CFA Report Pegs US Crypto Fraud Losses at $80.7B

Three individuals involved in a fraudulent crypto exchange scheme in South Korea, which defrauded over $1.4 billion from 50,000 victims, have been fined substantial amounts but will avoid jail time with suspended prison terms. The mastermind CEO of V Global was previously sentenced to 25 years in prison for orchestrating the fraud.

The Polkadot DAO has approved Referendum 1710, setting a hard cap of 2.1 billion DOT tokens. This new model aims to reduce emissions and increase scarcity, with the total supply projected to be around 1.91 billion by 2040, compared to 3.4 billion under the current system.

OKX is expanding into Australia's retirement market by launching a platform for self-managed superannuation funds (SMSFs), which have seen a 746% increase in crypto allocations since March 2020. The platform offers features like custody, security, and reporting for trustees managing digital assets in their portfolios.

According to Sean Dawson, the crypto market may face increased volatility and short-term pain in the second half of September due to historical seasonality and U.S. financial year-end influences. Dawson believes the market could be only "halfway" through a fourth-quarter upswing, supported by macro trends and options data.

Native Markets won the USDH stablecoin ticker after a governance vote among Hyperliquid validators, beating out other bidders. The voting process faced criticism for favoring Native Markets due to the compressed timeline and validator ties to Hyperliquid infrastructure.

BNB reached a new all-time high above $926, with a 3% increase in the last day. Solana also surged to $240, up 6% in 24 hours. Bitcoin and Ethereum hit their highest marks in September, driving altcoin markets up.

Gemini, a crypto exchange, reached a $4.4 billion valuation on its Nasdaq debut, with shares up 22.6%. The company faced drama with the CFTC nominee and settled a lawsuit for $5 million. Another crypto lender, Figure, saw a 24% jump in shares on its Nasdaq debut.

A Pump.fun duo earned $49,000 in creator fees after their Solana token surged over 2,000%. One member got slapped by fitness influencer Bradley Martyn for trying to steal his hat, leading to a viral moment and a significant increase in their meme coin's value.

Gemini founders Tyler and Cameron Winklevoss predict Bitcoin will reach $1 million, comparing it to gold. They launched their IPO at $28 per share, trading at $37.01 initially.

Solana's price surged over 5% on Friday, reaching a peak above $241, the highest since January, driven by institutional interest. Forward Industries secured a $1.65 billion PIPE deal led by Galaxy Digital, Jump Crypto, and Multicoin Capital, causing its stock to briefly touch $46 before settling at $37.72, still 9.41% higher than the previous day.