RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Thursday, dropping by 0.72 percent to $46,988.23 as of 8:00 a.m. Riyadh time.
Ether, the second most traded cryptocurrency, was priced at $3,394.41 up by 0.33 percent, according to data from Coindesk.
Ronin’s $615 million crypto heist
Axie Infinity, the popular online game linked to a blockchain project, has been hacked for nearly $615 million in cryptocurrency.
The theft took place on March 23 but was not detected until almost a week later, according to Ronin, a blockchain platform that lets users transfer crypto in and out of games.
During their attack on Ronin’s network, the hacker used stolen passwords - or private keys - to gain access to crypto funds, Ronin said in a blog post, following a series of attacks targeting machines connected to the network that help confirm transactions.
Ronin said the hack was discovered on Tuesday and that it was working with government agencies to bring the criminals to justice".
The hackers’ identities remain a mystery.
Lawmakers may take a softer stance on crypto
Galaxy Digital CEO Mike Novogratz says he is much more optimistic about the crypto market now than he was a month ago.
He explained that bond sell-offs and increased crypto adoption have boosted the prices of cryptocurrencies, particularly Bitcoin.
“People have realized crypto is very popular, and I think you are going to see the Democrats taking a softer stance,” Novogratz said, in an interview with CNBC.
He predicted earlier this month when Bitcoin was struggling to break the $40k level that its price would range between $30k and $50k over the course of the year, according to Bitcoin.com.
Novogratz added: “We certainly see increased adoption in crypto.”
Meanwhile, Treasury Secretary Janet Yellen admitted last week that crypto has benefits.
“Crypto has obviously grown by leaps and bounds and it’s now playing a significant role, not really so much in transactions, but in investment decisions of lots of Americans,” Yellen said.
“There are benefits from crypto and we recognize that the innovation in the payment system can be a healthy thing.”
Ukraine
Michael Chobanian, the leader of Ukraine’s largest crypto exchange, Kuna, has been tasked with converting and spending tokens to help equip Ukrainian forces, Bloomberg reported.
In mid-March, crypto donations enabled the Ukrainian military to purchase 5,500 bulletproof vests, 500 helmets, night-vision goggles and medicine, Alex Bornyakov, Ukraine’s deputy minister for digital transformation said.
