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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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Paxos Trust will pay a $26.5 million penalty to New York State for issues related to its partnership with Binance. The charges included lack of due diligence and anti-money laundering program failures. Paxos has since remediated the historical compliance issues.
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Ripple announced a $200 million acquisition of Toronto-based payments platform Rail to enhance its stablecoin services. The deal will enable Ripple to offer virtual accounts and streamline operations, catering to global customers' money transfer needs.
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Cyber scammers are targeting TikTok users with a new campaign called "ClickTok," using fake ads and AI-generated clips to lure victims to fraudulent websites. These sites aim to steal user credentials and distribute trojanized apps, with more than 10,000 fake sites identified so far.
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Ethereum, Solana, and XRP are leading the crypto market rebound, with Ethereum climbing 7.3% to $3,856.26. President Trump is reportedly set to sign an executive order allowing cryptocurrencies in 401(k)s.
DL News
Polymarket faced criticism for promoting bets on dildo-throwing incidents at WNBA games, with bettors trading nearly $500,000 on the controversial wagers. Critics argue that such promotions could encourage more disrespectful copycat incidents at the games.
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Marex, in partnership with Brevan Howard Digital, is the first clearing firm to utilize JPMorgan's Kinexys blockchain platform for client settlements, enabling instant payments and reducing settlement risk, time, and cost.
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Bitcoin's on-chain metrics suggest a potential stabilization as profit-taking activity decreases amid global market uncertainty. Glassnode's report notes an "air gap" in supply between $110,000 and $117,000. The decline in realized profits and profit-taking rate indicate a balanced market position.
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A group of Republican senators has requested the U.S. Commerce Department to investigate potential national security threats associated with DeepSeek's open-source AI model, R1. Concerns include data leakage, support for China's military, and risks of misuse due to the model's design.
DL News
MetaMask is set to launch a stablecoin called mmUSD in partnership with Stripe, aiming to become the primary trading pair for its ecosystem. The proposal was leaked after a governance post for Aave mentioned integrating mmUSD, which is expected to enhance the MetaMask experience.
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The Delhi High Court has ordered Zettai Pte Ltd, the owner of WazirX, to disclose its acquisition agreement with Binance and restructuring scheme details following a $235 million hack. The court intervention reflects growing scrutiny over WazirX's ownership structure and recovery efforts post-cyberattack.