Welcome back. Today we are going over North Korea’s link to one of the largest crypto hacks in history, and why a blockchain expert says it signals the emergence of a new age in cyber warfare.
Let’s jump in.
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1. North Korea’s huge crypto hack is a different type of national security threat. On Thursday, US officials linked the $625 million Axie Infinity crypto swindle to North Korean actors, and added a crypto wallet address to its sanction list.
According to blockchain expert Ari Redbord of TRM, the huge hack proves that North Korea, while small and isolated, can compete with global superpowers like the US and China on the digital battlefield.
“The magnitude of this [hack] shows things have moved from small exploits to true national security concerns,” Redbord told Insider. “It’s staggering — bank robbery at the speed of the internet.”
Notably, North Korea showed that, despite its lack of infrastructure, small GDP, and inability to access global financial markets, it can still target huge amounts of money with hacks aimed at the nascent crypto space.
Meanwhile, as hacking groups like the North Korea-linked Lazarus refine their tactics, digital asset firms must upgrade their cybersecurity, Redbord explained. It’s proven difficult for companies in the growing sector to keep up with the increasingly sophisticated attacks of bad actors.
“If there was ever a doubt that hacks were not tied to national security, that’s been resolved.“
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In other news:
2. US stocks inched lower to begin the new week of trading, as the 1o-year Treasury hit a fresh three-year high. Investors are gearing up for a huge week of corporate earnings, with Bank of America reporting better-than-expected results before the bell this morning. Here’s how the major indexes are trading.
3. Earnings on deck: Acme United Corp and Charles Schwab reporting.
4. The top strategist for JPMorgan’s $2.6 trillion asset management arm explained what investors should buy right now. With high inflation and rising rates, customers could see their fortunes reversing after years of gains. But the strategist shared what strategies can help investors handle the market’s upcoming twists and turns.
5. A 40-year bull run in the bond market is under pressure. Treasury yields have hit the “most important trend line of all time,” according to one expert. Here’s what to know.
6. Lumber prices have slumped after last year’s big rally. But that doesn’t mean the commodity doesn’t have any upside this year. Two experts explained how lumber could jump 13% thanks to tight supply.
7. The largest consumer staples ETF hit all-time highs in March. Data shows that Americans kept on spending their dollars last month, and retail sales showed “little damage from higher energy prices” according to Jefferies’ chief economist — and gas stations led the way.
8. Credit Suisse’s stock chief explained why the economy and stocks will remain on solid footing this year. Jonathan Golub likes where the stock market is sitting currently, but he shared his guess for when a recession will arrive — and broke down his three top trades to make.
9. Top analysts say bitcoin is hovering around a “critical juncture” at its current price. The world’s largest crypto may be at a tipping point. Experts broke down the factors that will make or break the crypto market over the coming weeks.
Andy Kiersz/Insider
10. Americans suddenly feel much better about the economic rebound. The University of Michigan’s sentiment index rebounded in April to 65.7 from 59.4. That beat experts’ median estimate, and marked the first uptick since December 2021. See Insider’s full report on the latest consumer sentiment reading.
Keep up with the latest markets news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.
Curated by Phil Rosen in New York. (Feedback or tips? Email prosen@insider.com or tweet @philrosenn.)
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