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North Korea’s US$1.5 billion heist puts crypto on notice

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Summary
Nutrition label

70% Informative

Hackers managed to drain a so-called “cold” crypto storage wallet, a piece of hardware used to hold the private key needed to access funds.

The impact on the industry and the nascent regulations governing it are far-reaching.

Staving off North Korean thefts will likely require much higher spending by crypto exchanges, more stringent regulations and increased coordination between governments.

Hack puts the spotlight on a potentially existential issue for an industry that scored a huge win when Donald Trump returned to the White House in January .

North Korean hackers have begun stepping up attacks on centralized exchanges.

Centralized exchanges sit at the heart of the crypto ecosystem and often handle hundreds of billions of dollars of trading volume a day.

The FBI circulated a list of blockchain addresses linked to the hackers.

VR Score

75

Informative language

75

Neutral language

41

Article tone

semi-formal

Language

English

Language complexity

59

Offensive language

not offensive

Hate speech

not hateful

Attention-grabbing headline

not detected

Known propaganda techniques

not detected

Time-value

short-lived

External references

9

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