Из жизни альткоинов

Con il prezzo di Bitcoin sceso sotto i 110.000 dollari e il crollo che continua ad approfondirsi, sono emerse alcune rivelazioni sul motivo per cui questo sta accadendo proprio ora. In un primo momento, le dita erano puntate contro i venti macroeconomici ribassisti, che hanno messo il mercato delle criptovalute nel mirino. Tuttavia, i dati on-chain mostrano che la spiegazione potrebbe essere molto più semplice: il calo sarebbe dovuto al classico “dumping”. Più precisamente, i mega-whale di Bitcoin di vecchia data stanno iniziando a vendere le loro ingenti riserve.

Gli “OG Whales” di Bitcoin vendono oltre 1,7 miliardi di dollari in BTC

Un post della piattaforma di analisi on-chain Lookonchain ha confermato che il recente calo del prezzo di Bitcoin è stato effettivamente innescato da massicce vendite. Il post evidenzia il movimento di enormi quantità di Bitcoin — dell’ordine di migliaia di unità — verso gli exchange, mentre questi grandi investitori iniziano a incassare i profitti.

Il primo di questi casi riguarda un early whale di Bitcoin, noto solo con lo pseudonimo 1011short, che ha trasferito la sua ingente riserva di BTC su diversi exchange. In totale, la whale ha depositato 13.000 BTC, per un valore complessivo di 1,48 miliardi di dollari al momento del trasferimento. I depositi sono stati effettuati su piattaforme come Binance, Kraken, Coinbase e Hyperliquid, a partire dal 1° ottobre.

Un altro portafoglio molto conosciuto, collegato al primo investitore in Bitcoin Owen Gunden, ha iniziato a muoversi di recente. Il wallet di Gunden ha trasferito 3.265 BTC, per un valore di 364,5 milioni di dollari al momento, anch’essi verso l’exchange Kraken. I movimenti sono iniziati il 21 ottobre e sono proseguiti fino a novembre.

Dopo questi massicci depositi di BTC sugli exchange, il prezzo di Bitcoin ha iniziato a scendere, suggerendo che le vendite siano effettivamente cominciate. Tuttavia, non è possibile prevedere per quanto tempo continueranno, poiché Gunden detiene ancora oltre 700 milioni di dollari in Bitcoin.

Il crollo indica pressione di vendita

Il calo del prezzo di Bitcoin suggerisce che gran parte del volume giornaliero medio — circa 65 miliardi di dollari, secondo i dati di Coinglass — provenga effettivamente dai venditori. Se questa tendenza dovesse continuare e i grandi whale dovessero continuare a scaricare BTC, il prezzo potrebbe precipitare fino alla soglia dei 100.000 dollari.

Tuttavia, con un sentiment già così negativo e con le voci che parlano sempre più di un “top” di Bitcoin, è possibile che la criptovaluta si stia avvicinando a un punto di svolta. Un’improvvisa inversione di tendenza da questi livelli potrebbe innescare una chiusura forzata delle posizioni short, provocando una cascata di liquidazioni e un possibile rimbalzo esplosivo del prezzo.

Senator Cynthia Lummis used an early-morning X post on Nov. 5 (Europe) to endorse a US Strategic Bitcoin Reserve and to praise the administration’s stance. “I truly believe the Strategic Bitcoin Reserve is the only solution to offset our national debt,” she wrote, adding that she “applaud[s] @POTUS and his administration for embracing the SBR, and I look forward to getting it done.”

Where Does The Strategic Bitcoin Reserve Stand?

In a Nov. 4 segment on “Bloomberg Crypto,” Lummis addressed how the reserve would be built and, specifically, whether it would come from selling US gold. “I have not,” she said when asked if there was traction on converting gold into bitcoin. “I think the administration is looking at ideas other than using our gold certificates, marking them to market, and converting them to bitcoin. There are other ways to have a strategic bitcoin reserve other than converting our gold certificates. Secretary Scott Bessent is looking at those matters as well as the folks at the White House.”

She framed bitcoin as a long-term asset: “I’m glad they are embracing the notion of a bitcoin strategic reserve. It is an asset that will grow over time and help offset the burgeoning growth in our national debt.”

