SBF Directed Caroline Ellison To Commit Fraud

⚖️ Caroline Ellison, the former CEO of Alameda Research, testified in a trial against Sam Bankman-Fried (SBF), the founder of FTX:

During her testimony, Ellison pointed to Bankman-Fried as the one who directed operations at Alameda Research. As a star witness, she claimed that Bankman-Fried instructed her and her ex-colleagues to misappropriate about $10 billion of customer deposits.

Ellison took the stand as the fifth witness for the prosecution in this high-profile trial, which revolves around serious financial misconduct allegations against Bankman-Fried.

Yikes.

☕️ On today's Top Picks:

  1. Bitfinex owner, iFinex; launches $150 million share buyback plan.
  2. Farcaster Protocol will be 100% permissionless beginning today.
  3. Raft $RAFT airdrop is live.
  4. U.S. Producer Price Index (PPI) rises 0.5%.

Read time: 6 minutes.


📰 Crypto News

Bitfinex owner, iFinex; launches $150 million share buyback plan. The plan will buyback shares that were provided to users as compensation following the Bitfinex hack in 2016.

Sandeep Nailwal, Polygon co-founder; proposes ApeChain to the ApeCoin DAO. ApeChain is dedicated Ethereum Layer 2 network using the Polygon Chain Development Kit (CDK). The proposal outlines the benefits, costs, and timeline.

Bitstamp cryptocurrency exchange will discontinue services to customers in Canada beginning January 8th, 2024. Bitstamp cites a "timing issue" for the exit, but hopes to return in the future.

Circle launches native $USDC on Polygon.

Instadapp introduces Fluid, an ever-evolving DeFi protocol and base for future financial systems. The first 3 protocols on Fluid will be a lending protocol, vault protocol, and DEX protocol. Fluid is scheduled to launch in mid-January of 2024.

Reserve Protocol deploys on Base Network.

Alpha

Farcaster Protocol will be 100% permissionless beginning today. Users will be able to sign-up directly on OP Mainnet without an invite.

Blur Season 2 set for November 20th.

ZKX launches Yakuza NFTs. The exclusive 8888-piece collection curated by ZKX is a commemorative collection to acknowledge the loyalty of early contributors. Eligible users can mint a Yakuza NFT now until October 27th.

🪂 Airdrops

Farcaster Protocol will be 100% permissionless beginning today. Users will be able to sign-up directly on OP Mainnet without an invite.

Blur Season 2 set for November 20th.

ZKX launches Yakuza NFTs. The exclusive 8888-piece collection curated by ZKX is a commemorative collection to acknowledge the loyalty of early contributors. Eligible users can mint a Yakuza NFT now until October 27th.

📰 Finance News

JPMorgan’s Tokenized Collateral Network launches and completes transactions for BlackRock and Barclays. The blockchain-based application enables JPMorgan clients to utilize tokenized assets as collateral.

U.S. treasury yields decline as investors pour into government bonds.

U.S. Producer Price Index (PPI) which measures wholesale inflation, rose 0.5%, more than the 0.3% increase economists predicted.

🛡 Security and Exploits

Galxe details recovery plan following security incident. Users can review a Google Sheet to see if they are on the list of affected users. Affected users who lost funds will be compensated in USDT on Polygon. Galxe will also provide an additional 10% over the initial loss amount.

ZachXBT analyzes $4 million of stolen funds from the Slope Finance hack which occurred in August 2022. The hacked funds were transferred from Solana to Ethereum, mixed through Tornado Cash, and then bridged to Tron. The Slope Finance team disappeared following the hack, but the founder, Leal Cheung; later created zkMe.

Revoke cash adds support for Manta Network.

Token Unlocks

• 1inch $1INCH - 32.14K ~$7.68K on OCT 11

• Aptos $APT - 4.54M ~$21.88M on OCT 11

• Euler $EUL - 149.72K ~$410.24K on OCT 11

• Near $NEAR - 155.07K ~$162.3K on OCT 12

• CyberConnect $CYBER - 1.26M ~$5.57M on OCT 14


💰 Funding

Membrane Labs, a cryptocurrency prime broker; raises $20 million in Series A funding round.

Republik, a social media platform; raises $6 million in Seed funding round.

Game of Silks, a crypto-powered fantasy horse racing startup; raises $5 million.

Nuetral, an exchange for environmental assets; raises $3.2 million in financing round led by North Island Ventures.

OrdinalsBot, a platform to inscribe on Bitcoin; raises $1 million in Seed funding round.

🌾 The Degen Farmer

Top stablecoin yield farms of the day, more than $1,000,000 in TVL. DYOR and beat the fed!

ProtocolPoolChainTVLAPY
PearlFi logoPearlFiUSDR-USDTPolygon$1.20M118.17%
Beefy logoBeefyUSDC-USDRPolygon$1.32M83.28%
Opyn Squeeth logoOpyn SqueethUSDCEthereum$1.68M82.65%
Extra Finance logoExtra FinanceUSDC-WUSDROptimism$2.19M76.99%
Velodrome V2 logoVelodrome V2USDC-WUSDROptimism$3.29M57.14%
Idle logoIdleUSDTEthereum$1.60M46.68%
DefiChain DEX logoDefiChain DEXUSDT-DUSDDefichain$1.64M27.46%
Vela Exchange logoVela ExchangeUSDCBase$1.53M20.88%
• • •

That's it for today's dose! See you soon.

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