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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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The U.K. government is looking to retain the $7 billion in Bitcoin seized from a Chinese investment fraud, with civil recovery proceedings initiated at the High Court. Legal experts suggest victims may be entitled to compensation through various routes.
Coindesk
Travis Hill, nominated by President Trump for the FDIC chairmanship, has been instrumental in challenging the debanking trend in the crypto industry. Hill, a former Senate Banking Committee staffer, aims to change the regulator's stance on crypto banking and opposes debanking customers from risky sectors.
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Strategy, the largest corporate holder of Bitcoin, no longer expects a multi-billion tax liability due to a clarification from the IRS and Treasury Department. The regulators stated that firms do not need to factor in unrealized gains on digital assets for the corporate alternative minimum tax (CAMT).
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Polymarket, a cryptocurrency-based prediction market on the Polygon network, is set to reopen to U.S. users after acquiring a Designated Contract Market license. The company gained the ability to self-certify markets available to U.S. users through the acquisition of QCX LLC.
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Zcash has surged to a three-year high, with a 107% gain in the past week, standing at over $121. Market observers highlight its safety and role as insurance against Bitcoin and CBDCs.
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Addicted, a Solana-powered cannabis farming simulator, has seen its WEED token market capitalization peak at $82.48 million before dropping 36% to $52.6 million. Players can earn WEED tokens by growing digital cannabis plants with varying rarity levels.
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A blockchain expert labeled $21 million in outflows from Japan-based SBI Crypto as "stolen," involving Bitcoin, Ethereum, Litecoin, Dogecoin, and Bitcoin Cash. The funds were moved to "instant exchanges" or laundered through Tornado Cash, amidst a series of breaches in the crypto industry this year.
Blockworks
Lava has secured $17.5 million in funding and launched a lending platform offering USD yields on overcollateralized bitcoin loans. The startup's service allows users to earn up to 7.5% interest on their deposits, with plans to expand infrastructure for bitcoin financial products.
Coindesk
Circle introduced its tokenized U.S. Treasury fund offering to Solana, expanding beyond Ethereum, Near, Base, and Canton networks. USYC is redeemable in real time into USDC, available to non-U.S. institutional investors passing KYC checks.
Coindesk
Bullish has launched spot trading in the U.S. after obtaining licenses from NYDFS, with trading live in 20 states. The platform, catering to institutional clients, aims to provide stability and improved trade execution through its hybrid model.