CFA Report Pegs US Crypto Fraud Losses at $80.7B

Kalshi has filed to offer perpetual futures tied to various altcoins in the U.S., following CFTC's approval of Bitcoin futures. The move signifies Kalshi's expansion into a market traditionally dominated by offshore platforms.

According to analysts at Compass Point, Coinbase's efforts to offer leverage for digital asset speculation through perpetual futures may result in limited revenue growth due to competition and low switching costs. Regulatory approvals for offshore perps and the potential for leverage restrictions in the U.S. pose challenges for Coinbase's market share and pricing power.

Vitalik Buterin proposed using options contracts to create index-tracking assets in DeFi, aiming to reduce sudden liquidation risks associated with collateralized debt positions. This new approach could offer a smoother process during market volatility by gradually adjusting exposure levels.

BitMine Immersion Technologies increased its Ethereum holdings by purchasing 26,497 ETH worth $52 million, despite Ethereum's price dropping below $2,000. Chairman Tom Lee mentioned that ETH prices do not reflect Ethereum's strengthening fundamentals, as the firm now holds 5,416,901 ETH, or 4.48% of the circulating supply.

Strategy's stock price plummeted after revealing a Bitcoin sale, causing concern among investors. The company aims to enhance its credit instrument, STRC, by utilizing proceeds from the sale to cover recurring costs.

An Ethereum developer successfully recovered over 1,000 ETH, valued at $2 million, from a 2016 failed crypto project, unlocking funds stuck in an old smart contract for nine years. The recovery covered 48 investors, showcasing the potential for reclaiming funds from long-forgotten contracts.

The recent outages on the Sui network were caused by crash bugs related to gas charging logic and a new address balances feature introduced in release 1.72. A third outage occurred during a scheduled epoch change due to a latent bug in how validators preserve randomness state, compounding the network's reliability issues.

Binance has introduced access to over 7,000 U.S. stocks and ETFs, allowing users to convert shares into blockchain tokens. The company offers zero-commission trades and fractional purchases, aiming to create a "multi-asset financial super app."

Bitcoin's price dropped to a two-month low of $71,479 following mass ETF outflows and a $2.5 million sale by Strategy. The recent 7% decline in the last week brought it to a level not seen since April, with $3 billion in outflows contributing to the slide.

According to a Reuters report, Japan's ruling Liberal Democratic Party proposed creating a legal framework for trading cryptocurrency exchange-traded funds (ETFs) to provide investors with easier investment options. The country's cabinet approved a draft amendment in April to classify crypto as a financial product, moving away from treating it solely as a payment tool.