CFA Report Pegs US Crypto Fraud Losses at $80.7B

Coinbase's stock continued to decline, reaching its lowest point since May of last year, despite introducing copper and platinum futures trading. The company's shares fell 1.24% to $208 in intraday trading, down more than 10% since the year began and 46% from its all-time high in July.

The latest quarterly report from Coinbase Institutional and Glassnode indicates Bitcoin is transitioning to a more stable phase, less susceptible to market liquidations and more influenced by global factors. The market is now characterized by disciplined trading and defensive positioning by professional investors.

Jingliang Su, a Chinese national, received a 46-month prison sentence for laundering over $36.9 million from victims of crypto scams. Su, along with eight co-conspirators, scammed 174 Americans by convincing them to invest in fake opportunities.

Anthropic, the creator of AI chatbot Claude, is set to raise $20 billion in fresh investment, valuing the company at $350 billion. The deal, led by GIC and Coatue, will see $10 to $15 billion received soon, with the rest finalized later. Buzz around growing AI investments appears to have positively impacted the shares of prominent Bitcoin miners, who are increasingly devoting their ample computing power to AI demands.

Mesh, a crypto payments network, has secured $75 million in Series C funding, achieving a $1 billion valuation. The funding will drive Mesh's expansion into Latin America, Asia, and Europe, enhancing its infrastructure to connect wallets, blockchains, and digital assets.

U.S. spot Bitcoin ETFs experienced a reversal in fortunes with $6.8 million in net inflows, ending a streak of five days of outflows totaling nearly $1.72 billion. BlackRock’s IBIT and Grayscale's BTC were the top gainers, while Bitwise's BITB and Fidelity's FBTC saw outflows.

The team behind Forgotten Runiverse, an MMORPG on the Ethereum scaling network Ronin, announced the game's temporary shutdown due to financial challenges. Despite this, they assured users that the project is not being abandoned and that progress data will be preserved.

Standard Chartered Global Head of Digital Assets Research Geoff Kendrick predicts a $500 billion shift from bank deposits to stablecoins by 2028, a more conservative estimate than his previous $1 trillion prediction. The proposed CLARITY Act could impact stablecoin holders' ability to earn yield, potentially affecting traditional banks' net interest margin income.

Tether announced the launch of its USAT stablecoin, issued by Anchorage Digital, to comply with the GENIUS Act. The stablecoin, designed for U.S. markets, will be backed primarily by cash and U.S. Treasuries under the OCC's supervision.

Coinone's CEO returns after stepping down, denying reports of a possible takeover by Coinbase. The South Korean exchange is exploring investment opportunities amidst declining interest from retail investors.