CFA Report Pegs US Crypto Fraud Losses at $80.7B

The number of electricity thefts in Malaysia surged by 300% from 2018 to end-2024, primarily driven by illegal crypto mining activities. Joint operations involving Tenaga Nasional Berhad, the Energy Commission, and the police led to the detection of these cases.

Frank DeGods, also known as Rohun Vora, has stepped down as CEO of the NFT project DeGods, citing a potential hindrance caused by the focus on his personal brand. Vora denies any illegal activities and dismisses accusations of being "on the run" or under investigation.

Meme coins like Moo Deng, Dogecoin, and Shiba Inu have surged in value, with MOODENG gaining 533% and Dogecoin rising 42% in the past week. The wider crypto market has also seen gains, with Bitcoin surpassing $100,000 and Ethereum passing $2,500.

KindlyMD, Inc. has agreed to merge with Nakamoto Holdings Inc., securing $710 million in financing. The merger aims to establish a publicly traded company focusing on a Bitcoin treasury strategy, with David Bailey as CEO and Tim Pickett overseeing healthcare operations.

Bitcoin ETFs led the way in attracting funds to crypto last week, with $867 million of the $882 million in net deposits going to these funds. Despite Ethereum's 40% price increase, institutional investors showed little interest in Ethereum ETFs, with only $1.5 million in inflows.

Predictions from global bank Citi suggest stablecoins, currently at $240 billion, could reach $1.6 trillion by 2030 with regulatory support. Stablecoins are expanding beyond crypto trading to payments and remittances, potentially replacing some currency holdings.

TNB has reported a significant increase in electricity theft related to illegal crypto mining in Malaysia, with cases rising from 610 in 2018 to 2,397 in 2024. The company attributes this surge to miners tapping subsidized electricity, leading to financial losses and grid instability.

Beat Holdings Ltd., a Tokyo-listed firm, has increased its investment in Bitcoin-related exchange-traded funds, with a current unrealized gain of over $681,000. The company raised its cap on crypto investments from $6.8 million to $34 million and drew $2.8 million from a credit facility for further purchases.

U.S. stock futures rose following positive trade talks with China, with Dow, S&P 500, and Nasdaq 100 futures all showing gains. Despite the progress, crypto prices fell due to lack of specifics, impacting tokens like Solana, Dogecoin, and XRP.

Vice President JD Vance is scheduled to headline Bitcoin 2025, following President Trump's appearance at Bitcoin 2024. Vance, who previously disclosed owning Bitcoin, will be the first vice president to speak at a crypto event, showcasing public support for the cryptocurrency industry.