CFA Report Pegs US Crypto Fraud Losses at $80.7B

Over 28,000 crypto wallets pledged $560 million for SpaceX shares but received none, marking another failure in the industry's attempt at tokenized stock trading. Despite years of promises, the technology has not delivered on its efficiency improvements or increased liquidity as expected.

The Bangko Sentral ng Pilipinas (BSP) has issued new guidelines for Virtual Asset Service Providers (VASPs) in the Philippines, requiring rigorous due diligence and banning privacy coins. VASPs must monitor listed assets and comply with both BSP and SEC regulations independently.

Over $4.8 billion has exited U.S. Bitcoin ETF products since May, with a 25-delta options skew remaining at -4% to -5%. The Fed's meeting and institutional demand could aid Bitcoin's recovery, according to Decrypt.

Binance, Bybit, and Bitget refunded customers attempting to access tokenized SpaceX shares due to xStocks' failure to secure the underlying assets. Binance is now distributing $1 million worth of SpaceX shares to participants via bStocks.

Misam M. Abidi, of Nolensville, Tennessee, faces an 11-count federal indictment for allegedly running a fraudulent crypto investment firm called Star Credit Holdings between 2020 and 2024. Prosecutors claim he diverted over $1.9 million of investor funds to himself and family members.

Standard Chartered's Geoff Kendrick believes the recent drop in Bitcoin's price to nearly $59,000 signals the end of the crypto winter, with a 53% drawdown from its peak in October. Kendrick points to potential peace deals and SpaceX's IPO as catalysts for the market's recovery.

Sam Bankman-Fried, FTX co-founder, failed to overturn his 25-year prison sentence and fraud conviction as federal appeals judges upheld the verdict. The judges dismissed his arguments, citing strong evidence presented during the trial.

GameStop has kept most of its Bitcoin in options contracts with Coinbase, resulting in a $369.6 million claim for repayment. The strike price on the contracts dropped to $80,000, potentially allowing Coinbase to claim the coins.

Metaplanet, a Japanese Bitcoin treasury company, is acquiring securities firm Siiibo for $13 million to develop and distribute Bitcoin-linked yield products to Japanese investors. The acquisition will lead to Siiibo Securities rebranding as Metaplanet Securities after closing in July.

The $75 billion SpaceX IPO is expected to impact crypto liquidity as retail and institutional money shifts towards securing SpaceX shares. This move may divert attention and capital away from the crypto market, affecting trading volumes and investor sentiment.