💰Trump Family Has Right To 75% of WLFI Revenue

GM Defiers!

The whitepaper for World Liberty Financial reveals that a company linked to Trump can claim 75% of the project’s future revenues and token sale proceeds.

Social media was ablaze with inaccurate reports claiming the SEC missed its deadline to appeal the verdict in its lawsuit against Ripple. However, the SEC still has two days to file all requisite paperwork.

Bitcoin consolidated around $67,000 on Thursday as ETH traded flat. SOL and DOT dipped 2% and 3%, respectively.

A report from a16z shows strong links between the users of web3 and artificial intelligence.

Also, GOAT memecoin rockets to $300M market cap, Mysten Labs ships Walrus on testnet, Operation Choke Point 2.0 insights, Italy proposes crypto tax hike, and Radiant Capital gets hacked for $50M.

✍️ In today’s newsletter:

Insiders hold claims to World Liberty Financial revenue
SEC has until Oct. 19 to finalize Ripple appeal
Markets consolidate as traders await the next catalyst
Crypto and AI users overlap
GOAT rally ignites AI memecoin frenzy
Walrus Network live on testnet
Nic Carter says Operation Choke Point 2.0 is ongoing
Italy wants to tax Bitcoin capital gains at 42%
Radiant Capital suffers malicious backdoor attack

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💵Trump Company Can Claim 75% of World Liberty Financial Revenue

A company closely linked to Donald Trump holds a right to claim three-quarters of the revenue generated by the World Liberty Financial platform and WLFI token sale. Trump is not alone, with companies controlled by the project’s co-founders able to claim the remaining revenue.

❌ No, The SEC Did Not Miss Its Deadline To Appeal Against Ripple Labs

Crypto Twitter was steeped in confusion regarding the SEC’s deadline to appeal the court’s verdict regarding its complaint against Ripple Labs. While pundits reported that the SEC missed its deadline, the agency has until the end of Oct. 18 to submit the requisite documents.

📉Crypto Markets Consolidate as Traders Await Next Catalyst

The cryptocurrency market traded slightly lower on Thursday, erasing gains from Wednesday’s trading session. Bitcoin spot ETFs added $459 million on Oct. 16, marking four consecutive days of positive inflows.

🤖 a16z’s Latest Report Shows Strong Ties Between Crypto and AI Users

Andreessen Horowitz published a report finding heavy overlap between the users of web3 and AI. The report also found that 34% of crypto projects claim to be leveraging AI, up from 27% last year.

🐐GOAT Memecoin Soars Above $300 Million Valuation

The astonishing rally of GOAT, a token endorsed by an AI agent funded by a16z’s Marc Andreessen, has inspired memecoin degens to pump other assets promoted by AI-powered social accounts. TURBO and George Droyd are among the week’s top gainers, however, GOAT’s 65,000x rally takes the cake.

📊Sui’s Mysten Labs Launches Walrus Data Storage Network On Testnet

Mysten Labs, the developers behind Sui, launched the testnet deployment of Walrus, a data storage network. Walrus aims to bolster the efficiency of data storage and management on blockchain networks including Sui.

🚨’Sinister’ Operation Choke Point 2.0 Still Very Much Alive, Says Nic Carter

Nic Carter, the VC and web3 analyst who popularized the theory of Operation Choke Point 2.0 — a covert regulatory offensive targeting firms providing banking services to crypto — says the campaign is still underway.

🇮🇹 Italy Proposes 42% Capital Gains Tax on Bitcoin

Italy’s government is going after crypto, with the country’s deputy economy minister proposing increasing capital gains taxes on Bitcoin to 42% from 26%. “Since the phenomenon in cryptocurrencies is spreading, we are going to raise the capital gain tax on Bitcoin to 42%,” Minister Maurizio Leo said.

🥷Radiant Capital Exploited for Over $50 Million

Radiant Capital, a Binance-backed lending protocol, suffered an exploit resulting in losses of up to $50 million. The attack resulted from a malicious contract deployment, suggesting the incident may have been engineered by a project insider.

🌍 ELSEWHERE

Stripe in Advanced Talks to Acquire Stablecoin-Focused Fintech Platform Bridge (Bloomberg)
Robinhood confirms plan to support bitcoin, ether futures trading amid desktop rollout (The Block)
Crypto Exchange Kraken Launches Wrapped Bitcoin Token kBTC (Coin Desk)
Ethereum Game 'Moonray' Coming to PS5—Without Crypto Features (Decrypt)