CFA Report Pegs US Crypto Fraud Losses at $80.7B

The U.S. Department of Justice and Commodity Futures Trading Commission have concluded investigations into Polymarket, a crypto prediction platform, for allegedly allowing U.S. citizens to use its services without proper registration. Polymarket had previously reached an agreement with the CFTC in 2022.

Standard Chartered, a "too big to fail" bank, has ventured into Bitcoin and Ethereum trading for institutional clients, integrating digital assets into existing treasury systems for seamless trading. This move is seen as a validation of the increasing demand for regulated crypto trading solutions in traditional finance.

Hungary has updated its Criminal Code to penalize individuals using unauthorized crypto exchanges with up to five years in prison, based on the value of trades. The laws also target unauthorized crypto service providers, who could face up to eight years in prison.

Standard Chartered claims to be the "first global systemically important bank" to offer spot trading in Bitcoin and Ethereum for institutional clients. The offering is available through its UK branches during Asia and Europe trading hours, and is integrated into its existing trading platforms.

Prosecutors allege Julia DeLuney staged her mother's death to cover up financial crimes related to a crypto exit scam. DeLuney's alleged crypto trading addiction played a central role in the homicide, with financial records showing significant deficits and elaborate scams.

Federal prosecutors in California have charged and secured guilty pleas from Los Angeles deputies involved in a civil rights conspiracy linked to a jailed crypto entrepreneur known as “The Godfather.” The scheme involved illicit payments to law enforcement officers and staged armed confrontations to extort rivals.

Stress in global bond markets is causing ripples in risk assets, with Japan's bond rout signaling broader fiscal strain. Unrealized losses on Japanese bonds are mounting, erasing an estimated 45% of their value since 2019. The flight to hard assets like Bitcoin is driven by low global government bond market liquidity.

Rep. Maxine Waters has raised concerns about pending crypto legislation, warning that it could lead to fraud and financial ruin for American families. She criticized the CLARITY Act for potentially hindering investor protection and the GENIUS Act for favoring industry interests over consumer safety.

Coinbase stock reached an all-time high of $398.50, just shy of the $400 target set by Argus Research. Analysts praised the company's growth and profit margins, with a market cap exceeding $100 billion.

BitMine Immersion Technologies saw its stock price surge by 45% to $59.00 after surpassing $500 million in ETH holdings, but the gains were short-lived, dropping to $41.02 by the end of the day. The company's stock has been highly volatile due to its ETH treasury strategy.