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The Consumer Federation of America reported that cryptocurrency scams and cybercrimes resulted in estimated losses of $80.7 billion, with investment fraud being the largest category at $8.6 billion. The FBI's complaint center recorded over 1 million complaints, totaling $20.9 billion in losses.
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The Senate failed to pass the GENIUS Act for stablecoin regulation, as the window for reconsideration has closed. Pro-crypto Democrats and Republican leaders are in talks to resolve language disputes in the bill.
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Galaxy Digital Holdings reported a net loss of $295 million in the first quarter, despite a revenue increase of 38% to $12.9 billion. The company will list its shares on the Nasdaq this Friday following SEC approval last month.
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A Solana meme coin surged to a market cap of nearly $20 million due to a new crypto game called Noodle.gg. Players pay an entry fee in Solana and can earn money by eating other players' snakes in the game.
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In India, crypto platforms are required to increase monitoring of transactions from border regions like Jammu and Kashmir to prevent illicit finance and terror funding. The directive from the Financial Intelligence Unit targets "private wallets" facilitating peer-to-peer transfers outside exchange oversight, potentially aiding in bypassing formal banking channels.
www.bloomberg.com
Andrew Peel, Morgan Stanley's former head of digital asset markets, is leaving to establish a crypto investment fund and trading technology firm in Zug, Switzerland. The new venture aims to bridge the gap between traditional and decentralized finance by investing in DeFi assets and developing trading products.
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The Infinite Node Foundation has acquired the IP of CryptoPunks from Yuga Labs, with plans to focus on preservation, community, and expansion of the iconic NFT collection. The Foundation aims to future-proof the collection and facilitate engagement for scholars, curators, and collectors.
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GFO-X, a regulated trading platform for Bitcoin futures and options, has launched in the U.K. to meet the increasing demand from institutional investors. The company emphasizes compliance with global financial standards and aims to bridge traditional finance with digital assets.
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Robinhood announced its plan to acquire WonderFi, a Vancouver-based firm, to enter the Canadian crypto market. The $179 million all-cash deal includes WonderFi's crypto exchanges Bitbuy and Coinsquare. This move follows Robinhood's successful expansion into the European market last year.
Coindesk
VanEck has launched the VanEck Treasury Fund (VBILL) in collaboration with Securitize, offering on-chain access to short-term U.S. Treasury debt on multiple networks. Tokenization of traditional assets like U.S. Treasuries is gaining traction, with VBILL enhancing market liquidity and efficiency.
Blockworks
Perpl, a decentralized perpetual futures exchange, secured $9.25 million from Dragonfly to develop on Monad. The team, based in London, plans to launch a testnet by year-end due to regulatory uncertainties in the U.S.