CFA Report Pegs US Crypto Fraud Losses at $80.7B

JPMorgan reported a 5 exahashes per second decline in Bitcoin network hashrate, now averaging 1,030 EH/s. U.S.-listed miners tracked by the bank make up about 38% of the global network's computational power, impacting mining profitability and industry competition.

Tether, the largest company in the digital assets space, has donated $250,000 to OpenSats, a charity supporting Bitcoin and open, censorship-resistant technologies. The donation will fund free and open-source initiatives, including protocol development and education, to strengthen the ecosystem.

Five men have been arrested by the London Metropolitan Police for their involvement in a cryptocurrency investment scam that targeted victims worldwide. The suspects, aged between 21 and 37, are accused of running a fraudulent operation that may have caused victims to lose over $1.3 million.

Senate Bill 1330 in the Philippines proposes implementing blockchain solutions for the national budget to enhance transparency and accountability in government spending. Legal experts caution that the bill's tech-heavy approach may pose risks instead of combating corruption.

Visa's new report highlights the potential for stablecoins to revolutionize the $40 trillion global credit market, with $670 billion already originated in the past five years. The market is dominated by USDC and USDT, accounting for 98% of stablecoin borrowing.

The cryptocurrency market saw Bitcoin dip below $110,000, leading to losses in altcoins. Ethereum, XRP, Solana, Cardano, and Dogecoin all experienced declines, while Tron was the only exception, gaining 1.2%.

Steak ‘n Shake has introduced the "Bitcoin Steakburger" to commemorate five months of accepting BTC payments, featuring two patties, American cheese, pickles, onions, ketchup, and a Bitcoin logo-stamped bun. The franchise's move to embrace Bitcoin has led to significant sales growth in Q2 and Q3.

MoonPay has introduced MoonPay Commerce, a crypto payments platform incorporating technology from its acquisition of Helio. The platform offers a streamlined way for businesses to accept crypto payments globally, with major tokens supported and features like affiliate tracking and wallet-splitting available.

Corporate balance sheets now hold approximately 1.04 million BTC, with public-company holders increasing by 40% to 172 firms. MicroStrategy leads with 640,031 BTC, followed by MARA and XXI. More companies are acquiring Bitcoin as a long-term treasury reserve.

The Financial Stability Board highlighted significant gaps and inconsistencies in global crypto regulations, enabling regulatory arbitrage and posing risks to financial stability. Uneven rules allow crypto firms to exploit lenient jurisdictions, complicating oversight and creating cross-border risks.