Crypto scams, Coinbase lobbying, Crypto outflows

Thanks, Rey.

Here's a look at your Coin Street headlines.

Fake news and deep fakes are powering the latest crypto pump and dump scams.

Web 3 pump and dump schemes, thrive on hype, anonymmity, and unregulated markets.

Understanding their playbook is key to avoiding costly traps.

Decentralized anonymity, and 24/7 unregulated trading make the industry particularly vulnerable to these manipulative investment schemes.

Well, Coinbase has turned its lobbying efforts to the UK.

In an editorial, former UK Chancellor and current Coinbase adviser George Osborne says the UK is falling behind in the cryptocurrency market, particularly when it comes to stable coins.

A key concern for Osborne is the sluggish progress on stablecoins, unchained representations of fiat currencies that are helping to reduce friction in transactions and cross-border remittances.

Well, crypto funds saw a $223 million outflow, ending a fifteen-week streak as the Fed dampens sentiment.

This follows hawkish remarks that followed last week's US Fed rate decision.

The decline in sentiment comes as Bitcoin enters August, historically one of its worst performing months.

Data from Coin Glass shows that Bitcoin's median return in August is about 7.5% down, and that is the latest Coin Street headlines.