CFA Report Pegs US Crypto Fraud Losses at $80.7B

Strategy, known for shifting to Bitcoin accumulation, faced a class-action lawsuit for allegedly misleading investors about its profitability due to new crypto accounting practices. This week, plaintiffs voluntarily dismissed their claims with prejudice.

Eric Trump, speaking at the Bitcoin Asia conference, praised Bitcoin for bridging socioeconomic gaps in finance. He highlighted the disparity in the traditional financial system favoring the wealthy and emphasized Bitcoin's accessibility to all individuals globally.

Bitcoin fell below $109,000, dragging down other cryptocurrencies, as stocks dipped due to new inflation data. Ethereum also dropped, erasing recent gains and falling 6% to nearly $4,295. The crypto market saw $446 million in long positions liquidated in the past 24 hours.

Canaccord Genuity's research report highlighted IREN's rapid progress in Bitcoin mining and AI infrastructure, with a 60% price target increase to $37. The company's mining unit achieved over $1 billion in annualized revenue, with efficient operations costing $36,000 per Bitcoin.

The crypto industry is surpassing 2021's fundraising record, with over $16 billion raised this year. Pantera Capital's report predicts a record-breaking year fueled by M&A and IPO activities, indicating industry maturation and new entrants' comfort in investing.

Pudgy Penguins and Mythical Games have launched Pudgy Party, a mobile game with a Web3 twist, integrating blockchain technology for in-game assets and NFTs. The game aims to attract millions of players through seasonal events and a seamless onboarding process into Web3 gaming.

Ethereum's price dipped below $4,400 after reaching a new all-time high, now down 11% from the peak. Despite the recent decline, ETH remains up 16.6% over the past month and 73.2% over the past three months.

Kraken, HTX, and KuCoin have announced their intention to list WLFI, a crypto token backed by the Trump family. World Liberty Financial Inc., co-founded by President Donald Trump, his sons, and business allies, is facilitating the listing process for WLFI, set to be available for trading on September 1.

An international hacking ring targeted South Korea's wealthy, stealing $28.1 million from financial and crypto accounts. The cybercriminals breached government and financial websites to steal data and attempted thefts from 26 victims.

Ethereum's recent price surge to $4,945, its highest ever, has attracted institutional interest due to its deflationary tokenomics, scalability through Layer-2 adoption, and staking model. Despite plateauing staking activity, Ethereum remains a foundational layer for DeFi and tokenization, drawing institutional inflows.