CFA Report Pegs US Crypto Fraud Losses at $80.7B

Gemini's stock rose 7% in after-hours trading following a shift towards stable revenue streams and expansion into prediction markets. Despite a 30% decrease in trading volume, the company's revenue mix improved, with services revenue surpassing transaction revenue for the first time.

Morgan Stanley has updated its Bitcoin ETF application, revealing Fidelity as a custodian and plans to list on NYSE Arca under the MSBT ticker. The firm offers a fee waiver on the first $5 billion invested for six months, as per an amendment to its S-1 SEC form.

Evernorth Holdings plans to launch as the largest publicly traded XRP treasury, with over 473 million XRP valued at $685 million. The firm raised over $1 billion, acquiring XRP through various agreements, aiming to shape a more transparent global financial system.

The World Gold Council, in collaboration with Boston Consulting Group, introduced a framework for tokenized gold, aiming to establish standards for digital assets backed by the precious metal. This initiative, known as "Gold as a Service," seeks to enhance confidence in tokenized gold through continuous audits and increased fungibility.

BlackRock's iShares Staked Ethereum Trust has amassed $254 million in assets under management within a week of its launch, with investors purchasing $146 million in shares on top of the initial seed capital. The fund distributes 82% of staking rewards to investors monthly.

Grigory Muluzyan, a businessman, defrauded wealthy Muscovites, including actor Pavel Derevyanko, through crypto schemes. Muluzyan promised high returns on investments, but the victims were tricked into believing false information about his business operations.

Zedxion Exchange Ltd., accused of aiding Iran's IRGC in evading sanctions, faces dissolution by Companies House for misleading information in its incorporation application. The company processed $1 billion linked to the IRGC, with a director's identity found to be likely fictitious.

In France, police have charged seven suspects with kidnapping and torturing a retired doctor and his wife, parents of a crypto industry professional, demanding a $9 million ransom. The attackers filmed the ordeal and threatened more violence if the ransom was not paid.

Bitcoin's drop below $70,000 has shifted crypto market sentiment to "Extreme Fear," with predictions suggesting a potential rise to $84,000 or a drop to $55,000. Despite recent gains, the market remains uncertain as traders anticipate the next move for the top crypto asset.

Last week, a DeFi user lost $50 million in a swap blunder, leading to questions about the money's whereabouts and who is at fault. The incident involved an imbalanced trade on Ethereum's blockchain, resulting in significant profits for certain parties involved.