CFA Report Pegs US Crypto Fraud Losses at $80.7B

A reservist in the Israel Defence Forces and a civilian have been indicted for "severe security offenses" after allegedly placing bets on prediction market Polymarket. Details of the case have been barred for publication under a court-issued gag order, with the Defense Ministry, Shin Bet, and Israel Police publishing a statement noting that the authorities view the alleged acts with "the utmost severity."

Michael Terpin, CEO of Transform Ventures, believes the crypto market is following historical patterns, cautioning against premature optimism about Bitcoin's bottom and suggesting a potential revisit to $50,000s or $40,000s. The halving mechanism, reducing new coin supply, historically precedes major bull markets.

Agant has obtained registration as a cryptoasset business with the U.K.'s FCA to introduce a pound-denominated stablecoin, GBPA, designed for institutional use. The company aims to integrate the token with traditional financial infrastructure while leveraging blockchain-based programmability and settlement efficiency.

Binance has successfully converted its Secure Asset Fund for Users (SAFU) entirely into bitcoin, completing a $1 billion transition from stablecoin reserves. The fund now holds 15,000 BTC valued at approximately $1.005 billion, with a pledge to replenish if its value drops below $800 million.

Ethereum has reached a new milestone with over 30% of its circulating token supply now staked, totaling $72 billion. Despite a recent price plunge, investors continue to queue up $8 billion worth of tokens for staking, setting a record high.

Binance Co-CEO Richard Teng clarified that the crypto market liquidation event on Oct. 10 was not caused by Binance, but rather by external factors such as China's rare earth metal controls and U.S. tariffs. Despite the $19 billion liquidation, Binance supported affected users and saw no significant withdrawals.

World Liberty Markets, a lending platform linked to the Trump-family-associated crypto project, has quickly amassed hundreds of millions in deposits. The project's co-founder, Zak Folkman, announced the upcoming launch of World Swap, a foreign exchange platform, at Consensus Hong Kong.

The American Bankers Association has urged the Office of the Comptroller of the Currency to slow down the approval process for crypto charter applications due to undefined regulatory frameworks. The ABA emphasized the need for robust safety standards and expressed concerns about potential risks to the financial system.

The delayed release of January's inflation print is eagerly awaited by investors after a strong labor report showed the addition of 130,000 new jobs. Lower-than-expected inflation could prompt the Fed to cut rates sooner, benefiting risk assets like crypto and equities.

The Thai Cabinet has approved changes to allow crypto as underlying assets for regulated derivatives, promoting market growth and expanding investment opportunities. The SEC plans to amend rules for digital asset operators to offer crypto-linked contracts and coordinate with TFEX on contract specifications.