NewsBriefs - FBI reports elderly most affected by $9.3B crypto fraud in 2024

Editor-curated news, summarized by AI

  • Decrypt

    FBI reports elderly most affected by $9.3B crypto fraud in 2024

    In 2024, crypto-related fraud in the US surged to over $9.3 billion, marking a 66% increase from the previous year, as reported by the FBI's Internet Crime Complaint Center. Seniors aged 60 and above, who make up just 17% of the population, were disproportionately affected, incurring nearly $2.8 billion, or 30%, of total losses. This demographic experienced significant losses particularly through crypto ATM and investment scams, with an average loss of $83,000 per victim, significantly higher than the $19,372 average for other online crimes. The FBI highlights the rise in crypto ATM fraud and continuous threats from investment scams against the elderly.

  • Latest


    • Decrypt

      SEC pauses Grayscale ETF trading approval, citing regulatory concerns

      Grayscale expressed surprise at the SEC's decision to pause the approval of its Digital Large Cap Fund ETF, which includes cryptocurrencies like Bitcoin, Ethereum, Solana, XRP, and Cardano. This action reflects an evolving regulatory environment. Despite the setback, Grayscale remains committed to launching its product as an exchange-traded fund and is actively working with stakeholders to fulfill all regulatory prerequisites.

      Expand
    • Bitcoin Sistemi

      KBC to offer Bitcoin and Ethereum purchasing options this fall

      KBC, a leading Belgian financial institution, is set to offer Bitcoin (BTC) and Ethereum (ETH) purchasing options through its Bolero investment platform beginning this fall. This makes KBC the first major bank in Belgium to integrate direct crypto transactions. The bank is currently undergoing regulatory processes to become an official crypto asset service provider. Initiatives for user education and secure transaction platforms are highlighted as part of their forthcoming services.

      Expand
    • The Block

      BlackRock's Bitcoin ETF surpasses its S&P 500 fund in revenue

      BlackRock's iShares Bitcoin ETF (IBIT) generates more revenue than its $624 billion iShares Core S&P 500 ETF (IVV), primarily due to a higher expense ratio. Despite being significantly smaller in size with $70 billion in assets, IBIT earns slightly more through its 0.25% expense ratio compared to the 0.03% charged by the S&P 500 ETF. The increase in IBIT's assets under management reflects growing investor interest in Bitcoin and supports the trend of higher fees for niche crypto exposures.

      Expand
    • The Block

      Standard Chartered projects bitcoin to hit $200K by year-end, driven by ETFs and corporate demand

      Standard Chartered predicts significant gains for Bitcoin, foreseeing a potential rise to $200,000 by the end of 2025, propelled by increased ETF inflows, corporate treasury investments, and favorable policy conditions. The bank's outlook, influenced by current and projected ETF purchases and strategic corporate buying, could outpace previous buying records set by firms like Strategy and boost Bitcoin's price to unprecedented levels.

      Expand
    • Bloomberg

      Binance maintains Singapore-based staff amid new crypto regulations

      Despite stringent regulations by the Monetary Authority of Singapore requiring unlicensed crypto operators to cease activities by June 30, Binance plans to keep its hundreds of remote workers in Singapore. The new regulations are said to have minimal impact on Binance's operations in the region as these employees mainly engage in non-client-facing roles such as compliance and technology. Binance has emphasized a remote-first working strategy and does not solicit customers in Singapore, aligning with the local regulatory frameworks.

      Expand
    • Cointelegraph

      Paxos launches MiCA-compliant Global Dollar stablecoin in the EU

      Paxos has launched its Global Dollar (USDG) stablecoin in the European Union, ensuring compliance with the EU's Markets in Crypto-Assets Regulation (MiCA) and oversight from both the Finnish Financial Supervisory Authority and Singapore's central bank. The stablecoin, available through partners such as Kraken and Gate, is part of a broader push into European markets, aligning with MiCA norms including reserve requirements and audit protocols. The launch is supported by the Global Dollar Network, an infrastructure project backed by financial and fintech giants like Kraken, Robinhood, and Mastercard.

      Expand
    • The Block

      Strategy acquires 4,980 more bitcoins, expands portfolio to 597,325 BTC

      Strategy recently purchased 4,980 bitcoins for about $531.9 million, increasing its total holdings to 597,325 BTC, valued over $64 billion. The funds for the latest acquisition came from ATM sales of its various stocks including MSTR, STRK, and STRF preferred shares. With this addition, Strategy's BTC totals more than 2.8% of the total circulating supply, reflecting significant paper gains. The company leverages its '42/42' capital raise plan aiming for extensive BTC acquisitions by 2027.

