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FBI confirms North Korean heist from U.S. crypto firm

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The groups used a privacy protocol called Railgun to launder over $60m worth of Ethereum stolen during the theft, according to an F.B.I. statement.

A portion of the stolen Ethereum was subsequently sent to several virtual asset providers and converted to Bitcoin.

North Korea’s theft and laundering of virtual currency is used to support its ballistic missile and Weapons of Mass Destruction programs.

In June 2022, Harmony said that a heist hit its Horizon bridge, which was the underlying software used by digital tokens such as bitcoin and ether for transferring crypto between different blockchains.

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Crypto

FTX creditor list goes public

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New court filings have shown crypto exchange FTX owes money to several companies

These include Apple, Binance, Coinbase and Netflix, among others.

The names were revealed on the extensive FTX creditor list that went public today.

The 116-page document displays a host of well-known corporations and distinguishes the immense reach of FTX.

Institutions, media companies, and fellow cryptocurrency exchange platforms are the list, as well as almost 10 million redacted customer names.

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Business

Binance processed over $340m in Bitzlato funds

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Binance processed over $340 million in Bitcoin for the Bitzlato digital currency exchange, whose founder was arrested last week for money laundering.

 
The U.S. Justice Department revealed Bitzlato processed $700 million dollars in illicit funds.

Bitzlato didn’t do proper background checks on clients, when asking for IDs.

Binance is among the top three counterparties by the amount of bitcoin it received between May 2018 and September 2022.

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Business

Crypto exchange Gemini cuts workforce again

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Crypto exchange Gemini is planning to lay off 10 per cent of its workforce.

This comes on the back of customers being affected by the Genesis Capital bankruptcy in December, due to FTX collapsing late last year.

Gemini has already gone through several rounds of layoffs in the past eight months, and a Slack message was sent around, informing employees of the latest job cuts.

These aren’t the only cuts in the sector, with Coinbase and Crypto.com also reducing their workforce recently.

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