CFA Report Pegs US Crypto Fraud Losses at $80.7B

A bill introduced by Rep. Troy Downing aims to turn President Trump's executive order on crypto and 401(k)s into federal law. The bill, named the Retirement Investment Choice Act, seeks to provide Americans with access to alternative assets like cryptocurrencies for retirement savings.

Monad recently disclosed details about its MON token airdrop, targeting 5,500 community members and 225,000 crypto enthusiasts. The Foundation employed strict measures to identify eligible recipients, including on-chain users and NFT collectors.

Elon Musk recently praised Bitcoin's energy consumption, highlighting its role in countering the debasement of fiat currencies. This marks a shift from his previous criticism of Bitcoin's electricity usage in 2021. Despite Tesla's history with Bitcoin, the company has reduced its holdings significantly.

The United States is seeking the forfeiture of 127,271 Bitcoin, valued at over $14.2 billion, in a civil complaint against Chen Zhi, founder of Prince Holding Group. Zhi is accused of running scams that defrauded victims globally of billions of dollars.

According to Wall Street broker Bernstein, Circle (CRCL) may face revenue impact if U.S. rates drop significantly, but stablecoin demand and operational efficiency could mitigate losses. Analysts predict a potential 33% compound annual growth for Circle's USDC by 2027.

Cantor Fitzgerald analyst Brett Knoblauch believes IREN has significant potential due to its focus on AI Cloud Services, similar to CoreWeave. Despite the stock's recent performance, Knoblauch sees further growth potential, especially considering the discounted valuation compared to its peers.

S&P Global Ratings has partnered with Chainlink to provide stablecoin stability assessments on-chain, using Chainlink's DataLink oracle infrastructure. These assessments rate stablecoins' ability to maintain value parity with fiat currencies, aiding DeFi systems and institutional decision-making.

Bitcoin and Ethereum are experiencing a downturn, with the total crypto market capitalization dropping 4.4% to $3.85 trillion. The recent liquidation cascade has brought Bitcoin close to $112,500, a critical support level that is being tested repeatedly.

U.S. Ethereum ETFs experienced a significant outflow of $428.5 million on Monday, the largest since September 5. BlackRock's ETHA saw the biggest outflow at $310.1 million, while Grayscale's ETHE and Fidelity's FETH also had withdrawals.

The second test of the Fusaka upgrade was launched on the Sepolia network by Ethereum developers Tuesday, following its successful rollout on the Holesky testnet. The upcoming Hoodi test on October 28 will be the final rehearsal before Fusaka is activated on Ethereum's main blockchain.