Daily Crypto NewsEDITION #303, 10 September 2021

Kim Jong-un scams the market?

Hey Moni Maker

Today is World Suicide Prevention Day. Bad deals can take a heavy toll on one's mental health. And sometimes bad deals can even put it on the back and slap on the cheeks like f@cking Conor McGregor. Losing money isn't a reason to kill yourself, okay?

Digest! Let's Go!

As Decrypt reports, a Canadian-American citizen who laundered funds for North Korean military hackers using wire transfers and crypto exchanges has been sentenced to 11 years in prison and ordered to pay $30 million in restitution by a U.S. federal court.

In early 2020, the Department of Justice indicted three members of North Korea's military intelligence agency with attempting to steal over $1.3 billion via a multitude of extortion plots and cyberattacks, including over $100 million in thefts from cryptocurrency companies and a cyberattack on Sony Pictures as retribution for its production of "The Interview," a farcical take on the isolated nation and its leader.

Ghaleb Alaumary, based in Ontario, pled guilty in 2020 to conspiring to launder money for the North Koreans in 2018. As the point-person for the group's ATM cash-out schemes, he recruited others to launder illicit funds received from BankIslami, in which the hackers bypassed fraud prevention mechanisms so they could change balances and increase withdrawal limits. They nabbed $6.1 million from the Pakistani commercial bank.

So what?

Nothing new, of course. North Korea has a group called Lazarus, which...hm...specializes in crypto. Stealing money from the U.S. and others to fill the country's coffers is nothing new to Kim Jong-un and his associates.

It's just a scam.

As Decrypt reports, With Cardano’s “Alonzo” hard fork looming, crypto exchange Binance has announced that it will be supporting the network’s upgrade.

The Alonzo hard fork is expected to happen on Sunday, September 12, at approximately 21:44 UTC. 30 minutes prior to the event, Binance will halt all deposits and withdrawals of ADA, the network’s native token; trading of the asset, however, will not be affected.

Billed as Cardano’s “most significant” upgrade to date, the Alonzo hard fork will bring smart contract functionality to the network, meaning that developers will be able to build decentralized finance (DeFi) apps that enable the lending, borrowing, and trading of assets without resorting to centralized intermediaries such as banks.

So what?

HODL $ADA?

Ripple CEO Brad Garlinghouse said the SEC warning had put Coinbase in a similar situation to his company. He stressed that the regulator "continues the war against cryptocurrencies" and hinted at possible cooperation between the two organizations.

Satoshi Nakamoto (Сатоши) is the person or group of people who created bitcoin. He (They) is still anonymous.

And more you can find in our Glossary!

And you...buy Bitcoin! (it's a good time!)