CFA Report Pegs US Crypto Fraud Losses at $80.7B

Nvidia's fourth-quarter revenue surged 73% to $68.1 billion, driven by data-center demand, with net income nearly doubling to $43.0 billion. The company's strong performance lifted semiconductor shares and supported a rebound in equity markets.

Bitcoin, Ethereum, and other major cryptocurrencies are surging, causing significant losses for traders betting against their prices. Over $400 million in short positions have been liquidated in the last 24 hours, with Bitcoin leading the list at $200 million.

Nicholas Hammer has resigned as CEO of Blockfills, with Joseph Perry now serving as interim CEO. The company faced losses of $75 million, leading to the suspension of client deposits and withdrawals. Blockfills is seeking a buyer after urging clients to withdraw assets before halting transactions.

According to Goldman Sachs Research, big money is betting against crypto equities like Strategy (MSTR) and Coinbase (COIN), with MSTR facing potential Bitcoin sales due to its declining shares. Shorting MSTR has been a popular trade, an analyst told Decrypt, with some traders misinterpreting the firm's business model.

Tether is investing $200 million in online marketplace Whop to enhance stablecoin payments, valuing the startup at $1.6 billion. Whop's digital marketplace has 18.4 million users, with a monthly transaction volume growth of 25%.

The UK's Financial Conduct Authority has chosen four crypto firms, including Revolut, to participate in a stablecoin regulatory sandbox. These companies will test stablecoin-related products without facing regulatory repercussions, helping shape the UK's stablecoin rules later this year.

WebN Group, the blockchain incubator supported by Alan Howard, is shutting down after backing various digital startups. The incubator also received funding from Nomura's crypto partnership. Despite this closure, Howard's interest in digital assets remains unaffected.

Octane Security, an AI-native security firm, discovered a critical bug in the Nethermind Ethereum client, potentially affecting 40% of Ethereum validators. The bug was promptly fixed, preventing any exploitation that could have disrupted Ethereum's operations.

Dutch crypto investors may soon see relief as the government plans to amend a tax law that would impose a 36% tax on unrealized gains. The controversial legislation, if passed, could lead to hefty tax bills even if investments lose value.

The UK's Joint Committee on the National Security Strategy has recommended temporary restrictions on crypto donations to prevent foreign interference in politics. The committee suggested measures such as banning crypto donations until proper legislation is in place and ensuring donations are converted to sterling promptly.