CFA Report Pegs US Crypto Fraud Losses at $80.7B

Bitcoin exchange-traded funds saw significant inflows of $601.8 million on Thursday, the strongest in over a month, driven by renewed optimism in risk assets. BlackRock’s IBIT and Fidelity’s FBTC led the activity, with smaller inflows for other products like Ark Invest’s ARKB.

The FTX Recovery Trust is facing obstacles in paying out some $500 million to customers due to laws restricting or prohibiting crypto activity in 49 jurisdictions. The majority of the affected claims are in China, where FTX was never legally authorized to operate.

RealToken LLC and its co-founders face a lawsuit from Detroit for allegedly neglecting health and safety standards in 400 properties, leaving tenants in hazardous conditions. The city seeks repairs, rent escrow accounts, and personal liability for the defendants.

Minna Bank, a digital-only bank in Japan, is collaborating with Fireblocks, Solana Japan, and TIS to explore the use of stablecoins and digital wallets for everyday financial services. The study will assess practical applications like cross-border payments and asset trading on the Solana blockchain.

House Republicans plan to advance three industry-specific bills during “Crypto Week” to establish a clear regulatory framework for digital assets. The bills aim to safeguard consumers, provide regulatory clarity, and prevent the Federal Reserve from issuing a central bank digital currency.

The Open Platform has raised $28.5 million in its Series A funding round, becoming the first crypto unicorn in the Telegram blockchain ecosystem. With a total of over $70 million raised, the firm plans to expand into the U.S. and Europe to achieve mainstream adoption of crypto.

Bitcoin and Ethereum have seen slight gains, with most top assets remaining flat as traders analyze macro news. Traditional markets rallied after strong U.S. labor data, while Bitcoin's movement suggests a potential breakout from a bearish channel.

Grayscale expressed surprise at the SEC's decision to halt its Digital Large Cap Fund, citing the evolving regulatory landscape. The fund, focusing on Bitcoin with exposure to Ethereum, Solana, XRP, and Cardano, aims to become an exchange-traded product.

Ondo Finance's initiative, Ondo Catalyst, focuses on investing in projects that advance tokenized finance and on-chain capital markets through a mix of equity and token investments. The founder, Nathan Allman, believes in reshaping global capital movement by supporting infrastructure for real-world utility of tokenized assets.

Bitcoin, currently near an all-time high, may test $90,000 again this year due to President Trump's upcoming bill. Arthur Hayes predicts a potential liquidity drain from markets, impacting assets like Bitcoin. Despite this, he believes Bitcoin will continue to rise.