Crypto Market Dips as Rain Aims for US Bank and Lazarus Laundering Revealed
The crypto market kicked off October 6 with a modest downturn, particularly for Bitcoin (BTC) and Ethereum (ETH). Bitcoin opened at $85,592, down from a 24-hour high of $86,679, while Ethereum was trading at $2,703. Hyperliquid led gains in the top 10 cryptocurrencies with a 3.65% rise, while BNB saw the largest drop at 1.20%. In the broader market, LayerZero topped daily gains with 3.65%, and Midnight surged 79.39% weekly, while Sky and Hedera faced significant declines.
Market volatility led to $180.31 million in liquidations, with long positions accounting for $110.43 million. The largest single liquidation hit $11.85 million on Binance's BTC-USDT pair. Among crypto-related stocks, TeraWulf and Hut 8 saw gains, while Coinbase and Circle declined. The Fear and Greed Index climbed to 73, indicating persistent market greed.
Rain, a stablecoin payment provider, applied to establish Rain National Trust Bank in the US, aiming to offer institutional custody and stablecoin services. Meanwhile, blockchain analyst ZachXBT revealed that a Chinese crime syndicate laundered over $1 billion for North Korea's Lazarus group, involving hacks of Bybit and Bitget.
The US Financial Crimes Enforcement Network (FinCEN) withdrew two controversial proposals targeting crypto mixers and non-custodial wallets, citing potential burdens on legitimate activities.