CFA Report Pegs US Crypto Fraud Losses at $80.7B

Binance has launched BTC Yield, a product allowing bitcoin holders to earn yield without selling. Users deposit bitcoin to receive BTCY, representing their share in the strategy. Binance sells BTC call options and shares premiums with participants, offering potential returns through weekly payouts and increased BTC value.

Bitcoin, which has fallen nearly 50% from its all-time high last October, is currently trading at $63,836, with analysts at Bernstein maintaining a target of $150,000 by year's end. Despite recent gains, the cryptocurrency has lost all its post-Trump reelection profits in the last eight months.

Yield Guild Games is closing down YGG Play due to the crypto market downturn and challenges in the video game industry. Despite generating over $9 million in revenue, the unit's closure will result in 35 job cuts.

American Bitcoin Corp, a subsidiary of Hut 8 Corp and backed by the Trump family, has increased its Bitcoin treasury to over 8,000 BTC, up nearly 50% in six months. The company focuses on mining production and treasury purchases to grow its reserves.

Coinbase's AI-generated news system mistakenly sent users a false alert predicting the outcome of a World Cup match before it began. Despite the error, the company quickly addressed the issue and updated its systems to prevent future inaccuracies.

TeraWulf has struck a 20-year lease with Anthropic, expecting $19 billion in revenue, while divesting part of its stake in a Texas data center project. The move has boosted confidence in Bitcoin mining firms leaning into AI, with shares rising significantly.

BitMine Immersion Technologies acquired $73 million in ETH last week, increasing its treasury to 5,742,237 ETH valued at nearly $10 billion. Chairman Tom Lee believes in a bright future for crypto, citing optimism around the Clarity Act's passage.

Summer.fi's Lazy Summer vaults were paused following a $6 million exploit that targeted the Ethereum-based yield platform. The attack involved manipulating the accounting logic of the automated USDC vaults, resulting in stolen funds being converted to DAI and transferred to the attacker's wallet.

Strive, Inc. disclosed purchasing 17.76 bitcoin last week, increasing its total to 19,882 coins. The company acquired 6,236 bitcoin in the previous quarter, with a 24.0% yield. Strive's balance sheet grew to about $1.35 billion, holding $144.5 million in cash by June 30.

Vitalik Buterin has outlined Ethereum's significant rebuild, "Lean Ethereum," aiming to replace major components over three to four years without disrupting existing apps. The updated vision includes changes in network verification, simpler consensus, multidimensional gas pricing, quantum-safe alternatives, enhanced privacy, and data storage improvements.