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  • 📈 North Korean Hackers Swipe Billions in Crypto

📈 North Korean Hackers Swipe Billions in Crypto

ÂŁ132m and Counting: Post Office Scandal Price Tag Soars

December 20, 2024

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This is Cliff Equity, the UK’s business newsletter that keeps you informed on what’s important in tech, business and finance in less than 5 minutes

In today’s stories:

  • North Korean Hackers Swipe Billions in Crypto

  • ÂŁ132m and Counting: Post Office Scandal Price Tag Soars

  • Bank of England: Growth vs. Inflation Tug-of-War

The summary: North Korean hackers are cashing in on crypto chaos, swiping billions through cunning cyber tricks, while businesses and investors scramble to safeguard their digital loot from funding global mischief.

The details:

  • North Korean hackers swiped a staggering $1.3bn in crypto this year, doubling last year’s haul and outpacing the combined efforts of the rest of the world’s cyber-scoundrels.

  • Some of their cunning tricks? Posing as remote IT workers to infiltrate tech firms, while compromised private keys did the heavy lifting on crypto platforms.

  • 2024 saw a 21% rise in stolen digital dosh, with mega-heists like $300m nicked from Japan’s DMM Bitcoin and $235m from India’s WazirX making headlines.

  • Uncle Sam isn’t amused—offering $5m for tips on the North Korean schemes funding Pyongyang’s missiles and slapping 14 hackers with federal indictments.

Why it matters: Crypto’s Wild West vibes just got wilder, with hackers—particularly North Koreans—treating digital assets like an all-you-can-steal buffet. For businesses and investors, it’s a stark reminder that dodgy cyber tactics can empty wallets faster than a London cab ride. And with stolen crypto funding missile programmes, your Bitcoin blunders could end up underwriting global mayhem—cheery thought, eh?

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The summary: The Post Office’s costly Horizon scandal—a cocktail of bungled tech, dodgy prosecutions, and eye-watering payouts—is a cautionary tale of epic proportions, but with promises of reform, there’s hope they might finally deliver a brighter future.

The details:

  • Taxpayers' money burns bright: The Post Office has shelled out ÂŁ132m on legal and running costs for the Horizon IT scandal inquiry, with ÂŁ82m spent in the last year alone—proving, if nothing else, that justice isn’t cheap.

  • A legacy of failure: Dubbed the UK's largest miscarriage of justice, the inquiry exposed "weak and arrogant" executives and a "despicable" culture, while also pointing fingers at ministers, software developer Fujitsu, and other enablers of the fiasco.

  • Massive financial fallout: The Post Office has earmarked ÂŁ816m for exceptional expenses, seen its pre-tax losses rise to ÂŁ612m, and now finds itself in deeper debt than its assets can cover—a financial black hole of their own making.

  • More compensation to come: The government announced wider eligibility for compensation, as fresh concerns surface about the Post Office’s dodgy accounting software dating back to the 1990s. A final report is due next year, promising more revelations.

Why it matters: The Horizon scandal isn’t just a tech glitch; it’s a catastrophic betrayal of trust that ruined lives and torched public money like confetti at a billionaire’s wedding. With debts piling up and fresh revelations surfacing, the Post Office is shaping up to be the poster child for systemic incompetence. And if you thought this saga was over, the final report looms like the encore nobody asked for—except maybe the lawyers.

The summary: The Bank of England’s decision to hold rates and its internal squabble over cuts shows they’re juggling inflation and growth, while wage rises and inflation data keep the markets on their toes—looks like next year’s rate cuts might be more of a cautious shuffle than a sprint!

The details:

  • Rate Hold Drama: The Bank of England kept rates at 4.75%, but a committee rift emerged—three wanted cuts while six held firm, exposing the Bank’s inflation-vs-growth dilemma.

  • Wages Stir the Pot: Average earnings rose 5.2%, lifting spirits but rattling policymakers fearing further price pressures.

  • Inflation Above Target: November’s 2.6% inflation rate wasn’t catastrophic but exceeded the Bank’s 2% goal, with forecasts hinting at a peak of 3.1%.

  • Market Jitters and Mixed Signals: Big swings in rate expectations followed “noisy” wage growth data, as the Bank promised “gradual” cuts next year. Steady on, folks.

Why it matters: The Bank’s rate hold and internal squabble highlight the ongoing struggle to balance inflation with the need for economic growth, leaving us all in a bit of a monetary limbo. While rising wages may be good news for workers, they’re not exactly what the Bank wants to hear right now, and inflation’s not quite done with us either. With the Fed easing up, the Bank’s cautious approach and market wobble suggest next year’s rate cuts may be more of a gentle nudge than a full-on dash for relief.