Sep 8, 2023

According to the Federal Bureau of Investigation, the North Korea-linked hacker collective Lazarus Group was behind this month’s hack of crypto casino and betting platform Stake.

Video transcript

Lawrence, your newsletter for the tie was published yesterday looking at some casino tokens. Now this is off the back of a story where we heard that the FBI said North Korea linked hacker collective Lazarus group was behind this month's hack of crypto casino and betting platform stake. The agency also warned the public about the continuing threat that the state sponsored hackers posed to the entire crypto industry. Talk to us about the data you compiled very simply. Uh we track uh dozens if not, uh over 100 different, we have like indices of different sectors and, and crypto obviously, when you have, uh you know, thousands of cryptocurrencies, you want to put them in indices. Uh We do these micro indices that basically indices, they, they're uh based off of uh market cap and out of all of them, the worst performing sector, the subsector a any kind of grouping that we had uh in the past week was gambling, uh gambling tokens. Uh It's down to, it was down 20%. So as a whole, the entire sector down, 20% subsector down 20%. It's the worst performing out of everything. Tho those lines you see, on the top, those are the general, uh, those are the general groupings. Uh, everyone was kind of down pretty much but, uh, gambling really took a beating on this, uh, this stake, uh, uh, uh, um, attack. Basically it was an attack of stake, uh, of, of this, of steak wallets. Um, so they had $41 million and as you mentioned, uh, the FBI strongly suspects, uh, and, and pointing the finger here at North Korea. All right. And you took a closer look at Robi specifically what's going on there. So when you look at the why this uh sector was on one of the biggest components in, in, in all of it is one of the biggest players there, Robi Robi has its own token, right? So steak is involves uh other tokens, other things, but Robi has its own token. That's what took the big beating here. Uh But what was interesting to know a little side note was that the day of this attack and there was kind of like a little bit of a rally. People are suspecting. Well, if it's a problem with state, clearly, Robi maybe will do better. Uh you know, gamblers, the degenerates that they are will go somewhere else. Um and find some, you know, but no, in the end, Robi took a beating, a hard beating. And as I said in my newsletter, uh usually it doesn't pay to bet against the house, but in crypto. Sometimes it does. Now, Lawrence, before we get to our next, before we get to our next g, tell the people how they can get this newsletter in their inbox and laugh along with you and get some real interesting. It's uh the, the, the newsletter is called The Wire. It's on the tie. That's the, the tie thetie dot IO um as an input output because everyone's so crypto. So the tie dot IO um and you'll see uh links there for newsletters for my newsletter actually.

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