Today Crypto News, August 30 – Polygon Cryptocurrency Major Indian Trading protocol Listing: Pig Butchering Crypto Scam Devastates Millions Overnight

Polygon is kicking off the week with renewed vigor as Giottus, a prominent crypto trading protocol in India, has now included QuickSwap’s QUICK token in INR and USDT trading pairs. This listing paves the way for an expanded user base in the Indian crypto market, which is known for its immense crypto activity. The POL token, representing Polygon’s digital currency, is currently testing its $0.38 base level level as the trading market experiences a downturn.

The buzz surrounding Polygon may also stem from its recent endorsements by the government. The US Department of Commerce made headlines by posting GDP data on the distributed database, marking a significant development.

(Indian trading market, source – Statista)

Simultaneously, the Philippines has executed notarization of public funds through BayaniChain, a protocol utilizing Polygon. Senator Bam Aquino has been advocating for the tracking of the national budget via Polygon, emphasizing the necessity to combat falsification.

This data underscores the strength of Polygon’s cryptocurrency, particularly in the realm of regulated finance.

(POLUSD, source – TradingView)

Polygon Catalysts and The Global Crypto Sentiment

Today, Polygon recorded a 10% increase over the month, reaching a value of $0.25. This surge is largely attributed to Courtyard NFTs, which are leading in 24-hour sales with a volume of 826 million POL tokens. There are bullish expectations for a potential 53% increase to $0.90 once the $0.58 resistance is surpassed, although it remains far from the all-time high of Polygon Matic. The POL crypto token was formerly known as MATIC before its rebranding.

Grayscale also serves as a significant catalyst, as the company has chosen to incorporate Polygon into its spot ETFs.

Grayscale updated S-1 filings for spot $ADA and $POL ETFs, moving closer to offering regulated investment products for Cardano and Polygon. This signifies growing institutional interest beyond $BTC and $ETH, aiming to provide broader access and diversification for investors.

— Yeti Fi (@YetiFAi) August 30, 2025

Nevertheless, the crypto market is facing a significant downturn this week, with the overall market cap decreasing from $4 trillion to $3.77 trillion, following over $900 million in liquidations.

BTC ▼-1.22% dipped below $110,000 for the first time since July, while ETH ▲1.28% remained stable at around $4,300, following a significant dip after nearing an ATH of close to $5,000. Altcoins, particularly SOL ▼-1.88% and Hyperliquid have managed to bounce back, maintaining above $200 for SOL and nearing $45 for HYPE.

Cronos experienced a notable surge to multi-year peaks, though it subsequently cooled off. Trump’s DJT was undoubtedly a driving factor.

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Pig Butchering: Crypto’s Darker Side

In a troubling development, pig-butchering scams have caused significant turmoil this week, with authorities in the APAC region freezing $47 million in USDT tied to these fraudulent activities. Victims are losing millions to deceptive romance scams and fake crypto investments, including a woman from Virginia who ultimately lost $1.3 million.

(Crypto scam revenue, source – Chainalysis)

The US Department of Justice has confiscated $225 million from a stablecoin investment fraud operation as part of an estimated $5.8 billion in losses anticipated for 2024. Scammers continue to utilize their playbooks, refunding small sums to gain trust before vanishing. In addition to these scams, ransomware and “wrench” attacks are on the rise, contributing to an illicit trading market volume estimated between $45 billion and $51 billion last year.

Although crypto crime might have decreased to a lower percentage of overall transactions, estimated at 0.14% to 0.4% of the $10.6 trillion in cryptocurrency transaction volume, absolute figures continue to rise as the crypto market expands.

Will the market bounce back? Stay tuned here for updates.

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