Crypto Breaking News: Meta CEO Unwavering on Metaverse Plans Despite Huge Losses, North Korea-Linked Hackers Steal Crypto Worth $1.7 Billion in 2022

Although Meta’s Reality Labs lost a record $13.7 billion in 2022, the company has no plans to change its long-term strategy for the Metaverse, Binance said citing Zuckerberg. Regarding Reality Labs’ effectiveness, Zuckerberg said, “None of the signals I’ve seen so far suggest we should change Reality Labs’ long-term strategy.”

The fourth quarter was particularly costly for this division, which produces virtual reality and augmented reality hardware and software. It lost nearly $4.3 billion, the biggest quarterly loss at the department since the company’s financial statements were first released.

Additionally, Zuckerberg said that in 2023, the company would launch another “next-generation consumer headset” following the October 2022 launch of its Quest Pro Virtual Reality (VR) headset. Meta’s overall revenue for the fourth quarter was $32.1 billion, beating Wall Street expectations.

In 2022, North Korean-backed hackers stole $1.7 billion worth of crypto to fund a nuclear weapons program

Blockchain analytics firm Chainalysis reported that North Korean-backed hackers stole $1.7 billion worth of crypto in 2022. A $429 million cryptocurrency theft has was detected in 2021, BBC said in a report. In 2022, which Chainalysis calls “the biggest year on record for crypto hacking,” North Korean-backed hackers alone plundered 44% of the total amount.

Experts believe the country, facing heavy sanctions, is resorting to crypto hacking to fund its nuclear arsenal. Despite the country’s struggling economy, it has carried out six nuclear tests, and analysts expect the seventh this year as the country ramps up its nuclear weapons program under Kim Jong-un. Last year, Pyongyang launched a record number of ballistic and other missiles. “For context, North Korea’s total exports in 2020 totaled $142 million worth of goods, so it’s no exaggeration to say that cryptocurrency hacking is a significant part of the national economy.” , said Chainalysis.

These hackers typically launder crypto through “mixers,” which mix cryptocurrencies from various users to make the origin of funds undetectable, the Blockchain analytics firm said.

Berkshire Hathaway VC calls for crypto ban in the US

Charlie Munger, Vice Chairman of Berkshire Hathaway (BRK) and staunch bitcoin skeptic, has urged the United States to ban cryptocurrencies by following the route taken by China. A report from Coindesk said Munger attributed the rise of cryptocurrencies to a regulatory gap, as crypto-assets are not currencies, commodities or securities.

“Instead, it’s a gambling contract with a nearly 100% house advantage, made in a country where gambling contracts have traditionally been regulated only by states that compete with laxity” , wrote Munger in a Wall Street opinion piece. “The United States should now enact new federal law that prevents this from happening,” he added.

In 2021, Munger had reservations about Bitcoin’s success as it was used by kidnappers and extortionists. Berkshire Hathaway Chairman Warren Buffett also has a low opinion of cryptocurrencies.