South Korean authorities have shut down a major crypto fraud operation involving fake XRP staking, recovering 3.4 million stolen tokens valued at around $8.5 million. The scam duped 71 victims, leveraging YouTube to lure investors with promises of easy profits. Three suspects have been detained as the investigation unfolds.
Meanwhile, Shiba Inu’s recent price surge fizzled out dramatically. On-chain data revealed that just 0.04% of wallets control over 94% of SHIB’s supply, exposing extreme concentration that left retail traders on the losing side after a 40% pump failed to sustain momentum.
BlackRock’s $90 Million Bitcoin ETF Inflow Ends Spot Fund Slide
In a surprising twist, BlackRock reversed a four-day outflow streak by injecting $89.83 million into its Bitcoin spot ETF, single-handedly stabilizing the U.S. crypto ETF market. This move signals renewed institutional interest amid a summer lull for Bitcoin, which remains trapped between $63,000 and $66,000.
The Federal Reserve’s divided stance on monetary policy and rising Treasury yields at 5.23% continue to weigh on crypto markets. These factors contribute to an uncertain outlook for Bitcoin, especially with August historically being a weak month for the asset class.
This content is for informational purposes and does not constitute financial advice.
