In partnership with

gm friends —

Trump’s new crypto business partners:

1. The founder of “Date Hotter Girls LLC”

2. Creator of a hacked crypto project

I’m not joking - check out the link below. Meanwhile, stocks and crypto tank while the government is going after everyone from Uniswap to Nividia.

It’s very possible we’re in a simulation 😆.

News Stories

Markets & Macro

• Crypto Plummets Amid Stock Market Decline [Decrypt]
  Bitcoin's price fell to $55,746 on Tuesday, triggered by a U.S. stock market slump, with nearly $100 million in liquidations within an hour. The tech-heavy U.S. market drop, led by Nvidia, and Asia's Nikkei index opening 1,000 points lower, mirrored the crypto market's plunge. Bitcoin slightly rebounded to $56,463, but Ethereum dropped over 4% to $2,339. Other cryptocurrencies like Solana, XRP, and Dogecoin also fell sharply, while Toncoin slid out of the top 10 due to network outages and the recent arrest of Telegram's founder.

• Bitcoin ETFs See $287M in Outflows Amid Growth Concerns [CoinDesk] U.S.-listed Bitcoin ETFs faced a significant $287.8 million outflow on Tuesday, the largest since May, as weak U.S. manufacturing data stoked fears of an economic slowdown. Fidelity's FBTC led with $162.3 million in withdrawals, while Grayscale's GBTC lost $50.4 million. Bitcoin's price dropped over 2.7% to $57,500, impacted by the broader market sell-off, including a 9.54% loss in Nvidia shares, which dampened risk asset sentiment.

Institutions, Regulation, & Politics

• Trump’s Crypto Project Tied to $2M DeFi Hack and Controversial Team Members [CoinDesk]
  Donald Trump's upcoming cryptocurrency project, World Liberty Financial (WLFI), has ties to a recent $2 million DeFi hack through its team members, many of whom previously worked on the hacked project, Dough Finance. The white paper reveals WLFI as a decentralized lending platform with governance tokens, backed by Trump's sons and controversial figures like a former pick-up artist. The project has faced scrutiny due to its connections to the hacked app and its questionable team background.

• Uniswap Labs Settles with CFTC for $175K Over Derivatives Trading Violations [The Block]
  The U.S. CFTC fined Uniswap Labs $175,000 for offering illegal digital asset derivatives trading without proper registration. The CFTC alleged that Uniswap allowed users to trade leveraged tokens through liquidity pools, violating commodities laws. Uniswap Labs did not admit or deny the charges. Two CFTC commissioners criticized the move, warning it could stifle DeFi innovation in the U.S. by imposing regulation through enforcement rather than providing clear guidelines for DeFi compliance.

• FBI Warns of North Korean 'Social Engineering' Schemes Targeting Crypto Firms [Zerohedge] The FBI has alerted crypto companies about North Korean cyber actors using sophisticated social engineering tactics to steal crypto. These schemes involve impersonating well-known individuals and offering fake job opportunities to lure victims into installing malware. North Korean hackers, including the Lazarus Group, have stolen an estimated $3 billion in crypto since 2017.

• US Crypto Executives to Host Washington Fundraiser for Kamala Harris [Reuters]
  Crypto executives and investors are organizing a fundraiser on Sept. 13 to raise at least $100,000 for Vice President Kamala Harris, hoping to sway her toward a softer regulatory approach on the crypto industry. While Harris has not yet publicly taken a stance on crypto, her staff has engaged with major crypto firms.

Crypto Products & Onchain Events

• SEC Warns FTX Against Repaying Creditors in Stablecoins or Crypto [The Block] The SEC has warned FTX against repaying creditors with stablecoins or other crypto assets as part of its bankruptcy proceedings. Additionally, the SEC and the U.S. Trustee oppose a provision that would shield FTX's debtors from future legal liabilities. FTX, led by CEO John Ray III, currently plans to repay creditors in cash or stablecoins, while administrative costs for the bankruptcy have surged to over $800 million.

• Matter Labs Restructures, Lays Off 16% of Team to Adapt to Developer Needs [CoinDesk] Matter Labs, the developer behind Ethereum layer-2 protocol ZKsync, has laid off 16% of its workforce as part of a restructuring aimed at meeting changing demands from developers. CEO Alex Gluchowski explained that the current talent and roles no longer align with the “evolving technology and support needs” of projects building on ZKsync. The protocol faces intense competition in the layer-2 space, and Matter Labs recently launched its Elastic Chain to address fragmentation.

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