CFA Report Pegs US Crypto Fraud Losses at $80.7B

Bitcoin futures contracts have experienced a drawdown of $1.25 billion in open interest, leading to a decrease from $85 billion to $80.8 billion. Analysts view this as a positive development for the BTC derivatives market, suggesting a healthy reset rather than a bearish signal.

ShapeShift, a defunct crypto exchange, has settled violations with the U.S. Department of the Treasury for $750,000 due to processing over $12.5 million in crypto transactions from sanctioned countries. The exchange, founded by Erik Voorhees, lacked a sanctions compliance program until receiving an administrative subpoena from OFAC.

Aster, a decentralized exchange on the Binance Smart Chain, has surged 47% in token value, reaching an all-time high of $2.12. Predictors foresee a 45% chance of Aster hitting $4 by October's end, nearly doubling its current price.

Fold Holdings' Bitcoin credit card, which will run on the Visa network with Stripe, offers up to 3.5% BTC rewards on all purchases. Despite a strong start on the Nasdaq on Tuesday, FLD stock quickly dropped over 14%.

SEC Chair Paul Atkins plans to introduce an "innovation exemption" for digital assets by year's end, part of the SEC's pro-crypto initiatives. Atkins aims to implement crypto-focused exemptions and safe harbors, as outlined in "Project Crypto," to ease regulatory burdens for the industry.

Rainbow, an Ethereum wallet developer, proposed a takeover of Clanker, a token launchpad, offering 4% of its forthcoming token supply to Clanker investors. Clanker's founder rejected the offer, leading to a public dispute between the two parties.

Vitalik Buterin praised Coinbase's L2 Base for utilizing centralized aspects to enhance user experience while maintaining security through Ethereum's decentralized base layer. L2s like Base process transactions off the mainnet, offering faster and cheaper confirmations.

U.S. Senator Cynthia Lummis and Senator Kirsten Gillibrand are co-sponsoring legislation to address concerns about cryptocurrency ATMs being used by scammers targeting seniors. Law enforcement has seen a surge in fraud tied to these machines, with FinCEN reporting a 31% increase in victim losses in 2024.

Orderly Network has launched "Orderly One," a platform enabling users to easily create their own perpetual DEXs without coding. This service targets DAOs, funds, and trading communities seeking revenue from crypto trading in a decentralized manner.

The Crypto Wealth Report by Henley & Partners reveals a 40% increase in crypto millionaires and a 29% rise in crypto billionaires over the past year. Bitcoin's surge has been a key factor in this wealth growth, with the largest cryptocurrency's price rising 78% in the last year.