CFA Report Pegs US Crypto Fraud Losses at $80.7B

The Presidential Working Group on Digital Asset Markets, led by David Sacks, is set to release its report on July 30 after a 180-day review of digital asset policy. The report is expected to cover various aspects of digital asset regulation, including token classification, stablecoin oversight, and enforcement clarity.

Altcoins like Ethereum and Solana have surged recently, but signs of exhaustion and potential corrections are emerging. Ethereum's sell orders near its current price indicate possible selling pressure, while Solana's high open interest suggests high leverage and a risk of liquidation.

A class action lawsuit accuses Pump.fun and its partners of running a racketeering enterprise resembling an unlicensed digital casino, allegedly extracting billions from users through meme coin trading. The suit claims the platform allowed anonymous token trading in a rigged environment.

PayPal plans to launch PayPal World, a platform connecting domestic digital wallets to its global network, simplifying cross-border transactions for nearly two billion users. The system offers fast settlement and currency conversion similar to stablecoins, without relying on blockchains or tokenized assets.

The Senate introduced a preliminary draft of a crypto market structure bill, focusing on securities and the SEC. The bill aims to provide legal pathways for crypto startups to raise funds through ICOs and shift oversight from the SEC to the CFTC.

The crypto market, including altcoins like Ethereum and XRP, is experiencing a pullback today after recent gains. Despite this, market sentiment remains in "greed" territory, indicating temporary profit-taking rather than a trend reversal.

MEI Pharma recently closed a $100 million private placement to transition into a litecoin treasury firm, selling over 29 million shares at $3.42 per share. Charlie Lee, Litecoin Foundation founder, led the placement and will join MEI's board of directors.

Altcoins like Ethereum, XRP, Solana, and Dogecoin experienced significant drops amid a broader market decline, leading to liquidations of long positions. Ethereum, XRP, and other top cryptocurrencies have recently outperformed Bitcoin, contributing to a surge in the collective altcoin market cap.

Tokyo Beast, a mobile combat game on Ethereum layer-2 network Immutable zkEVM, will shut down on August 24 due to operational cost challenges. The token's value plummeted 96% since launch, now at $0.006. Tokyo Beast's developers will compensate for NFT owners and some TGT token holders.

MARA, the top Bitcoin miner, plans to raise $850 million through a private sale of convertible senior notes to buy more Bitcoin. Despite the announcement, the firm's stock experienced a sharp decline in value. With 50,000 BTC on its balance sheet, MARA is the second-largest corporate holder of Bitcoin.