CFA Report Pegs US Crypto Fraud Losses at $80.7B

The White House is considering a new IRS proposal that would require Americans to report and pay taxes on foreign crypto accounts, modeled after FBAR and FATCA rules for offshore bank accounts. This move aims to promote the growth of digital assets in the United States.

Bitcoin, ethereum, and other cryptocurrencies have experienced a significant drop in value due to fears of a market crash. Concerns about quantum computers potentially breaking encryption have led to warnings from industry experts and developers about the future of blockchain technology.

Kraken recently raised $800 million in funding from major institutional players like Jane Street and DRW Venture Capital, as well as a separate $200 million investment from Citadel Securities. This influx of capital will support Kraken's global expansion and diversification of product offerings beyond cryptocurrency.

Natalie Brunell's new book, "Bitcoin Is for Everyone," sheds light on the broken financial system and how Bitcoin can offer empowerment and control in times of economic uncertainty. Through clear storytelling, she explains the impact of inflation and monetary manipulation on daily life.

Bitcoin's recent price drop is attributed by Arthur Hayes to reduced dollar liquidity, not government support or institutional sentiment. Hayes predicts a potential rise to $200,000-$250,000 by year's end if broader risk markets decline and money printing accelerates.

Robinhood is working on a three-phase plan to transition stock tokens into permissionless assets that users can use across decentralized applications. The first phase allows users to buy tokenized stocks within the EU through the Robinhood app, but they cannot move them outside of it.

Kunal Mehta, a California resident, pleaded guilty to laundering over $25 million in crypto as part of a cybercrime ring. He used aliases like "Shrek," "Papa," and "The Accountant" to carry out the scheme, which involved stealing $263 million in cryptocurrency.

Haliey Welch, known as the "Hawk Tuah" girl, has been implicated in a federal class action lawsuit amendment for her involvement in promoting a meme coin launch that allegedly crashed intentionally. The lawsuit accuses Welch of being a key figure in a scheme to deceive retail purchasers.

The U.S. Department of Justice charged Firas Isa, founder of a Chicago-based crypto ATM company, with laundering at least $10 million in criminal proceeds through his company, Virtual Assets LLC. Isa and the company were charged with money-laundering conspiracy, facing a maximum sentence of 20 years in federal prison.

The Office of the Comptroller of the Currency (OCC) has approved national banks to hold and use cryptocurrency for specific purposes, such as paying network fees and testing crypto-related platforms. This move allows banks to expand their permissible activities without acquiring crypto-assets from third parties, reducing operational risks.