A fake Flare Network staking site robbed 71 investors of 3.4 million XRP worth roughly $8.5 million last year, Seoul police said.Two men were detained on aggravated fraud charges and a third alleged scammer is on the loose, South Korean news outlet Chosun reported Thursday.Authorities said investigations are ongoing as they believe the scam is much larger than they have been able to prove so far, adding that the scammers might have robbed up to $19 million worth of XRP, Chosun stated.The Cyber Crime Investigation Unit at the Seoul Metropolitan Police said the scammers ran the fake investment site from…

The proposed act is widely viewed as a cornerstone for the next phase of institutional crypto adoption. By establishing clear rules for digital assets, the legislation could give banks, brokers, exchanges and asset managers greater confidence to invest, launch products and build market infrastructure, accelerating the migration of trading and liquidity to regulated U.S. venues.JPMorgan analysts said the legislation would encourage institutional investment, boost U.S.-regulated trading and lower barriers for banks, exchanges, custodians and market makers.Some of those trends are already emerging, the bank said, citing Citadel Securities’ $400 million investment in Crypto.com and the CFTC’s approval of the first…

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