      Expand
    • The Block

      Metaplanet surpasses Tesla with a new bitcoin purchase, becoming seventh-largest corporate holder

      Metaplanet, a Japanese investment firm, has purchased an additional 1,234 BTC for approximately $132.7 million, raising its total holdings to 12,345 BTC. With this acquisition, Metaplanet's holdings are valued at about $1.3 billion and the company now ranks as the seventh-largest publicly listed corporate holder of bitcoin, surpassing Tesla. The purchase followed a recent $515 million fundraising aimed to expand its bitcoin portfolio as part of its plan to secure 1% of bitcoin's supply.

      Expand
    • The Block

      Invesco and Galaxy propose Solana ETF in new SEC filing

      Invesco and Galaxy Digital have submitted a registration statement for a Solana ETF named 'Invesco Galaxy Solana ETF' to the US Securities and Exchange Commission. The ETF, set to trade under the ticker 'QSOL' on Cboe BZX if approved, will have Invesco Capital Management as the sponsor, with Galaxy Digital handling token acquisition and Bank of New York Mellon as the administrator. Coinbase Custody Trust Company will act as custodian for the Solana tokens.

      Expand
    • The Block

      Bernstein increases Coinbase price target to $510, citing growth and market strength

      Bernstein has raised its price target for Coinbase to $510, up from $310, attributing the increase to enhanced earnings forecasts, emerging growth avenues, and a new valuation approach. Coinbase, which is part of the S&P 500 index, benefits from its diversified services including US crypto trading leadership, custody for most Bitcoin ETFs, and its involvement in Base, Ethereum's growing Layer 2 system. The firm's recent agreements, like acquiring Deribit and earning from USDC transactions, align with US crypto legislation, predicting significant revenue growth. Despite competitive pressures, Coinbase maintains its market share and pricing, with projected revenues of $9.5 billion by 2025 and gains in profitability leading to higher earnings per share estimates.

      Expand
    • Grayscale

      Grayscale launches Space and Time Trust to invest in blockchain data convergence

      Grayscale introduced the Grayscale Space and Time Trust, targeting investments in the Space and Time blockchain which addresses blockchain's computational limits. Space and Time integrates blockchain reliability with high-performance data capabilities to support Web 3.0 and AI, providing scalable, transparent data access. The trust allows accredited investors to gain exposure to SXT tokens, which support network security and data transactions, supporting crucial verifiability and auditability for decentralized finance and AI.

      Expand
    • The Block

      Federal Reserve modifies bank examination guidelines, removing reputational risk

      The Federal Reserve has revised its bank examination process by removing 'reputational risk' and focusing on more specific financial risk assessments. This change is intended to provide clearer guidance for banking supervision and may enable banks to more freely serve crypto industry entities, who have previously voiced concerns over debanking practices hindering crypto adoption in the US. The alteration aligns the Federal Reserve with actions taken by the OCC and FDIC and supports ongoing legislative efforts to refine risk evaluation in banking.

      Expand
    • The Block

      Hong Kong sets regulatory framework for stablecoins, boosts offshore yuan

      Hong Kong's Financial Secretary Paul Chan highlighted the strategic advantage the city gains with its new stablecoin legislation, set to take effect on August 1, making it one of the earliest regions to establish a regulated environment for stablecoins. Chan emphasized Hong Kong's significant role, processing 80% of global offshore yuan transactions, enhancing its position as a financial hub aligned with China's national strategies. This development occurs as global digital asset regulation grows and other nations, including the US, are advancing similar crypto regulations.

      Expand
    • The Block

      Telegram founder Pavel Durov allowed France exit under strict conditions

      French authorities have permitted Telegram CEO Pavel Durov a second exit from France since his detention in August 2024. Durov, under investigation for alleged illicit activities related to Telegram's services, can visit Dubai, where his company is based, for a maximum of 14 days. This travel is primarily for managing personal affairs, including spending time with his newborn and his injured teenage son.

      Expand
    • Cointelegraph

      Bitget secures regulatory license in Georgia to expand Eastern European operations

      Bitget has obtained a license in Georgia to operate as a digital asset exchange and custodial wallet provider, expanding its presence in Eastern Europe. This move aligns with the region's precise crypto regulatory environment and support policies. Bitget, already holding licenses in the UK, Italy, Poland, Bulgaria, Lithuania, and the Czech Republic, can now offer Georgians access to spot trading, futures, and copy trading within a locally regulated framework. Additionally, enhanced security measures, including proof of reserves and a protection fund, are now available to Georgian users.

      Expand
    Loading...