CFA Report Pegs US Crypto Fraud Losses at $80.7B

BitGo, a crypto custody and infrastructure company, is reducing its workforce by nearly 15% to pivot towards AI. The CEO stated that the ecosystem has evolved, prompting a shift towards security, trading, stablecoins, settlement, and AI-powered infrastructure.

Grant Cardone, CEO of Cardone Capital, advocates for a bitcoin-and-property model that involves buying more bitcoin as prices fall. The firm uses real estate income to purchase bitcoin regularly, aiming to smooth out expenditures through dollar-cost averaging.

Base, the Ethereum layer-2 network incubated by Coinbase, experienced a block production issue, causing a halt in operations for over two hours. The network identified a consensus problem leading to the block sequencing error, impacting app and infrastructure availability.

The decentralized network Story Protocol has rebranded to Data Network, focusing on artificial intelligence with the launch of Trace for AI training data and integration with Kled. The transition aims to address the scarcity of AI training data sources.

CoinEx refuted allegations of facilitating sanctioned Iranian funds, emphasizing neutrality and denying ties to Iranian authorities. TRM Labs linked CoinEx to Iranian platforms, accusing it of being a key player in Iran's crypto ecosystem.

Kraken, a crypto exchange, is considering acquiring a 15% stake in DeFi protocol Aave for $385 million, with plans to invest 35,000 ETH for 250,000 AAVE tokens and a 15% equity stake. The potential deal aims to boost Payward Asset Management's involvement in DeFi and other investments.

Traders on Myriad predict Bitcoin to drop to $55,000 and Ethereum to $1,500 before potential recoveries. The bearish sentiment has intensified over the past month, with Bitcoin and Ethereum both experiencing significant price declines recently.

Bitcoin's price dropped as Strategy's preferred stock, Stretch (STRC), hit a record low, falling 8% to $74.13. Meanwhile, Strategy's common stock, MSTR, also saw a 7% decline to $87.50. The market volatility has tested faith in Michael Saylor's vision for "digital credit."

Payward, the parent company of Kraken, has filed a lawsuit against PowerTrade, alleging misappropriation of $7.2 million in digital assets and unrealized gains. Legal action includes seeking discovery from U.S. financial institutions to aid in the case.

Spark and Uniswap are collaborating to create an "FX layer" for stablecoins, aiming to facilitate liquidity movement between various issuers. This initiative is driven by the projected growth of the stablecoin market to $4 trillion by 2030, necessitating a shared infrastructure for efficient transfers.