Vitalik Buterin Proposes Metrics to Achieve Ethereum Alignment

Ethereum co-founder Vitalik Buterin has introduced a proposal to establish metrics for assessing how closely projects align with the core values of Ethereum.

In a blog post dated 28 September, Buterin highlighted that achieving what he calls "Ethereum alignment" is one of the foremost social challenges facing the Ethereum ecosystem.

Making Ethereum alignment legiblehttps://t.co/Ydwox0c01i

— vitalik.eth (@VitalikButerin) September 28, 2024

However, he acknowledged the complexity of this endeavour, given the diverse array of client teams, application developers, researchers, and local communities each contributing in their unique ways.

He pointed out:

“The primary challenge is making sure that all these projects are, collectively, building something that feels like one Ethereum ecosystem, and not 138 incompatible fiefdoms.”

Buterin identified several potential "starting points" for these metrics.

- open standards + decentralization = stronger ethereum
- more transparency on how projects align
- projects competing on real metrics, not just hype
- collaboration > competition in the long run (like superchain, orbit, hyperchains) https://t.co/cLNaNksGVr

— Suhail Kakar (@SuhailKakar) September 29, 2024

For instance, he noted that the open-source nature of a project is crucial; it not only allows for security inspections but also mitigates the risks of proprietary lock-in and encourages third-party improvements.

He also suggested evaluating a project's interoperability by measuring the compatibility of applications and wallets with various ERC standards.

Furthermore, he proposed that decentralisation and security could be gauged through "walkaway" and "insider attack" tests.

He explained:

“If your team and servers disappear tomorrow, will your application still be usable?”

“If your team itself tries to attack the system, how much will break, and how much harm could you do.”

Additionally, Buterin emphasized the importance of assessing a project's overall impact on the Ethereum community and society at large, such as its role in enhancing financial inclusion and facilitating new public funding mechanisms.

He underscored the necessity for Ethereum to maintain credible neutrality throughout these assessments:

“If alignment means having the right friends, then 'alignment' as a concept has failed.”

Is Ethereum Overdependent on Buterin for Direction?

Buterin wields significant influence within the Ethereum ecosystem.

⚡ INSIGHT: Vitalik Buterin proposes metrics to measure ‘Ethereum alignment’

Ethereum-based projects should have metrics to strive toward to ensure they are collectively “building something that feels like one #Ethereum ecosystem.”#Bitcoin #nasdaq #cryptocurrency $BTC pic.twitter.com/0Kt4wRSVPi

— Avinash ab Roy (@Ab2020Roy) September 30, 2024

Charles Hoskinson, the founder of Cardano, has raised concerns that Ethereum may be overly dependent on Buterin for guidance.

He expressed:

“Everybody looks to him for the roadmap. Everybody looks to him for inspiration, and he's also the only person who has enough power to rally people.”

“If you were to remove him from the equation right now, what’s the next hard fork going to look like, and how quickly can they actually get there?”

This dynamic invites a broader discussion about leadership and collaboration in decentralised networks.

FX168 Financial News Agency (Asia Pacific) reported that Silvergate Bank was the leader in the field of cryptocurrency deposits in the United States at the end of 2022, but in the wave of bank failures in 2023, the bank became a pioneer in "explosion". The well-known financial blog ZeroHedge rarely disclosed inside information, saying that the US President Biden's administration issued an informal regulation requiring banks to not exceed 15% of cryptocurrency deposits, which may lead to a wave of panic runs by customers.

New bankruptcy filings and exclusive interviews with confidential sources suggest that Silvergate Bank might have survived if it were not for pressure from regulators, which allegedly included an informal regulation requiring its crypto deposits to not exceed 15%.

Inside The Biden Admin's Plot To Destroy Silvergate And Debank Crypto For Good https://t.co/oXIaFPeAUa

— zerohedge (@zerohedge) September 29, 2024

Although the San Francisco Fed issued a 15% threshold for cryptocurrency deposits to Silvergate Bank, the policy originated in Washington, D.C., according to people familiar with the matter. It is now widely suspected that the architect of the policy was Bharat Ramamurti, who was then the vice chairman of Biden's National Economic Council, a powerful advisory body that coordinates economic policies across many executive agencies.

Ramamurti served as a senior adviser on banking and economic policy in Senator Elizabeth Warren's office from 2013 to 2019 and served as director of economic policy during her 2020 campaign. He is now an adviser to Vice President Kamala Harris' presidential campaign.

The report mentioned that Warren almost entirely accused Silvergate Bank of aiding and abetting the criminal behavior of the bankrupt cryptocurrency exchange FTX, creating a "worrying atmosphere" around Silvergate that could lead to a bank run.

Sources say the Federal Home Loan Bank (FHLB) refused to renew its monthly loan agreement with Silvergate Bank due to political pressure from Warren, which accelerated the bank's losses.

After the collapse of Signature Bank, hundreds of cryptocurrency companies in the United States suddenly lost their banking services. Many companies chose to turn to fintech companies such as Mercury, but the situation is still very unstable.

Even now in 2024, few banks are willing to work with cryptocurrency companies, especially when they need more customized services than just simple cash management. Those companies that provide services to the cryptocurrency industry do so quietly because they realize that if they are called "crypto banks", they will be suppressed by regulators.

This is exactly what happened to two other banks. After Silvergate and Signature Bank ceased operations, Customers Bank and Cross River Bank tried to replace the former. These are the two banks that still provide banking services to cryptocurrency companies, and both of them have been punished by regulators.

“If the (15%) limit had not been put in place, Silvergate Bank would have thrived by now,” one person familiar with the matter said.

Allegations of criminal wrongdoing in Silvergate’s relationship with FTX were never proven, and the bank was never criminally charged.

Silvergate’s collapse was likely a major contributor to the 2023 regional banking crisis that ultimately led to the collapse of Signature Bank, Silicon Valley Bank (SVB), and First Republic Bank.

At the end of 2022, Silvergate Bank was a leader in the cryptocurrency space. It was once a small California savings and loan association and has now transformed into the most important bank in the cryptocurrency space, enabling it to conduct an initial public offering (IPO) and occupy the majority of institutional deposits in the space. The bank's Silvergate Exchange Network (SEN) has grown into a key infrastructure for institutional participants in cryptocurrency, and the bank's stock price has soared from $35 at the end of 2020 to $220 at the end of 2021.

Today, Silvergate Bank is no more. Although its depositors have been compensated, common shareholders have lost a lot of money and preferred shareholders can only get a meager return. The bank paid huge fines to regulators, $43 million to the Federal Reserve, $20 million to the California Department of Financial Protection, and $50 million to the U.S. Securities and Exchange Commission (SEC). After announcing their intention to voluntarily liquidate in March 2023, they finally filed for Chapter 11 bankruptcy protection last week.

Summarizing the current situation of the U.S. banking industry, the ZeroHedge article concluded: "Ultimately, if U.S. policymakers want to protect the cryptocurrency industry and prevent it from entering traditional banks, there is an effective way to do it, through public debate and legislation."

"If they pass a law through Congress to restrict cryptocurrency companies from entering banks, it will be a devastating blow to the industry, at least under the rules of American democracy, it is effective. However, Biden administration officials do not do this. They implement crackdowns through secret backroom deals, agency banking departments, and the use of threats and intimidation instead of open rule-making. Part of the crackdown was spread through various agency statements, but most of it was only verbally communicated without paper records, such as the assumed 15% cap on crypto-related deposits. Other measures were taken only in the normal course of business, such as refusing to sell any crypto business of Signature Bank."

"The Silvergate Bank (explosion) incident was a farce, and the public has the right to know the truth. Sympathetic members of Congress should hold hearings to give executives of affected banks a chance to testify and exempt them from criminal liability for sharing confidential regulatory information."

Polymarket Users' Wallets Wiped Out After Making Deposits

Users of the Polymarket prediction market app are experiencing unauthorised draining of their wallets after logging in through their Google accounts.

Following deposits, these users found their wallets emptied, with balances reduced to zero.

🚨A small number of #Polymarket users have reported that their accounts logged in via Google have been attacked, resulting in stolen USDC balances. The attackers exploited a “proxy” feature to steal funds, but only a limited number of Google login users were affected. Users with… pic.twitter.com/cSecBqWLEW

— PandaLY (@pandaly520) September 30, 2024

It is important to note that this issue has not affected users who use wallet browser extensions like MetaMask or TrustWallet.

Suspicious Activity on First Victim's Account

The first identified victim, known by the Discord username "HHeego," reported issues with his Polymarket account linked to an address ending in C3d4.

On 5 August, HHeego deposited $1,085.80 in USD Coin (USDC) from Binance into Polymarket but noticed hours later that the deposit had not appeared in his account.

Seeking assistance, he joined the Polymarket Discord and discovered that other users were experiencing similar delays, which alleviated his initial concerns.

Eventually, the deposit was reflected in the interface, but it "vanished almost as quickly as it had come," leading to a total loss of his USDC balance, which amounted to $1,188.72, including a prior balance of $102.92.

Interestingly, his $2,000 in open trades remained intact.

Screenshot of conversation with customer service agent by HHeego

Investigating further, HHeego used the Polygonscan block explorer and found that his drained USDC had been sent to an account named "Fake_Phishing399064.”

When he contacted customer support, an agent inquired whether his private key had been compromised.

As a newcomer to the crypto space, HHeego initially did not understand the term "PK leak.”

He confirmed he had never used a browser extension wallet, only logging into Polymarket via Google.

The agent assured him that the team was looking into the situation and would follow up with more information.

Despite his initial belief that the issue was a temporary glitch, HHeego deposited an additional $4,111.31 on 11 August, only to have those funds drained as well, totaling his losses to $5,197.11.

Realising his account had likely been hacked, he closed all trades, successfully withdrew nearly $1,000, and transferred the funds to his Binance account.

Upon contacting customer service again, HHeego was informed that his account had indeed been compromised.

The agent indicated they were close to understanding the situation and promised to keep him updated.

However, the last communication he received was on 15 August, where the agent described the attack as "a complex situation" and referred him to another team member.

Since then, HHeego has received no further updates.

