Riding The Wave News Summary 85
America’s Oldest Bank, BNY Mellon, Will Hold That Crypto Now, Crypto Hacks Fuel Memes of North Korea: Blockchain’s Biggest Baddie, & more
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America’s Oldest Bank, BNY Mellon, Will Hold That Crypto Now
Crypto Hacks Fuel Memes of North Korea: Blockchain’s Biggest Baddie
Tweets
America’s Oldest Bank, BNY Mellon, Will Hold That Crypto Now
The nation’s oldest bank said it would begin receiving clients’ cryptocurrencies on Tuesday, becoming the first large U.S. bank to safeguard digital assets alongside traditional investments on the same platform.
BNY Mellon won the approval of New York’s financial regulator earlier this fall to begin receiving select customers’ bitcoin and ether starting this week. The bank will store the keys required to access and transfer those assets, and provide the same bookkeeping services on those digital currencies that it offers to fund managers for their portfolios of stocks, bonds, commodities and other assets.
Money managers have long relied on BNY Mellon and other custody banks for an array of vital, if humdrum, back-office functions such as tracking changes to the value of their assets. Founded by Alexander Hamilton more than two centuries ago, BNY Mellon is the world’s biggest custody bank.
Many investment managers remain eager to invest, according to a recent survey commissioned by BNY Mellon. Some 41% of 271 institutional investors polled by Celent in August and September said they were currently holding cryptocurrencies in their portfolios, BNY Mellon said. Another 15% they likely would in the next two to five years.
BNY Mellon setting up the service is a good sign of long-term adoption; they wouldn’t be providing these crypto custody options if companies weren’t asking for them.
Crypto Hacks Fuel Memes of North Korea: Blockchain’s Biggest Baddie
Seemingly every week in crypto yields another multimillion-dollar hack or exploit – and with it, reams of memes about North Korea, the supposed culprit.
The Hermit Kingdom’s alleged proficiency in pilfering billions of dollars from crypto protocols has spawned a new category of Kim Jong-Un-focused comedy on Crypto Twitter
These memes cast North Korean hackers as master strategists dutifully draining decentralized finance (DeFi) in their race to nuke the world.
Jokes or no, they’re not entirely wrong. The Democratic People’s Republic of Korea (DPRK) has raided crypto exchanges, cross-chain token bridges and companies of over $1 billion in crypto this year alone, according to research firm Chainalysis.
The memesters aren’t waiting around for an official declaration of blame, Ping said. Now, every new hack and heist fosters new potential for fresh DPRK content. And there are a lot of hacks and heists from which to choose. One tongue-in-cheek bingo board suggests crypto suffers at least one colossal screwup a month.
“Nobody knows for sure but safe to assume [DPRK is behind it] until proven otherwise,” Ping said.
Coin Center Sues Treasury Over Tornado Cash Ban
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