Lummis also gave a status update on the crypto market-structure bill, describing day-to-day, bipartisan staff work aimed at clearing issues before a Senate Banking Committee vote. “Right now, we are working at the staff levels every single day […] These are bipartisan discussions […] We are making tremendous progress at that level […] making sure that [the bill] incorporates both-party changes and has been vetted by industry so they will understand what they are being asked to do from a regulatory point of view.”

On Senate Democrats, she said, “We have been working with them since July […] Lately, intensely to make sure they are comfortable with the draft […] These conversations at this point are very successful. They are slower than we hoped,” adding that the goal is to avoid after-the-fact renegotiations.

Asked whether “President Trump’s pardon of the Binance CEO” affected momentum, Lummis separated that episode from policy work. “Not to my knowledge. Market structure is very different from that issue […] We are trying to stay focused on market structure moving forward rather than looking in the rearview mirror.”

Previously, Lummis has outlined the legislative order as stablecoins first (GENIUS Act), then market structure (the CLARITY package), followed by the Bitcoin Reserve bill. Her latest comments keep that sequence intact while signaling White House engagement on the reserve concept and ongoing bipartisan negotiations on the market-structure text.

At press time, Bitcoin traded at $102,080.

핵심내용:

• 비트코인이 어제 10만 달러선을 하회했으며, 중국에 대한 미국의 관세 위협과 미국 정부 셧다운 등의 요인으로 인한 지속적인 불확실성이 영향을 미쳤다.
• 거래자들이 고위험 자산에서 벗어나 스테이블코인으로 자금을 이동하고 있다. 암호화폐 사전판매 역시 낮은 조기 진입 가격과 급등 가능성으로 인해 매력적인 투자처로 부상하고 있다.
• 비트코인 하이퍼가 현재 시장 침체 상황에서 승자 중 하나로 부상했으며, 진행 중인 토큰 사전 판매를 통해 현재까지 2,580만 달러 이상을 모금했다.

비트코인($BTC)이 어제 10만 달러 아래로 떨어졌으며, 불확실성이 암호화폐 시장 전반에 공황을 지속적으로 야기하고 있다. 세계 최대 암호화폐가 이 수준까지 하락한 것은 올해 5월 이후 처음이다.

기회주의자들에게는 이번 폭락이 저점 매수의 좋은 기회가 되고 있다. 일부 최고의 암호화폐 사전판매도 계속해서 상승세를 보이고 있다. 이 중에는 비트코인 하이퍼($HYPER)가 있으며, 현재까지 암호화폐 펀드레이징에서 2,580만 달러 이상을 모금한 상태다.

지난 24시간 동안 17억 4천만 달러 청산되며 트레이더들이 스테이블코인으로 이동

시장에 불확실성이 여전히 드리워진 가운데, 코인글래스 데이터에 따르면 지난 24시간 동안 17억 4천만 달러 상당의 포지션이 청산되었으며, 이 중 롱 포지션이 13억 3천만 달러를 차지했다.

같은 기간 비트코인 포지션은 5억 481만 달러의 손실을 기록했으며, 이는 5억 7,708만 달러 상당의 포지션이 청산된 이더리움($ETH)에 이어 두 번째 규모다.

미국의 대중 관세 위협과 미국 정부 셧다운으로 인한 불확실성 등 다양한 요인들이 비트코인 가치를 끌어내리고 있다.

코인마켓캡의 공포탐욕지수에 따르면 암호화폐 시장이 깊은 ‘공포’ 영역에 있다. 글라이더 CEO 브라이언 황이 디크립트와의 인터뷰에서 언급한 바와 같이, 트레이더들이 고위험 자산에서 벗어나 스테이블코인으로 이동하고 있다.

스테이블코인 외에도 거래자들은 토큰 프리세일에 주목하고 있다. 시장 폭락 상황에서 낮은 진입점과 꾸준한 가격 상승을 제공하기 때문이다. 이러한 프리세일 중에서 비트코인 하이퍼($HYPER)가 승자 중 하나로 부상했으며, 투자자들로부터 수백만 달러를 지속적으로 모집하고 있다.

