CFA Report Pegs US Crypto Fraud Losses at $80.7B

Pump.fun's ICO for the Solana token PUMP is set to launch on July 12, with 150 billion tokens available for purchase at $0.004 each. Predictors anticipate a quick sellout, potentially within the first hour, leading to tradability by July 14.

Bitcoin set a new price record this week, reaching $118,667, with analysts predicting a further increase to break the $120,000 barrier. Investors are optimistic, pouring over $868 million into bullish trades for September. The industry sees positive signals, with institutions and venture capital firms heavily investing in crypto.

Pump.fun acquired Kolscan, leading to significant profits for traders who were apparently clued in and bought the token before the public announcement. The meme coin market value has dropped by 50% since December's peak.

Coinbase has acquired Opyn's CEO and Head of Research in an acqui-hire deal, aiming to leverage their expertise in DeFi and onchain markets. The move aligns with Coinbase's strategy to focus on building the connective tissue of finance on immutable public ledgers.

Roman Storm, a creator of Tornado Cash, is set to go on trial in New York on July 14. His message to supporters expressed the weight of the situation and the collective impact on the cryptocurrency community.

On Thursday, U.S. spot Bitcoin exchange-traded funds attracted over $1.17 billion, the second-highest inflow ever, driven by institutional investment. BlackRock's IBIT led with $448.5 million, followed by Fidelity's FBTC at $324.3 million and ARK's ARKB at $268.7 million.

Ethereum surged over $3,000 for the first time since February, with U.S. Ethereum ETFs marking their biggest-ever day with inflows of $383.1 million. The move marks a reversal of somewhat negative sentiment regarding Ethereum, with analysts pointing out that its price surge "highlights that this is not just a Bitcoin-led rally" after the top cryptocurrency surged to an all-time high this week.

Florida Attorney General James Uthmeier has initiated an investigation into Robinhood Crypto for allegedly misleading customers about being the most cost-effective platform. The probe focuses on consumer protection and the platform's revenue model through payment for order flow.

Bitcoin's recent surge above $117,500 led to over $1 billion in liquidated positions, mostly shorts, causing a significant drop in open interest. Analysts warn of cracks in the derivatives market, with the spot order book remaining ask-heavy since July 8.

Nicholas Truglia has been resentenced to 12 years in prison for failing to pay $20 million in restitution to his victim after a 2018 SIM-swapping attack. Truglia missed deadlines to repay crypto investor Michael Terpin, resulting in a revised sentence exceeding federal guidelines.