CFA Report Pegs US Crypto Fraud Losses at $80.7B

OKX burned 279 million OKB tokens on Ethereum worth $26 billion as part of an economic upgrade, reducing the total supply to 21 million. The token's price surged over 100% initially, hitting a new high of $135.12 before retracing to $90.36.

SEC Chair Paul Atkins discussed the agency's focus on developing custody rules for digital assets, aiming to provide certainty and security for cryptocurrency transactions. He mentioned mobilizing different divisions to implement recommendations for a more crypto-friendly U.S., emphasizing the need for secure storage of crypto assets.

Galaxy, a Nasdaq-listed digital asset investment firm, has secured $1.4 billion in funding to expand its Helios data center in West Texas for AI and HPC computing. The debt facility covers 80% of construction costs and will fund the retrofit and expansion of the site, with Galaxy contributing $350 million in equity.

High-profile hackers have profited from Ether's surge, with one exploiting Radiant Capital for $101 million. Another attacker from the Infini exploit made $25.15 million from the ETH rally. A third hacker stole 17,412 ETH and profited $9.76 million in a similar scheme.

KindlyMD has merged with Nakamoto Holdings, transitioning to an institutional-grade Bitcoin treasury company. The merger raised $540M with plans for an additional $200M, aiming to accumulate 1 million BTC in treasury. David Bailey, CEO of Nakamoto, believes Bitcoin will become the most valuable asset in history.

Over the past 24 hours, the crypto market experienced a minor pullback of 1.9%, resulting in $941 million worth of liquidated long positions. The U.S. Producer Price Index (PPI) increase of 0.9% for July triggered a decline in major cryptocurrencies.

Stablecoin issuer Circle (CRCL) plans to offer 10 million shares in a secondary stock sale priced at $130 per share, more than four times the price of its initial public offering in June. The stablecoin issuer is offering two million shares, with existing shareholders putting up the other eight million, as stated in a filing with the SEC.

Tomas Jirikovsky, a convicted drug trafficker, has been detained by Czech police in connection with a multi-million-dollar Bitcoin donation to the Ministry of Justice. The investigation, now focused on money laundering and drug trafficking, led to raids by the National Centre for Combating Organised Crime.

The U.S. SEC has extended the deadline for approving or denying Solana ETF proposals from Bitwise, 21Shares, Canary Funds, and Marinade Finance to October 16. The delay is due to the need for more time to review the proposed rule changes.

The hotter-than-expected U.S. wholesale inflation reading has led to a pullback in crypto prices as traders scale back bets on a September interest-rate cut. Analysts believe the recent dip in crypto could be short-lived due to liquidity tailwinds building into year-end.