Crypto Morning Report: Bank of Canada Cuts Interest Rates by 50 Basis Points, Chinese OTC Trades Help North Korean Hacker Groups Launder Money
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Crypto Morning Report: Bank of Canada Cuts Interest Rates by 50 Basis Points, Chinese OTC Trades Help North Korean Hacker Groups Launder Money
BounceBit DeFi platform launches trading for Bitcoin, stock market indices, and more.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Bank of Canada cuts interest rates by 50 basis points, marking the fourth consecutive rate cut
According to China Fund News, the Bank of Canada reduced its benchmark interest rate by 50 basis points on Wednesday, lowering it from 4.25% to 3.75%. This is the largest reduction in borrowing costs since March 2020 at the onset of the pandemic. The central bank stated this signals Canada’s return to a low-inflation era. To combat soaring prices, the Bank of Canada previously raised interest rates to a 20-year high but has now cut rates four times consecutively since June. Inflation dropped to 1.6% in September, below the 2% target.
Warning: Chinese-speaking North Korean hacker group intensifies attacks on crypto professionals’ Telegram/X accounts
Several crypto industry insiders told TechFlow that their Twitter (X) and Telegram accounts were compromised. Security firms traced the attacks back to the North Korean hacking group DangerousPassword. One affected individual said they did not click any phishing links, and the exact method of breach remains under investigation. Notably, the hackers involved are fluent in Chinese and well-versed in current cryptocurrency trends and technical jargon.
TechFlow reminds all cryptocurrency traders and professionals to be cautious of suspicious links sent from "friends' accounts" on Telegram and X, avoid connecting to public Wi-Fi networks, and consistently maintain account security.
Sui Foundation makes strategic investment in RWA art platform Arttoo
According to Chainwire, the Sui Foundation has made a strategic investment in Arttoo, a real-world asset (RWA) platform for fine art. The investment amount was not disclosed. Arttoo will launch art-related RWA projects on the Sui blockchain and introduce fractional ownership services within the Sui ecosystem, enabling users to purchase and trade digital shares of masterpieces by 20th-century artists such as Matisse and Monet.
ZachXBT: OTC trader Wang Yicong assisted North Korean hackers in money laundering
Chain analyst ZachXBT reported that Chinese OTC trader Yicong Wang has helped the Lazarus Group convert tens of millions of dollars worth of stolen cryptocurrency into cash via bank transfers since 2022.
Several months ago, after completing a P2P transaction with OTC trader Wang Yicong (who uses aliases such as Seawang, Greatdtrader, and BestRhea977), a follower had their trading account frozen and reached out to ZachXBT. They shared one of Wang Yicong’s Tron wallet addresses from WeChat chat screenshots.
Blockchain data linked to Wang Yicong shows a high risk of illicit funds, including connections to Alex Labs, co-founder of Irys, who lost approximately $4.5 million in a May 2024 hack by the Lazarus Group. Additionally, an Ethereum address holding 948K USDT, blacklisted by Tether in August 2024, is directly tied to Wang. On-chain evidence clearly indicates he has remained actively involved in assisting the Lazarus Group over recent weeks.
Binance to delist all spot trading pairs for IDRT, KP3R, OOKI, and UNFI on November 6
Per an official announcement, Binance will delist all spot trading pairs for IDRT, KP3R, OOKI, and UNFI on November 6 at 11:00 AM Beijing time. Binance stated the delisting decision was based on multiple factors, including team commitment to the project, quality of development activity, trading volume, and liquidity.
BounceBit DeFi platform launches trading for Bitcoin and stock indices
The platform interface shows users can now trade Bitcoin (BTC) and major stock indices on the BounceBit DeFi platform, including the SSE Composite Index, SZSE Component Index, and Hang Seng Index, with leverage up to 200x.
Presto Analyst: U.S. election could trigger bond market crash, benefiting Bitcoin
A Presto analyst warns the U.S. election may trigger a “Minsky moment” collapse in the bond market, as fiscal extravagance from both presidential candidates and rising debt levels increase systemic risk.
Prominent investor Paul Tudor Jones, in a CNBC interview, said he favors Bitcoin, gold, and commodities amid increasing “all roads lead to inflation” risks. He emphasized that holding “zero fixed income” is his current investment strategy.
Analysts note rising U.S. Treasury yields and sovereign credit default swap rates may support Jones’ outlook. Bitcoin is currently trading at $66,368, down about 10% from its earlier highs this year, but still up 57% year-to-date.
QCP: U.S. election and rate cut expectations boost crypto; focus on next Friday’s NFP data
According to QCP market updates, as the U.S. election nears, Trump’s betting market lead over Kamala expands, and key swing state polls trend Republican. Markets increasingly expect a Trump presidency, which would likely strengthen the dollar and push U.S. Treasury yields higher. Given Trump’s pro-crypto stance, BTC prices have risen accordingly.
Currently, the S&P 500 is nearing record highs, and U.S. 2-year Treasury yields have surpassed 4% again. BTC benefits from record exchange open interest, approaching $69,000. Total futures open interest across exchanges has reached $4.05 billion.
The market anticipates 1.5 rate cuts in 2024. A stronger-than-expected labor market and rising odds of a Trump victory fuel optimism for U.S. economic growth. Next Friday’s non-farm payrolls (NFP) report is highly anticipated—it’s the final NFP before the next Fed meeting and could significantly influence rate decisions.
TON tap-to-earn fishing game COINFISH officially launches October 23
MEETLabs officially announced the launch of COINFISH, a tap-to-earn fishing mini-game built on the TON blockchain. The Telegram community channel has already surpassed 130,000 users. COINFISH (https://t.me/CoinfishBot) is a Web3 game combining fishing mechanics with simulation management. Players click to fish, feed stray cats, participate in aquaculture markets, and raise virtual cats, enhancing interactivity and entertainment. Users can also earn substantial cash rewards by inviting friends to join.
Market Data
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