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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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Bitcoin surged past $114,000, its highest level since August 24, following U.S. spot Bitcoin ETFs recording inflows of $757.1 million, an eight-week high. Ethereum, on the other hand, saw a negative netflow of $668.72 million in September.
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Solana reached a seven-month high, climbing about 4% to nearly $225, its highest level since February. Bitwise CIO Matt Hougan predicts an "epic end-of-year run" for Solana, with institutional flows and ETFs lining up to drive its price higher.
www.ft.com
Donald Trump's CFTC nominee Brian Quintenz has accused Gemini founders Tyler and Cameron Winklevoss of interfering with his confirmation process. In a tweet, Quintenz claimed that the pair asked Trump to pause his nomination, citing an exchange over how the CFTC handled an enforcement case against Gemini.
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A report by digital asset bank Sygnum attributes Ethereum's recent surge to a combination of factors including supply shock, institutional demand, and regulatory developments, leading to a 140% price increase since the Pectra upgrade. The positive sentiment is further fueled by the removal of 30% of Ethereum's supply through staking services.
Coindesk
The Avalanche Foundation plans to raise $1 billion to establish two crypto treasury companies holding millions of AVAX tokens at a discounted price. One deal involves a private investment led by Hivemind Capital, while the other utilizes a special purpose acquisition company (SPAC) structure.
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Arthur Hayes has purchased nearly $1 million worth of Ethena tokens within 48 hours, as the project competes for control of the USDH stablecoin ticker. Ethena's proposal, supported by BlackRock, aims to collateralize USDH using its USDtb stablecoin and allocate revenue to Hyperliquid.
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Ethereum futures trading volume has surpassed Bitcoin's, reaching $49.4 billion, while Bitcoin ETFs have seen a net inflow of $1.39 billion. Conversely, Ethereum ETFs experienced outflows of $668 million, indicating a shift in institutional investor sentiment.
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A Texas man involved in a crypto Ponzi scheme was denied bankruptcy discharge for concealing assets and running a fraudulent firm. Legal experts emphasize that bankruptcy does not provide a safe haven for crypto fraudsters, as courts have the power to pursue assets globally.
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Belarusian President Lukashenko is pushing for increased use of digital assets in banks to counter Western sanctions. External payments through exchanges have reached $1.7 billion in 2022, with projections of hitting $3 billion by year-end. The move towards tokenization aims to streamline transactions and enhance user control over assets.
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A recent supply chain attack targeted JavaScript code, with hackers gaining control of a GitHub account to insert malicious code into popular code packages. Despite affecting 10% of cloud environments, the threat actor's wallets have only received $1,043 in cryptocurrency so far.