CFA Report Pegs US Crypto Fraud Losses at $80.7B

Metaplanet reported a significant first-quarter loss of $725 million due to a decrease in the value of its Bitcoin holdings. Despite a declining stock price, the company has seen an increase in its investor base and revenue from selling Bitcoin options contracts.

Lucy Rigby, Economic Secretary to the Treasury, highlighted the potential for digital assets to transform U.K. financial markets by improving efficiencies and speeding up processes. She emphasized the importance of working closely with industry and regulators to understand how digital assets can reshape financial markets.

Charles Schwab has opened access to Bitcoin and Ethereum trading for retail users through Schwab Crypto accounts, allowing them to trade these assets alongside traditional investments. The rollout began with a phased approach in Q2 and will continue over the coming months.

The Bank of England is preparing to accept applications for stablecoin issuers, treating stablecoins as a new form of money. They are not favoring tokenized deposits or stablecoins, aiming for equal robustness in all forms of money.

KDDI, a major Japanese telecom company, will acquire a 14.9% stake in Coincheck Group for $65 million. The deal includes a business alliance for customer referrals and expanding crypto access in Japan.

Ledger has postponed its U.S. IPO plans due to challenging market conditions, with no S-1 registration statement filed with the SEC. The French crypto security firm may opt for private capital raising instead, as reported by sources familiar with the situation.

Michael Shaulov, CEO of Fireblocks, believes the threat of quantum computing to Bitcoin's cryptographic signature schemes is manageable. He emphasizes the need for transitioning to post-quantum encryption before the quantum threat materializes, highlighting coordination as key.

Nigel Farage is under official inquiry for receiving a £5 million "gift" from Tether shareholder Christopher Harborne. Farage claims the money was for personal security, not a political donation, but opponents argue he should have declared it as per Commons rules.

DraftKings has introduced a new feature called Combos on its Predictions platform, allowing users to bundle multiple event contracts into one trade. The feature is part of the company's strategy to incorporate sportsbook-style mechanics into its platform, with a focus on select sports outcomes.

EToro reported a 38% drop in revenue from crypto assets in the first quarter, with net trading income from crypto derivatives falling 57%. Despite the decline, CEO Yoni Assia remains optimistic about a potential crypto market recovery later this year.