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Lazarus Group responsible for $55M CoinEx hack

The attack on crypto exchange CoinEx, which drained at least $55 million, was carried out by the North Korean hacker group Lazarus, according to blockchain security firm SlowMist and on-chain investigator ZachXBT. The hacker group was identified after it inadvertently exposed its address, which was the same one used in the recent Stake and Optimism hacks.

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The attack on crypto exchange CoinEx, which drained at least $55 million, was carried out by the North Korean hacker group Lazarus, according to blockchain security firm SlowMist and on-chain investigator ZachXBT. The hacker group was identified after it inadvertently exposed its address, which was the same one used in the recent Stake and Optimism hacks.

CoinEx saw large outflows of funds to an address without any prior history. Security experts immediately suspected that the exchange was breached, with initial estimates reaching approximately $27 million. At the time of writing, security firm SlowMist noted that the losses from the exploit had reached more than $55 million.

After the hack, CoinEx Global assured users that their assets were secure and that affected parties would “receive 100% compensation” for any losses due to the hack. Apart from this, the exchange temporarily suspended deposits and withdrawals for added security. The exchange continues to monitor the situation and has promised a comprehensive report about the incident to be published in the near future.

Based on their on-chain behaviour, the hackers responsible for the hack appear to be connected to the recent $41-million hack on the crypto gambling site Stake. On Sept. 7, the FBI concluded that the attack on Stake was performed by North Korea’s Lazarus Group.

The recent attack on CoinEx Global adds huge figures to the mounting losses due to exploits, hacks and scams within the crypto space. On Sept. 1, cybersecurity firm CertiK reported that, as of August 2023, almost $1 billion had already been lost due to such incidents since January this year. In August alone, around $45 million was stolen from various malicious attacks.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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