CFA Report Pegs US Crypto Fraud Losses at $80.7B

Sky Mavis announced an airdrop of 100,000 bonded AXS (bAXS) tokens to wallets that have staked at least 10 AXS. The new token, bAXS, will encourage in-game use and be distributed to players of the upcoming land-based game, Terrariums.

Luke Dashjr, a Bitcoin developer, has urged Blockstream CEO Adam Back to resign after Epstein's connections to the crypto industry were revealed. Dashjr accused Back of breaking promises and misleading developers. The controversy has reignited tensions between the two figures.

U.S. Treasury Secretary Scott Bessent engaged in a complex discussion on Capitol Hill regarding Bitcoin's potential role in a financial crisis. When asked about the Treasury Department's authority to bail out Bitcoin, Bessent sought clarification. He also addressed inquiries about U.S. banks buying Bitcoin and the use of taxpayer dollars to invest in crypto assets.

Bhutan has been transferring millions of dollars worth of Bitcoin from its wallets over the past week, with a history of periodic BTC sales dating back several years. The country has mined significant amounts of Bitcoin since 2019, with a peak mining year in 2023.

Vitalik Buterin recently moved a significant amount of ETH to his charity, Kanro, and converted a portion to wETH. His balance decreased from 241,000 to 227,268 ETH, valued at around $498.5 million. Buterin has recently been critical of the role of layer-2 networks in Ethereum's ecosystem.

Publicly traded Bitcoin mining companies such as MARA, RIOT, HUT, and CIFR are experiencing significant share price drops due to Bitcoin's 15-month low price of $72,185. The overall market downturn has also affected other cryptocurrencies like Ethereum and Solana, with losses ranging from 28% to 30%.

South Korean regulators are investigating suspicious activity on Upbit after ZKsync token surged by 970% in three hours on February 1. The Financial Security Service may launch a formal investigation into the matter due to potential price manipulation concerns.

Over 50 ether (ETH) worth over $100,000 were rescued from a vulnerable smart contract in a long-planned whitehat operation by the Security Alliance (SEAL). The funds had been sitting in the insecure contract for a decade and are now in a recovery address.

UBS Group AG is venturing into tokenized services and crypto access for clients. CEO Sergio Ermotti emphasized a client-focused approach, exploring crypto access and tokenized deposit solutions. The bank also aims to leverage AI for operational efficiency.

Layer-2 networks, once considered extensions of Ethereum, are now distancing themselves following Vitalik Buterin's comments. Leaders argue that rollups must clarify their role and become independent as Ethereum's base layer improves, signaling a transition rather than a threat.