HHeego's reported last customer service message from Polymarket

Blockchain data corroborates his account: $1,188.72 in USDC was drained via a "proxy" function on 5 August, and an additional $4,111.31 was taken on 11 August, both transfers executed by an externally owned account ending in b3E5, which is known for phishing.

HHeego confirmed he does not own or control that account.

On 12 August, approximately $1,000 was transferred to a Binance deposit address through legitimate transactions using the "Relay Call" function instead of the proxy.

Second Victim's Loss is Much Lesser Than the First

The second victim, identified by the Discord username "Cryptomaniac," reported a troubling incident involving a $745 deposit made on 9 August.

🔒 تعرض بعض مستخدمي Polymarket لاختراق محافظهم بعد تسجيل الدخول باستخدام Google، حيث تم استنزاف أموالهم بطرق احتيالية. 📉 يجب توخي الحذر واستخدام إضافات محافظ آمنة مثل MetaMask لتجنب هذه الهجمات. #أمان_العملات_الرقمية #CyberSecurity #CryptoSafety #Polymarket pic.twitter.com/dFMls3nAP1

— BANDR ALOTAIBI 🇸🇦 (@bandr283) September 29, 2024

Just hours after the deposit, his funds were swiftly drained and transferred to an account labeled Fake_Phishing399064.

Seeking assistance, Cryptomaniac reached out to customer service, who initially engaged with him but eventually ceased communication without resolving the issue.

He stated:

“At first, they helped me. They tried to check for some errors and stuff, but after weeks and months passed [...] it's been one month already, they stopped looking into it. Then when I messaged them, they didn't reply.”

He shared a screenshot of a statement from the customer service team, which indicated that they had identified the exploit in at least five cases, suggesting the presence of other victims.

The agent informed him that the attacker was utilising "email OTP" to gain access to victims' accounts and provided the IP address linked to the attack.

They also requested Cryptomaniac to retrieve his browser history from 2 to 4 August; however, he was unable to do so as he had previously cleared his history, following advice from another Polymarket representative.

Message to Cryptomaniac from Polymarket representative.

Blockchain evidence corroborates that Cryptomaniac's account was indeed drained of $745 USDC via a proxy function call, with the funds sent to the same phishing account as the first victim.

Notably, none of the victims accessed the platform through wallet extensions, raising concerns that this exploit specifically targets newer login methods like OAuth or email OTP.

Despite these incidents, Polymarket has maintained that the attacks are limited to a few users and not widespread.

Free Man CZ Checks In on X After His Release

Changpeng Zhao (CZ), former Binance CEO, broke his silence just seven hours after his release from prison with a post on X (formerly known as Twitter).

Former #Binance CEO CZ Tweets After Early Release from U.S. Prison https://t.co/WS8Cy608d4 #Blockchain #GiggleAcademy #Biotech #AI #cryptocurrency #ChangpengZhao #ExBinanceCEO

— Cryptonewsland (@cryptonewsland) September 30, 2024

Reflecting on his experience, CZ expressed gratitude for the support he received and shared that he's feeling relaxed and ready to move forward, though he hinted at taking time before addressing all questions.

In his update, CZ outlined plans to continue investing in blockchain, decentralised technologies, artificial intelligence (AI), and biotech, emphasizing that he’s a long-term investor focused on impact rather than returns.

He also highlighted future priorities, including charity work, education through his Giggle Academy, and completing his book, which is two-thirds finished.

Though no longer at the helm of Binance, CZ expressed satisfaction with the exchange's ongoing success in his absence.

gm, the food taste so good... And what a luxury to be able to have more than one piece of fruit per day!

I know some of you may have a lot of questions. I won't have all the answers.

Let me chill for a bit. Then figure out the next steps. There are always more opportunities in… https://t.co/9hvgp8Bo97

— CZ 🔶 BNB (@cz_binance) September 29, 2024

Uptick in BNB Price After CZ's Tweet Post-Release Was Short-Lived

CZ, a prominent figure in the crypto world, stepped down as CEO amidst ongoing legal battles involving the exchange.

However, his challenges did not end with resignation.

CZ was fined $50 million and served a four-month prison sentence, which concluded on 27 September, two days ahead of schedule.

His release had an immediate impact on Binance Coin (BNB), despite the coin remaining relatively stable during Binance's legal issues.

Following his first tweet post-release, simply saying "GM" (Good Morning) to his followers, BNB's price surged from $606.25 to $616.53, marking its highest point in a month.

gm

— CZ 🔶 BNB (@cz_binance) September 28, 2024

BNB experienced a steady bullish trend after dropping to $464.63 in August, accelerating throughout September.

Its value climbed from $540 to $616, marking an 11% gain for the month, largely fuelled by anticipation surrounding the release of CZ.

Even in the past week, BNB saw a 4.27% rise.

However, this momentum was short-lived, as the price has since fallen to $576.98—a 4.06% drop in the last 24 hours and a 2.92% decrease over the week, according to CoinMarketCap.

$BNB

It's over.

Breaking to the down side.

4H trend broken.

520-525 coming 🩸#CrytoGemsMeme #Binance pic.twitter.com/qkBwSe6j2V

— Trading Zone By Crypto Jack (@cryptojack4u) September 29, 2024

The broader crypto market is also struggling: Bitcoin is down 2.08% at $64,527.62, Ethereum has dropped 2.38% to $2,615.76, and Solana has fallen 0.58% to $157.25 over the same period.

FX168 Financial News Agency (North America) reported on Saturday (September 28) that as the crypto industry prepares for the 2024 election, there is a growing view that former President Donald Trump's victory could be good for Bitcoin and the broader digital asset sector.

Gary Gensler, the chairman of the SEC in the Biden administration, is often seen as an obstacle to cryptocurrency innovation, so many in the field hope for a policy shift. But Caitlin Long, CEO of Custodia Bank, doesn't necessarily believe that changing the president alone will solve the problems that many people hope for.

"In his first term, Treasury Secretary [Steve] Mnuchin was very opposed to cryptocurrency," Long explained in a recent Coinage interview. She emphasized the importance of appointments such as the Secretary of the Treasury in shaping the regulatory landscape for cryptocurrencies. "It's important who Trump appoints as Secretary of the Treasury because that will dominate decision-making. Many policies are made by the Treasury Department because the Treasury has the IRS, OCC, and FinCEN."

According to Long, Trump’s rumored pick for JPMorgan Chase CEO Jamie Dimon has raised some skepticism. “What do you think Jamie Dimon will do? Will he help any small startups? No. He likes big banks,” Long noted, highlighting a possible disconnect between the hopes of crypto enthusiasts and the realities of traditional finance.

Trump’s potential cabinet picks shed light on a broader debate within the cryptocurrency community: the divide between Wall Street-driven cryptocurrency adoption and the philosophical underpinnings of decentralization. As Long put it, “There’s a real split in the Bitcoin crowd between the pro-Wall Street, ‘Wow, the numbers are up, we’re just here to trade,’ and the people who are philosophically committed to decentralization.”

Interestingly, Trump’s transition team has reflected this divide. On one side, there’s Cantor Fitzgerald CEO Howard Lutnick, who became a major player in the crypto space due to his firm’s involvement in custodial custody of Tether’s billions of dollars in treasury assets. On the other side, there’s former Congresswoman Tulsi Gabbard. Long noted that it’s encouraging to see both figures in office, but their approaches are in stark contrast.

“They’re both pro-crypto, which is great. One is really committed to decentralization. The other is the CEO of a major [broker-dealer] Wall Street firm.”

The broader concern, Long believes, is that while Trump’s rhetoric sounds pro-crypto, the details of who he appoints and how they craft regulation will outweigh any pro-crypto voices. Certainly, President Trump raised a lot of eyebrows when he pledged at Bitcoin Nashville to make the U.S. “the crypto capital of the planet.”

As the crypto industry looks ahead to the 2024 election, the question remains: Will Trump’s return be the crypto panacea that many hope for, or will it simply strengthen the hand of traditional financial players at the expense of smaller, more innovative projects?

For Long, the answer depends on one thing: who makes the decisions.

Lawsuit Filed Against Ex-Staff by Swan Bitcoin

Swan Bitcoin, a prominent Bitcoin financial services firm, has filed a lawsuit against several former employees from its mining division, accusing them of stealing proprietary software and launching a competing business.

BREAKING: TROUBLED BITCOIN EXCHANGE “SWAN” FILES LAWSUIT AGAINST ITS ENTIRE TEAM OF FORMER EXECUTIVES

ACCORDING TO LAWSUIT, SWAN IS “IRREPARABLY HARMED” AND SUFFERED “ENORMOUS ECONOMIC DAMAGES”

🚨🚨WITHDRAW ALL YOUR FUNDS FROM SWAN IMMEDIATELY🚨🚨 pic.twitter.com/iZsAbFGJB7

— Udi | BIP-420 🐱 (@udiWertheimer) September 26, 2024

The lawsuit, filed in the US District Court for the Central District of California, claims the ex-employees took highly confidential code from Swan's Bitcoin mining monitoring software and, after resigning en masse, used it to form a rival company, Proton Management.

The filing stated:

“They hatched a plan to steal Swan's mining business from the inside, usurp Swan's role, and cut Swan out from the Tether joint venture. They dubbed it 'rain and hellfire.'"

It added:

“The evidence of Defendants' brazen theft is overwhelming. [The former employees] were stealing the crown jewels from Swan's Bitcoin mining business.”

The complaint also alleges that these individuals, led by Swan’s former Head of Business Development Michael Holmes and former Chief Investment Officer Raphael Zagury, conspired to poach Swan's vendors and business partners, including Tether, a key funding partner.

According to this lawsuit @alphaazeta basically decided to steal Swan's mining division and jump ship to Tether, causing one of the biggest layoffs in the industry 😱 https://t.co/HZysEcxEAF pic.twitter.com/Hoi0rY5Lso

— Coinjoined Chris ⚡ (@coinjoined) September 27, 2024

According to the filing, Tether withdrew its support from Swan and entered into a new agreement with Proton shortly after the mass resignations.

+132% YoY 🚀 @Swan financial services revenue is up big.

Been an awesome last 12 months of product launches (Swan IRA, Swan Vault), excited for more geo and product launches soon 😎

Mining has always been separate and segregated. Recent news does not affect our core business.

