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Canada’s biggest pension plan, ends crypto investment pursuit

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Canada’s biggest pension fund, CPP Investments, has ended its effort to study investment opportunities in the crypto market.

CPPI’s Alpha Generation Lab, which examines emerging investment trends, had formed a three-member team to research cryptocurrencies and blockchain-related businesses, with a view to taking potential exposure.

But CPPI abandoned the plan and redeployed the team to other areas.

The move also comes as two other Canadian pension funds have written off their investments after the collapse of crypto exchange FTX and crypto lender Celsius earlier this year.

CPPI pension fund did clarify that it has not made any direct investment funds into cryptocurrency.

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Crypto

Crypto heists in 2022 totalled $3.8 billion

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Last year was the worst on record for cryptocurrency heists, with hackers stealing as much as $3.8 billion, led by attackers linked to North Korea

A Chainalysis report found hacking activity that “ebbed and flowed” throughout the year, with “huge spikes” in March and October.

October was the biggest single month ever for cryptocurrency hacking, with $775.7 million stolen in 32 separate attacks.

North Korea-linked hackers such as those in the cybercriminal syndicate Lazarus Group have been by far the most prolific cryptocurrency hackers, stealing an estimated $1.7 billion worth of in multiple attacks last year.

North Korea has denied allegations of hacking or other cyberattacks.

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Crypto

Sam Bankman-Fried banned from communication with FTX

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A U.S. judge has banned former FTX founder Sam Bankman-Fried from contacting current and former employees

Federal prosecutors asked for this ruling, as they believe Bankman-Fried may tamper with witnesses or destroy evidence in his criminal fraud case.

It was revealed the 30-year-old tried to send a message to someone known as ‘Witness 1″ a few weeks ago, proposing to have a constructive conversation with them.

Bankman-Fried was arrested in December on charges of looting billions of dollars of FTX customer funds, and lying to investors and lenders.

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Crypto

Celsius Network propped up token with investor money

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It’s been revealed crypto lender Celsius used investor money and customer deposits to prop up its own token and inflate its balance sheet

 
Celsius gathered crypto deposits from retail customers and invested them in the wholesale crypto market.

It raised some of the initial capital to fund its business by creating and then selling its own crypto token.

Celsius filed for bankruptcy in July last year, after freezing customer withdrawals from its platform.

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