CFA Report Pegs US Crypto Fraud Losses at $80.7B

An investigation revealed a fake Mac app posing as Ledger's self-custody software caused over $9.5 million in crypto assets loss from 50 users. The app, removed from the Apple App Store, laundered stolen funds through KuCoin deposit addresses.

Negotiations on stablecoin yield in the market structure bill are ongoing, with a draft compromise text expected to be released soon. The debate focuses on whether crypto exchanges can offer yield to stablecoin holders, a key issue delaying the Clarity Act.

Circle's CEO Jeremy Allaire has revealed plans to explore a token for the Arc Network, aiming to enhance governance and transition to a proof-of-stake system. The company envisions Arc evolving into a community-driven platform with expanded validator participation and community governance frameworks.

Bitcoin surged past $75,000, reaching its highest level since February, with a 5.5% increase in the last day and over 10% rise in the past week. Ethereum and other major coins also saw significant gains, contributing to a growing pile of liquidations in the market.

Scroll, the DAO behind Ethereum's layer-2 network, plans to dissolve its Security Council and transfer network control internally due to high costs. The recent migration of top dapp Ether.fi to Optimism's mainnet led to a significant loss in user accounts and locked value.

JPMorgan Chase CFO Jeremy Barnum expressed concerns that stablecoins could exploit regulatory loopholes, potentially operating like banks without facing the same oversight. He emphasized the need for consistent regulations to prevent new entrants from circumventing existing rules.

SkyMapper has launched a new network, SkyMapper L1, powered by Avalanche, to securely record telescope data in real time. This system, known as "Proof of Space Observation" (POSO), aims to provide verifiable digital records of celestial observations for scientific, business, and government use. The network utilizes blockchain technology to create tamper-resistant records of each observation.

The XRP Ledger integrated with Boundless, a ZK proving network, to enable zero-knowledge proof verification, allowing financial institutions to transact privately on the public blockchain while meeting regulatory requirements. This move addresses transparency issues on public ledgers, providing a path to privacy for institutional users.

Deutsche Börse AG's $200 million investment in Kraken signals a shift in how traditional financial institutions approach digital assets. The acquisition of a 1.5% stake in Kraken's parent company is part of a trend of partnerships between traditional finance and crypto firms.

Shin Hyun-song, the nominee for the Bank of Korea, emphasized the importance of central bank digital currencies and bank-issued deposit tokens in South Korea's digital money system. He highlighted the need for trust in currency and suggested stablecoins as supplementary tools for trading assets and programmable payments.