— Cory Klippsten 🦢 Swan.com (@coryklippsten) September 27, 2024

Swan asserts that this coordinated effort was designed to "irreparably harm" its ability to compete in the Bitcoin mining sector, accusing the former employees of executing a calculated plan to steal trade secrets and undermine the company's business operations.

Was Tether in the Know or in the Dark?

In May 2024, Swan Bitcoin launched a managed Bitcoin mining service for institutional investors in partnership with Tether, aiming to reach 100 exahashes of computing power by 2026.

Swan Announces Managed Bitcoin Mining Service

Swan Bitcoin launches Managed Mining service for institutional investors, announces strategic collaboration with Tether, targets 100 EH by 2026.

Swan Bitcoin, a leader in Bitcoin mining innovation, is proud to announce the launch of… pic.twitter.com/hS9P5Rvi01

— Swan (@Swan) May 7, 2024

However, by July, Swan's CEO Cory Klippsten signaled that the managed mining business might shut down, citing challenges in generating sustainable revenue.

According to the recent court filing, Swan had been considering selling its entire Bitcoin mining division to Tether around that time.

The company is now investigating the alleged actions of former executives and employees, who are accused of misappropriating proprietary data and trade secrets before their abrupt resignations.

Swan is seeking a permanent injunction against Proton Management to prevent further disruption of its mining business and is requesting the return of stolen equipment and confidential materials.

The firm is also pushing for a jury trial to seek damages to be determined during the proceedings.

Binance Founder CZ Set to be Prison-Free 2 Days Ahead of Schedule

On 27 September, Changpeng Zhao (CZ) will walk free for the first time in months, concluding his four-month sentence in the US.

🚨JUST IN: @binance founder @cz_binance will be released today, September 27th, two days ahead of his scheduled release.

Sources: @Forbes. pic.twitter.com/OxkVatq7Rq

— SolanaFloor (@SolanaFloor) September 27, 2024

CZ, the founder of Binance, the world’s largest cryptocurrency exchange, has been in federal custody since April after voluntarily returning from Dubai.

He faced charges for failing to implement adequate anti-money laundering controls at Binance.

Initially serving time at a minimum-security prison in California, he was later moved to a halfway house in Long Beach, where he had limited supervised outings.

CZ's early release, two days ahead of schedule, is typical when release dates fall on weekends.

As the crypto market eagerly anticipates his return, Binance Coin (BNB) has shown a positive trend in recent days, prompting speculation about its future performance post-release.

CZ's Future Plans

Upon his release, CZ is expected to be promptly escorted by a chauffeur to a private jet, likely bound for Dubai or Paris, where his children with former partner and Binance Senior Executive, He Yi, reportedly live.

While his plea agreement with the US government restricts him from participating in Binance's daily operations, he remains a majority shareholder and influential board member.

Despite his limited involvement in Binance's management, CZ's strategic decisions will likely influence the company's trajectory, especially as it grapples with ongoing regulatory challenges and the arrests of several executives.

Although CZ has not made a public statement since his release, his legal team indicated that he intends to focus on family, particularly spending time with his children and He Yi.

Before his imprisonment, CZ expressed plans to continue his philanthropic endeavours, particularly through the Giggle Academy, an initiative aimed at providing free educational resources for children worldwide.

We wanted the @GiggleAcademy logo to show youth, fun, positive energy, and growth. We also want to show respect to our “Binance heritage”.

1. The logo is a child’s face, symbolizing youth.
2. The smiling face is made of the “Gi” characters (rotated 90 degrees counterclockwise),… https://t.co/On781BAi3J

— CZ 🔶 BNB (@cz_binance) April 24, 2024

However, progress on the project remains unclear, with limited updates available on its official website.

CZ’s return to public life, although legally constrained, may still shape Binance's future and his personal legacy in the cryptocurrency space.

BNB Anticipates Uptick Amidst Slow Rise

CZ's release coincides with an upward trend in BNB, which has seen a 2% price increase, breaking a resistance level near $600.

Currently trading at $604.22, BNB has risen 2.14% in the last 24 hours and 5.17% over the past week, according to CoinMarketCap.

Market analysts are eyeing further bullish momentum, with projections suggesting a potential rise to $722 before encountering resistance around $783.

Bought some $BNX @binary_x
-rebrand to "FOUR"
- my BNB beta, CZ will be released today so expecting pumps to BNB betas
- at resistance, looking for bounce soon
- listed on Binance spot, perps on most exchanges$BNB #Binance #CZ #crypto $BTC $ETH $SOL #BNB pic.twitter.com/lWuQwZMX2d

— KCJCrypto (@KCJ_Crypto) September 27, 2024

Binance's newly launched Pre-Market service is also expected to drive increased trading activity, potentially boosting BNB demand.

However, if selling pressure builds around $600, there could be a reversal and consolidation phase.

Much of the market's enthusiasm is tied to CZ's return, despite his agreement to step down as CEO and distance himself from daily operations as part of his settlement.

While Binance shifts focus to Asia and offshore markets, the exchange remains under the scrutiny of US regulators and monitors.

US Sanctions Russian Suspects & Exchanges

The United States (US) government has launched a coordinated effort against two Russian individuals and two cryptocurrency exchanges linked to suspected illicit financing activities.

Two Russian Nationals Charged in Connection with Operating Billion Dollar Money Laundering Services

Justice Department Seizes Web Domains for Multiple Illicit Crypto Exchanges

🔗: https://t.co/GgBIR6Jeo1 pic.twitter.com/SRqOlejCs4

— Criminal Division (@DOJCrimDiv) September 26, 2024

Involving the Departments of the Treasury, Justice, and State, along with various international law enforcement agencies, this initiative underscores a commitment to combat financial crime.

The Treasury Department's Financial Crimes Enforcement Network (FinCEN) has designated PM2BTC, a Russian cryptocurrency exchange, and Sergey Ivanov, associated with the exchange, as “primary money laundering concern.”

Concurrently, Timur Shakhmametov, another Russian individual, along with crypto exchange, Cryptex, was named too.

State Department spokesman Matthew Miller said in a statement:

“Today's actions underscore the United States's commitment, along with our allies and partners, to not allow cybercrime facilitators to operate with impunity.”

He added:

“We will continue to use all our tools and authorities to deter and expose these money laundering networks and impose costs on the cyber criminals and support networks. We reiterate our call that Russia must take concrete steps to prevent cyber criminals from freely operating in its jurisdiction.”

The TOC Rewards Program offers rewards up to $10M each for info leading to the arrests and/or convictions of Russian nationals Timur Shakhmametov and Sergey Ivanov, and up to $1M for information leading to the identification of other leaders of Joker’s Stash, UAPS, PM2BTC, and… pic.twitter.com/1a0wZNb8IU

— US Dept of State INL (@StateINL) September 26, 2024

Brad Smith, acting under secretary of the Treasury for Terrorism and Financial Intelligence, emphasized that these actions reflect the US government’s determination to prevent cybercrime facilitators from operating without accountability.

He expressed:

“Treasury, in close coordination with our allies and partners, will continue to use all tools and authorities to disrupt the networks that seek to leverage the virtual assets ecosystem to facilitate their illicit activities.”

Illegal & Criminal Activity Seen in the Exchanges

PM2BTC is accused of facilitating the processing of funds derived from ransomware attacks and other illegal activities, with FinCEN reporting that approximately half of its operations are linked to illicit practices.

Chainalysis reveals that PM2BTC utilises shared wallet infrastructure with UAPS (Universal Anonymous Payment System), a clandestine payment processing network.

Meanwhile, Cryptex, although registered in St. Vincent and the Grenadines, primarily operates out of Russia, according to the Biden administration.

The US government alleges that Sergey Ivanov has collaborated with various Russian payment and exchange services to provide money transfer and laundering services.

According to the Treasury:

“Cryptex is also associated with over $720 million in transactions to services frequently used by Russia-based ransomware actors and cybercriminals, including fraud shops, mixing services, exchanges lacking KYC programs, and OFAC-designated virtual currency exchange Garantex.”

The Treasury Department has recognised the contributions of the US Secret Service Cyber Investigative Section, the Netherlands Police, and the Dutch Fiscal Intelligence and Investigation Service for their roles in seizing web domains and infrastructure linked to PM2BTC, Cryptex, and Ivanov.

Additionally, Chainalysis and Tether have also played a part in this

Charges & Up to $10M Reward Offered

In documents unsealed by the District Court of Eastern Virginia, Sergey Ivanov faces a charge of conspiracy to commit and aid bank fraud linked to websites involved in "carding," which entails trading stolen credit card information.

Timur Shakhmametov is charged with multiple counts, including conspiracy to commit and aid bank fraud, conspiracy to commit access device fraud, and conspiracy to commit money laundering, all related to the same operations.

In an effort to gather information on both individuals, the State Department is offering a reward of up to $10 million for leads that result in their arrest or conviction.

Notably, this announcement coincided with President Biden's scheduled meeting with Ukrainian President Volodymyr Zelensky, during which additional US financial assistance for Ukraine's war efforts was to be unveiled.

President Joe Biden meets with Ukrainian President Volodymyr Zelenskyy in the Oval Office of the White House in Washington, Sept. 26, 2024.https://t.co/oXA0ForwPt pic.twitter.com/zPJIGrQoXg

— Voice of America (@VOANews) September 26, 2024

Biden said ahead of their meeting:

“The United States will continue to raise the costs on Russia for its war in Ukraine and to deprive the Russian defense industrial base of resources.”

FX168 Financial News Agency (Asia Pacific) reported that after the Federal Reserve cut interest rates by 50 basis points in September to stimulate the rise of Bitcoin, the People's Bank of China (PBOC) has launched the largest stimulus policy since the outbreak of the COVID-19 pandemic to create liquidity conditions for the cryptocurrency market. Analysts believe that this move is conducive to boosting Bitcoin prices, which means that RMB funds have the potential to flow into Bitcoin.

Decrypt reported that the People's Bank of China launched a series of stimulus measures on Tuesday (September 24), which the Hong Kong South China Morning Post (SCMP) described as a "policy bazooka". These measures include a 50 basis point cut in the bank's reserve requirement ratio and a 50 basis point cut in the interest rate on existing residential mortgage loans.

