CFA Report Pegs US Crypto Fraud Losses at $80.7B

MP Raghav Chadha proposed a Tokenization Bill in India's Parliament to enable fractional ownership of real estate and infrastructure projects through digital tokens. He emphasized the need for a law to make investment and asset ownership inclusive for the middle class.

Bitcoin traders are analyzing the potential impact of the U.S. stock market's quarterly “Witching Friday” on risk appetite across asset classes. The triple witching event, involving the expiration of various stock derivatives, typically leads to volatility in markets.

XRP ETFs have attracted over $1 billion in inflows, surpassing Bitcoin, indicating growing institutional adoption. The continuous demand for XRP ETFs is seen as a positive sign of institutional interest in the cryptocurrency market.

Bhutan has pledged up to 10,000 BTC, worth approximately $1 billion, for the development of Gelephu Mindfulness City. The initiative aims to create job opportunities, boost economic growth, and involve Bhutanese citizens as shareholders in the project.

Whistleblower lawsuits filed by former Theta Labs executives in California accuse CEO Mitch Liu of market manipulation and deception through inflated token prices and undisclosed insider sales. The complaints detail a pattern of self-dealing and fraudulent conduct within the blockchain company.

The FTC proposed a settlement with Illusory Systems Inc., the operator of the Nomad cryptocurrency bridge, following a 2022 hack that led to the loss of $186 million in digital assets. The settlement includes requirements for improved security practices and the return of recovered funds to affected users.

KindlyMD, a Bitcoin treasury company, faces delisting from Nasdaq due to its shares consistently closing below $1. The company has until June 8, 2026, to meet compliance requirements, with Nasdaq potentially extending the deadline up to 20 consecutive business days.

President Trump expressed openness to nominating Democrat commissioners to vacancies at the SEC and CFTC, potentially aiding the crypto market structure bill. The bill, crucial for the crypto industry, faces challenges without bipartisan involvement in rulemakings.

The JPEX fraud case in Hong Kong has been adjourned until next year to allow prosecutors to organize case files. Social media influencers face charges related to promoting JPEX and its cryptocurrency trading shops. The collapse of JPEX led to over 2,700 victims losing a total of $206 million.

The FDIC has initiated a 60-day public comment period for its rule proposal on handling stablecoin issuer applications from regulated banks. The proposal, approved by the board, outlines procedures for application acceptance, review, and appeal processes to evaluate safety and soundness.