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Happy Friday Everyone!

Welcome back to your weekly dose of web3 insights! Your go to source for everything DeFi, RWAs, and Zivoe.

Here’s what we’ve got for you today:

1. Market Movements

2. Bite-Sized Bits

3. Zivoe In The News

4. Memes Of The Moment

📈 Market Movements

🟠 Bitcoin: $62,929.81 (+ 8.76%)

🔵 Ethereum: $2,535.93 (+ 7.75%)

🟣 Solana: $147.91 (+ 11.83%)

🟡 Fear & Greed Index: 54 (Neutral)

Here’s the results from last week’s poll 👇🏽

🍪 Bite-Sized Bits

🧑‍⚖️ Legal

The trial of Alex Mashinsky has begun
Former CEO of Celsius Network, faces seven criminal charges, including wire fraud and securities fraud, in connection with the collapse of Celsius in 2022. The company had frozen the accounts of 1.7 million users before declaring bankruptcy, citing extreme market conditions. Prosecutors accuse Mashinsky of misleading investors and manipulating Celsius' native token, CEL. Mashinsky's attorneys maintain that he had no intent to defraud and that his statements to clients were made in good faith. They are seeking depositions from former company executives to defend their client. Meanwhile, Celsius creditors have recovered up to 85% of their money. If convicted, Mashinsky faces up to 115 years in prison.

Cryptos aren't securities? The SEC explains!
The SEC recently made an unexpected turn in its litigation against Binance, clarifying that it "regrets" having used the term "crypto asset securities" to refer directly to cryptocurrencies such as SOL, ADA and MATIC. This backtracking sparked skeptical reactions in the industry, with some officials, such as Coinbase's Paul Grewal, pointing out the ambiguity of the SEC's positions in the past.

CZ to be released next week
Changpeng Zhao, the former CEO of Binance, will be released from prison on September 29 after serving four months in a California federal prison. CZ will no longer be able to hold a position of responsibility within the exchange. However, he will retain his status as majority shareholder, which will allow him to influence the long-term direction of Binance, particularly by advising or appointing new executives.

Girlfriend of former FTX Digital Market CEO pleads not guilty
Michelle Bond, the girlfriend of former FTX Digital Markets CEO Ryan Salame, has pleaded not guilty to four counts of campaign finance violations.

New York restaurant fined $750,000 by SEC
New York restaurant Flyfish has been fined by the SEC for selling NFTs to finance its opening, which is considered an illegal sale of securities. The SEC accused Flyfish of promising investors profits.

💰 DeFi

Ethena victim of front-end attack
The Ethena website was the victim of a front-end exploit, compromising the domain. Ethena Labs has warned users to avoid interacting with platforms claiming to be Ethena until the issue is resolved.

Polymarket approaches $1 billion in US election bets
The Polymarket platform has accumulated $900 million in bets on the US presidential election. Currently, Democratic candidate Kamala Harris is leading with just over a 50% chance of winning, and $127 million has been wagered on her.

WisdomTree Launches Tokenized Asset Platform for Clients
On September 18, WisdomTree launched WisdomTree Connect, an Ethereum-based tokenized asset platform. The platform allows businesses to access income-generating products via the blockchain.

cbBTC Becomes 3rd Largest Bitcoin Wrapped Token
Coinbase launched its Bitcoin wrapped token a week ago and it has already reached nearly 2,000 tokens in circulation. This makes it the 3rd largest BTC wrapped token, surpassing competitors such as Huobi BTC.

🏗️ Infrastructure

BingX suffers $40 million hack
BingX has temporarily suspended withdrawals following a suspected attack on its hot wallet. Blockchain analysts estimate losses at more than $40 million. BingX has promised to fully reimburse the losses with its own funds and expects to restore withdrawals within 24 hours.

Ethereum Pectra update could start as early as February
Ethereum developers are considering splitting the next major update, dubbed "Pectra", into 2 phases. This would allow the first part to be rolled out more quickly, most likely in February.

UK Finance Completes Testing of Tokenization Platform and CBDC
UK Finance has completed the testing phase of a tokenization and CBDC platform with the participation of 11 financial institutions including Barclays and HSBC.

Coinbase reports degraded performance on Polygon
Coinbase has alerted its users to possible delays in Polygon transfers. Purchases, sales, and fiat deposits/withdrawals are not affected. The issue only affects MATIC/POL sending and receiving.

📰 Zivoe In The News

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🐸 Memes Of The Moment

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