CFA Report Pegs US Crypto Fraud Losses at $80.7B

SBI Crypto, a subsidiary of SBI Holdings, will cease its Bitcoin mining pool services on July 31 without providing a reason. The firm aims to assist customers in transitioning to other mining pool operators before the closure date.

Bitcoin, Ethereum, XRP, and other major cryptocurrencies are experiencing gains, with Bitcoin surpassing $62,000 after hitting a 21-month low below $58,000 earlier. Ethereum and Solana are also up nearly 5%, with Solana being the top gainer in the last week.

Etoro is intensifying its focus on DeFi by leading a $12.5 million funding round for Extended, a perpetual futures exchange. This investment complements Etoro's acquisition of Zengo and aligns with its strategy to meet growing demand for DeFi products.

Bitwise views the decline in Strategy's perpetual preferred stock as a sign of a maturing crypto cycle, not a crisis. Strategy's decision to allow STRC to trade freely is seen as a response to market conditions, with a cash reserve covering 17 months of payments.

FBI Director Kash Patel's undisclosed investment in the Bitcoin treasury firm Strategy last November has resulted in a significant loss of up to $110,000. Patel failed to report the stock purchase within the required 45 days, leading to scrutiny over the investment.

Standard Chartered has launched a service for institutional clients to mint and redeem USDC directly through the bank, without needing separate accounts with Circle. This move positions the bank as the first Global Systemically Important Bank licensed to offer such integrated access, aiming to bridge traditional and digital financial ecosystems.

JPMorgan criticized Strategy's decision to use potential Bitcoin sales to fuel preferred stock dividends, warning of increased market uncertainty and volatility. The company's aggressive bitcoin accumulation strategy could impact market liquidity and investor sentiment if it shifts towards selling the digital asset.

Metaplanet added 2,823 Bitcoin in Q2, bringing its total to 43,000 BTC. Despite a $1.5 billion unrealized loss, the firm aims for 100,000 BTC by 2026 and 210,000 by 2027.

MiCA, enacted three years ago, is undergoing review for "MiCA 2.0," focusing on stablecoins for international payments. The European Central Bank prefers a CBDC over euro stablecoins, while the U.S. has passed the GENIUS Act for stablecoin regulation.

Peter Stokes, an alleged member of the hacking group Scattered Spider, has been extradited from Finland to the U.S. to face charges related to an $8 million cryptocurrency ransom demand. The group is known for social engineering tactics and has collected over $100 million in ransoms.