Buckle up, crypto enthusiasts! The digital currency realm has been buzzing with some truly eyebrow-raising happenings that you won't want to miss.
Even though the crypto market's doing its usual dance with a bit of volatility, it's anything but dull. In the past couple of days, we've seen some thrilling twists and turns that could shake things up in the near future.
First on our global tour is North Korea, where the infamous Lazarus Group is making waves. They've managed to stash away a whopping 13,518 BTC, valued at over $1.1 billion. If you're keeping score, that makes North Korea the fifth-largest nation-state holder of Bitcoin, hot on the heels of crypto giants like the US, China, the UK, and Ukraine.
And how did they pull this off? Well, last month, they executed the biggest crypto heist ever, nabbing around $1.5 billion in ETH from Bybit. Most of this loot has been cleverly converted into Bitcoin. But wait, there's more! Along with their Bitcoin treasure, they've got 13,702 ETH valued at about $26 million, plus a potpourri of other digital goodies.
Meanwhile, down south, South Korea's central bank is raising an eyebrow at the idea of adding BTC to its foreign currency reserves. The reason? Bitcoin's notorious mood swings. The bank warns that during market turbulence, converting BTC to cash could get pricey, posing a risk to their reserves. Plus, they point out that Bitcoin doesn't tick all the boxes for the IMF's foreign currency reserve standards, which demand liquidity, market stability, and a solid credit rating.
While Bitcoin's been having a bit of a rough patch, Toncoin (TON) is dancing to a different tune. Its value soared by double digits recently after the TON Foundation announced that French authorities handed back Pavel Durov’s passport, giving him the all-clear to leave the country. Durov, the brain behind Telegram, had been detained last summer over some alleged mischief on his app, which sent TON's price plummeting.
But wait, there’s more drama! The crypto community was all abuzz this weekend when a daring investor decided to open a massive short BTC position on Hyperliquid with a jaw-dropping 40x leverage worth about $350 million. This meant a mere 2.5% price increase could wipe them out. As whispers spread, some folks started betting on the price going up, including none other than Tron’s founder, Justin Sun.
As the long positions piled up, Bitcoin's price soared above $85,000. But our intrepid trader was unfazed, adding more margin and raising their stakes. In a twist of fate, the community's attempt to topple the short position fizzled out, only making it stronger, now estimated to be a colossal $450 million.
So there you have it, folks! The crypto world never sleeps, and neither should your curiosity. Stay tuned for more twists and turns in this electrifying saga!
