CFA Report Pegs US Crypto Fraud Losses at $80.7B

Bitcoin's rally to $76,000 faces uncertainty as negative funding rates suggest investors are shorting the market, anticipating a reversal. The potential short squeeze hinges on Bitcoin breaking and holding above $80,000 to trigger liquidations of short positions.

Circle, the issuer of USDC, faces a class action lawsuit for failing to freeze stolen funds during the $285 million exploit on Solana DeFi platform Drift Protocol. The lawsuit alleges that Circle did not act during the eight-hour window when attackers moved $232 million in USDC to Ethereum.

Wrench attacks, involving young thugs executing violent home invasions to steal crypto, are orchestrated by crime bosses, often operating from abroad. These criminal organizations, linked to drug trafficking, recruit disposable foot soldiers through social media, paying them a few thousand euros for their services.

BIP-361 aims to freeze Bitcoin coins not moved to quantum-resistant addresses, potentially saving 34% of supply. Cardano's Charles Hoskinson doubts the recovery of 1.7 million vulnerable coins, including Satoshi Nakamoto's stash.

The Ethereum Foundation's ETH Rangers Program identified and exposed around 100 IT workers linked to North Korea over six months, recovering over $5.8 million and detecting 785+ vulnerabilities. The program collaborated with blockchain security groups to address the security threats facing the Ethereum ecosystem.

Grinex, a Russian crypto exchange linked to Garantex, reported a hack of over $13 million by "Western special services." The exchange, known for trading ruble-backed stablecoin A7A5, has paused activity and reported the incident to law enforcement.

Stack BTC has appointed David Galan as its new CEO to lead the company's strategy shift towards acquiring cash-generative businesses to accumulate Bitcoin. The leadership change follows investments from political figures like Nigel Farage and Kwasi Kwarteng, with Farage backing the company's Bitcoin treasury approach.

Charles Schwab, with $11.8 trillion in client assets, is considering prediction markets but is cautious due to clients' lack of interest and concerns about gambling. Despite the rise of prediction markets in the financial sector, Schwab is not rushing to offer such products.

Tennessee lawmakers are considering a bill to establish a state Bitcoin reserve, allowing the State Treasurer to invest a limited share of select state funds in BTC. The proposal aims to combat inflation and improve long-term returns through responsible financial management.

Morgan Stanley's new Bitcoin ETF attracted $100 million within its first six days of trading, making it the first Wall Street bank to offer an in-house Bitcoin product. This move, along with Goldman Sachs and Charles Schwab entering the crypto market, signals a shift in the industry.