CFA Report Pegs US Crypto Fraud Losses at $80.7B

Galaxy Research highlighted concerns over a draft crypto market-structure bill in the Senate Banking Committee, warning about potential expansions in U.S. financial surveillance powers, including new Treasury authorities targeting decentralized finance and transaction freezes. The bill could represent the largest such expansion since 2001.

Bitcoin surged to a two-month high, reaching over $95,500, triggering $587 million in liquidations of crypto short positions. U.S. corporate earnings and inflation data influenced the market, with traditional financial stocks weighing down major indexes.

Edward Cullen, CEO of Crescite, accuses former NYC mayor Eric Adams of stealing the NYC Token concept. Adams launched the token to generate revenue for social causes, but faced allegations of misconduct. Cullen claims to have pitched the idea to Adams earlier.

SharpLink Gaming, a publicly traded Ethereum treasury firm, plans to lead the way in utilizing ETH for digital asset treasuries in 2026. With over 865,000 ETH worth $2.75 billion, the firm has deployed $170 million for incentives and staking on Linea.

A civil forfeiture action was filed to recover $200,000 in USDT linked to a crypto scam targeting a Massachusetts resident through a Tinder romance scam. Pig-butchering schemes, like this one, have seen a rise in crypto-related crimes, with recovery efforts proving challenging.

Michael Saylor, owning over 650,000 Bitcoin, criticized the Bitcoin treasury space slump and defended his company's debt-to-buy-Bitcoin model. He argued that issuing securities for Bitcoin is rational for any company, regardless of profitability.

Bitcoin has surged over 2% in the last 24 hours, reaching $93,000, with trading volume increasing by 20% to $88.9 billion. Analysts note a rise in volume but a defensive sentiment among traders, as reflected in the Fear & Greed Index.

BNB Chain is set to undergo its third major upgrade, named Fermi, on January 14, which will increase block production speed by 40%. This upgrade aims to enhance network responsiveness and resilience, especially during high-volatility market scenarios.

KRAKacquisition Corp., a SPAC sponsored by Kraken, plans a $250 million public offering on Nasdaq. The units include Class A shares and warrants for future stock purchases, with Santander as the sole book-running manager. The firm, formed with Kraken and venture capital firms, aims to merge with any business.

The draft "Clarity Act" from the Senate Banking Committee could reclassify tokens like XRP, Solana, and Dogecoin as non-securities, aligning them with Bitcoin and Ethereum. This move aims to provide regulatory relief and institutional access for these cryptocurrencies.