비트코인 하이퍼: 2025년 가장 뜨거운 사전 판매 중 하나, 멈출 기미를 보이지 않는다

관점에 따라 현재 상황은 시장이 성숙해지기 시작하면서 겪는 성장통의 일부로 볼 수 있다. 과거 밈코인이 인기를 끌었던 반면, 이제 거래자들은 실제 유용성을 갖춘 토큰을 선호하는 경향을 보인다.

현재 진행 중인 비트코인 하이퍼($HYPER) 사전 판매가 이에 대한 전형적인 사례다.

최소한 $HYPER는 프로젝트 팀이 개발 중인 레이어-2(L2) 네트워크의 거래 수수료 지불에 활용된다. 이 외에도 해당 토큰은 거버넌스 권한과 함께 L2의 독점 기능에 대한 접근권을 제공한다.

L2는 특히 솔라나 가상머신을 통합할 예정이어서 투자자들로부터 큰 관심을 받고 있다. 이를 통해 현재 초당 최대 7건의 거래만 처리할 수 있는 비트코인 생태계에서 거래 속도가 빨라지고 비용이 저렴해질 전망이다.

또한 L2는 캐노니컬 브리지를 탑재하여 기본 네트워크에서 L2로 $BTC를 전송하고 스테이킹 및 디앱 상호작용 등 현재 비트코인으로는 불가능한 다양한 애플리케이션에 활용할 수 있게 한다.

이 흥미로운 프로젝트의 모든 세부사항을 다루는 포괄적인 비트코인 하이퍼 리뷰를 참고할 수 있다.

현재 공식 비트코인 하이퍼 사전 판매 페이지에서 $HYPER 토큰을 개당 0.013225달러에 구매할 수 있다. 사전 판매 종료 후 토큰을 수령하거나 즉시 스테이킹하여 연 45%의 패시브 보상을 받을 수 있는 것으로 나타났다.

또는 토큰을 보유하며 가치 상승을 기다리는 방법도 있다. 비트코인 하이퍼 가격 예측에 따르면 $HYPER는 2026년 0.20달러에 도달할 가능성을 보여 장기 투자가 매력적인 선택지가 되고 있다.

$HYPER 토큰 구매를 위한 단계별 안내가 필요한 경우, 비트코인 하이퍼 구매 가이드에서 관련 정보를 확인할 수 있다.

현재까지 사전 판매를 통해 2,580만 달러 이상을 모금했으며 계속 증가하고 있다. 이는 올해 가장 주목받는 자금 조달 사례 중 하나로 평가받고 있으며, 그럴 만한 이유가 있다. 실질적인 토큰 유틸리티와 비트코인 생태계에 꼭 필요한 업그레이드를 제공하겠다는 유망한 목표의 결합은 막대한 상승 잠재력을 가진 최고의 신규 암호화폐가 갖춰야 할 조건들을 충족하고 있다.

다음 가격 인상까지 이틀도 채 남지 않아 서둘러야 할 상황이다. 현재 가격으로 $HYPER 토큰을 구매할 수 있는 마지막 기회가 될 가능성이 높다.

비트코인 하이퍼 사전 판매에 참여하기

With the Bitcoin price falling below $110,000 and the crash continuing to deepen, some revelations have surfaced about why this is happening at this time. Fingers had initially pointed to the bearish macro headwinds as the crypto market got caught in the crosshairs. However, on-chain data shows that it may be much simpler than that, and the decline is just due to good old dumping. More specifically, mega-Bitcoin whales of old are beginning to sell off their considerable stacks.

OG Bitcoin Whales Sell Over $1.7 Billion Worth Of BTC

A post from the on-chain data aggregation platform, Lookonchain, confirmed that the Bitcoin price decline had indeed been triggered by major sell-offs. The post highlights the movement of massive amounts of bitcoin, ranging in the thousands, into crypto exchanges as these large whales begin to take profit.

