CFA Report Pegs US Crypto Fraud Losses at $80.7B

BitMine Immersion Technologies' shares surged 130% to $135 before dropping to $118 in after-hours trading. The company raised $250 million through a private placement, attracting investors like Peter Thiel's Founders Fund and crypto firms. BitMine aims to accumulate Ethereum ahead of a stablecoin boom.

Sen. Cynthia Lummis introduced comprehensive digital asset tax legislation to create a level playing field for crypto users. The bill includes a $300 de minimis tax exemption for most digital asset transactions, aiming to accelerate mainstream adoption of crypto as a payment method.

Berachain's token, Bera, has plummeted nearly 90% since February, with dwindling user activity and a need for new incentives. The blockchain's total value locked has dropped from $3.5 billion to $646 million, prompting concerns about its sustainability.

Bitcoin's price fluctuated following a strong U.S. jobs report, with Ethereum, XRP, and Solana also experiencing price increases. The report showed nonfarm payrolls surpassing economists' estimates, leading to decreased expectations of interest rate cuts by the Fed.

A consortium led by backers of Metaplanet Inc. is acquiring DV8, a Thai-listed firm, to expand the Bitcoin treasury model in Southeast Asia's public markets. The group plans to acquire "at least 75%" of DV8's capital through a Voluntary Tender Offer, as per the Stock Exchange of Thailand notice.

JPMorgan predicts the stablecoin market will reach $500 billion by 2028, contrasting with more optimistic projections of $1-2 trillion. Stablecoins are mainly driven by crypto-native demand, with payments contributing only 6% currently. The bank believes stablecoin growth will be moderate, not exponential.

Solana meme coin Moo Deng saw a 32.9% surge to a $183 million market cap, coinciding with plans for the hippo's upcoming birthday event at Khao Kheow Open Zoo in Thailand.

A 35-year-old engineer from Muvattupuzha was arrested for allegedly running India's "most prolific darknet drug syndicate" single-handedly, using Monero to launder proceeds and shipping narcotics across the country. The suspect, operating as "Ketamelon," sourced drugs globally and distributed around 10,000 LSD blots monthly.

The IMF has rejected Pakistan's proposal to offer subsidised electricity tariffs to crypto mining operations, citing concerns about market distortions in the power sector. Despite efforts to boost industrial consumption of surplus electricity, the IMF has not approved targeted electricity packages for sectors like crypto mining.

A former employee of DigitalMint is under investigation for allegedly profiting from ransomware attacks by negotiating with hackers. The US Justice Department is looking into claims that the ex-employee struck deals to take a cut of extortion payments.