CFA Report Pegs US Crypto Fraud Losses at $80.7B

Bitcoin's recent sell-side pressure is showing signs of abating, with large buyers increasing demand and on-chain data indicating a potential slowdown in the drawdown. Despite the market's tight liquidity and regulatory uncertainties, there are promising signs of stabilization, although the broader crypto market is still facing challenges.

Financial technology trade groups, led by the American Fintech Council, are advocating for certain non-bank financial firms to have direct access to U.S. payment rails through a limited Federal Reserve account. This proposal aims to enhance competition and innovation in payments while minimizing risks.

Cango, a publicly traded Bitcoin miner, sold 4,451 BTC to raise $305 million for expanding its AI compute business. The firm used the proceeds to repay a Bitcoin-collateralized loan and appointed a new CTO from Zoom.

Beast Industries, linked to YouTube star MrBeast, is set to acquire fintech startup Step, known for its mobile banking for teenagers. The acquisition will provide access to Step's existing banking partner, Evolve Bank & Trust, insured up to $250,000 per depositor.

Polymarket has taken legal action against Massachusetts regulators, arguing that the state lacks authority to regulate its platform. The ongoing battle involves a federal lawsuit and a preliminary injunction that could restrict prediction market platforms in the U.S.

Logan Paul's $1 million Polymarket bet during the Super Bowl was a staged stunt that did not fool crypto sleuths. Despite the video showing him placing the bet, his account had no funds, and top holders did not match his bet.

Bitcoin investment products experienced $264.4 million in outflows over the past week, marking a three-week negative trend. Altcoin funds, however, attracted inflows for the first time since mid-January, with XRP, Ethereum, and Solana leading the way.

Dan Romero and Varun Srinivasan, co-founders of Farcaster, have joined Tempo, a stablecoin-focused blockchain project. Farcaster was recently sold to Neynar, with the founders saying investors would be repaid.

BitMine Immersion Technologies has acquired over 40,000 ETH worth $83.2 million, increasing its total Ethereum holdings to 4,325,738 ETH valued at $8.8 billion. Despite facing unrealized losses of $7.5 billion, the firm remains optimistic about Ethereum's future potential.

South Korean regulators have initiated investigations into Bithumb following an accidental transfer of $43 billion worth of Bitcoin to customers. The error led to a significant sell-off, prompting the CEO to announce a compensation plan for affected users.