Strategy posts an $8.2 billion Q2 loss. JPMorgan, Citi and UBS move real money on-chain. And a fake staking site drains $8.5 million in XRP.
Strategy (MSTR) reported an $8.2 billion second-quarter net loss, driven almost entirely by an $8.32 billion unrealized markdown on its bitcoin holdings under fair-value accounting. The company now holds 843,775 BTC — up 25% since the start of the year — worth roughly $54.8 billion at current prices against an acquisition cost of $63.7 billion. The results arrived amid growing investor scrutiny over whether Strategy can sustain a capital structure built around multiple classes of preferred stock, convertible debt, and common equity. To address those concerns, the company has expanded its U.S. dollar reserve to $3.75 billion — enough to cover more than two years of preferred dividends and interest — and raised $17.06 billion through stock offerings this year. It also sold $218.4 million in bitcoin under a new BTC Monetization Program, breaking from its long-standing no-sell policy. CFO Andrew Kang framed the reserve as a buffer; Executive Chairman Michael Saylor said Strategy is pressing ahead with expanding what he calls its "Digital Credit" business and separately authorized a $1 billion share repurchase program for MSTR common stock, though no buybacks have been executed.
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Twenty-eight commercial banks — including JPMorgan, Citi, UBS, Deutsche Bank, and Standard Chartered — alongside five central banks completed real cross-border payments using tokenized money in a BIS-led test called Project Agorá. The pilot moved roughly $1 million (CHF 800,000) across six currencies — the U.S. dollar, euro, British pound, Japanese yen, Swiss franc, and South Korean won — settling in an average of about 80 seconds on a shared ledger. Rather than stablecoins issued by private companies, the project tokenized two traditional forms of bank money: central bank reserves and commercial bank deposits. By placing both on a single ledger, banks could complete transactions and foreign exchange settlements simultaneously instead of sequentially, reducing the risk that one party sends funds without receiving the other currency. The BIS said the platform also improved end-to-end payment traceability and operated alongside existing systems rather than replacing them — a key design choice meant to ease adoption by institutions with deeply entrenched infrastructure.
Seoul police say scammers stole 3.4 million XRP worth roughly $8.5 million from 71 investors last year by impersonating Flare Network, a legitimate blockchain project with deep roots in the XRP ecosystem. The fraudulent site, which ran for just eight days in October 2025, lured victims with promises of monthly returns of 1.5% to 1.8%, and was promoted through Naver blogs, online news articles, Wikipedia, and YouTube. Authorities believe the actual take could be as high as $19 million. Two suspects have been detained on aggravated fraud charges; police have secured an arrest warrant and filed an Interpol Red Notice for a third alleged accomplice believed to be overseas. The case is part of a broader surge in crypto impersonation fraud — Chainalysis estimated that as much as $17 billion in crypto was lost globally to scams and fraud in 2025, with criminals increasingly relying on AI and impersonation tactics to industrialize their operations.
