CFA Report Pegs US Crypto Fraud Losses at $80.7B

Bags, a Solana memecoin launchpad, differentiates from rivals like Pump.fun by rewarding creators with royalties from meme coins, leading to a significant increase in trading over the last 30 days. Despite the platform's rapid growth since its May launch, it faces challenges as some tokens have experienced substantial losses recently.

Matt Huang, the cofounder of Paradigm, will become the CEO of Stripe's blockchain project Tempo while maintaining his position at Paradigm. Stripe, a major player in the payments industry, is expanding into crypto with Tempo to solidify its stablecoin business.

Standard Chartered has revised its Ethereum price targets, now forecasting $25,000 by 2028, attributing the change to improved market conditions and increased institutional buying. The bank also highlights regulatory developments and network upgrades as factors behind the bullish revision.

Stablecoins are gaining attention in the U.S., with companies like Stripe and Circle developing specialized blockchains for stablecoin transactions. Stripe's Tempo focuses on merchant networks, while Circle's Arc is centered around USDC for cross-border payments.

The American Bankers Association, the Bank Policy Institute, and over 50 state banking groups are concerned about loopholes in the GENIUS Act that could lead to a massive deposit flight to stablecoins, potentially disrupting the traditional banking system. These groups are urging Congress to address these issues to prevent destabilization.

Hackers exploited a vulnerability in the Bitcoin-based memecoin launchpad's liquidity market-making system, draining 58.2 BTC worth approximately $7 million. The attackers manipulated the pool's math to inflate token prices and withdrew liquidity to receive real BTC returns.

Andreessen Horowitz and the DeFi Education Fund have proposed a safe harbor to shield developers of decentralized apps from SEC scrutiny. The proposal outlines four key qualities apps must possess to qualify for this exemption.

U.S. Treasury Secretary Scott Bessent suggested a 50-basis-point rate cut in September due to weak job revisions and July inflation slightly above expectations. Lower rates aim to boost spending and investment, favoring higher-risk assets like crypto.

Solana and Chainlink surged over 12% each in the past 24 hours, with Ethereum, Cardano, Dogecoin, Sui, and XRP also experiencing notable gains. The market rally was fueled by optimism for a potential September rate cut following the release of July's Consumer Price Index.

Qubic claimed to have gained control of Monero after a 51% attack, raising concerns about blockchain security vulnerabilities. Despite doubts from security experts, Qubic stated its intention to assist Monero in defending against future attacks.