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The Consumer Federation of America reported that cryptocurrency scams and cybercrimes resulted in estimated losses of $80.7 billion, with investment fraud being the largest category at $8.6 billion. The FBI's complaint center recorded over 1 million complaints, totaling $20.9 billion in losses.
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ETHZilla's shares dropped nearly 5% after announcing a 1-for-10 reverse stock split to attract institutional investors and align with market standards. The split will reduce outstanding shares from 160 million to 16 million, aiming for long-term growth and shareholder value.
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A $300 trillion worth of PYUSD stablecoins were minted on the Ethereum blockchain by Paxos, only to be burned 20 minutes later by sending them to an inaccessible network address. Paxos and PayPal have not commented on the incident yet.
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Volatility Shares plans to introduce leveraged ETFs for Bitcoin, Ethereum, Solana, and XRP, potentially amplifying gains and losses by up to five times. The SEC recently approved 11 Bitcoin ETFs, leading to successful launches by asset managers like BlackRock and Fidelity.
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Sony Bank, a subsidiary of Sony, has applied for a national banking charter to enable its subsidiary, Connectia Trust, to conduct cryptocurrency-related activities. The company plans to issue stablecoins, manage reserve assets, and offer custody and digital asset management services.
Coindesk
Brad Garlinghouse, CEO of Ripple Labs, emphasized the need for crypto firms to have access to the same infrastructure as traditional financial businesses, such as Fed master accounts. He criticized traditional banks for lobbying against granting crypto firms such access, calling it hypocritical and anti-competitive.
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Over $14 billion in Bitcoin has been seized by the U.S. government from Chen Zhi, the alleged head of a global crypto scam operation. The Department of Justice has filed criminal charges against Chen and is seeking ownership of the seized Bitcoin through criminal forfeiture.
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CME Group has introduced options trading for Solana and XRP futures, allowing traders to speculate on price movements and manage risk. The first trades for XRP and Solana options occurred recently, indicating growing interest in managing exposure to a wider range of crypto instruments.
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Joe Moglia predicts that all financial assets will be tokenized within five years, with BlackRock CEO Larry Fink supporting crypto ownership and advocating for asset tokenization. Despite challenges in infrastructure and regulations, the tokenization trend is gaining momentum globally.
Coindesk
Superstate's Opening Bell platform will be integrated into Backpack, allowing non-U.S. users to trade tokenized shares of public companies onchain. Backpack will be the first centralized crypto exchange to list SEC-registered equities natively on-chain, offering more assets for trading.
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Two MIT-educated brothers are on trial for allegedly stealing $25 million in crypto within 12 seconds, using a software flaw on the Ethereum blockchain. The defense argues their actions were not illegal due to the unregulated nature of the marketplace.