RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Sunday, down 3.52 percent to $34,548 at 09.25 a.m. Riyadh time.
Ether, the second most traded cryptocurrency, was priced at $2,545, down 4.32 percent, according to data from Coindesk.
US adds Blender to the sanctions list
The US on Friday imposed sanctions on virtual currency mixer Blender, accusing it of being involved in one of the largest cryptocurrency heists on record and being used by North Korea, the US Treasury Department said.
The Treasury also identified new virtual currency addresses it said were used by North Korean hacking group Lazarus to launder illicit proceeds, accusing it of stealing hundreds of millions of dollars worth of cryptocurrency tied to the popular online game Axie Infinity.
“We are taking action against illicit financial activity by the DPRK,” Brian Nelson, the Treasury’s undersecretary for terrorism and financial intelligence, said in the statement.
The Treasury said it was the first time the US imposed sanctions on a virtual currency mixer — a software tool that pools and scrambles cryptocurrencies from thousands of addresses — and said it would continue to investigate the use of mixers for illicit purposes.
North Korea has stepped up efforts to launder stolen cryptocurrency, significantly increasing its use of mixers, blockchain analytics and cybersecurity firm Chainalysis said.
The Treasury said Blender was used in the laundering process for North Korea’s Axie Infinity heist, accusing it of processing over $20 million in illicit proceeds.
The Treasury said Blender also facilitated money-laundering for Russian-linked malign ransomware groups, among others.
US SEC charges Nvidia
The US Securities and Exchange Commission said Friday it had settled charges against technology company Nvidia Corporation for what it called “inadequate disclosures” concerning the impact of cryptomining on the company’s gaming business.
“The SEC’s order finds that, during consecutive quarters in NVIDIA’s fiscal year 2018, the company failed to disclose that cryptomining was a significant element of its material revenue growth from the sale of its graphics processing units designed and marketed for gaming,” the SEC said in a statement.
Cryptomining is the process of obtaining crypto rewards in exchange for verifying crypto transactions on distributed ledgers, according to the SEC website.
(With input from Reuters)