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''' '' THE -10.9 TRILLION
KRONER- TIP '' ''' : HELLO
NORWAY WEALTH FUND POSTS 100 BILLION euros gain in 2020. Just as the cryptocurrency crime drops for the very same year.
OSLO : NORWAY'S SOVEREIGN WEALTH FUND - the world's biggest, racked up gains of more than 100 billion euros in 2020 despite market turbulence caused by the coronavirus pandemic - the central bank said Thursday.
The fund registered a return of 10.9 percent last year, or 1.07 trillion kroner [101.5 billion eurus] - its second biggest gain ever - boosted mainly by tech stocks.
At the end of December - the fund was worth an astronomical sum of 10.9 trillion kroner [1.03 trillion euros].
''Despite the pandemic having put its mark on 2020, it has been yet another good year for the fund,'' central bank governor Oystein Olson said in a statement.
''However, the high return also reminds us that the market value of the fund might vary a lot going forward,'' he added.
The fund, which is aimed at financing the future needs of Norway's generous welfare state and in which the state places its oil revenues, registered a 12.1 percent gain on its stock investments, which represented 72.8 percent of the portfolio.
The gains were made almost exclusively in the fourth quarter, amid ''positive news on vaccine'' developments in the fight against Covid-19, the funds deputy CEO Trond Grande told reporters.
Invested in more than 9,200 companies, the fund controls about 1.5% of the world's market capitalization.
US tech giants accounted for most of the gains, while Apple pulling in 84 billion kroner, Amazon 51 billion, Microsoft 41 billion and Tesla 36 billion.
Meanwhile, oil-and-gas and finance stocks weighed down the results.
Geographically, the best performances were registered in the US and China, while Britain, then in full-on Brexit mode, accounted for losses of around 70 billion kroner.
The fund's bond holdings, which accounted for 24.7 percent of its assets, posted a 7.5 percent gain, while its real estate holdings, accounting for 2.5 percent of its portfolio, posted a loss of 0.1 percent.
''Cryptocurrency Crime Drops in 2020''
NEW YORK : losses from cryptocurrency theft, hacks and frauds fell 57% last year to $1.9 billion, as market participants boosted security systems, but crime in the 'decentralised finance' space continued to grow, a report from crypto intelligence company CipherTrace showed.
Criminals got away with a record $4.5 billion in 2019 in the crypto market.
Fraud was the dominant cryptocurrency crime in 2020, followed by theft, and ransomware. Half of all thefts, or about $129 billion were hacks tied to centralised finance [DeFi], which are transactions on platforms that facilitate lending outside of banks.
Cryptocurrencies have attracted renewed scrutiny and interest as institutional investors have piled into digital assets, particularly bitcoin, propelling the latter to a record high of $42,000 this month.
''Thefts from hacks against centralised exchanges continues to decrease as these financial institutions mature and adopt stronger security measures,'' Dave Jevans, CipherTrace's chief executive officer said in an interview.
''Regulations and enforcement are restricting centralized fraud schemes, which are pushing criminals to exploit decentralized finance services,'' he added.
The total number of loans on DeFi platforms were nearly $25 billion, as of late Wednesday, data from industry site DeFi Pulse showed, up more than 500% from roughly $4 billion in August last year.
DeFi's sites run on open infrastructure, with algorithms that set rates to real time based on supply and demand. ''DeFi's platforms enjoy many exemptions from traditional regulatory enforcement regimes that centralized exchanges, money service businesses and banks face,'' said Jeevans.
''For example DeFi platforms often do not have to perform customer verification [Know Your Customer] or transaction anti-money laundering. This makes them ideal venues for moving and laundering money.''
This report also showed bitcoin addresses with criminal ties sent, at minimum, $3.5 billion worth of bitcoin throughout 2020, or less than 1% of total crypto transactions.
The World Students Society thanks Reuters and AFP for this knowledge.
With Respectful dedication to the Capital Markets, Money Markets, Students, Professors and Teachers of the World. See Ya all prepare and register Great Global Elections on The World Students Society : wssciw.blogspot.com and Twitter - !E-WOW! - The Ecosystem 2011.
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