The first of these belongs to an early Bitcoin whale, known only as 1011short, who moved their considerable stack of Bitcoin into various crypto exchanges. In total, the whale deposited 13,000 BTC into different crypto exchanges, which was worth a whopping $1.48 billion at the time of the deposit. The deposits went into exchanges such as Binance, Kraken, Coinbase, and Hyperliquid, starting as far back as October 1.

Another popular wallet, tied to early Bitcoin adopter Owen Gunden, also began moving in recent times. Gunden’s wallet saw the movement of 3,265 BTC, worth $364.5 million at the time, also into the Kraken crypto exchange. The movements began on October 21 and have continued into November.

Following the deposits of these massive tranches of BTC into the crypto exchange, the Bitcoin price began to decline, suggesting that the sell-offs had begun. However, there is no telling how long these sell-offs will continue as Gunden still holds over $700 million worth of BTC.

Crash Points To Sell Pressure

The Bitcoin price being in a decline suggests that much of the average $65 billion daily volume recorded by the Coinglass website is actually coming in from sellers. If this continues and large whales continue to offload, it could send the price crashing toward $100,000.

However, with sentiment already so bad and the calls for a Bitcoin price top growing louder, it could mean that the cryptocurrency is headed toward a turning point, one that could change the face of things. A sharp Bitcoin reversal from here could see a shorts wipeout that could trigger a liquidation cascade.

European crypto exchange WhiteBIT has revealed its expansion across Latin America following key registrations with Argentine regulators and its forthcoming launch in Brazil.

WhiteBIT Expands To Argentina And Brazil

Crypto exchange WhiteBIT announced its upcoming dual-entry into the Argentine and Brazilian markets, following regulatory advancements in the two largest countries in South America.

According to the announcement, the company will bring its business-to-business (B2B) and business-to-consumer (B2C) services to Argentina and Brazil as part of its strategy to increase its presence across the region.

The Latin American move follows the exchange’s regulatory achievements in multiple jurisdictions, including Australia, Croatia, and Italy, as well as its November 3 launch as a licensed operator in Kazakhstan.

The European crypto exchange is expected to integrate local fiat providers and add support for local currencies to “further enhance accessibility and convenience for domestic users in both countries.”

Notably, WhiteBIT has secured a Virtual Asset Service Provider (VASP) registration in Argentina, seeking to provide seamless, secure access to exchange services for individual users and make digital assets simple and accessible to everyone.

Meanwhile, the exchange has already established a local branch in Brazil and is preparing to officially launch under the country’s upcoming VASP regulatory framework, set to take effect by year’s end.

The announcement noted that the dual-market expansion signals the start of a broader regional strategy to “foster wider adoption of regulated digital asset services across South America.”

Volodymyr Nosov, Founder and President of W Group, the global fintech ecosystem that includes WhiteBIT, affirmed that Latin America is “one of the most dynamic regions in the world when it comes to crypto adoption.”

“Securing our license in Argentina and preparing our launch in Brazil are key milestones in our mission to drive the global adoption of cryptocurrencies by offering reliable, transparent, and innovative digital assets solutions for users,” he continued.

Latin America’s Crypto Adoption

WhiteBIT highlighted the increase in regional crypto transaction volume in Latin America over the past year. As reported by Bitcoinist, Chainalysis’s 2025 Global Crypto Adoption Index report, Brazil and Argentina were among the leading countries in digital asset adoption this year.

According to the September report, Brazil ranked fifth, only behind India, the US, Pakistan, and Vietnam, leading in transaction volume and enterprise-level blockchain adoption. Meanwhile, Argentina ranked 14th, as it continues to rely on stablecoins as a hedge against inflation.

Moreover, Latin America has seen a 63% increase in cryptocurrency transaction volume in the past year, fueled by both individual and institutional participation. An October Chainalysis report also detailed that the region recorded nearly $1.5 trillion in crypto transactions between July 2022 and June 2025, reaching a record $87.7 billion in December 2024.

Although the volume has cooled in the first half of 2025, Latin America remains at a significantly higher baseline than in previous years, suggesting stable momentum behind crypto adoption.

