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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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Luxxfolio, a Canadian crypto firm, filed a shelf prospectus to raise up to CAD$100 million after anchoring its treasury in Litecoin. The move aims to scale the company's infrastructure and ecosystem footprint for market share and adoption influence.
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JPMorgan analysts believe Bitcoin's price should be $126,000 per coin due to decreased volatility and increased institutional interest. The asset's volatility has dropped significantly, leading to a more stable market compared to previous cycles.
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American Bitcoin, partially owned by Trump's sons, plans to debut on Nasdaq in September after merging with Gryphon Digital Mining. Hut 8, owning 80%, aims to be a top Bitcoin miner in the U.S., with Eric and Donald Trump Jr. holding 19% ownership.
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Altcoin season, characterized by significant outperformance of alternative cryptocurrencies over Bitcoin, is back with CoinMarketCap’s Altcoin Season Index at 53 out of 100. Market data indicates rising interest in alternative crypto assets to Bitcoin, with key macro indicators suggesting a transitional phase in the market.
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Fenwick & West, former FTX legal advisors, seek dismissal of a lawsuit alleging involvement in the exchange's collapse. The firm denies knowledge of FTX's fraud and argues against being held liable for aiding it.
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Rain, a stablecoin-backed card company, raised $58 million in a Series B funding round led by Sapphire Ventures. The company plans to enhance its platform to provide global institutions with a compliant stablecoin infrastructure.
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Tether announced the availability of its USDT token on the Bitcoin network through the RGB protocol, enabling fast and private transactions on a secure blockchain. This move follows previous integration with Lightning and aims to make Bitcoin foundational for daily transactions.
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Myriad Markets offers prediction markets on Ethereum layer-2 networks Abstract and Linea, allowing users to predict outcomes on various topics like sports, token prices, and corporate moves. SharpLink Gaming aims to hold 1 million ETH by September 16, currently at 80% of its goal.
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The Sandbox is undergoing a massive restructuring, with Animoca Brands taking over and implementing layoffs. Co-founders Borget and Madrid have been moved to new roles, with over half of the employees let go.
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New guidance from the U.S. Commodities Futures Trading Commission allows foreign firms a legal pathway to operate in the U.S., applying to both traditional and crypto markets. Acting CFTC Chair Caroline D. Pham aims to provide regulatory clarity and bring American companies back to U.S. markets.