Source: Decrypt

China’s massive stimulus measures have led many crypto enthusiasts to speculate whether the country’s move to “print money” will ultimately benefit Bitcoin and cryptocurrency prices.

Zhu Su, founder of defunct crypto hedge fund Three Arrows Capital, tweeted Monday evening that “China stimulus cycle begins,” suggesting that measures taken by the Chinese central bank will support digital asset prices.

china stocks chadding, up 10% again this morning

— 朱溯 🐂 (@zhusu) September 27, 2024

Since Zhu’s post, the price of bitcoin has risen only slightly, from $63,000 to about $63,200. On Tuesday, the asset’s price rose as high as $64,500 before giving up gains.

The sudden easing by the People’s Bank of China is expected to increase global liquidity, which is generally good for the price of bitcoin, according to research commissioned by cryptocurrency analyst Lyn Alden. The research report released earlier in September found that the price of bitcoin “has shown a strong correlation with global liquidity” over the past few years.

Jake Ostrovskis, an over-the-counter trader at market maker Wintermute, echoed the sentiment, writing in a market update that the central bank’s move “injected a lot of liquidity into global markets, providing support for the market at the end of the year.”

Meanwhile, the People’s Bank of China has taken a number of other measures to boost the economy, which has seen a marked slowdown in areas such as consumer spending and housing. Those measures include injecting 800 billion yuan, or about $113 billion, into China’s stock market and launching a so-called stock stabilization fund program.

China is about to inject a lot of fresh money to support the equity market

More money debasement is coming pic.twitter.com/9JkQGaX10v

— Quinten | 048.eth (@QuintenFrancois) September 24, 2024

Phil Rosen of Opening Bell Daily said that while China's stock index CSI300 has risen 7% in the past five trading days, the stimulus package may not be enough to help China reverse the trend of falling consumer confidence and demand.

"The stimulus package (China) announced on Tuesday was more like a shotgun than a bazooka. It's big news - but unfortunately for Chinese consumers and the local real estate market, it's not enough."

The Chinese central bank's stimulus measures follow the Federal Reserve's first interest rate cut in four years, which analysts believe will be a catalyst for so-called risk assets such as stocks and cryptocurrencies.

Brian Rudick, senior strategist at market maker GSR, said that while an increase in global liquidity generally benefits risky assets, the reaction of Bitcoin is likely to be muted. This is because China has banned cryptocurrency trading since 2021.

"When liquidity increases and interest rates fall, people stay away from risky assets," he said. "People can get cheaper fiat currency in China, but they won't go out and buy Bitcoin because of it."

Earlier this year, the Hong Kong Securities and Futures Commission approved three Bitcoin spot ETFs, including China Asset Management, Harvest Fund Management and Bosera HashKey.

Tensions Arise as Players Express Disappointment with Hamster Kombat's Airdrop

On 26 September, the much-anticipated Hamster Kombat airdrop was finally conducted, distributing HMSTR tokens to its users.

🥂 THE MOMENT IS HERE 🥂

🤩 $HMSTR trading has official begun!

🚀 Congratulations, and to the moon, CEOs! pic.twitter.com/a0Yy7VRAxb

— Hamster Kombat (@hamster_kombat) September 26, 2024

However, the event has left many questioning the future of the tap-to-earn game, as numerous players voiced their disappointment over the rewards.

Several users, particularly on X (formerly known as Twitter) described their token payouts as "dust" — a term commonly used in crypto to describe insignificant amounts.

Many frustrated players revealed that their HMSTR rewards were valued at less than $10, with some earning as little as $5 or less.

On-chain activity also reflected this dissatisfaction, with messages on platforms like Tonviewer expressing frustration over the airdrop.

One user posted a sharp rebuke, saying, "Assholes, be cursed with your airdrop!" alongside a Russian translation.

You gave me dust after 4 months

I am killing hamsters, rats, rabbits or anything that looks like a hamster.

It's hunting season.

— Geoffrey Nwankpa (@GeoffreyNwankpa) September 26, 2024

For players who spent months building their virtual CEO roles within the game, the small payouts felt like an insult.

Some even tendered their "resignation" as CEOs.

I Quit my Job as a CEO 🐹

Thanks for your time

— Defi.eth ‎מלך🏴☠️ (@0x3Defi_eth) September 26, 2024

One user reported receiving 331.18 HMSTR tokens, worth just $3.45, leaving them unable to trade the amount on exchanges due to minimum thresholds.

I saw this on my Bybit account 331.18 of $HMSTR worth $3.45! Bybit are you kidding me? pic.twitter.com/gZPEvLeipn

— Nasky (@Sirnasky) September 25, 2024

The sentiment is shared by others who feel that their efforts, spanning several months, were underappreciated.

One player noted they had earned just $8 after four months of gameplay, reinforcing the idea that the airdrop amounted to little more than "dust."

imagine working for 4 months plus. and getting paid $8.
Hamster kombat this one pass DUST, nah Air.#HMSTR pic.twitter.com/Gp69nj1e8y

— Ukaimo🪐 (@pre_shios) September 26, 2024

As discontent grows, Hamster Kombat may face challenges in retaining its player base, who expected more substantial rewards for their engagement.

HMSTR Price Tanks Up to 45% Post Airdrop

The dissatisfaction surrounding Hamster Kombat's airdrop quickly reverberated through the market, causing a sharp decline in HMSTR's value.

The token's price plummeted to approximately $0.007, with CoinGecko reporting a 45% drop from an initial price of $0.012.

Meanwhile, CoinMarketCap recorded a nearly 29% fall from $0.009, highlighting how early volatility can lead to varying prices between platforms.

As of this writing, over 108,000 wallets hold HMSTR, according to Tonviewer.

Notably, a Binance hot wallet holds nearly 18% of HMSTR's circulating supply, indicating that a significant number of Hamster Kombat players transferred their rewards to the exchange.

Hamster Kombat also stated on X that 30 million users had already started trading HMSTR, but cautioned that overwhelming demand could hinder some users' ability to trade the token effectively.

Dear CEOs,

💥 Hamster family is truly an unstoppable force!

🚀 Over two-thirds of the airdrop have already been distributed between our players.

🪙 30+ million users have already started trading $HMSTR, with more joining every second.

🚧 Due to overwhelming demand, you might…

— Hamster Kombat (@hamster_kombat) September 26, 2024

This rapid sell-off underscores the growing dissatisfaction among the game's user base.

United States Has Least Amount of Hamster Kombat Players

Although Hamster Kombat has garnered a global audience, recent Google search data reveals its popularity is concentrated primarily in African countries like Ethiopia, Nigeria, and Somalia.

Out of 51 regions tracked by Google Trends, the United States ranked last in search volume.

Binance's conversion service allows users to exchange as little as 1.2 HMSTR for a penny's worth of Tether, a popular stablecoin.

However, some users have pointed out that Binance's spot trading requires a minimum order size of $5 to trade HMSTR for Tether, potentially limiting the ability of smaller holders to liquidate their tokens.

The worst part of HAMSTER KOMBAT Airdrop is that many users airdrop value is not even $5📌

Means they'll not be able to sell it because exchanges don't allow trade below $5 worth 🤐

Even a day labour earn more than this 📌#HamsterKombat $HMSTR pic.twitter.com/Z5HdjKVErW

— Crypto with Khan ( SFZ ) (@Cryptowithkhan) September 26, 2024

Onyx Protocol Suffers Almost $4M Hack

Onyx Protocol experienced a $3.8 million loss on 26 September, marking another incident in a growing wave of cyber-attacks targeting vulnerabilities in the crypto ecosystem.

.@OnyxDAO was attacked, resulting in a loss of nearly $4M. The root cause was unverified user input during the liquidation process. Specifically, key parameters of the liquidateWithSingleRepay function in the NFTLiquidation contract were controllable by the attacker, allowing… pic.twitter.com/lyYIqOzboj

— BlockSec (@BlockSecTeam) September 26, 2024

These attacks underscore the persistent security challenges facing the industry, even as global authorities intensify their scrutiny.

As institutional investment in crypto rises, some analysts warn that the ongoing hacks could weaken market confidence, potentially dampening investor sentiment.

Security Firms Highlight Onyx's Hack

Blockchain security firm PeckShield identified suspicious transactions on OnyxDAO, suggesting a possible attack on the protocol.

Hi @OnyxDAO, you may want to take a look pic.twitter.com/fcU6fHP4jr

— PeckShield Inc. (@peckshield) September 26, 2024

In a follow-up report, PeckShield revealed a total loss of $3.8 million, with the hacker already in the process of exchanging the stolen funds.

Here are the latest whereabouts of the stolen $3.8 million funds from @OnyxDAO pic.twitter.com/NOx9XDXXFY

— PeckShield Inc. (@peckshield) September 26, 2024

Web3 security firm Cyvers confirmed the breach, citing suspicious activity on the Ethereum blockchain, with most of the stolen assets in VUSD stablecoin.

🚨ALERT🚨Our system has detected suspicious transaction involving @OnyxDAO on #ETH chain!

Total loss is around $3.2M. Most of the loss are in $VUSD. Attacker currently holds 521 $ETH $1.36M. Rest of the digital assets are not swapped yet!

More info will follow! Stay tuned!… pic.twitter.com/CwGwRgZyNh

— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) September 26, 2024

The incident has been traced to a precision issue in the CompoundV2 code base, allowing the hacker to manipulate exchange rates and drain assets including VUSD, DAI, XCN, USDT, and WBTC.

Specifically, the attacker exploited a nearly empty market to manipulate the exchange rate and siphon 4.1 million VUSD, 7.35 million XCN, 5,000 DAI, 0.23 WBTC, and 50,000 USDT.

It seems today's victim @OnyxDAO (w/ >$3.8m loss) falls prey to a known precision issue in forked CompoundV2 code base. The drained funds include 4.1m VUSD, 7.35m XCN, 5k DAI, 0.23 WBTC, 50k USDT.

