CFA Report Pegs US Crypto Fraud Losses at $80.7B

The U.S. Treasury sanctioned individuals and entities linked to the Sinaloa Cartel for crypto-facilitated fentanyl trafficking. The sanctions were part of an effort by the Homeland Security Task Force and the DEA to combat narco-terrorism. The Treasury targeted network head Armando de Jesus Ojeda Aviles and his associate Jesus Alonso Aispuro Felix for their roles in converting cash to cryptocurrency for the cartel.

Copper, a cryptocurrency custody firm, is seeking a buyer for around $500 million, with Cantor Fitzgerald assisting in the sale. The company's ClearLoop settlement system allows for delivery versus payment without on-chain assets, reducing settlement risk.

A wave of departures from the Ethereum Foundation has sparked debate within the crypto industry about the organization's transparency and leadership. The latest departures have raised questions about the foundation's direction and communication practices, leading to frustrations among community members.

Tether has acquired all shares held by SoftBank in Bitcoin-buying firm XXI, solidifying its majority ownership. XXI's stock price rose 5% to a $5.2 billion market cap, despite being down 83% from a year ago. SoftBank's involvement brought credibility to XXI, which owns 43,514 Bitcoin.

The European Commission is seeking feedback on the effectiveness of the Markets in Crypto-Assets Regulation (MiCA) as digital asset markets evolve. The consultation, open until Aug. 31, targets public and industry stakeholders to reassess the regulatory framework due to market changes.

South Carolina's new bill, signed by Governor Henry McMaster, protects individuals, businesses, and Bitcoin miners in the state. It allows for the use, custody, and mining of digital assets while banning the use of central bank digital currency. The bill also exempts miners and developers from needing a money transmitter license.

Vitalik Buterin outlined Ethereum's steps to bring onchain privacy, crucial for institutional adoption. The Ethereum Foundation faces departures amid initiatives like Account Abstraction and Keyed Nonces to enhance privacy.

Hyperliquid's native token HYPE has surged 101% year-to-date, reaching $51.26, with a predicted $52 target in May. Market observers note its shift towards real-world assets and financial infrastructure, diverging from Bitcoin's macro reserve asset status.

Nexo has extended its title sponsorship of the DP World Tour's Nexo Championship, a professional golf tournament held at Trump International Golf Links in Scotland. The tournament, with a $3 million prize pool, marks the second year of Nexo's title sponsorship.

The Morning Minute newsletter by Tyler Warner provides daily analysis and opinions, separate from Decrypt's views. Markets rebounded overnight, with Bitcoin, ETH, and SOL in the green, influenced by a sharp oil decline. HYPE surged 5% due to Hyperliquid's volume records and Coinbase/USDC partnership.