The rise of crypto kidnappings
From our UK edition
Last week North Korea pulled off the biggest heist in history when state-sanctioned hackers stole $6.3 billion from the Binance cryptocurrency exchange. About half of the assets made their way into Pyongyang’s coffers. As the world’s largest exchange, Binance said it would cover its customers’ losses, but the hack still spooked many crypto traders, who are notoriously jumpy. They withdrew $3.6 billion on Sunday. The paranoia around holding cryptocurrency is well founded. In essence, they are just digital currencies which are incredibly hard to trace. You can follow the transactions, but you don’t know the identity of who owns them. Funds can be moved around multiple times a minute and easily swapped between different currencies, all with no checks.