The bug is exploited to leverage a nearly empty market to manipulate the exchange… https://t.co/Apddu5aMbD pic.twitter.com/EKKRarFu5X

— PeckShield Inc. (@peckshield) September 26, 2024

On X (formerly known as Twitter), Onyx acknowledged the unusual activity and initiated a third-party post-mortem investigation.

Onyx Protocol is aware of unusual activity on our platform and is currently reviewing third party post mortem examination data while conducting our own investigation.

We will announce further details in due course 📣

— Onyx (@OnyxDAO) September 26, 2024

Then in about seven hours, they released the report.

A full explanation of the exploit can be found here: https://t.co/WLzmwni9h5 (as the primary issue wasn’t an empty market but the NFTLiquidation Contract)

XCN Staking and XCN Farming were, once again, unaffected.

— Onyx (@OnyxDAO) September 26, 2024

This attack mirrors a previous incident in October 2023, when hackers used a similar exploit, attributed to a rounding error, to steal $2.1 million.

Both breaches highlight vulnerabilities linked to Onyx Protocol's status as a fork of Compound Finance.

Onyx Protocol's Hack Could Have Been Avoided

In the open-source DeFi space, developers often opt to build on existing code rather than develop new functionality from scratch.

While this approach can enhance efficiency and security when executed properly, it carries risks.

If the base code has vulnerabilities, such as the rounding error seen in the Onyx Protocol hack, those flaws can be inherited by the forked project.

Security firm Halborn reported:

“In the case of the Onyx protocol, the Compound Finance code that it used had a known vulnerability that had already been exploited in Hundred Finance and Midas Capital, which also forked the Compound Finance code. However, the Onyx Protocol used the same code and lacked the community support and vigilance needed to prevent the vulnerability from being exploited."

This breach, which could have been avoided with proper attention to existing guidance on launching markets within Compound Finance and its forks, highlights a broader issue within DeFi.

Security firm Hexgate guided in April 2023:

“At Hexagate, we recommend any Compound V2 fork, when launching new markets to mint some cTokens and burn them to make sure the total supply never goes to zero. When the total supply goes to zero, the protocol becomes vulnerable and this strategy mitigates this situation.”

4/
At Hexagate, we recommend any Compound V2 fork, when launching new markets to mint some cTokens and burn them to make sure the total supply never goes to zero. When the total supply goes to zero, the protocol becomes vulnerable and this strategy mitigates this situation.

— Hexagate (@hexagate_) April 23, 2023

The Onyx hack and similar incidents have drawn increased regulatory attention to the crypto market, with authorities aiming to protect user funds from bad actors.

However, regulatory scrutiny, such as the SEC's lawsuits against crypto exchanges, can also hinder innovation.

Recent attacks, including a $4.6 million hack on decentralised infrastructure provider Truflation, further illustrate the ongoing challenge of securing digital assets against sophisticated theft in the crypto industry.

FX168 Financial News Agency (Europe) reported that Solana, a blue chip public chain in the United States, replaced Ethereum and became the focus of this year's TOKEN 2049 Summit in Singapore. The meme coin BONK under the public chain announced that it would launch an exchange-traded product (ETP) and hinted that the BONK ETF might be launched in the future.

Last week, from September 20 to 21, the fourth Solana Breakpoint Conference was held in Singapore. As the largest and most indicative event in the Solana ecosystem every year, it attracts a lot of attention from all Solana developers, as well as other cryptocurrency and public chain investors.

Crypto leaders such as Bybit CEO Ben Zhou, OKX co-founder Jason Lau, and Circle CEO Jeremy Allaire also participated in the conference.

Solana Breakpoint is not only an annual event for the Solana ecosystem, but also a showcase for Alpha opportunities in the ecosystem.

At this year's TOKEN 2049 Summit in Singapore, Solana Breakpoint brought a lot of positive information to cryptocurrency investors. It is reported that Solana Breakpoint is more lively than the main venue and is the most eye-catching summit event this year, even surpassing the mainstream old blockchain Ethereum. In addition to the new Web3 smartphone Solana Seeker, Web3 booking platform Travala also announced the integration of Solana.

Not only the above-mentioned ecological projects, but also leading projects such as Pyth, Wormhole, and MagicEden also released the latest project progress at the Solana Breakpoint Conference. The organizers of the conference announced that the next conference will be held in Abu Dhabi from December 11 to 13, 2025, and it is expected to attract more participants from the Middle East and the world.

As a star decentralized finance (DeFi) project on the Solana public chain, the liquidity aggregator Jupiter said that this year it has launched the V2 version of the contract trading product (Perps), the mobile application Jupiter Mobile, and the meme coin trading tool Ape Pro, and acquired Coinhall and SolanaFM.

Solayer and OpenEden have jointly launched the yield stablecoin SUSDC.

The meme coin BONK announced that it will soon launch ETP and hinted that the BONK ETF may be launched in the future.

The rise of BONK meme coin is closely related to the enthusiasm of Solana ecosystem. When the public chain issued Solana Saga mobile phone, it provided consumers with the ability to airdrop BONK tokens, which not only stimulated the price of BONK tokens to soar, but also triggered the hot purchase of Saga mobile phones.

As of Thursday (September 25) in the Asian market, BONK tokens fluctuated at $0.00001862, with a year-on-year increase of an astonishing 8788%.

Source: CoinMarketCap

Coinbase, the world's leading cryptocurrency exchange, announced at the meeting that it will introduce cbBTC into the Solana ecosystem to further promote the expansion of the ecosystem.

LINE NEXT Launches Super Mates: A New Era of AI-Driven Artist Interaction

LINE NEXT Corporation has unveiled an exciting new application, “Super Mates,” designed to foster a unique connection between fans and their favourite artists through interactive avatars.

This innovative platform leverages advanced AI technology, enabling users to engage in conversations with avatar representations of artists in English, Korean, or Japanese.

By tapping into LINE NEXT’s expertise in avatar creation and AI, the app promises to deliver life-like interactions that resonate deeply with fans.

How Does Super Mates Create Personal Connections?

Users of Super Mates can enjoy meaningful interactions with digital counterparts of their beloved artists.

The avatars reflect the distinctive characteristics and styles of these performers, allowing fans to feel a genuine connection.

As they engage with their favourite artists, users can initiate conversations, keep diaries of their interactions, and even customise their avatars with various clothing and accessories.

This personalised experience allows for the creation of videos and images featuring the characters, enhancing the depth of engagement.

Aespa Takes Center Stage with Super Mates

To kick off this dynamic platform, LINE NEXT has partnered with the sensational K-pop girl group aespa.

LINE NEXT Launches Super Mates: A New Era of AI-Driven Artist Interaction LINE NEXT Corporation has unveiled an exciting new application, “Super Mates,” designed to foster a unique connection between fans and their favourite artists through interactive avatars. This innovative platform leverages advanced AI technology, enabling users to engage in conversations with avatar representations of artists in English, Korean, or Japanese. By tapping into LINE NEXT’s expertise in avatar creation and AI, the app promises to deliver life-like interactions that resonate deeply with fans. How Does Super Mates Create Personal Connections? Users of Super Mates can enjoy meaningful interactions with digital counterparts of their beloved artists. The avatars reflect the distinctive characteristics and styles of these performers, allowing fans to feel a genuine connection. As they engage with their favourite artists, users can initiate conversations, keep diaries of their interactions, and even customise their avatars with various clothing and accessories. This personalised experience allows for the creation of videos and images featuring the characters, enhancing the depth of engagement. Aespa Takes Center Stage with Super Mates To kick off this dynamic platform, LINE NEXT has partnered with the sensational K-pop girl group aespa.

✨Play all day long with your aespa!✨
The cute friends who will make your day more special are here with the launch of Super Mates!
Participate in the limited launch event and earn special gifts!
⠀
📌EVENT Check! https://t.co/uQROln0Hv6
⠀#supermates #슈퍼메이츠… pic.twitter.com/KIj7qjXP1v

— Super Mates (@SuperMates_AI) September 26, 2024 Comprising four standout artists—Karina, Giselle, Winter, and NingNing—aespa has made waves in the music industry, releasing their first album, “Armageddon,” in May 2024. They recently completed an international tour that included significant stops across Asia and Australia. Notably, aespa became the first non-Japanese female act to perform at the Tokyo Dome for two consecutive years, a remarkable achievement that highlights their growing influence in the global music scene. The avatars of aespa within Super Mates are designed to mirror the bold and unique aesthetic of their “Armageddon” album, featuring attire and accessories that align with the album's artistic vision. Users will have the opportunity to converse with the aespa avatars about the album, deepening their appreciation of the group's creative work. What Exclusive Rewards Await Early Adopters? In celebration of the launch, LINE NEXT is rolling out a series of enticing events and promotions. Grand opening benefits worth $37 Chat daily to receive an unreleased photocard Create memories and receive a limited MD set Fans participating in the Super Mates experience can look forward to exclusive rewards, including a chance to win never-before-published photos of aespa and autographed CDs. Youngsu Ko, CEO of LINE NEXT, stated, “LINE NEXT aims to provide an interactive service where fans can connect with their artists and create their own contents.” This initiative not only enhances the user experience but also opens doors for potential collaborations with various artists and intellectual properties in the future. As part of the Super Mates x aespa promotion, users can access a range of merchandise, including character-themed tees and keyrings. The merch set will be available in both member and group editions, providing fans with a tangible connection to the digital avatars they engage with. MERCH IMAGE What’s in Store for the Future of Super Mates? The Super Mates x aespa event will run until October 2024, inviting users to participate in various activities that offer in-game gifts and chances to win exclusive prizes, including unreleased photocards and an autographed copy of aespa’s upcoming mini-album, “Whiplash.” IMAGES Details of the events can be found on the Super Mates app and the event page, ensuring fans have easy access to the latest information. As LINE NEXT continues to refine Super Mates, they envision the app evolving into a versatile platform that enhances the fan experience, ultimately transforming it into a novel social service. The future looks bright for fans eager to connect with their idols in new and interactive ways.

Comprising four standout artists—Karina, Giselle, Winter, and NingNing—aespa has made waves in the music industry, releasing their first album, “Armageddon,” in May 2024.

They recently completed an international tour that included significant stops across Asia and Australia.

