CFA Report Pegs US Crypto Fraud Losses at $80.7B

The FBI has issued an advisory warning about crypto scammers posing as law firms to defraud individuals, targeting previous fraud victims and requesting payment in crypto or gift cards. Scammers use phishing links and fake "crypto recovery law firms" to steal personal data and funds from unsuspecting victims.

U.S. Treasury Secretary Scott Bessent confirmed the government's stance on not purchasing additional Bitcoin, opting to grow the strategic reserve through seized assets. The current Bitcoin holdings are estimated to be worth $15 billion to $20 billion. This marks a shift from previous statements by White House officials.

Dinari, a U.S.-based provider of tokenized public securities, is launching its own blockchain, the Dinari Financial Network, to enhance settlement and clearing processes for securities issued on various networks. The company aims to unify liquidity and compliance across multiple blockchains to prevent fragmentation.

Gemini has introduced the Gemini Wallet, a self-custodial smart wallet for easy access to Web3 protocols, DeFi platforms, and onchain applications. It offers passkey-based login, social recovery tools, and an integrated dashboard. The company is covering gas fees and providing free ENS subdomains to users.

In July, crypto funding surpassed $6 billion, a significant increase from June, with a notable contribution from Digital Asset Treasury companies. The rise in funding levels has not been seen since 2021, indicating a positive trend in the market.

The Morning Minute newsletter by Tyler Warner covers top news in the crypto market, including BTC hitting a new ATH of $124,128, ETH reaching $4,780, and MetaMask partnering with Stripe for a stablecoin. Bitcoin dominance has dropped to 59%, indicating a potential ETH + ALT SZN.

Elon Musk, known for his support of cryptocurrencies like bitcoin and dogecoin, has recently reposted an image related to dogecoin. Despite his previous promises to boost dogecoin, many of his plans remain unfulfilled. Musk's actions continue to influence the crypto market.

TRON founder Justin Sun has filed a federal lawsuit against Bloomberg, alleging breach of confidentiality regarding his crypto holdings. The lawsuit aims to prevent Bloomberg from disclosing specific amounts provided for wealth verification.

Crypto exchange Coinbase lost approximately $300,000 in token fees due to a misconfigured interaction with 0x's "swapper" contract, allowing MEV bots to drain funds from its corporate wallet. The security breach, flagged by a researcher, highlights vulnerabilities in leading exchanges to automated trading exploitation.

Bitcoin reached record highs due to expectations of a looser U.S. Federal Reserve monetary policy. With a potential rate cut in September, investors are turning to risk assets like stocks and crypto for higher yields.