CFA Report Pegs US Crypto Fraud Losses at $80.7B

Coinmetro, an Estonian cryptocurrency exchange, has filed for reorganization due to a financial service provider's failure. The company suspended user activities in June and faces overdue reports and tax debt.

Miles Guo, also known as Ho Wan Kwok, was sentenced to 30 years in prison for his involvement in the fraudulent crypto venture Himalaya Coin. Guo, a Chinese businessman, was convicted of crimes including racketeering, fraud, and money laundering after pulling in $500 million in investments.

Sharplink, a publicly traded Ethereum treasury firm, recently acquired 10,000 ETH for $16 million, increasing its holdings to 886,725 ETH valued at $1.38 billion. The company's capital allocation strategy focuses on enhancing ETH per share, with recent buybacks of SBET shares and participation in Ethereum-related initiatives.

Dutch prosecutors are seeking to declare Knaken Cryptohandel bankrupt to safeguard 30,000 customers' funds. The platform operated without the necessary license from the Dutch markets regulator, prompting concerns about an orderly wind-down process. A court-appointed trustee may oversee asset distribution to customers and creditors if bankruptcy is approved.

TD Cowen lowered Strategy's price target by 35% to $260 due to Bitcoin's ongoing weakness, predicting the leading cryptocurrency to reach $100,000 by year-end. Strategy's stock fell 8.6% to $84.75 after selling Bitcoin and adjusting dividends.

MetaMask has introduced Money Accounts, a self-custody feature that combines stablecoin yield, payments, and trading in one balance, aiming to provide a neo-banking experience for users. The product, built on the Monad blockchain, allows deposits to be allocated to DeFi lending protocols like Morpho and Aave.

The Financial Conduct Authority has finalized rules for crypto firms in the UK, requiring authorization for trading platforms, intermediaries, custodians, stablecoin issuers, and staking providers. The rules cover financial-resilience requirements, market-integrity rules, and standards for stablecoins to build trust over time.

Carl Erik Rinsch, director of "47 Ronin," was sentenced to 30 months in prison for defrauding Netflix of $11 million meant for a TV show. Rinsch gambled the money on crypto, leading to a saga of failed trades and lavish spending.

OKX has launched a marketplace, OKX AI, for AI agents to find jobs, pay for services, and build trust autonomously. The platform aims to cater to developers and solo entrepreneurs looking to automate parts of their businesses with AI agents.

USDT, the largest dollar-pegged stablecoin, is trading at a premium of 7-10% on Indian platforms due to high demand surpassing available supply. Exchanges attribute the price difference to market dynamics, not platform decisions.