CFA Report Pegs US Crypto Fraud Losses at $80.7B

CFTC Commissioner Kristin Johnson discussed the advantages and risks of artificial intelligence in the crypto sector at DigiAssets 2025. She highlighted AI's potential for speeding up settlement times and compliance but warned about risks of fraud, bias, and data breaches. Johnson emphasized the need for penalties against fraudsters misusing AI.

A pro-Israel hacking group breached Iran's largest crypto exchange, Nobitex, stealing over $90 million in digital assets. The hackers exploited multiple blockchain networks using provocatively named wallet addresses, causing a loss of $49.3 million on Tron, $24.3 million on EVM-compatible chains, $2 million in Bitcoin, and $6.7 million in Dogecoin.

Thailand has approved a five-year exemption on capital gains taxes for crypto sales through licensed digital asset service providers from 2025 to 2029. This move aims to position the country as a global financial hub for digital assets, attracting businesses and investors.

Gemini has filed a complaint against the CFTC, accusing its enforcement division of prioritizing career advancement over consumer protection. The company alleges the investigation was based on false statements from a disgruntled former employee seeking revenge.

JD.com, led by founder Richard Liu, plans to launch stablecoin services globally to improve cross-border payments. The company aims to reduce settlement times to under 10 seconds and cut payment costs by up to 90%. This initiative is part of JD.com's strategy to revitalize its business after years of stagnation.

The U.S. Senate passed the GENIUS Act, establishing a framework for stablecoins, which are pegged to the U.S. dollar. This legislation could bring trillions of dollars into the crypto market, with major players like banks and tech giants expressing interest.

Coinbase aims to introduce trading for tokenized equities pending SEC approval, as stated by the firm's chief legal officer. The move could lead to lower transaction costs and 24/7 trading for assets like tech stocks on blockchain networks.

Fold has announced an agreement to issue and sell $250 million in new shares to purchase more Bitcoin. The company will sell shares to selected investors and institutions, with no set timeline for the sale. Currently, Fold's stock is trading at $4.57, down nearly 3%.

The Ink Foundation, purportedly an independent entity distinct from Kraken, will introduce the INK token for Kraken's Ethereum layer-2 network, Ink. INK, with a fixed supply of 1 billion tokens, will support DeFi on the Ink blockchain, starting with a liquidity protocol powered by Aave.

Bitcoin and Ethereum experienced drops of nearly 4% and 6.5%, respectively, in the past 24 hours following President Donald Trump's social media post hinting at potential conflict in the Middle East. Other cryptocurrencies like Solana, Cardano, and Dogecoin also saw declines.