Notably, aespa became the first non-Japanese female act to perform at the Tokyo Dome for two consecutive years, a remarkable achievement that highlights their growing influence in the global music scene.

The avatars of aespa within Super Mates are designed to mirror the bold and unique aesthetic of their “Armageddon” album, featuring attire and accessories that align with the album's artistic vision.

Users will have the opportunity to converse with the aespa avatars about the album, deepening their appreciation of the group's creative work.

What Exclusive Rewards Await Early Adopters?

In celebration of the launch, LINE NEXT is rolling out a series of enticing events and promotions.

Grand opening benefits worth $37

Chat daily to receive an unreleased photocard

Create memories and receive a limited MD set

Fans participating in the Super Mates experience can look forward to exclusive rewards, including a chance to win never-before-published photos of aespa and autographed CDs.

Youngsu Ko, CEO of LINE NEXT, stated,

“LINE NEXT aims to provide an interactive service where fans can connect with their artists and create their own contents.”

This initiative not only enhances the user experience but also opens doors for potential collaborations with various artists and intellectual properties in the future.

As part of the Super Mates x aespa promotion, users can access a range of merchandise, including character-themed tees and keyrings.

The merch set will be available in both member and group editions, providing fans with a tangible connection to the digital avatars they engage with.

What’s in Store for the Future of Super Mates?

The Super Mates x aespa event will run until October 2024, inviting users to participate in various activities that offer in-game gifts and chances to win exclusive prizes, including unreleased photocards and an autographed copy of aespa’s upcoming mini-album, “Whiplash.”

Details of the events can be found on the Super Mates app and the event page, ensuring fans have easy access to the latest information.

As LINE NEXT continues to refine Super Mates, they envision the app evolving into a versatile platform that enhances the fan experience, ultimately transforming it into a novel social service.

The future looks bright for fans eager to connect with their idols in new and interactive ways.

China Introduces Largest Stimulus Package

Shortly after Federal Reserve officials boosted Bitcoin's price with a rate cut in the US, global markets are now absorbing what is said to be the largest stimulus package from the People's Bank of China since the onset of the COVID-19 pandemic.

On Tuesday, China's central bank unveiled a comprehensive set of stimulus measures, referred to as a "policy bazooka".

🚨LATEST: Money printer goes brrrrr in 🇨🇳 pic.twitter.com/CyR3cZmoh9

— Simply Bitcoin (@SimplyBitcoinTV) September 24, 2024

These measures included a significant reduction in reserve requirements for banks and a 50 basis point cut in mortgage rates for existing homes.

This large-scale stimulus initiative has sparked speculation among crypto enthusiasts about whether China's decision to "print money"—echoing the popular "money printer go brr" meme—will ultimately support Bitcoin and cryptocurrency prices.

Crypto Prices Like Bitcoin Sees Minor Boost

Su Zhu, the founder of the now-defunct crypto hedge fund Three Arrows Capital, took to X (formerly Twitter) late Monday to declare that the "China stimulus cycle begins," implying that the recent measures from China's central bank could positively influence digital asset prices.

China stimulus cycle begins

— 朱溯 🐂 (@zhusu) September 24, 2024

Following Zhu's comments, Bitcoin's price saw a modest increase, rising from $63,000 to approximately $63,200.

On Tuesday, Bitcoin peaked at $64,500 before retracting, currently sitting at $63,822.80—a 0.05% decrease over the last 24 hours but reflecting a 2.79% increase over the past week, according to CoinMarketCap. https://coinmarketcap.com/currencies/bitcoin/

The central bank's unexpected easing is anticipated to enhance global liquidity, a factor that traditionally supports Bitcoin's price.

Research commissioned by crypto analyst Lyn Alden, released this month, highlighted a strong correlation between Bitcoin's price and global liquidity over recent years.

This sentiment was reinforced by Jake Ostrovskis, an OTC trader at Wintermute, who noted in a market update that the central bank's actions inject "a significant amount of liquidity into global markets, supporting conditions into year-end.”

Stimulus Package Might Not Be Effective Enough

Simultaneously, the People's Bank of China implemented a series of measures aimed at revitalising the economy, which has been experiencing significant slowdowns in consumer spending and housing.

Among these initiatives is a substantial injection of 800 billion yuan (approximately $113 billion) to support Chinese stocks, along with the introduction of a stock stabilisation fund.

🇨🇳 China is about to drop a $420B stimulus package to subsidise consumers and local governments

Money printer is about to go brrrr#Bitcoin pic.twitter.com/FSD3YXvNdH

— Quinten | 048.eth (@QuintenFrancois) August 24, 2024

Despite a 7% rise in the CSI 300, a prominent Chinese stock market index, Phil Rosen from Opening Bell Daily cautions that the stimulus package may fall short of reversing declining consumer confidence and demand.

He noted:

“The stimulus package unveiled Tuesday resembles more of a pellet gun than a bazooka. It is big news—but unfortunately for Chinese consumers and their local property markets, not big enough.”

This stimulus surge follows the Federal Reserve's first rate cut in four years, which analysts believe could act as a catalyst for risk assets like stocks and cryptocurrencies.

While increased global liquidity typically favors risk assets, Brian Rudick, a senior strategist at the market maker GSR, warns that Bitcoin's response may be muted due to China's ongoing ban on crypto trading since 2021.

He expressed:

“When liquidity rises and interest rates fall, people move out on the risk spectrum. People have access to cheaper fiat currency in China, but they don't go out and buy Bitcoin because of it.”

Meta's Metaverse Avatars Are Getting a Major Makeover on October 1st

At the recent Connect conference, Meta unveiled an exciting overhaul of its metaverse avatars, set to launch on October 1st.

This upgrade will be accessible across various platforms, including Meta Horizon OS, Facebook, Instagram, and Messenger, marking a significant step forward in how users can represent themselves in the virtual world.

Meta is giving its metaverse avatars a glow-up: Photo by Jay Peters / The Verge

Meta is overhauling its metaverse avatars, and you’ll be able to use them soon: the new look will be available on October 1st, the company announced at its… https://t.co/4uPXLmdfoR #ai #ainews

— The AI Tech Startups Roundup (@thedailyAi_) September 25, 2024

What’s New with the Avatars?

Meta’s avatars have come a long way from their humble beginnings, evolving steadily over time.

The latest enhancements will empower users with an unprecedented level of customisation.

Aigerim Shorman, Vice President of the Horizon team, announced onstage that individuals will soon be able to adjust features like eye size, nose shape, and body types, thanks to a revamped avatar skeleton and a new underlying technology stack.

The new Meta Avatars system will launch on Tuesday, featuring overhauled graphics and deeper customization.

Details here: https://t.co/224jVy1yla pic.twitter.com/mzMUP661J6

— UploadVR (@UploadVR) September 25, 2024

This means users will not only have a more accurate representation of themselves but can also express their uniqueness in a more nuanced manner.

How Will Generative AI Transform Your Avatar Experience?

In a nod to the increasing integration of generative AI into everyday applications, Meta plans to introduce a feature in 2025 that allows users to create avatars simply by typing in a descriptive prompt.

Shorman showcased this functionality with a playful example, demonstrating how the AI could transform her avatar into a spooky mummy.

“Just describe what you want, and watch your avatar come to life,” she explained, illustrating the ease with which users can personalise their virtual identities.

Ever Thought of Being a Fantasy Character?

For those who wish to embrace a more fantastical appearance, Meta is also rolling out new avatar types that allow users to style themselves as animals or mythical creatures.

Imagine donning the persona of a majestic wolf or a playful dragon as you interact with friends in the metaverse.

Furthermore, users can unlock themed avatars based on popular culture, including iconic characters like Captain America from “Captain America: Brave New World” or Doja Cat’s stunning ensemble from the 2023 Paris Fashion Week.

Announced today at the @Meta Connect 2024 event, users will be able to unlock @DojaCat’s 2023 Paris Fashion Week look as part of the new metaverse avatars by joining her Scarlet Tour Horizon Worlds concert. pic.twitter.com/JOCk8DcW6Q

— Doja HQ (@DojaHQs) September 26, 2024

This adds a layer of excitement and connection to beloved franchises, enticing users to explore more within Horizon Worlds.

What’s Next for Horizon Worlds Developers?

Starting in 2025, developers in Horizon Worlds will have the capability to create non-player characters (NPCs) that enhance user interactions within their experiences.

In a recorded demonstration, a presenter engaged in a dynamic voice conversation with an NPC, showcasing the potential of AI-driven interactions.

Demo of an NPC bot in Horizon Worlds. pic.twitter.com/pSjYZIgDu2

— Kent Bye (Voices of VR) (@kentbye) September 25, 2024

This feature could significantly enrich the virtual environment, making it feel more alive and responsive, thereby attracting a broader audience to Meta’s metaverse platform.

Can These Changes Compete with Roblox and Fortnite?

Despite the ambitious updates, Meta faces the challenge of drawing users away from established metaverse platforms like Roblox and Fortnite.

While the introduction of customisable avatars and interactive NPCs might not single-handedly shift the tide, these enhancements could provide enough incentive for users to revisit and explore the offerings of Horizon Worlds.

The evolution of Meta’s avatars and the development of engaging environments are steps toward creating a more compelling virtual world where users can connect, create, and play.

WazirX's 4-Month Moratorium Comes with Conditions

A Singapore court has granted Indian cryptocurrency exchange WazirX a four-month conditional moratorium following its $234 million hack in July, which impacted 45% of customer funds.

Breaking: #WazirX granted a four-month moratorium by Singapore Court under these conditions:
• Reveal wallet addresses via court affidavit
• Respond to users' queries
• Disclose book of accounts within six weeks
• Ensure future voting is conducted on an… pic.twitter.com/ivH1Nys9Wj

— Crypto India (@CryptooIndia) September 26, 2024

The court has imposed several conditions, including the disclosure of WazirX's wallet addresses via affidavit, a response to user queries, and revealing its financial accounts within six weeks.

Additionally, any future voting on the exchange's direction must occur on an independent platform.

WazirX had originally sought a six-month moratorium.

