alexander66

@alexander66

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Out of the 296 phishing incidents in 2024, at least three resulted in losses exceeding $100 million, highlighting the scale of damage possible.

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3AC certainly borrowed money as if the supercycle thesis was real and when it was eventually liquidated, the crypto market cap fell by almost 50% on the news and the collapse led to bankruptcies and financial difficulties for lenders including Voyager Digital, Genesis Trading and BlockFi.

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Today in crypto, former United States Commodity Futures Trading Commission commissioner Brian Quintenz is reportedly US President-elect Donald Trump’s pick for CFTC chair, Vancouver’s city council has passed a motion that would see it exploring Bitcoin as a solution to bolster the city’s financial stability, and MicroStrategy stock is expected to crack the Nasdaq 100 later this month.

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Centralized exchange hacks have been rife in 2024. The Indian WazirX exchange was hacked in July for $235 million, while the Singaporean BingX exchange was hacked for $52 million in September, and an exploit of the Turkish BtcTurk hot wallet resulted in losses of up to $55 million in June.

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DMM Crypto was working with the stablecoin platform Progmat to issue its own stablecoin to enhance the ecosystem. However, according to a translation of a statement at the time, the firm cited “recent rapid changes in the business environment” that have created challenges for the project’s sustainability.

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In November, DMM Crypto announced that it was discontinuing its Seamoon Protocol. The Seamoon Portal was a Web3 gaming and content site that featured games and anime produced by the exchange’s parent firm, DMM.com.

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DMM exchange was launched in January 2018 and is owned by the Japanese e-commerce conglomerate DMM Group.

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“It is suspected that Lazarus Group is behind the hack due to similarities in laundering techniques and offchain indicators,” he said at the time.

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In July, blockchain sleuth ZachXBT reported that about $35 million of the stolen crypto had been laundered to the online marketplace and crypto scam hotbed Huione Guarantee.

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DMM’s loss was the second-largest in the region, following the $530 million Coincheck hack in 2018.

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DMM exchange also told customers that it would “procure the equivalent amount of BTC” to make sure that all users were compensated, acquiring funds “with support from our group companies.”

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At the time, the firm said that all user deposits “will be fully guaranteed,” as it halted withdrawals, new account openings and trading.

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“Under this agreement, customer deposit assets (in Japanese yen and crypto assets) in accounts opened on DMM Bitcoin will be transferred to us as soon as March 2025,” it read. SBI VC Trade will also handle the transfer of crypto stocks held on DMM Bitcoin, it added.

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“I’ve liked crypto for a very long time,” Cramer said on his show. “Mostly because I know there’s a huge constituency of investors who want to buy something that can protect them from our government’s busted budget.”

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Some users quickly suggested he should only make negative points about crypto, in line with the internet’s “inverse Cramer” effect concept.

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In the last 24 hours, Bitcoin BTC$94,846 has dropped 2%, down to around $92,700, still cooling after a rally that sent it to a peak of $99,571 on Nov. 23.

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“I think Bitcoin, Ethereum and maybe even some other cryptocurrencies deserve a spot in your portfolio,” he said. “Maybe one day, if the deficit gets under control, I’ll change my tune.”

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In a Nov. 26 edition of CNBC’s Mad Money, Cramer endorsed owning crypto as a hedge against a ballooning deficit as US debt climbs over $36 trillion.

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The first support on the downside is at the uptrend line and then at the 20-day exponetial moving average ($88,386). If the price rebounds off the 20-day EMA, the bulls will again try to resume the uptrend. A short-term top will be signaled when the pair plunges below $85,000.

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The pair dipped below the 20-EMA on the 4-hour chart, indicating that the bears are attempting a comeback. The next support on the downside is the uptrend line. If the price rebounds off the uptrend line, the bulls will agan attempt to propel the pair above $100,000. If they do that, the pair may surge to $113,331

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