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The cryptocurrency market continues to be a hub of activity, with significant developments shaping its landscape. From massive hacks to legal actions, here’s a roundup of the most important news in the world of crypto.

1. North Korean Crypto Hacks Surge

In 2024, North Korean hackers reportedly stole $1.34 billion in cryptocurrency, doubling the amount taken in the previous year. These funds, which account for two-thirds of global crypto thefts, are allegedly used to support the country’s missile and nuclear programs.

One of the most significant heists was the theft of 4,500 bitcoins (worth $305 million) from Japan’s DMM Bitcoin exchange. Following this, DMM ceased its crypto operations. Interestingly, hacking activity saw a decline in the latter half of the year, attributed to North Korea’s growing partnership with Russia, reducing its reliance on cybercrime.

2. MicroStrategy Continues Bitcoin Purchases

MicroStrategy remains steadfast in its commitment to Bitcoin. The company, the largest corporate holder of Bitcoin, recently added $561 million worth of the cryptocurrency to its holdings. While this was smaller than previous acquisitions, the company now owns over 444,262 bitcoins, acquired at an average price exceeding $106,000 per coin.

Despite Bitcoin’s price rising to $95,700, MicroStrategy’s stock has seen a downturn, reflecting challenges in attracting new investors after extensive equity sales.

3. Global Crypto Hack Losses Rise

Losses from cryptocurrency hacks surged to $2.2 billion in 2024, marking a 21% increase from the previous year. The number of incidents also grew, with 303 reported cases compared to 282 in 2023. Most of these thefts targeted centralized platforms using compromised private keys.

Notable incidents included a $305 million heist from Japan’s DMM Bitcoin in May and a $235 million theft from India’s WazirX in July. These hacks highlight the vulnerabilities within the crypto ecosystem, even as Bitcoin’s value soared by 140% to surpass the $100,000 mark.

4. Hong Kong Expands Crypto Exchange Approvals

Hong Kong is solidifying its position as a global crypto hub by approving four new cryptocurrency exchanges: Accumulus GBA Technology, DFX Labs Company, Hong Kong Digital Asset EX, and Thousand Whales Technology.

This brings the total number of regulated virtual asset trading platforms in the city to seven. Hong Kong also launched Asia’s first spot Bitcoin and Ether ETFs earlier this year. Analysts suggest these developments could lower ETF management fees, making them more attractive to investors.

5. Legal Action Against False Bitcoin Claims

Craig Wright, an Australian computer scientist who falsely claimed to be Bitcoin’s creator, Satoshi Nakamoto, faced legal repercussions. The UK High Court found him in contempt for violating an order prohibiting legal actions related to Bitcoin’s intellectual property.

Wright had issued claims exceeding £900 billion, despite court restrictions. The court imposed a 12-month prison sentence, suspended for two years. This case reinforces the skepticism surrounding Wright’s claim of being Bitcoin’s creator.

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Final Thoughts

The cryptocurrency market remains a mix of opportunity and risk. While the allure of skyrocketing prices and groundbreaking innovations draws investors, the challenges of security and regulatory compliance persist. Whether you’re a seasoned trader or a newcomer, staying informed is key to navigating this dynamic landscape.

As always, approach crypto investments with caution, thorough research, and a clear understanding of the risks involved.