CFA Report Pegs US Crypto Fraud Losses at $80.7B

Traders on Polymarket earned 10x their money on a rumor that Michael Saylor's Strategy had sold Bitcoin, causing panic bets with odds reaching up to 45%. Saylor clarified that no BTC was sold, but Strategy's stock has underperformed BTC for 28 months.

Michael Saylor denied rumors of Strategy selling Bitcoin, expressing the firm's continuous appetite for BTC despite recent price drops. Speculations arose from on-chain movements suggesting Strategy might be using Coinbase as a custodian.

Newly released emails from Jeffrey Epstein's estate reveal his concerns about U.S. tax policy on cryptocurrency, seeking advice from Steve Bannon. Epstein recommended creating a disclosure form for crypto gains to combat illicit activities, showing a keen interest in Bitcoin and crypto regulations.

Chi Tsang has been appointed as the new CEO and board member of BitMine Immersion Technologies, a leading Ethereum treasury company with over $11 billion in cryptocurrency. The company also added three new board members, aiming to position itself as a bridge between traditional capital markets and the Ethereum ecosystem.

Nevin Shetty, a former CFO, was convicted of wire fraud for misusing $35 million from his employer to invest in a failed crypto venture. Despite initial profits, the crypto market crash in May 2022 caused the investments to plummet in value.

Securitize announced that BlackRock's $2.5 billion USD Institutional Digital Liquidity Fund (BUIDL) is now expanding to Binance and BNB Chain, offering a tool for institutional traders. BUIDL, backed by U.S. Treasuries, has seen a 3.7% annualized yield and is integrated into Binance's custody service, Ceffu.

Jibreel Pratt, sentenced to nine years for concealing crypto donations to ISIS, operated covertly and shared operational strategies with a confidential source. The FBI emphasizes its commitment to preventing support for terrorist organizations through financial means.

Bitcoin's price dropped below $95,000, while altcoins like Solana and XRP also experienced significant losses, leading to widespread liquidations. Solana fell over 8% to $142, despite new ETF investments. Traders lost $1.36 billion in futures positions, with the crypto market down over 4%.

Bitcoin's drop below $95,000 Friday morning, down 24% from its peak, has led to over $1.24 billion in liquidated longs. The market slump has also affected equities and gold prices, indicating a broader selloff trend and leaving analysts questioning whether it marks the beginning of a bear market.

The ICBA has urged regulators to reject Sony Bank's application for a national trust charter to issue stablecoins, citing concerns about regulatory loopholes and potential consumer harm. Sony Bank's proposed subsidiary, Connectia Trust, aims to provide digital asset custody services and issue dollar-pegged stablecoins.