CFA Report Pegs US Crypto Fraud Losses at $80.7B

Strategy has introduced a "Digital Credit Capital Framework" to sell up to $1.25 billion in Bitcoin for cash reserves, product payouts, and stock repurchases. Co-founder Michael Saylor emphasized the commitment to Bitcoin as the primary treasury asset while focusing on liquidity and capital management.

Vitalik Buterin's technical series on obfuscation explains its potential in cryptography, focusing on indistinguishability obfuscation (iO) as a key concept. Obfuscation hides a program's logic, not the data, making it a crucial tool for trustless systems like blockchain technology.

Bitcoin is trading just below $60,000 and is on track for a rare back-to-back quarterly loss, down roughly 12% this quarter. Altcoins like ETH and Solana are also experiencing significant losses, with the crypto market facing challenges from various factors.

Ukraine has seized over $8.3 million in USDT from an alleged member of an international hacking group, transferring the assets to a state-controlled crypto wallet. This marks the country's first case of seized crypto assets being managed by the state, as part of efforts to combat cybercrime and money laundering.

BitMEX has replaced its executive team, with Peter Wilkinson taking over as CEO, following the departure of Stephan Lutz, Ina Steiner, and Raphael Polansky. The move aims to make the exchange more appealing to potential buyers amid a downturn in digital asset prices.

Samsung Electronics and SK Hynix are investing $518 billion in new chip plants to meet the rising demand for AI chips, aiming to double South Korea's DRAM output in five years. This move is driven by the need for high-bandwidth memory for AI training and language models.

The Alliance to End Human Trafficking is advocating for a review of Section 604 of the Clarity Act, concerned it may hinder holding crypto platform developers accountable for facilitating human trafficking. The debate revolves around whether the provision aligns with existing anti-money laundering policies or shields developers from legal responsibility.

Spain's top securities regulator confirmed that the July 1 deadline for crypto firms to register under the new MiCA regulations will not be extended. Binance, the world's largest crypto exchange, faces potential shutdown in Europe for lack of compliance.

Strategy's preferred stock, Stretch (STRC), hit a new low of $71.25 before recovering slightly to $75.30, marking a 25% decline from its engineered trading level. Analysts urge Strategy to bolster cash reserves to manage recurring costs amid Bitcoin's price fluctuations.

Bitcoin's price dropped below $59,000 due in part to significant ETF selling and upcoming options expiries. The largest cryptocurrency is down 6.4% in the past week, with a market cap near $1.18 trillion. Traders predict a move to $55,000 with a 77% chance.