CFA Report Pegs US Crypto Fraud Losses at $80.7B

The UK's Financial Conduct Authority (FCA) is proposing minimum standards for cryptocurrency firms to enhance oversight and promote sound business practices. These measures aim to establish common standards for operational resilience, financial crime prevention, and customer complaint handling.

Forward Industries, a Solana treasury company, aims to raise $4 billion through an equity offering to support its Solana token strategy and acquire income-generating assets. The company's stock price on Nasdaq, under the ticker FORD, experienced an 8.2% drop before recovering.

Bitcoin whales dormant for over a decade are becoming active, with one transferring 1,000 BTC to new wallets. The price surge to $117,000 has made this stack worth $117 million, prompting more dormant wallets to awaken as Bitcoin remains above $100,000.

Polymarket, the world's largest prediction market, is rumored to be considering launching a token following recent SEC filings and a significant valuation increase. The potential token could enhance user engagement and market liquidity, with industry experts speculating on its value reaching $5B-$10B.

Coinbase has petitioned the Department of Justice, citing state lawsuits and regulations as hindering the crypto market. The company argues that the current state laws impede innovation and harm consumers, urging federal action to address the issue.

Sanctions have been imposed on Iranian nationals and companies accused of funneling money from illicit oil sales to Iran’s IRGC-QF and MODAFL. The Treasury's actions target shadow banking networks laundering billions through front companies and cryptocurrency exchanges.

Altcoin season has arrived, with 75% of the top 50 coins outperforming Bitcoin over the past 90 days. Analysts predict a shift towards altcoins due to lower interest rates and regulatory clarity, driving momentum growth.

Altcoins like BNB, Sui, Hyperliquid, and XRP are outperforming others ahead of the Fed's interest rate decision. Factors such as coin-specific developments and the approval of a spot ETF for XRP are driving growth in these altcoins.

The SEC received a flood of crypto ETF applications, including Bitwise's Avalanche and Stablecoin ETFs, Defiance's Bitcoin and Ethereum basis trades, Tuttle's Bonk, Litecoin, and Sui funds, and T-Rex's leveraged Orbs ETF. Analysts believe simpler products like the spot AVAX ETF have higher approval chances.

A Denver pastor and his wife were found guilty of defrauding investors by selling crypto tokens for their church, violating state securities laws. The couple must repay $3.39 million and face criminal charges, including racketeering and securities fraud.