Cyprus Real Estate Market Slows in August

by THEFUTURE.TEAM

September 23, 2024

The Cypriot real estate market showed signs of cooling in August 2024, marking a decline in activity after a period of sustained growth. Data reveals a notable slowdown in transactions, with the overall market experiencing a dip in sales and property transfers compared to previous months. This deceleration comes after a strong first half of the year, which saw robust demand in key regions, especially for high-value properties and new developments.

While the market experienced this summer lull, experts remain cautiously optimistic, noting that this trend aligns with historical patterns, as August is traditionally a quieter month for real estate due to seasonal factors. However, the slowdown also reflects broader economic challenges, including rising interest rates and inflationary pressures, which have begun to affect buyer sentiment and investment decisions.

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Market Trends: The Eight-Month Snapshot

Despite the August slowdown, the real estate market over the first eight months of 2024 has largely been positive. Property sales and transfers increased during the initial part of the year, driven by both domestic and foreign investment. Demand for residential properties remained high, with luxury properties and developments in prime locations—such as Limassol, Paphos, and Nicosia—leading the way.

Data from the Department of Lands and Surveys highlights that, while August saw a reduction in transaction volumes, the overall market remained relatively resilient. The first eight months of the year saw a notable rise in the value of properties sold, suggesting that the high-end property segment continued to perform well. Additionally, certain regions, particularly Limassol and Paphos, managed to retain significant market momentum even during the quieter summer months.

Limassol, a hub for foreign investment and a hotspot for luxury developments, has consistently been one of the strongest-performing regions, attracting both individual buyers and investors seeking rental properties or high-end real estate. Paphos, known for its appeal to foreign retirees and holiday home buyers, also maintained steady demand, particularly from non-EU buyers taking advantage of Cyprus’ attractive property offerings and lifestyle benefits.

Regional Interpretation

While the overall market has slowed, certain regions continue to show resilience. Limassol and Paphos, in particular, remain key players in the market, with these areas seeing the highest levels of foreign interest. Limassol’s status as a business and investment hub, coupled with its array of luxury properties, continues to attract international buyers, particularly from the Middle East, Russia, and Europe.

Paphos also continues to hold strong appeal for foreign buyers, especially retirees and those looking for holiday homes. The district’s affordability compared to Limassol, combined with its high quality of life, makes it a popular choice for non-EU investors, who have been a consistent driver of demand in the region.

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Binance Details Months-Long Cyberattack Behind $6.34 Billion Crypto Theft

by THEFUTURE.TEAM

November 4, 2026

Binance has disclosed how attackers used fake software downloads, fraudulent job interviews and compromised internal tools to breach its wallet infrastructure in an October 29 cyberattack that resulted in the theft of more than $6 billion in digital assets.

The incident was not caused by a single employee mistake, Binance co-CEO Richard Teng told CNBC’s “Squawk on the Street”. Instead, attackers spent months building access before reaching the system responsible for authorising wallet transactions.

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“They spent months building their way in,” Teng said, describing a sequence involving a compromised developer tool, malware hidden in a coding exercise and access to internal AI systems.

How Attackers Reached Binance’s Wallet Infrastructure

According to Binance’s security report, the operation began in June when a Wallet DevOps engineer downloaded a modified Homebrew installation while searching online for a popular AI coding tool.

Binance detected suspicious activity, replaced the engineer’s device and rotated credentials. However, the company said the engineer’s role and the work of colleagues on the wallet infrastructure team had already been exposed.

In September, attackers allegedly posed as recruiters and interviewed another engineer. A coding exercise contained hidden malware designed to evade security controls, Teng said. The attackers subsequently moved through internal AI tools and gained access to the system authorising wallet transactions.

Teng did not directly attribute the attack to North Korea, but said the FBI had linked it to North Korean hackers associated with the TraderTraitor group.

Binance Recovers Most Affected Assets

Binance said it has replenished 98% of the $6.34 billion in affected assets and is working to acquire the remaining, less-liquid holdings. The exchange temporarily restricted certain withdrawals, committed to covering customer losses and used its reserves to restore affected funds.

The company and industry partners, including Tether, Circle and Ripple, have reportedly frozen around $3 billion in assets. However, some stolen funds continue to move through laundering channels.

Coinbase has also blocked transfers to compromised wallets and offered assistance to Binance.

Security Overhaul And Industry Confidence

Following the breach, Binance rebuilt the affected wallet system and internal AI tool, replaced compromised devices, revoked credentials and tokens associated with the engineers involved, and expanded security scans across employee devices.

The exchange has also commissioned an independent expert to review its response and security measures. Teng said Binance would continue strengthening its defences while working with law enforcement and industry partners to trace and freeze the stolen funds.

The incident has renewed questions about the security of centralised crypto exchanges. Although Binance maintains that it remains financially sound, attention is now focused on recovering the remaining assets and demonstrating that its security controls can withstand increasingly sophisticated attacks.

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