquidations have also surged, with more than $1 billion in leveraged positions wiped out over the same period. Presently, crypto’s market cap is at $2.95 trillion, down 4.3% in the last 24 hours. Additionally, BTC’s dominance has risen to 57.6%, suggesting a shift away from riskier altcoins. What’s Driving the Fear? Experts have pointed to factors like escalating tensions between the United States and some of its key trade partners, including Canada, Mexico, and China, as a key contributor to the downturn. The impasse was a result of U.S. President Donald Trump announcing new tariffs on goods sourced from the three countries. In addition, the President has threatened to impose a 25% tax on imports from the European Union (EU), claiming the bloc was created to “screw” the United States. Furthermore, the country’s spot Bitcoin ETF sector has seen massive outflows, with a record $938 million withdrawn in a single day. This apparent lack of institutional confidence has further fueled the sell-off. The post Bitcoin Sentiment Hits 2022 Lows as Fear & Greed Index Falls to 10 appeared first on CryptoPotato . crypto.news
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