CFA Report Pegs US Crypto Fraud Losses at $80.7B

Forward Industries, led by Kyle Samani, aims to become the top Digital Asset Treasury globally, with a $50B target over 5-10 years. The company recently purchased $1.6B worth of SOL and plans to raise up to $4B for its Solana strategy.

PENGU, the Solana meme coin for the Pudgy Penguins NFT collection, has surged 12% in a day to $0.0377, up 10.2% in a week. Predictors on Myriad are optimistic about a 34% rise to $0.05, despite being 45% down from its all-time high.

BDACS has launched KRW1, South Korea's first fully regulated won-backed stablecoin, in partnership with Woori Bank. Each KRW1 token is collateralized by South Korean won held in escrow at Woori Bank, ensuring transparency through real-time banking API integration.

Ramil Ventura Palafox, CEO of Praetorian Group International, admitted guilt to wire fraud and money laundering in Virginia. He ran a $200 million Bitcoin Ponzi scheme, deceiving 90,000 investors with false promises of daily returns through a non-existent trading program.

Regulatory relief granted by the Australian Securities and Investments Commission allows stablecoin intermediaries to distribute crypto from licensed Australian providers without needing separate financial services licences. This exemption, a first-of-its-kind class relief, aims to facilitate growth and innovation in the digital assets and payments sectors.

The SEC approved new generic listing standards for commodity-based trusts on Nasdaq, Cboe BZX, and NYSE Arca, allowing quicker qualification for commodity or crypto-linked products.

Analysts are optimistic about Bitcoin's price gaining momentum for the rest of the year, following the U.S. central bank's interest rate cut and Federal Reserve Chair Jerome Powell's comments. Factors such as sagging employment and potential rate cuts are expected to drive Bitcoin and other cryptocurrencies higher.

The FBI's victim questionnaire for SafeMoon investors aims to gather information for restitution and identify fraud victims. The conviction of SafeMoon CEO Braden John Karony highlights the scrutiny on token promoters and the challenges of measuring investor harm in global token markets.

Bitcoin is down 1% at $115,500 after the Federal Reserve's rate cut. The market seems fatigued, possibly due to the widely anticipated move. Data suggests traders are waiting for a catalyst for the next major move.

MoneyGram has launched a new mobile app in Colombia using USD-pegged stablecoins on the Stellar blockchain to modernize cross-border remittances. The app allows instant money transfers into a US dollar balance backed by Circle’s USDC stablecoin, addressing the volatility of local currencies like the Colombian peso.