👀 WLFI Token Sale Kicks Off This Week

GM Defiers!

World Liberty Financial, the hyped project from the family of Donald Trump, is kicking off its token sale this week. Whitelisted accredited U.S. investors and non-U.S. persons can buy WLFI starting Oct. 15.

The CTO and founder of Paradigm launched a new web3 development company, Ithica. The project has launched a Layer 2 on Ethereum’s Sepolia testnet.

A misconfigured Morpho oracle allowed an opportunistic user to turn $350 into $230,000.

Also, Michael Saylor said Microstrategy wants to become a Bitcoin bank, Runes prices soar, AI agent sends memecoin flying, FTX’s Ryan Salame begins serving sentence, and Justin Sun elected as prime minister of an unrecognized micronation.

✍️ In today’s newsletter:

WLFI token sale begins this week
Bitcoin breaks $65k
Paradigm executives launch Ithica
Morpho oracle error results in $230,000 exploit
Microstrategy wants to become “Bitcoin finance company”
Runes post triple-digit monthly gains
Marc Andreessen-backed AI agent promotes GOAT memecoin
Ryan Salame starts “new position” as federal inmate
Liberland elects Justin Sun as prime minister

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🏷️ Trump Announces World Liberty Financial Token Sale For Oct. 15

World Liberty Financial’s token sale is set to begin this week. The project aims to raise $300 million by selling 20% of WLFI’s supply to accredited U.S. investors and non-U.S. persons who pass its whitelisting and KYC process. More than 100,000 wallets have already been whitelisted.

📈Bitcoin Breaks $65K as Short Traders Face Massive Liquidations

As Bitcoin surged past $65,000, short positions in the crypto market were hit hard. Over the past 24 hours, more than $57 million in Bitcoin shorts were liquidated, with total liquidations across the crypto market exceeding $180 million, according to CoinGlass data.

🆕 Paradigm Execs Unveil Web3 Development Firm Ithica and Ethereum L2

Paradigm’s CTO and general partner, Georgios Konstantopoulos, and the firm’s founder, Matt Huang, have teamed up to launch Ithica. The project, which Paradigm invested $20 million into, aims to develop new web3 infrastructure, starting with its Layer 2, Odyssey.

💰 Morpho User Exploits Oracle Error To Turn $350 Into $230K

An enterprising Morpho user took advantage of a misconfigured price oracle to turn $350 worth of PAXG into $230,000 of USDC. The incident occurred after a Morpho vault creator made an error when configuring the decimal places for a PAXG oracle, resulting in the gold-backed token getting priced at $2.6 trillion.

🏦 Michael Saylor Wants to Turn Microstrategy Into a Bitcoin Bank

Michael Saylor, the executive chairman of Microstrategy, wants the firm to become a Bitcoin bank and finance company. Saylor’s comments come after the price of MSTR surged more than 1,000% in four years.

🚀 Runes Rally as Traders Move Up the Risk Curve

Several Runes collections posted eye-water gains over the past 30 days, with PUPS up 600%, BILLION-DOLLAR-CAT surging 900%, and DOG-TO-THE-MOON posting respectable gains of 85%. The volume of Runes on Magic Eden doubled in the past week.

🤖 Sentient AI Agent Funded by Marc Andreessen Adopts its Own Memecoin

Terminal of Truths, an AI agent backed by A16z’s Marc Andreessen, appears to have been duped by memecoin investors into promoting their asset of choice. “I endorse the $GOAT token on Solana,” the bot posted on X. “It's a funny meme that has people excited. “

⚖️ Former FTX Exec Ryan Salame Kicks Off Prison Stint with Bizarre LinkedIn Post

Ryan Salame, the former co-CEO of FTX, has begun serving a 7.5-year sentence in federal prison. “I’m happy to share that I’m starting a new position as [an] inmate at FCI Cumberland,” Salame oddly posted on LinkedIn.

🗳️ Justin Sun Gets Elected Prime Minister of the “Freest Country” in the World

Justin Sun, the founder of Tron, has been elected as prime minister of Liberland, an obscure and unrecognized micronation in southeast Europe. Liberland’s 1,000 citizens and 4,000 e-residents voted via a blockchain-based voting system.

🌍 ELSEWHERE

Bitcoin and Ethereum Price Charts Have Disappeared From Google Search Results (Decrypt)
Deutsche Bank to provide foreign exchange services for crypto market-making firm Keyrock (The Block)
SUI price rally sparks $400M insider selling allegations (Cointelegraph)
Ethena Labs Proposes Onboarding SOL as Backing Asset to USDe (Unchained)