CFA Report Pegs US Crypto Fraud Losses at $80.7B

Gemini's stock plummeted over 16% after Citigroup downgraded it to a Sell rating, with a lowered price target of $5.50. The company, founded by the Winklevoss twins in 2014, has been making efforts to cut costs and enhance profitability.

Changpeng "CZ" Zhao addressed accusations against Binance, denying involvement in terrorism financing in Iran. He emphasized lack of interest and benefit in such transactions, citing dismissed lawsuits and defending the company's actions.

American Bitcoin (ABTC) has surpassed Galaxy Digital (GLXY) in bitcoin holdings, now owning 6,899 BTC valued at $491 million. This shift reflects the competition among firms to amass significant bitcoin reserves, with Michael Saylor's MicroStrategy leading as the largest holder.

Actor and comedian Viv Ford criticizes the current state of crypto culture, longing for the days of fun degen conferences. Her new YouTube sitcom, "The Crypto Castle," aims to capture the essence of early crypto days when Bitcoin was affordable.

Kraken has postponed its plan to go public due to unfavorable market conditions in the crypto industry. The company confidentially filed a draft S-1 registration statement with the SEC in November, but is now waiting for better market conditions before proceeding with an IPO.

Bitcoin, Ethereum, and Solana prices dropped as U.S. stock indexes fell due to higher inflation and Trump's Iran stance. The Producer Price Index rose 3.4%, exceeding expectations, impacting crypto and stock markets.

The Bank of Korea and nine commercial lenders are conducting phase two of a digital won pilot to test bank-issued deposit tokens backed by central bank infrastructure. The project aims to support government subsidy payments and nationwide transfers and payments.

The Financial Transactions and Analysis Centre (FINTRAC) revoked registrations of 23 cryptocurrency service providers in Canada, including businesses operating from foreign jurisdictions like Slovakia and the UK. This enforcement action is part of the country's intensified anti-money laundering efforts targeting digital asset businesses.

RedotPay, a Hong Kong-based startup, is experiencing internal strain and turnover as it aims for $150 million in funding and a potential $4 billion valuation through a U.S. IPO. Despite recent executive departures, the company has seen rapid growth, with $10 billion in payment volume and 6 million users worldwide.

The crypto market's bullish ETF flows and Bitcoin's relief rally face a crucial test ahead of the FOMC meeting. Despite escalating tensions in the Middle East and rising oil prices, Bitcoin has seen a 14% increase from its recent low, while gold and the S&P 500 index have experienced declines.