CFA Report Pegs US Crypto Fraud Losses at $80.7B

VTB Bank, Russia's second-largest lender, will introduce spot crypto trading for qualified investors next year, allowing direct trading of major cryptocurrencies like bitcoin and ether. The bank's move follows Russia's shift towards crypto amid Western sanctions on its oil trade.

Beeple's interactive installation at Art Basel features robot quadrupeds capturing scenes and producing stylized prints that can be claimed as NFTs, linking physical art to blockchain tokens. The robots, with heads resembling figures like Elon Musk and Pablo Picasso, roam the fair floor, creating unique collectibles.

Lindsay Fraser, previously with Uniswap, will now lead policy operations for the Blockchain Association, focusing on regulatory issues for digital assets markets. The association aims to influence the Senate's market structure bill, stablecoin law implementation, and U.S. crypto tax policy.

The Directorate of Revenue Intelligence warns of increased use of crypto and stablecoins in drug and gold trafficking, enabling untraceable international fund transfers. Digital assets provide faster settlement, minimal oversight, and weak anti-money laundering compliance, facilitating illicit payments and crime proceeds movement.

Ethereum traders are more optimistic than Bitcoin traders, as indicated by options data showing less downside risk for Ethereum. Despite recent price declines, Ethereum's 90-day skew is more bullish than Bitcoin's, with a recent positive turn in short-dated contracts.

Bitcoin ETFs experienced their highest outflows in two weeks, with $194.6 million leaving on December 5. BlackRock’s IBIT fund led the outflows, losing $113 million. Analysts suggest investors are unwinding leveraged positions and basis trades.

The European Commission proposed transferring supervision of cryptocurrency companies from individual countries to the bloc's markets regulator, ESMA, to address discrepancies among member states. The move aims to integrate EU financial markets more effectively under the MiCA regulation.

Kraken has introduced a VIP program for high net worth individuals, offering personalized services and exclusive experiences. Members receive dedicated support, early access to products, and insights from experts in various fields. The program requires a $10 million average balance or $80 million in annual trading volume.

Italy has initiated an "in-depth review" of retail investors' exposure to cryptocurrencies due to concerns about regulatory fragmentation and potential risks to financial stability. The review aims to assess safeguards for both direct and indirect crypto investments by retail investors, reflecting a shift towards more aggressive supervision over fintech and crypto in Europe.

Gold and silver have significantly outperformed Bitcoin this year, with returns of 86% and 60% respectively, while Bitcoin has dipped by -1.2%. Investors are turning to precious metals due to fears of monetary debasement and a potential Fed policy error.