In a blog post in August, WazirX noted:

“We wish to update all users of the WazirX Platform that Zettai Pte Ltd ("Zettai") has taken the next step in its efforts to address users' cryptocurrency balances on the Platform following the cyberattack and theft of crypto tokens from the Platform on 18 July 2024, and has on 27 August 2024 filed an application with the High Court of Singapore (HC/OA 861/2024) for a moratorium under section 64 of the Insolvency, Restructuring and Dissolution Act 2018 to facilitate its intention to restructure its liabilities under a scheme of arrangement ("Scheme").”

During the proceedings, the judge suggested WazirX disclose any assets beyond its token holdings, noting the exchange's "good faith" in seeking the moratorium.

WazirX's legal team has acknowledged that customers are unlikely to be fully compensated in cryptocurrency.

Almost All Hacked Funds from WazirX Laundered Using Tornado Cash

The hacker responsible for the July WazirX breach has nearly completed laundering the stolen funds, primarily through Tornado Cash, a service that obscures transaction trails.

WazirX hacked for over $230m USD (2,000 cr INR)

Their safe multisig was compromised and drained.

The hackers started practicing the hack onchain at least 8 days ago and finally executed it today.

It's a very methodical and organized attack, pointing towards DPRK as the hacker. pic.twitter.com/HziVY7dCoq

— Mudit Gupta (@Mudit__Gupta) July 18, 2024

A wallet linked to the theft now holds only $6 million in ether (ETH).

Blockchain data from Arkham reveals a pattern of moving assets to new wallets before funneling them into Tornado Cash.

In August alone, over $50 million in tokens were sent through the privacy service, with activity escalating in September.

The latest transaction occurred on Wednesday, with the hacker transferring 3,792 ETH (around $10 million) to a new wallet.

Sam Altman Could Get a 7% Equity Stake

OpenAI is planning to restructure its core operations into a for-profit benefit corporation, shifting control away from its non-profit board.

This strategic move aims to enhance the company's appeal to investors and could position CEO Sam Altman for a significant financial gain.

Reports indicate that OpenAI is considering granting Altman a 7% equity stake, which could be valued at up to $10.5 billion, depending on the specifics of the equity award.

SAM ALTMAN WORTH $10.5 BILLION?!?!

Sam Altman is in discussion to get a 7% ownership stake in OpenAI as part of its transition to a for profit entity

OpenAI is currently in discussions to raise money at a $150 Billion valuation meaning Altman's 7% would be worth $10.5B pic.twitter.com/gcfirLyRnk

— Evan (@StockMKTNewz) September 26, 2024

This restructuring could potentially elevate the company's worth to $150 billion while lifting the cap on investor returns.

Importantly, while the non-profit will continue to exist and hold a minority stake in the new entity, the proposed governance changes raise questions about how the company will manage AI risks.

An OpenAI spokesperson said:

"We remain focused on building AI that benefits everyone, and we’re working with our board to ensure that we're best positioned to succeed in our mission. The non-profit is core to our mission and will continue to exist."

The specifics of this restructuring are still being finalised with legal and shareholder input, leaving the timeline for completion uncertain.

One AI investor noted that these structural changes could pave the way for an initial public offering, reflecting the company's turbulent history.

Matt Turck, a partner at venture firm FirstMark, who's invested in AI companies including Dataiku, Synthesia, and Ada, pointed out:

"OpenAI is both the most fascinating and the most terrifying company of our times. By that, I mean it's doing incredibly important work, creating some of the most impressive products ever — yet seems constantly on the verge of implosion."

However, he also expressed optimism that Altman's potential payout could ultimately benefit OpenAI.

He concluded:

"Feels part of the necessary normalization of OpenAI into a regular corporate structure, which paves the way to an IPO."

OpenAI Sees Continuous Leadership Changes

Since the sudden firing and rehiring of Altman last year, OpenAI has been navigating a period of upheaval, marked by the loss of key managers and shifts in team structures.

The latest high-profile exit is Mira Murati, OpenAI's longtime Chief Technology Officer, who announced on 26 September that she is stepping down to pursue personal exploration.

I shared the following note with the OpenAI team today. pic.twitter.com/nsZ4khI06P

— Mira Murati (@miramurati) September 25, 2024

Murati's decision came as a surprise to many within the company.

Altman expressed his deep gratitude for her contributions and promised to provide more details on transition plans soon.

I replied with this. Mira, thank you for everything.

It’s hard to overstate how much Mira has meant to OpenAI, our mission, and to us all personally.

I feel tremendous gratitude towards her for what she has helped us build and accomplish, but I most of all feel personal…

— Sam Altman (@sama) September 25, 2024

Though Murati's exit date remains unclear, discussions are ongoing about her replacement and the timeline for her departure.

Murati's announcement follows a wave of senior leadership departures, further highlighting the internal turbulence at OpenAI.

Chief Scientist Ilya Sutskever left in May, co-founder Greg Brockman took a leave of absence in August, and researcher John Schulman departed for competitor Anthropic.

These exits leave only two members of OpenAI's original founding team—Altman and Wojciech Zaremba—still with the company.

Murati's departure, in particular, sparked shock among employees, with many responding to the news on OpenAI's internal Slack channel with a "WTF" emoji, according to an insider.

This series of exits has raised questions about the company's direction and stability during a critical time of transformation.

Altman posted on X (formerly known as Twitter) less than five hours ago about his thoughts on Murati's exit and the people on his team.

i just posted this note to openai:

Hi All–

Mira has been instrumental to OpenAI’s progress and growth the last 6.5 years; she has been a hugely significant factor in our development from an unknown research lab to an important company.

When Mira informed me this morning that…

— Sam Altman (@sama) September 26, 2024

OpenAI Shift to For-Profit Raises Concern on AI Safety

OpenAI's unique structure, which places full control of its for-profit subsidiary under the OpenAI nonprofit, was originally designed to ensure the development of "safe AGI"—artificial general intelligence that benefits humanity.

OpenAI is restructuring into a for-profit, removing control from its non-profit board, which was originally created to ensure the development of “safe AGI that is broadly beneficial" to humanity.https://t.co/2WvuwzlkdF

— Ground News (@Ground_app) September 26, 2024

This framework gained attention last November during a high-profile boardroom conflict, when the nonprofit board ousted Altman due to a breakdown in communication and trust.

However, Altman was reinstated just five days later with strong backing from employees and investors.

Since then, the board has undergone changes, now chaired by Bret Taylor, former Salesforce co-CEO.

All corporate decisions still require approval from the nonprofit's nine-member board.

Investors, who have invested billions into the company, generally support OpenAI's potential shift to a more traditional startup model, which could reduce nonprofit control.

However, this raises concerns within the AI safety community about the company's commitment to oversight, especially after disbanding its superalignment team earlier this year, which focused on long-term AI risks.

As for Altman's role, it is unclear how much equity he will receive.

Despite being a billionaire from his various ventures, Altman has previously declined equity in OpenAI to ensure the board's independence.

While he has expressed a deep passion for the work and stated that financial gain is not his motivation, he has also occasionally remarked that taking equity might have put an end to persistent questions about his financial interests.

sam altman on taking equity in openai

“it’s so deeply unimaginable to people to say i don’t really need more money … if i were to say i’m going to try and make a trillion dollars with openai it would save a lot of conspiracy theories”

— all-in podcast, may 2024 pic.twitter.com/9XNEmkCE2n

— morgan — (@morqon) September 25, 2024

The new structure would align OpenAI more closely with competitors like Anthropic and Elon Musk's xAI, both registered as benefit corporations—companies that prioritise social responsibility alongside profit.

PayPal Lets US Business Accounts Buy, Sell, & Trade Crypto

On 25 September, PayPal announced that business accounts can now buy, sell, and trade cryptocurrency directly through their PayPal accounts, potentially expanding the market for the payments giant.

This new feature aims to enhance the utility of digital currencies, facilitating easier transactions for both users and merchants.

A significant milestone in enhancing the utility of digital assets for millions of merchants in the U.S.: Starting today, @PayPal business account holders can buy, hold, and sell cryptocurrency directly within their accounts.

Read more: https://t.co/IbFwJxrXYW

— Alex Chriss (@acce) September 25, 2024

While this functionality will be available across the United States for all US merchants, it will initially exclude New York merchants, with no timeline provided for future access.

Having allowed retail users to engage with crypto through PayPal and Venmo for several years, the company recognised a growing demand from business owners for similar capabilities.

Jose Fernandez da Ponte, the senior vice president of blockchain, cryptocurrency, and digital currencies at PayPal, explained:

“Since we launched the ability for PayPal and Venmo consumers to buy, sell, and hold cryptocurrency in their wallets, we have learned a lot about how they want to use their cryptocurrency.”

He added:

"Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers. We're excited to meet that demand by delivering this new offering, empowering them to engage with digital currencies effortlessly."

[VID] Jose Fernandez da Ponte of #PayPal discusses the payments giant’s expansion of #crypto services to include merchants.#YouTube 📹 https://t.co/DasVLYNsjP

— (DJ) Lord Buck (@DJLordBuck) September 26, 2024

This expansion reflects PayPal's commitment to simplifying the navigation of the digital currency landscape for merchants.

External Wallet Transfers for PayPal

In addition to facilitating basic transactions, PayPal has announced that it will allow merchants to transfer cryptocurrency to and from external wallets.

This capability enables business account holders to send and receive supported crypto tokens to eligible third-party wallets.

For enhanced security, merchants will have the option to withdraw their digital assets to external wallets or utilise cold storage solutions.

Furthermore, the company will permit US merchants to conduct on-chain transfers of cryptocurrency to designated third-party wallets.

Notably, PayPal is one of the few recipients of New York's stringent BitLicense and holds a trust license from the state's Department of Financial Services, underscoring its commitment to regulatory compliance in the cryptocurrency space.

PayPal Offering Customers Up to 15% Cash Back on Selected Purchases

Throughout the year, PayPal has focused on enhancing customer transaction experiences.

Recently, the California-based fintech announced an expansion of its rewards programme to encourage customers to select PayPal at checkout.

With the revamped programme, consumers can choose a monthly spending category—such as groceries or clothing—earning 5% cash back on purchases made with their PayPal Debit Mastercard.

