Latest news with #CoinDesk
Yahoo
6 hours ago
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- Yahoo
Beyond the 'TACO' Trade: Has Bitcoin Moved on From Tariffs?
Nonco CEO Fernando Martinez joins CoinDesk for a deep dive into the crypto market's reaction to Trump's tariff talks and policies. Fernando weighs in on bitcoin's recent activities and the catalysts driving Hyperliquid and Avalanche. Plus, insights into the global stablecoin boom and how Latin America can utilize it for remittances. This content should not be construed or relied upon as investment advice. It is for entertainment and general information purposes. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 hours ago
- Business
- Yahoo
Labor Dept Reverses Crypto Caution in 401(k)s, Unlocks $8T for Bitcoin
The U.S. Department of Labor has reversed its 2022 caution against including cryptocurrencies in 401(k) plans, potentially unlocking $8 trillion in retirement assets for bitcoin investments. CoinDesk's Christine Lee explains on 'Chart of the Day.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
11 hours ago
- Business
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Crypto kidnappings on the rise as criminals resort to "wrench attacks"
The recent case of an Italian tourist who was kidnapped in New York City and tortured by people allegedly after his cryptocurrency is drawing attention to a rash of crimes dubbed "wrench attacks," which combine cybertheft with old-fashioned thuggery. The term stems from an XKCD comic that depicts a "crypto nerd's imagination" of the tech know-how that would be required to break into their digital wallet. In reality, the comic notes, all it would take is a heavy $5 wrench to threaten the crypto owner until they revealed their account password. Such attacks have picked up in recent months, partly because stealing a digital wallet can be easier than stealing money from a traditional bank account, said Ari Redbord, global head of policy and government affairs at TRM Labs, a crypto tracing firm. On top of that, the value of bitcoin has surged in recent months, making people with crypto holdings potentially lucrative targets for criminals. "Criminals go to where the money is, and we're seeing a huge rise in the price of bitcoin," Redbord said. "Before, you needed sophisticated cyber capabilities to hack someone, but now you can be a violent criminal who can beat [the password] out of someone." He added, "I don't think I've ever been as taken aback by this type of illicit activity in crypto." The crypto world also has a culture of flaunting wealth via social media posts or appearances at crypto conference, which allows criminals to easily identify potential targets. Bitcoin traded Friday at nearly $105,000 per token, according to CoinDesk — about 53% higher than a year ago. The digital currency has soared partly as people seek alternatives to put their money than traditional investments like stocks and bonds, and as the Trump administration takes steps to promote the use of cryptocurrencies, including establishing a "strategic crypto reserve." How to crack a wallet Cryptocurrency thefts aren't new, but they've typically involved hacking, such as a massive 2022 hack at crypto exchange Binance in which thieves initially stole $570 million, as well as multiple hacks by entities the United Nations found were linked to North Korea. In response to such threats, crypto owners often try and keep their private keys off the internet and stored in what are called "cold wallets." When used properly, such wallets can defeat even the most sophisticated and determined hackers. But criminals have realized they don't need any technical skills to steal crypto assets, Redbord said. All it takes is gaining access to a person's crypto account password, because there's no third-party financial institution standing in the way of accessing funds held in a digital wallet, he explained. Transactions on the blockchain, the technology that powers cryptocurrencies, are permanent. And unlike cash, jewelry, gold or other items of value, thieves don't need to carry around stolen crypto. With a few clicks, huge amounts of wealth can be transferred from one address to another. NYC crypto kidnapping The case in New York City is somewhat unusual because it involves crypto investors allegedly trying to steal the assets of another investor, Redbord said. In that case, investors John Woeltz, 37, and William Duplessie, 33, face charges of kidnapping, assault and unlawful imprisonment of the Italian tourist in an effort to steal his digital wallet containing bitcoin worth millions of dollars. Court papers allege that the pair held the unidentified 28-year-old victim for weeks in an apartment in New York City's fashionable Soho neighborhood. After the victim was abducted, he was shocked with electric wires, his leg was cut with a saw and he was forced to smoke crack cocaine, prosecutors allege. Items including a photo of a gun held to the Italian tourist's head were found in the apartment by investigators. Two New York City police detectives had been working security for the accused kidnappers, CBS News New York has reported. The detective have been placed on desk duty as police investigate. Such incidents have also occurred with increasing frequency in Europe and Asia. Several cases in France have mirrored the New York City attack, with French police arresting 20 people following several alleged kidnapping plots involving crypto investors and their families, the BBC reported earlier this week. In one case, a gang allegedly tried to kidnap the daughter and young grandson of a cryptocurrency company executive in Paris, while earlier this month the father of a crypto millionaire was rescued by police in Paris after he was kidnapped and held for ransom. Aside from keeping a lower profile, crypto investors can take other steps to make it tougher for criminals, Redbord said. One option is to require permissions from several people to access a wallet, for instance. In the meantime, criminals are taking note and may be pursuing similar crimes, he added. "They are seeing successes and trying to replicate these successes," Redbord said. Extended interview: Capitol police chief Thomas Manger on one of "worst days in this job," more Key takeaways from Trump's event with Musk as he departs post Trump celebrates Musk as he departs "special government employee" post with DOGE
Yahoo
12 hours ago
- Business
- Yahoo
AI Crypto Livepeer Explodes 150% on Upbit Listing
The native token of Livepeer LPT, a decentralized artificial intelligence video processing protocol, soared on Friday to its strongest price in four months on exchange listing and other catalyst. The token advanced 150% over the past 24 hours, hitting a session high at $14.20, CoinDesk data shows. The surge defied a slump in the broader crypto market, with bitcoin BTC sliding 2% below $106,000 and the CoinDesk 20 Index declining 3.5% during the same period. Most artificial intelligence-linked tokens were down 5%-10%. The price action happened as popular Korean exchange Upbit introduced trading with the token against KRW and Tether's USDT on its platform earlier on Friday. Joel Kruger, a crypto market strategist, highlighted that asset manager Grayscale introduced earlier this week its Artificial Intelligence Crypto Sector, with Livepeer being included among the 20 cryptocurrencies. Ecosystem developer Livepeer Foundation's advisory boards also kicked into gear, starting a community survey about the platform's strategic direction, he pointed out.
Yahoo
12 hours ago
- Business
- Yahoo
Ethereum Upgrades Have Failed to Boost Network Activity in Meaningful Way: JPMorgan
The Ethereum blockchain has yet to see a significant increase in activity despite successive upgrades, investment bank JPMorgan (JPM) said in a research report. "Neither the number of daily transactions nor the number of active addresses saw a material increase post recent upgrades," analysts led by Nikolaos Panigirtzoglou wrote in the Wednesday report. Still, total value locked (TVL) on Ethereum increased between the Dencun upgrade in March 2024 and Pectra earlier this month, the bank noted, possibly due to increased lending and borrowing on decentralized exchanges (DEXs), but the increase looks lower in dollar terms than in the blockchain's ether ETH token. Ethereum activated the Pectra upgrade on May 7. The update aims to streamline staking, enhance wallet functionality and improve overall efficiency. Pectra makes the ETH token and Ethereum itself more appealing to institutions, the bank said. It distinguishes the network from competitors, but the upgrades haven't boosted activity in a meaningful way. The bank noted that following the Dencun upgrade, both average and total fees fell, in part because of a shift toward layer 2 chains. Ether's circulating supply also increased after Dencun, which raised concerns about the crypto "becoming an inflationary asset amid subdued transaction activity," JPMorgan said. Futures positioning suggests that institutions played a large role in the recent rally in ether, the report added. Ether has risen more than 45% in the past month, CoinDesk data show.