Brazil dominated the region with $318.8 billion in digital asset value received during this period. This accounted for nearly one-third of Latin America’s total crypto activity. Argentina placed second regionally with $93.9 billion in transaction volume, while Mexico, Venezuela, and Colombia completed the top five.

The report also noted that centralized exchanges (CEXs) remain the dominant entry point for crypto across Latin America, with 64% of activity taking place on CEXs, which “reflects both accessibility and trust” for many users in the region, it concluded.

Stream Finance paused all deposits and withdrawals on its platform after reports disclosed that an external fund manager tied to the protocol suffered a loss of about $93 million.

According to Stream’s disclosure, the move came as the team sought time to investigate the damage and to stabilize core functions.

Operations Suspended After Major Loss

Reports have disclosed that user deposits on the protocol were roughly $160 million, while total assets that had been put to work in various strategies exceeded $520 million.

The protocol’s stable token, xUSD, lost its close tie to $1 and traded near $0.51 at one point, a sharp loss of confidence that pushed some users to pull funds off the platform.

On-chain trackers show total value locked fell from about $204 million at the end of October to near $98 million after the news spread.

Yesterday, an external fund manager overseeing Stream funds disclosed the loss of approximately $93 million in Stream fund assets.

In response, Stream is in the process of engaging Keith Miller and Joseph Cutler of the law firm Perkins Coie LLP, to lead a comprehensive…

— Stream Finance (@StreamDefi) November 4, 2025

Stream Finance: Investigation And Legal Steps

According to public notices, Stream retained Perkins Coie LLP to lead an independent review and legal work. Attorneys named include Keith Miller and Joseph Cutler, who will be involved in examining what happened and advising on next steps.

The firm’s involvement suggests that legal and forensic work will run alongside technical analysis. The exact cause of the loss has not been confirmed.

Reports list a range of possibilities — from failed trading positions managed off-chain to a bad investment decision by a third party — but no definitive root cause has been released.

Exposure And What It Could Mean For Other Platforms

Some observers warn that troubles at Stream could ripple outward because xUSD and assets tied to the protocol are used as collateral elsewhere in the DeFi ecosystem.

Liquidations or forced sales are a risk when a stable token loses its peg, and other platforms that accepted xUSD might now face sudden shortfalls.

Based on current on-chain signals, liquidations and re-pricing events are already visible in related markets.

It is too early to measure the full scope, however, and authorities or counterparties have not announced formal actions.

What To Watch Next

The investigation’s findings and any forthcoming audit from Stream or its legal team are expected to shed light on how the loss occurred.

Market observers are also keeping an eye on xUSD’s price, shifts in total value locked, and any response from protocols that use Stream’s assets as collateral.

Updates from Stream’s official channels and documents from Perkins Coie will likely provide the clearest picture of the next phase in the case.

For now, the freeze on deposits and withdrawals remains in effect as the inquiry continues.

Featured image from Unsplash, chart from TradingView

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Elon Musk Sends Dogecoin to the Moon and Potentially Turns Maxi Doge into the Next 1000x Crypto

November 5, 2025 • 13:00 UTC

While Elon Musk’s recent tweet sent Doge-1 surging 300% before retreating, savvy traders are eyeing Maxi Doge ($MAXI) as the real opportunity.

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Could Bitcoin Hyper Be the Next 1000x Crypto After $BTC’s 100K Crash

November 5, 2025 • 12:00 UTC

Bitcoin’s dramatic fall below $100K for the first time since May has triggered $1.3B in liquidations, pushing investors to search for the next 1000x crypto opportunity.

With $BTC down over 20% from its October all-time high and ongoing liquidity concerns plaguing major cryptocurrencies, market analysts suggest this could create entry points for emerging projects.

Bitcoin Hyper ($HYPER) is gaining attention as traders rotate capital during this downturn. The project solves Bitcoin’s scalability issues using Solana SVM technology, positioning it for massive adoption as the $BTC ecosystem expands.

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Bitcoin Slips Below $100K, Driving Traders to Bitcoin Hyper’s $26M Presale

November 5, 2025 • 11:00 UTC

After briefly sliding to $98K on Tuesday, Bitcoin is fighting to hold its ground above $100K.

