CFA Report Pegs US Crypto Fraud Losses at $80.7B

Gemini, founded by Cameron and Tyler Winklevoss, reported $50.3 million in first-quarter revenue and received a $100 million Bitcoin investment from Winklevoss Capital Fund. Gemini shares surged in pre-market trading, currently at $6.11, up over 16% from Friday's close.

Bitcoin is struggling to maintain its value above $80,000 as institutional investors exit ETFs due to rising Treasury yields. The recent passing of the CLARITY Act has not prevented a 0.8% increase in Bitcoin's value over the past 24 hours.

Dune's CEO announced a 25% reduction in staff to focus on core data products like the Dune MCP, emphasizing AI and onchain institutions. The layoffs reflect a broader trend in the crypto industry towards efficiency and automation.

THORChain suspended trading operations due to a suspected exploit affecting over $10 million across various blockchain networks. The exploit, traced to addresses on Bitcoin and EVM-compatible chains, prompted an immediate defensive response from THORChain.

The T3 Financial Crime Unit, formed by Tether, Tron, and TRM Labs, has frozen over $450 million in illicit digital assets globally. It collaborates with regulatory agencies to combat crimes like drug trafficking, terrorist financing, and violent offenses involving cryptocurrencies.

Senate Democrats were divided on the Clarity Act, with only two members, Sen. Ruben Gallego and Angela Alsobrooks, supporting the landmark crypto bill during a crucial Senate vote. Despite their support, a deal on language related to limiting President Donald Trump's personal crypto ventures had not been reached.

Bullish, a crypto exchange, reported a first-quarter loss due to lower revenue from subscriptions and services, falling short of analyst expectations. Despite widening losses, the CEO remains optimistic about the company's future, highlighting a proposed acquisition and expansion plans in the U.S.

The Commodity Futures Trading Commission issued a no-action letter simplifying compliance for prediction markets, eliminating individual approval requirements for event contract data reporting. This regulatory relief benefits existing and new entities seeking streamlined processes for reporting event contracts as futures rather than swaps.

Nakamoto (NAKA) shares hit a new all-time low due to a Q1 net loss of $239 million from declining Bitcoin prices. Despite this, the firm maintains a Bitcoin treasury of over 5,000 BTC worth more than $400 million.

An inquiry is being launched into a $6.7 million gift Nigel Farage received from Tether investor Christopher Harborne. Farage defended the gift as ensuring his personal security, stating it was a personal, unconditional gift.