CFA Report Pegs US Crypto Fraud Losses at $80.7B

Robinhood Chain, launched two weeks ago, initially saw meme coins dominating trading volumes despite offering tokenized versions of real-world assets. The network has become a top-five trading destination, facilitating $3.1 billion in trading volume via decentralized exchanges. Robinhood is expanding its offerings beyond tokenized assets to include decentralized lending and perpetual futures.

Mizuho believes Circle Internet Group's approval to establish a digital currency bank is positive but may not address underlying issues affecting the stock. The stablecoin issuer's USDC has faced challenges, including a decline in market capitalization and increasing competition from other stablecoins like Open USD.

BitMine Immersion Technologies acquired an additional $49 million worth of ETH, bringing their total holdings to 5,770,038 ETH, valued at around $10.1 billion. The firm's chairman, Tom Lee, highlighted the success of Robinhood Chain, an Ethereum layer-2 network, with over $1 billion in dollar volumes.

Strategy's cash reserves grew to $3 billion after raising $467 million through common stock issuance, maintaining its stance of not acquiring Bitcoin for the third consecutive week. The company's stock price, down 4%, has stabilized since hitting a 28-month low in late June.

Robinhood's new blockchain, Robinhood Chain, has quickly become a top-five chain for decentralized trading, with $3.1 billion in trading volume and over 65,000 users holding tokenized stocks and stablecoins. The network supports tokenized real-world assets, decentralized finance, and partnerships with key industry players.

Tyler Warner's daily newsletter, Morning Minute, covers the latest news in the crypto world, including updates on Bitcoin and Ethereum ETFs, NEAR and Zcash upgrades, and Robinhood Chain's DEX volume. U.S. spot Bitcoin ETFs had a positive week, with net inflows of $197 million.

Bitcoin is currently trading near $63,000, influenced by risk-off sentiment after U.S. and Iran mutual airstrikes. Brent crude futures rose over 3% due to concerns over oil shipping through the Strait of Hormuz, impacting inflation and monetary policy, affecting Bitcoin.

A recent article in China's top prosecutors' office newspaper outlines a framework for prosecuting crypto money laundering, suggesting courts presume criminal intent for suspects using coin mixers and privacy coins. The piece also proposes the creation of a platform to sell seized cryptocurrency, addressing the challenge of cashing out tokens due to Beijing's trading ban.

Hyundai, the world's third-largest carmaker, has implemented a stablecoin-based remittance system on the Avalanche blockchain for cross-border transactions between its U.S. and Mexico entities. This move signifies a shift towards utilizing stablecoins for international transfers to reduce costs and time associated with traditional banking methods.

Circle has received final approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank, shifting its operations to a national framework. This approval is seen as a key regulatory milestone for the stablecoin issuer, expected to enhance customer asset safeguarding and reserve management.