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From the cross-chain crime reaching $21B to AUSTRAC naming crypto as the top financial crime risk, here is a roundup of the top crypto stories you may have missed.
Cross-Chain Crypto Crimes Soar to $21.8 Billion in 2025
Illicit cross-chain crypto activity surged to $21.8 billion so far in 2025, tripling from the $7 billion recorded in 2023, according to a new report by blockchain analytics firm Elliptic.
The report reveals that criminals have been using decentralized exchanges, cross-chain bridges, and swap services to move stolen or illicitly obtained funds. Of the total, around $2.5 billion originated from North Korean hackers, while another $300 million came from sanctioned Iranian crypto platforms.
Elliptic found that one-third of complex cross-chain investigations spanned at least three blockchains, with 27% involving five or more chains and 20% spanning over ten chains in 2025
Grayscale Signals Intent to Go Public
Grayscale Investments, a crypto asset manager that offers $BTC and $ETH exchange-traded funds, filed a draft registration statement with the U.S. Securities and Exchange Commission, indicating plans to list its shares on the public market.
While the asset manager did not disclose the number of shares or expected price range, the filing marks a step toward a potential initial public offering as crypto companies return to public markets.
U.S. Justice Department, CFTC End Probes Into Polymarket
The U.S. Department of Justice and the Commodity Futures Trading Commission have formally concluded their investigations into Polymarket, a blockchain-based prediction market, Bloomberg reported.
According to a source cited by Bloomberg, Polymarket received official notices earlier this month confirming the closure of both probes. The inquiries, which began in 2024, focused on whether the platform allowed U.S. users to place bets while circumventing restrictions through VPNs.
Polymarket had previously settled with the CFTC in 2022, agreeing to pay a $1.4 million fine and implement controls to block U.S. users from accessing non-compliant binary options markets.
Coinbase Rebrands Wallet to ‘Base App’
Crypto firm Coinbase rebranded its Coinbase Wallet, a self-custody wallet, as the new “Base App,” transforming it into an all-in-one platform that merges social networking, mini-apps, token trading, and $USDC payments.
Announced during its “A New Day One” event, the app is part of a broader expansion of the Base ecosystem, which now includes the Base Chain (an Ethereum Layer 2), Base Build for developers, and the consumer-facing Base App.
Base App integrates features like a Farcaster-powered social feed, real-time trading visibility, token swaps, and Zora-based post monetization. Users also receive a smart wallet upon sign-up.
Coinbase also introduced “Base Pay,” a new checkout tool that launches with Shopify integration and future cash-back rewards for U.S. users. The all-in-one platform is currently in beta for waitlisted users.
Australia Flags Crypto as Top Financial Crime Risk
Australia’s financial intelligence agency, AUSTRAC, named cryptocurrency a top threat in its fight against financial crime, announcing sweeping regulatory changes that will bring 80,000 new businesses under anti-money laundering (AML) laws by 2026.
The overhaul will target digital currency exchanges and virtual asset service providers due to their cross-border and instantaneous transfer capabilities. AUSTRAC CEO Brendan Thomas emphasized a regulatory pivot from compliance monitoring to addressing “substantive risks and harms” across entire industries.
From July 1, 2026, new “tranche 2 entities,” which include real estate agents, lawyers, accountants, and dealers in precious metals and stones, must register and meet all AML obligations under the reformed Act.
Existing AML reporting entities, on the other hand, must meet the reformed Act’s enhanced obligations from March 31, 2026, including updated risk assessments, customer due diligence, and reporting requirements.
The reforms will continue to regulate digital currency exchanges and virtual asset service providers.
This article is published on BitPinas: Crypto News You May Have Missed This Week | July 19, 2025
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