CFA Report Pegs US Crypto Fraud Losses at $80.7B

A group of international banks, including Banco Santander, Bank of America, and Goldman Sachs, are collaborating to explore issuing a stablecoin pegged to G7 currencies. The initiative aims to enhance competition in the market while ensuring compliance with regulations and best practices.

Over $1 billion in crypto positions have been liquidated in the past 24 hours as prices plummet due to President Trump's trade war announcement. Bitcoin, Ethereum, and Solana have all experienced significant drops, with Bitcoin erasing most of its October gains.

Polymarket plans to launch its own crypto token after a $2 billion investment from Intercontinental Exchange, sources close to the company told Decrypt. The company aims to reenter the U.S. market before introducing the token, hinting at potential rewards for users.

A hacker stole $21 million in crypto from a Hyperliquid user due to a leaked private key, with funds bridged to Ethereum. The incident highlights the importance of personal security in safeguarding private keys from malicious actors.

Hargreaves Lansdown warned against including Bitcoin in investment portfolios, citing extreme volatility and risk. The firm stated that cryptocurrency, including Bitcoin, should not be relied upon to meet financial goals.

The Monetary Authority of Singapore has postponed the implementation of new crypto prudential standards until 2027, following concerns from the industry. The updated rules will require banks to hold capital reserves based on the risk classification of their crypto exposures.

Prestige Wealth (PWM) secured $150 million in funding to launch a digital asset treasury focused on Tether's gold-backed tokens. The capital will be used to acquire tokenized gold reserves for a blockchain-native treasury, with plans to rebrand to Aurelion and trade under the AURE ticker.

Analysts warn that despite soaring Bitcoin, gold, and stock prices, the U.S. deficit poses a growing threat as the country continues to live beyond its means. The U.S. budget deficit is projected to hit $1.9 trillion in 2025, but current data shows it has already reached $1.973 trillion.

Morgan Stanley will expand its crypto offerings, granting all clients access to digital assets starting October 15. Previously, only high-net-worth individuals could invest in crypto through the bank, but now advisors can offer crypto fund investments to any client.

Tornado Cash developers are receiving financial support for their legal defence from Keyring Network, with the Ethereum Foundation observing the fundraising as a potential model for future initiatives. The ongoing efforts aim to secure funding for the developers' defence against legal challenges.