The Ledger: North Korean hackers, new Ripple president, and UK regulation

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Updated February 3, 2023 | Published February 3, 2023

2 mins read

There’s been a rising tide of cyber crimes perpetrated by North Korean hackers and a new set of rules regulating the crypto sector in the UK.

Ripple Labs, a company caught in a protracted legal battle with the US Securities and Exchange Commission (SEC), seems to be encouraged by its recent successes against the regulator and expects to win its case.

The company has followed the optimistic outlook with the appointment Monica Long as its new president.

Meanwhile, prominent investor and crypto proponent Mark Cuban has said that one of the biggest threats to the crypto sector right now is wash exchanges, which are used by criminals to dilute source of funds and carry out pump-and-dump schemes.

Elsewhere, the Securities and Exchange Commission in the Philippines is expected to give itself new powers that will enable it to exercise tougher control over the crypto sector.

Alameda Research is now on the offensive hoping to recover some of the funds that it may have not spent prudently. Among those is an estimated $446m paid out to Voyager Digital, a now bankrupt lender. Alameda claims that the transfer was “avoidable” and wants the funds back.

Crime did not spare the sector this week, although the latest news about cyber criminals is backdated.

Chainalysis, an intelligence firm, said that North Korean hackers were able to steal $1.7bn worth of crypto in 2022, a significant increase from the $429m they made away with a year prior.

These numbers are mostly brought on by the fact that North Korea is isolated internationally and under stringent global sanctions.

Meanwhile, Mark Zuckerberg’s metaverse posted significant losses across the board. Nonetheless, Wall Street took the news well and pushed Meta, previously known as Facebook, up.

Stock increased on what appeared to be a giddy optimism during an earnings call in which Zuckerberg and other executives explained that results have exceeded expectations despite a massive loss of $13.72bn as per the Wednesday update.

Manchester City, a prominent soccer team in the UK, is going to explore a metaverse of its own. The team has partnered with crypto exchange OKX and will see several of its players join a brand-new fan experience in the virtual world.

Speaking of the metaverse, the news keeps coming in. WeMade, a South Korean video game developer, has announced that it is teaming up with Metagravity, a metaverse engine developer, to bring even more relevant experiences that are based on the concept and will work across a number of devices.

Finally, Relax Gaming and Aboutslots have teamed up recently, promising to work on a new player-focused and player-driven game that is expected to be the next “title of the year”.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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The Ledger: France toughens crypto stance, SEC goes after Coinbase
The Ledger: Crypto criminals face pressure, new regulation rolls in

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