🚨 Half of financial fraud involves crypto...

Hello 👋

Here’s your quick rundown of this week’s Web3 buzz…

TL;DR

FBI: 50% of financial fraud losses involve crypto: Crypto fraud losses hit $5.6B in 2023, with investment scams driving 71% of the total. Crypto's speed and decentralized nature make recovering stolen funds difficult.

Aptos' Web3 expansion: Aptos CEO Mo Shaikh is focusing on Asia and the Middle East, raising $350M and forming key partnerships to transform payments with fast, cheap blockchain tech.

E-PAL's Web3 push: E-PAL launched 'Balance,' a blockchain-powered gaming infrastructure with $30M in funding, integrating AI, NFTs, and rewards to drive mass Web3 adoption in gaming.

FBI: 50% of all financial fraud losses involve cryptocurrency

Cryptocurrency is playing a major role in financial fraud, with the FBI reporting that 50% of all financial fraud losses in 2023 involved crypto, despite only accounting for 10% of total complaints.

Key highlights from the FBI's Cryptocurrency Fraud Report 2023:

• Losses soar: Crypto-related fraud losses surged by 45%, reaching $5.6 billion in 2023.

• Investment scams dominate: Investment scams made up 71% of crypto-related losses, often pushing victims into massive debt.

• Speed of scams: The decentralized nature of crypto and the speed of transactions make it hard to recover stolen funds, with criminals quickly moving assets overseas.

With the popularity of crypto as an investment growing, scammers are targeting those unfamiliar with the risks. The FBI's warning follows an FTC report noting a tenfold increase in losses from scams involving bitcoin ATMs between 2020 and 2023.

How Aptos CEO Mo Shaikh is taking Web3 to Asia and the Middle East

As a child, Mo Shaikh saw financial inefficiencies firsthand, sparking his mission to fix them with blockchain. Now the Aptos co-founder is expanding aggressively into Asia and the Middle East. With key partnerships like Nomura and SKT, Aptos is making moves to transform payments and financial systems across the region.

• Rapid growth: Aptos raised $350 million in six months and is focused on scaling in Asia.

• Blockchain for payments: Aptos’ blockchain tech offers ultra-cheap, fast transactions, outpacing rivals like Solana.

• Strategic partnerships: Shaikh’s vision includes collaborations with major companies in Japan, Korea, and Dubai.

• Government engagement: Aptos works closely with local governments to integrate blockchain into national systems, pushing for global Web3 adoption.

Shaikh’s bold moves aim to cement Aptos as a leader in the Web3 space, with Asia and the Middle East as key battlegrounds.

E-PAL unveils Web3 infrastructure 'Balance,' raising $30m from a16z, Galaxy, and more

E-PAL, the leading gaming and social companion platform, has launched Balance, a new Web3 experience infrastructure designed to enhance user experience and drive mass adoption. With $30 million in funding led by Andreessen Horowitz (a16z) and Galaxy Interactive, Balance aims to bring AI-powered blockchain technology to the forefront of gaming.

Key highlights:

• Massive support: Backed by major investors like Animoca Brands, K5, and Aptos Labs, Balance is poised to revolutionize the gaming world.

• Innovative infrastructure: Balance integrates AI and blockchain technologies across five layers, offering features like an NFT marketplace, game launchpad, and a token-based reward system.

• Gaming focus: With partnerships across 80+ Web3 game companies and support for over 150 games worldwide, Balance bridges the gap between Web2 and Web3 ecosystems.

• Incentive system: Balance will issue EPT tokens, Pioneer Badge NFTs, and Balance nodes to reward players, early adopters, and investors.

E-PAL’s goal is to create an open, inclusive Web3 ecosystem by leveraging its existing 4.2 million users and pushing forward with blockchain-driven gaming experiences.

Extra reads

• Coinbase launches cbBTC on Ethereum and Base for DeFi use [link]

• Tune.FM secures $50M capital to expand Web3 music platform [link]

• Tokenized real-world assets can stabilize crypto portfolios and increase accessibility [link]

• The UK introduces a bill clarifying crypto assets as personal property [link]

• A 0.50% Fed rate cut may signal economic concern, impacting Bitcoin [link]

• A solo Bitcoin miner wins $181,000 block reward despite mining pool dominance [link]