PayPal is expanding into US point-of-sale payments by integrating its debit card with Apple's mobile wallet and offering 5% cashback rewards, as the global online payments giant seeks direct competition with tech companies and banks https://t.co/ug2AHuinBW

— Reuters (@Reuters) September 5, 2024

Shoppers can accumulate up to $1,000 in cash back within their selected category.

Furthermore, users can combine cash-back offers; for example, if a DoorDash customer designates a specific restaurant as their monthly category, they can earn 5% cash back through their PayPal Mastercard and an additional 10% cash back by saving a DoorDash deal within the PayPal app.

This would yield a total of 15% in rewards, automatically applied at checkout.

Hamster Kombat Reveals Ambitious Roadmap for Post-Airdrop

As its highly anticipated airdrop nears (26 September 2024, 12pm UTC which is 10pm SGT), Hamster Kombat has unveiled an ambitious roadmap extending through 2024 and into 2025, following its token launch on The Open Network (TON).

Hey CEOs!

In case you forgot.. the listing is tomorrow, September 26, 12 pm UTC!

If you haven't chosen a withdrawal method yet, you still have two options:

• direct claim
(this method will be available on the day of the listing — September 26, 12 pm UTC)

• crypto exchange… pic.twitter.com/H2whSguyfo

— Hamster Kombat (@hamster_kombat) September 25, 2024

Key initiatives include the integration of non-fungible tokens (NFTs), new game releases, and a move away from exclusive reliance on Telegram.

For the remainder of 2024, Hamster Kombat plans to incorporate external payment systems, launch additional games, and introduce NFTs as in-game assets.

🐹 Hamster Kombat 2025 Roadmap Unveiled 🐹

Will you play season 2? 🤔

Hamster Kombat’s 2025 plans include new features, characters, and community-focused tournaments, aiming to enhance the gaming experience.👀#ScamsterKombat #Crypto #Gaming #Telegram#HamsterKombat pic.twitter.com/I7gL2cZ58M

— Ricards (@Ricardswo) September 25, 2024

The team believes it is in a "unique position" to build a Web3 gaming platform, leveraging both its extensive player base and collaboration with industry developers.

They highlight their technology and experience as key enablers for simplifying game development.

The game's rapid success speaks for itself.

After its initial release, Hamster Kombat attracted millions of players, going viral with 239 million users in its first 81 days.

The game has since onboarded over 300 million users, positioning itself as a major force in the Web3 gaming space.

What Happens Post HMSTR Airdrop?

Hamster Kombat’s tap-to-earn game has been a runaway success, amassing 239 million users in its first 81 days and surpassing 300 million users overall.

However, as the team revealed on 23 September, only 131 million of those users—43%—are eligible for its much-anticipated airdrop, with 2.3 million accounts banned for cheating.

✍️ HAMSTER MATH ✍️

🔥 The results of Season 1 have been finalized:

🚀 Over 300 million people have joined Hamster Kombat since March 26, 2024, 131 million qualified for the airdrop on September 26th and around 2.3 million were banned as cheaters.

📤 30.6 million of qualified… pic.twitter.com/LH5eD3i8al

— Hamster Kombat (@hamster_kombat) September 22, 2024

One challenge for Web3 games is maintaining user engagement post-airdrop, but the Hamster Kombat team has outlined strategies to retain players.

The team said:

“11.25% of tokens distributed after Season 1 will be vested and unlocked 10 months after the listing. Given the project's rapid development, the value of these tokens can be comparable to the initial unlock.”

They noted that the value of the distributed tokens could appreciate, and they plan to focus on enhancing the gameplay experience rather than just the earning potential.

They added:

“This approach is different from the traditional one, where Web3 developers are paying airdrop hunters.”

Looking ahead, Hamster Kombat will launch its second season in October and expand its game library with new titles, following the model of tap-to-earn pioneer Notcoin.

To support growth, they will integrate external payment systems and, by November, introduce NFTs as in-game assets.

November will also see the launch of the first cohort of third-party-developed games, available through the upcoming Hamster Kombat progressive web app (PWA) for iOS, Android, and desktop.

This PWA marks the game's gradual move away from its Telegram roots.

The team expressed:

“Telegram will always be a crucial part of Hamster Kombat and its ecosystem of products. Still, we are looking to expand in order to capture the audience that isn't on Telegram yet. Ultimately, we see it as a positive development both for Hamster Kombat and Telegram itself as a platform for mini apps, since it will bring additional exposure.”

Hamster Kombat’s roadmap continues to build momentum into 2024.

The team plans to launch an ad network, an NFT marketplace, two major game titles with HMSTR integration, and its first competitive clan championship.

Their broader vision is to onboard more players by blending the best of Web2 and Web3, offering engaging content that appeals to a diverse gaming community.

Hamster Kombat to Buy Back Tokens & Burn

The Hamster Kombat team announced plans to launch a dedicated advertising network for games within its ecosystem, scheduled for release in December 2024.

According to the roadmap, revenue from this ad network will be used to fund token buybacks and distribute rewards to players.

It wrote:

“We're also planning to use ad revenue to buy back tokens from the market for regular distribution to players and token burns.”

Token buybacks operate similarly to stock buybacks, aiming to stabilise prices by repurchasing tokens from holders at market rates.

In contrast, token burns permanently remove tokens from circulation by sending them to burn addresses, creating scarcity that could drive up their value.

Looking ahead to 2025, Hamster Kombat plans to launch a NFT marketplace, host a competitive clan championship, and execute the second phase of its airdrop.

游戏玩法：

1⃣在Hamster Kombat中，玩家可以通过“仓鼠”角色运营加密交易所，赚取HMSTR代币并参与PvP战斗、限时活动等。预计Q4引入NFT和真实货币交易（RMT）。

2⃣未来的发展重点包括引入 NFT 和真实货币交易 (RMT) 功能，进一步丰富游戏内经济系统。同时，团队计划在 2025… pic.twitter.com/cIrNaOfiae

— Old two💜 (@pcobidco) September 24, 2024

While Telegram will remain integral to the platform, the team emphasized its intention to reach a broader audience beyond the messaging app.

US DOJ Accuses Visa of Debit Card Market Monopoly

The United States (US) Department of Justice (DOJ) has filed an antitrust lawsuit against Visa, accusing the company of maintaining a monopoly in the debit payments market.

According to the complaint, filed in a New York federal court on 24 September, Visa allegedly uses exclusivity agreements and the threat of penalties to prevent competition and protect its market share.

Justice Department Sues Visa for Monopolizing Debit Markets

🔗: https://t.co/TGgT1mvqjZ pic.twitter.com/HGlcjbElog

— U.S. Department of Justice (@TheJusticeDept) September 24, 2024

For over a decade, Visa has leveraged its dominant position, controlling more than 60% of debit transactions in the US and charging over $7 billion in processing fees annually.

The DOJ claims that Visa's exclusivity agreements penalise vendors and banks seeking to process transactions through alternative systems, effectively insulating the company from competition.

The DOJ stated:

“Visa also induces would-be competitors to become partners instead of entering the market as competitors by offering generous monetary incentives and threatening punitive additional fees. As the complaint alleges, Visa coopted the competition because it feared losing share, revenues, or being displaced by another debit network altogether.”

WATCH: Visa took a hit after the US Department of Justice filed a lawsuit accusing it of violating antitrust law by suppressing competition by threatening merchants with high fees and paying off potential rivals https://t.co/4VqRi87jDa pic.twitter.com/6Lr6pm2cxC

— Reuters Asia (@ReutersAsia) September 25, 2024

US Attorney General Merrick Garland stated that Visa’s monopolistic practices have driven up costs for consumers and businesses alike:

“We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market. Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service. As a result, Visa’s unlawful conduct affects not just the price of one thing – but the price of nearly everything.”

Attorney General Merrick B. Garland Delivers Remarks on the Justice Department's Lawsuit Against Visa for Monopolizing Debit Markets

🔗: https://t.co/TvVnt2uPKP pic.twitter.com/KdoyBPDtyf

— U.S. Department of Justice (@TheJusticeDept) September 24, 2024

Visa to Defend Itself in Court

Visa responded to the lawsuit by stating it is without merit and confirmed its intent to defend itself in court.

The company emphasized that it faces increasing competition, especially in the online payments space.

Julie Rottenberg, Visa's general counsel, argued:

“Anyone who has bought something online, or checked out at a store, knows there is an ever-expanding universe of companies offering new ways to pay for goods and services. Today’s lawsuit ignores the reality that Visa is just one of many competitors in a debit space that is growing, with entrants who are thriving.”

"We are proud of the payments network we have built, the innovation we advance and the economic opportunity we enable."

—30—

— K9 News (@SausageAnchor) September 25, 2024

Are Payment Giants Charging Exorbitant Fees?

Merchants and retailers have frequently criticised companies like Visa for imposing what they deem excessive fees.

In March, a group of merchants agreed to a $30 billion settlement with Visa and Mastercard, concluding a lengthy antitrust battle.

However, the National Retail Federation, which represents retailers, opposed the settlement, arguing it provided inadequate compensation for businesses using Visa and Mastercard payment systems.

In June, a federal judge rejected the settlement, stating that the credit card companies needed to offer further concessions to fully resolve the dispute.

Stablecoin Will Become an Alternative?

The complaint further alleges that Visa leverages its substantial market presence and corporate assets to entice potential competitors into partnerships.

This aligns with the DOJ's claims that Visa's practices contribute to higher consumer prices, even when alternatives become available.

Analysts are beginning to speculate that Visa's dominant position among payment facilitators may be at risk, particularly with the emergence of competition from the stablecoin market.

Jan-Erik Asplund, co-founder of Sacra, noted that "stablecoins win on convenience," predicting they could surpass Visa as the preferred medium for international transactions.

Stablecoins might outpace Visa in total payment volume this quarter, Sacra research indicates.

Despite differing views from Visa's head of crypto, Sacra's Jan-Erik Asplund suggests stablecoins' suitability for cross-border transactions could drive volume over $4 trillion. pic.twitter.com/h9zO7qMr0V

— Gilmo (@0xgilllee) May 6, 2024

In response, Visa has countered that stablecoin data is unreliable and suggests that concerns about losing its status as a global financial leader may be exaggerated.