Macroeconomic headwinds and a stronger US dollar have dampened confidence in Bitcoin’s short-term trajectory, driving investors to US-based bonds and presale tokens like Bitcoin Hyper.

Bitcoin Hyper is building a Layer-2 solution that could potentially step up Bitcoin for the increasingly competitive Web3 market, by bringing more speed and programmability to the network.

As bears dominate the market, investors are seeking a haven in Bitcoin Hyper’s viral token presale that just broke $26M.

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Lummis Pushes ‘Biggest’ Crypto Law Ever Setting the Stage for the Next 1000x Crypto $PEPENODE

November 5, 2025 • 10:00 UTC

Senator Cynthia Lummis is calling her Clarity Act the biggest crypto law in U.S. history. She’s on a mission to ditch the regulatory chaos and give crypto a clear, official rulebook.

Lummis is in a total sprint, trying to rope in bipartisan support to get this bill through the Banking Committee before the year ends. Why?

The bill essentially tells the SEC and CFTC exactly who regulates what, offering market structure and stability to major firms. It also helps out local community banks by legally allowing them to jump into the digital asset game with custody services, which lets them compete with the big crypto players.

The hope is that the new clarity will open the floodgates for investment. In fact, many in the community are already looking ahead. While Washington focuses on regulation, the market is buzzing about projects like PEPENODE ($PEPENODE). It’s blending meme culture with a cool mine-to-earn gaming ecosystem.

PEPENODE ($PEPENODE) is exactly the early-stage, utility-focused innovation that could thrive if Lummis’s clarity finally arrives, potentially becoming one of the next 1000x crypto success stories.

See why our experts think $PEPENODE could reach $0.0023 by the end of 2025.

$10B Profit in 2025 Pushes Tether to Top, Sets Up $BEST As Next 1000x Crypto

November 5, 2025 • 10:00 UTC

Tether’s Q3 attestation report is some impressive stuff. Among the highlights:

• $10B net profit in 2025 YTD
• $17B in new $USDT issued
• Tether holds $135B in US Treasuries, surpassing South Korea’s $132B to rank 17th among foreign countries.

It’s all part of an increasingly dominant picture for Tether and $USDT, which currently boasts a $183B market cap.

Stablecoins enjoy growing adoption as cross-border remittance systems and tools for banks to settle payments at any time, anywhere. And as stablecoin use grows, expect ordinary investors to follow suit.

But to use stablecoins smoothly, you need a crypto wallet. Best Wallet offers a fully non-custodial crypto wallet with MPC and biometric security. Use up to five individual wallets within the app, and access the best crypto presales before they launch.

The Best Wallet Token ($BEST) powers the Best Wallet ecosystem – and with Tether’s $USDT pushing crypto adoption, $BEST could be the next 1000x crypto.

Learn what $BEST is and how it works with our review.

Authored by Ben Wallis, Bitcoinist — https://bitcoinist.com/next-1000x-crypto-live-news-today-november-5-2025

Data shows the Bitcoin Fear & Greed Index has dropped into the extreme fear territory following the latest crash in the cryptocurrency market.

Bitcoin Fear & Greed Index Now Pointing At ‘Extreme Fear’

The “Fear & Greed Index” refers to an indicator created by Alternative that tells us about the sentiment that’s present among the average trader in the Bitcoin and wider cryptocurrency markets.

The index uses the data of the following five factors to determine the investor mentality: trading volume, market cap dominance, social media sentiment, volatility, and Google Trends.

To represent the sentiment, it utilizes a numeric scale running from zero to hundred. All values above 53 signal a net sentiment of greed, while those under 47 imply fear in the market. The indicator being between the two cutoffs naturally indicates a neutral mentality.

Besides these three main sentiment zones, there are also two special regions called the extreme fear and extreme greed. The former occurs below 25 and latter above 75.

Historically, the extreme sentiments have held much importance for Bitcoin and other cryptocurrencies, as they are where major tops and bottoms have tended to form. The relationship between sentiment and price has been an inverse one, however, meaning extreme fear facilitates bottoms, while extreme greed results in tops.

