{"id":52470,"date":"2025-03-17T18:17:16","date_gmt":"2025-03-17T18:17:16","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=52470"},"modified":"2025-03-17T18:17:16","modified_gmt":"2025-03-17T18:17:16","slug":"latest-developments-in-crypto-heres-what-happened","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=52470","title":{"rendered":"Latest Developments in Crypto: Here\u2019s What Happened"},"content":{"rendered":"

The digital asset market has recorded slight volatility in the last 24 hours, but the industry is far from <\/span>being<\/span> boring. <\/span><\/p>\n

Over the past 24-48 hours, it witnessed <\/span>some<\/span> significant developments and interesting events that might set the stage for future price swings.\u00a0<\/span><\/p>\n

Lazarus Becomes a $1 Billion BTC <\/span>Whale<\/span><\/h2>\n

For starters, we will shift attention to North <\/span>Korea,<\/span> where the notorious hacking collective known as The Lazarus Group has <\/span>increased<\/span><\/a> its holdings to 13,518 BTC (worth over $1.1 billion per Arkham Intelligence\u2019s data).\u00a0<\/span><\/p>\n

According<\/span><\/a> to BitBO, this would make North Korea the fifth-largest nation-state to hold the cryptocurrency, trailing behind the US, China, the UK, and Ukraine.\u00a0<\/span><\/p>\n

The Lazarus Group <\/span>orchestrated<\/span><\/a> the <\/span>largest<\/span> cryptocurrency heist <\/span>to date<\/span> by stealing around $1.5 billion in Ethereum (ETH) from Bybit last month. Arkham Intelligence <\/span>showed<\/span><\/a> that the entity had converted much of the embezzled stash into BTC.\u00a0<\/span><\/p>\n

In addition to its bitcoin holdings, the hackers <\/span>also<\/span> possess 13,702 ETH worth approximately $26 million, BNB worth $3 million, $2.2 million in DAI, and other stablecoins and wrapped crypto assets.<\/span><\/p>\n

South Korea\u2019s Central Bank Says \u2018No\u2019 to BTC<\/span><\/h2>\n

North Korea\u2019s southern neighbor also made the headlines. The Central Bank of South Korea has <\/span>expressed<\/span><\/a> caution regarding <\/span>the inclusion of<\/span> BTC in its foreign currency reserve.<\/span><\/p>\n

The primary reason for this stance is the asset\u2019s high volatility. The institution noted that in times of cryptocurrency market instability, the costs of converting BTC into cash could rise significantly, posing a substantial risk to the reserve.<\/span><\/p>\n

Additionally, the bank highlighted that bitcoin does not meet the International Monetary Fund\u2019s (IMF) standards for managing foreign currency reserves, which require assets to be liquid, stable in the market, and have an investment-grade credit rating.<\/span><\/p>\n

<\/a><\/p>\n

TON Soars After the Latest News Surrounding Pavel Durov<\/span><\/h2>\n

While BTC and many other well-known cryptocurrencies have <\/span>been struggling<\/span> to chart any gains lately, this was not the case with Toncoin (TON). <\/span><\/p>\n

The asset\u2019s price jumped by double digits over the weekend following the TON Foundation\u2019s <\/span>announcement<\/span><\/a> that the French authorities have returned Pavel Durov\u2019s passport, allowing him to leave the country \u201cat his discretion.\u201d<\/span><\/p>\n

Recall that Telegram\u2019s founder was <\/span>detained<\/span><\/a> last summer over allegations that he had committed some offenses through the application he runs. Somewhat <\/span>expected<\/span>, his arrest negatively affected TON, whose price has still not recovered from the major crash.<\/span><\/p>\n

The Trader Walking on a Razer\u2019s Edge<\/span><\/h2>\n

Lastly, we will touch upon the actions of one industry participant who stunned the community with his risky maneuvers. At one point this weekend, crypto X <\/span>started<\/span><\/a> buzzing with information that a major investor had opened a short BTC position on the decentralized exchange Hyperliquid with 40x leverage worth approximately $350 million. <\/span>This<\/span> meant that the valuation only needed to rise by 2.5% for the trader to get liquidated.\u00a0<\/span><\/p>\n

Some <\/span>members of the crypto community<\/span> noted that and started opening long positions to push the price up and liquidate the <\/span>aforementioned investor<\/span>.<\/span> One prominent person who <\/span>expressed <\/span><\/a>interest in participating was Tron\u2019s founder, Justin Sun.\u00a0<\/span><\/p>\n

As long positions piled up, BTC climbed above $85,000, but the trader continued adding margin, raising their entry price and simultaneously increasing the liquidation price. For better or worse, the crowd failed to liquidate the investor and eventually gave up, which ironically helped the short position even more, now estimated to be around $450 million.<\/span><\/p>\n

The post Latest Developments in Crypto: Here\u2019s What Happened<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

The digital asset market has recorded slight volatility in the last 24 hours, but the industry is far from being boring. Over the past 24-48 hours, it witnessed some significant developments and interesting events that might set the stage for future price swings.\u00a0 Lazarus Becomes a $1 Billion BTC Whale For starters, we will shift […]<\/p>\n","protected":false},"author":0,"featured_media":52471,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-52470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/52470"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52470"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/52470\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/52471"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}