Crypto scammers are switching from code to exploiting human vulnerabilities, which don’t require breaking through complex cybersecurity guardrails.

Crypto investor falls victim to phishing scam, loses $3M in a single click

Japan&#8217;s largest bank, SBI, has unveiled plans to launch the country&#8217;s first 
exchange-traded fund (ETF) that will be linked to both Bitcoin (BTC) and XRP. 
SBI Unveils Japan&#8217;s First Bitcoin And XRP ETF According to circulating 
reports, this investment vehicle aims to trade on the Tokyo Stock Exchange 
(TSE), offering institutional investors a regulated avenue to gain exposure to 
two of the market’s largest cryptocurrencies. In addition, the country’s 
financial giant has introduced a second product, the Digital Gold Crypto ETF, 
which will allocate 51% to gold and 49% to cryptocurrencies. Related Reading: 
Dogecoin Price Crash Could End Soon With A Roadmap For $5 This structure is 
reportedly designed to mitigate investment risks through diversification, 
catering to a growing interest in combining traditional assets with digital 
currencies. This announcement arrives at a pivotal moment as Japan&#8217;s Financial 
Services Agency (FSA) is contemplating regulatory changes that could simplify 
the approval and tax processes for cryptocurrency-related financial products. 
Such developments may further enhance the attractiveness of these offerings to 
investors looking for regulated investment opportunities in the crypto space. 
Meanwhile, across the waters in China, the focus is shifting towards the 
introduction of the country&#8217;s first stablecoin. Hong Kong Emerges As Crypto 
Testing Ground Reports from the Financial Times indicate that Hong Kong has 
emerged as a testing ground for cryptocurrency initiatives, particularly in 
light of the stringent bans imposed on the mainland. Recently, Hong Kong 
passed legislation allowing licensed businesses to issue tokens backed by any 
fiat currency. However, the Hong Kong Monetary Authority (HKMA) has adopted a 
cautious approach, announcing that only a limited number of licenses will be 
granted starting next year. Chinese policymakers are increasingly recognizing 
the significance of stablecoins, particularly in the context of dollar-backed 
tokens that dominate the global economy. Related Reading: Is The Bitcoin Bull 
Run In Jeopardy? Expert Reveals Strategy’s Alleged Plan To Sell All BTC 
Holdings In a speech made in June, Pan Gongsheng, the governor of China’s 
central bank, noted that stablecoins have “fundamentally reshaped the 
traditional payment landscape.” This acknowledgment reflects a growing 
interest in stablecoins from Chinese state-owned enterprises, especially for 
payment and settlement solutions. Several state-owned companies operating in 
Hong Kong are reportedly preparing to apply for stablecoin licenses, although 
only one of China&#8217;s four major state-owned banks is anticipated to receive a 
license from the HKMA in this initial phase. Notably, the HKMA has not ruled 
out the possibility of approving licenses for stablecoins backed by offshore 
renminbi, a potential move that could greatly facilitate cross-border 
payments—an increasingly vital area for China as it seeks to enhance its 
financial influence globally. When writing, Bitcoin trades at $115,245, 
recording a 1% recovery in the 24-hour time frame. When compared to its 
recently achieved all-time high (ATH) of $123,000, the cryptocurrency has 
retraced over 6%. Featured image from DALL-E, chart from TradingView.com

Japanese Financial Giant SBI Moves Forward With Bitcoin-XRP ETF Application

The Bitcoin market is in a “relatively balanced position” despite the recent 
price pullback from all-time highs, Glassnode says.

Bitcoin short-term holders ‘cooled off’ profit-taking as price sticks to $115K

India ramps up its crypto fraud crackdown with a $5 million asset attachment 
order tied to a fake Coinbase site that duped victims out of over $20 million. 
India Moves in on Assets After Coinbase Scam Leader Held in US India&#8217;s 
Directorate of Enforcement (ED) announced on Aug. 5 that it has issued a 
provisional […]

India Strikes After US Takes Down Suspect in Coinbase Clone Scam

KakaoBank is reportedly looking at services for the issuance and custody of 
stablecoins with plans to “actively participate” in the crypto market.

KakaoBank plans to ‘actively participate’ in stablecoin market: Report

Ethereum price found support near the $3,540 zone and recovered. ETH is rising 
and might soon aim for a move above the $3,740 zone. Ethereum started a fresh 
increase above the $3,540 and $3,580 levels. The price is trading above $3,620 
and the 100-hourly Simple Moving Average. There was a break above a bearish 
trend line with resistance at $3,625 on the hourly chart of ETH/USD (data feed 
via Kraken). The pair could start a fresh increase if it remains supported 
above the $3,540 zone in the near term. Ethereum Price Aims Higher Ethereum 
price started a fresh increase from the $3,540 support zone, beating Bitcoin. 
ETH price was able to recover above the $3,550 and $3,580 resistance levels. 
The bulls even pushed the price above the $3,700 resistance zone. However, the 
bears remained active near the $3,750 zone. A high was formed at $3,733 and 
the price corrected some gains. There was a move below the $3,620 level. The 
price tested the 50% Fib retracement level of the upward move from the $3,350 
swing low to the $3,733 high. ETH is again rising above $3,600. There was a 
break above a bearish trend line with resistance at $3,625 on the hourly chart 
of ETH/USD. Ethereum price is now trading above $3,600 and the 100-hourly 
Simple Moving Average. On the upside, the price could face resistance near the 
$3,700 level. The next key resistance is near the $3,720 level. The first 
major resistance is near the $3,750 level. A clear move above the $3,750 
resistance might send the price toward the $3,820 resistance. An upside break 
above the $3,820 resistance might call for more gains in the coming sessions. 
In the stated case, Ether could rise toward the $4,000 resistance zone or even 
$4,120 in the near term. Are Dips Supported In ETH? If Ethereum fails to clear 
the $3,720 resistance, it could start a fresh decline. Initial support on the 
downside is near the $3,620 level. The first major support sits near the 
$3,580 zone. A clear move below the $3,580 support might push the price toward 
the $3,540 support. Any more losses might send the price toward the $3,440 
support level in the near term. The next key support sits at $3,350. Technical 
Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the 
bullish zone. Hourly RSI &#8211; The RSI for ETH/USD is now above the 50 zone. Major 
Support Level – $3,540 Major Resistance Level – $3,750