CFA Report Pegs US Crypto Fraud Losses at $80.7B

An executive order signed by U.S. President Donald J. Trump mandates federal financial regulators to streamline rules within 90 days, potentially allowing digital asset companies access to Federal Reserve payment systems. The order requires various agencies to complete regulatory reviews by mid-August, with the Federal Reserve facing a specific mandate to evaluate extending direct access to non-bank financial companies.

Sen. Elizabeth Warren is questioning the OCC's approval of national trust bank charters for crypto companies, arguing they pose risks to the U.S. banking system. The OCC has granted charters to firms like Coinbase, Ripple, and Crypto.com, allowing them to offer services like managing assets and stablecoin activities.

Canaan's stock price dropped over 13% to $0.418 following a second consecutive quarterly loss of $88.7 million. The company cited challenges in Bitcoin mining profitability and global uncertainties, prompting a shift towards computing infrastructure to enhance survivability.

TD Cowen analysts predict a potential 139% increase in shares of Bitcoin treasury firm Strategy (MSTR) to $400 per share within the next year. The positive forecast is driven by the company's successful Bitcoin accumulation and financial actions.

Strive, Inc. has acquired 382 Bitcoin for $30.3 million, increasing its total holdings to 15,391 BTC, or about $1.18 billion worth. The company's unique approach to capital allocation includes a BTC Yield of 6.6% quarter-to-date and an amplification ratio of 44.3%.

Japan's ruling party is advocating for stablecoins, tokenized deposits, and blockchain settlement to prevent the country from lagging behind in financial infrastructure. The proposal aims to position finance as a growth investment field and explore the use of stablecoins for various financial transactions.

Bitcoin ETFs experienced significant outflows totaling $648.64 million on Monday, following last week's $1 billion losses. The drop in Bitcoin's price from $81,700 to $76,201 is attributed to geopolitical tensions and U.S. inflation data.

An exploit on Echo Protocol's deployment on the Monad blockchain allowed an attacker to mint 1,000 unauthorized eBTC. The hacker laundered some funds through Tornado Cash after borrowing WBTC and swapping for ETH.

Rathnakishore Giri, an Ohio investment manager, has been sentenced to nine years in prison for running a $10 million cryptocurrency Ponzi scheme. Giri used new investors' money to pay off earlier participants, presenting a false image of wealth with luxury cars and extravagant lifestyle.

Citi analysts warn of Bitcoin's vulnerability to quantum attacks due to its structural exposure of public keys during transactions, potentially allowing quantum attackers to derive private keys. Transitioning to quantum-resistant cryptography would require broad consensus and a hard fork, posing a challenge for Bitcoin's governance model.