Weekly Digest: North Korea stole $400 million in 2021, Kim K’s alleged pump-and-dump scheme, and Disney in the metaverse
It has been a dynamic start to 2022 in the world of crypto, with stories ranging from the dramatic to the surreal. The sum of it all, however, is this: this is going to be a big year where crypto goes very mainstream.
Kim Kardashian sued for alleged ‘pump-and-dump’ scheme
A lawsuit has been filed against Kim Kardashian for her alleged involvement in a cryptocurrency ‘pump-and-dump’ scheme alongside boxer Floyd Mayweather Jr. and retired NBA star Paul Pierce. The celebrities are accused of colluding with the founders of cryptocurrency EthereumMax on knowingly misleading investors to inflate the price of the coin in order to sell at a profit. No comments have been made by the celebrities on the allegations thus far.
Report reveals North Korea hackers stole $400 million in 2021
A Chainalysis report has uncovered that North Korea hackers stole an estimated $400 million worth of digital assets in 2021 through seven separate attacks. These attacks largely targeted investment firms and centralised exchanges, according to the report, and made use of “phishing lures, code exploits, malware, and advanced social engineering to siphon funds out of these organizations’ internet-connected “hot” wallets into DPRK-controlled addresses.
Paypal is investigating launching a stablecoin
Paypal is exploring the launch of its own stablecoin according to Bloomberg, with the first discovery of the coin made in app by developer Steve Moser. Senior Vice President of Crypto and Digital Currencies at PayPal, Jose Fernandez da Ponte, said in a statement to Bloomberg: “We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators.
Disney in the metaverse
This week Disney announced its approval for a patent to create a metaverse-based amusement park. The technology will be used by Disney Park visitors on their phones and will generate interactive attractions as they explore the park. The patent, known as a ‘virtual world simulator in a real place,’ was approved on December 28, 2021.
Musk and Doge strikes again
On Friday, Dogecoin jumped in value by 12% according to CoinMarketCap after Elon Musk posted on Twitter “Tesla merch buyable with Dogecoin.” This is yet another example of Musk’s influence over the crypto market which has now been coined the ‘Elon effect’ by some news outlets.