Followers of a trading technique called “contrarian investing” exploit this fact to time their moves. Warren Buffet’s famous quote sums up the idea, “Be fearful when others are greedy, and greedy when others are fearful.”

After the latest crash in Bitcoin and altcoins, sentiment among investors has worsened into the extreme fear zone, as the Fear & Greed Index shows.

As is visible above, the Fear & Greed Index is down to 21 on Tuesday, a sharp change compared to Monday’s value of 42, nearly in the neutral zone. The current extreme fear sentiment is the strongest since April. Interestingly, that low in April coincided with a bottom in the Bitcoin price.

The reverse side of the pattern played out in early October, when Bitcoin formed its top above $126,000 alongside a Fear & Greed Index value of 74, right at the boundary of extreme greed.

With the trader sentiment now back inside the extreme fear zone, it only remains to be seen whether a bottom will follow for the market. In the past, the index has often stayed inside the region for an extended period before a turnaround, so it could be a while for BTC this time as well.

BTC Price

At the time of writing, Bitcoin is trading around $100,400, down more than 11% over the last week.

The United States has intensified its efforts to disrupt North Korea’s clandestine financial networks by imposing new sanctions on individuals and institutions accused of facilitating the laundering of crypto linked to cyberattacks. 

Crypto To Support Nuclear Initiatives?

On Tuesday, the US Treasury Department’s Office of Foreign Assets Control (OFAC) announced the designation of eight individuals and two entities involved in processing funds derived from cybercrime and fraudulent activities related to IT workers.

According to OFAC, these North Korean banks played a crucial role in managing funds, including approximately $5.3 million (around 7.63 billion Korean won) in crypto, through the “First Credit Bank.” 

Some of these funds have been reportedly utilized in activities targeting US citizens and may be connected to North Korean ransomware actors who have profited from the labor of North Korean IT workers.

In addition to the individuals, the sanctions also extend to the Chosun Mangyongdae Computer Technology Company (KMCTC), an IT firm based in North Korea that dispatches teams of IT workers to cities like Shenyang and Dandong in China. 

The US Treasury has highlighted the scale of North Korean cyber operations, stating that these actors engage in espionage, “destructive cyberattacks,” and financial theft unmatched by any other nation. 

John Hauli, the Treasury’s Under Secretary for Terrorism and Financial Intelligence, remarked that hackers supported by the North Korean regime steal and launder funds to finance their nuclear weapons initiatives. He emphasized that these actions pose a direct threat to both US and global security.

North Korean IT Operations 

Blockchain intelligence company TRM Labs has reported that addresses associated with Cheil Bank exhibit consistent inbound flows resembling salary payments. With OFAC updating the designation of the Korea Computer Center these financial flows likely represent income from IT workers employed under false pretenses. 

Between June 2023 and May 2025, wallets controlled by Cheil received over $12.7 million, indicating prolonged activity over two years.

Many of these addresses have also been mentioned in reports from the Multilateral Sanctions Monitoring Team (MSMT), a US-led coalition that has replaced the United Nation (UN) Panel of Experts on North Korea following its dissolution due to a Russian veto. 

The MSMT has traced how Cheil Bank and other DPRK-affiliated entities facilitate payroll, payments, and laundering mechanisms across North Korea’s broader sanctions-evasion network.

Over the past three years, it is estimated that North Korea has siphoned off more than $3 billion (approximately 4.32 trillion Korean won), primarily through crypto, often employing sophisticated tools such as advanced malware.

In 2025 alone, hackers allegedly took $2.7 billion, significantly driven by the record-setting $1.5 billion hack of crypto exchange Bybit in February. 

The funds acquired through these operations are laundered through various intermediaries—including OTC brokers and FX dealers—before being converted to fiat and funneled back into DPRK-controlled accounts.

The newly designated individuals and entities are seen as critical nodes in Pyongyang’s financial network, responsible for moving millions of dollars annually in breach of UN Security Council resolutions to bolster its nuclear and missile programs.

Featured image from DALL-E, chart from TradingView.com