A $3.4 Billion Crypto Market Splash? 🌊

Also today: 💼 DCG's new plan, 🐱 Mila Kunis' Stoner Cats, 🐞 Paxos' costly mistake, and more!

September 14, 2023

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What’s Poppin’?

The judge overseeing FTX’s bankruptcy proceedings overruled two objections and approved the exchange’s motion to sell the crypto in its possession.

Under a new remuneration plan, DCG estimates Gemini Earn users could recover between 95% to 110% of their assets.

Stoner Cats, an NFT project turned cartoon series starring Mila Kunis and Ashton Kutcher, settled with the SEC following a lawsuit.

Paxos overpaid $500,000 to move around $2,000 worth of Bitcoin due to an apparent bug in its corporate operations business.

On the Pod…

USDC issuer Circle has had a hectic year, introducing new products and forming partnerships amid a crypto banking crisis and increasing global regulatory changes, including a progressing U.S. bill.

Circle's CEO, Jeremy Allaire, discusses Coinbase's investment in Circle, the company's resilience post-crisis, his opinions on PYUSD and the ongoing U.S. stablecoin legislation, and predictions for the stablecoin bill.

Daily Bits…✍️✍️✍️

  • 🎤 SEC Chair Gary Gensler criticized the crypto industry again, warning that prevalent non-compliance could negatively impact the broader financial system.

  • 💼 Binance.US faces growth restrictions due to Changpeng "CZ" Zhao's ongoing ties with the company amid current regulatory scrutiny, reveal internal sources.

  • 🔍 On-chain analysis indicated the potential involvement of North Korea's Lazarus Group in the recent $55 million CoinEx cyber breach, as per ZachXBT.

  • ⛔ Singapore's financial regulator, MAS, imposed a 9-year trading ban on Three Arrows Capital founders, Su Zhu and Kyle Davies, due to their role in disseminating false information.

  • 🔒Only a minimal number of Bittrex creditors have reclaimed their funds post-bankruptcy, with the majority seemingly reluctant, leaving the company potentially profitable.

  • 🌌 Cosmos Hub introduced the "Gaia v12" upgrade, featuring a liquid staking module that facilitates the conversion of staked Atom coins into liquid staked Atom without a two-week unbonding period.

  • 💬 Coinbase CEO Brian Armstrong encouraged DeFi protocols facing CFTC enforcement actions to challenge the agency in court, questioning the legal basis of the fines. Meanwhile,  CFTC's Ian McGinley labeled unregulated DeFi exchanges as a "clear threat."

Today in Crypto Adoption...

  • ☁️ Google Cloud became an oracle provider on the LayerZero network, facilitating message data transfer between chains for all LayerZero applications.

The $$$ Corner…

  • 💰 Peter Thiel's Founders Fund co-led a $5 million seed round to support Layer N, an Ethereum scaling network focusing on enhancing financial applications.

  • 🌐 Movement Labs secured $3.4 million in pre-seed funding to foster the growth and adoption of Move, a smart contract development language with advanced security features.

What Do You Meme?

Recommended Reads

📈 Your Market Update 📉

  • BTC is down .7%, trading at $26,316

  • ETH is up 1.5%, trading at $1,620

  • BTC dominance: 47.2%

  • Crypto market cap: $1.09 trillion

*All data as of today, 6:30 am ET

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