Today's News Highlights:

1. Prison records show former FTX executive Ryan Salame begins serving a seven-and-a-half-year sentence.

2. Neiro responds to criticism: Choosing Gotbit as a market maker was a stopgap measure due to the urgency of going public, and they are willing to take responsibility for this judgment error.

3. Vitalik: A year ago, the discussion was about L1 "extracting rent" from L2; now the situation is exactly the opposite.

4. Trump: The public sale of WLFI tokens will begin on October 15.

5. Sky co-founder Rune has completed the liquidation of 25 million LDO, yielding up to $46.73 million.

6. Vitalik sells various meme coins, expecting to donate all proceeds.

7. Analysis: NEIRO may have exited the accumulation phase, with increased whale activity.

Regulatory News

Prison records show former FTX executive Ryan Salame begins serving a seven-and-a-half-year sentence

According to The Block, records show that former FTX executive Ryan Salame has begun serving a seven-and-a-half-year sentence in a Maryland prison. According to the Federal Bureau of Prisons website, Salame previously served as co-CEO of FTX Digital Markets, and as of Saturday morning, he is incarcerated at FCI Cumberland in Maryland. This prison is a "medium-security federal correctional institution, adjacent to a minimum-security satellite camp." According to the prison's website, it houses over 1,000 inmates.

South African tax authority plans to include cryptocurrency in compliance program

According to Bitcoin.com, the South African Revenue Service (SARS) has announced plans to include crypto assets in its tax compliance program. SARS is seeking information about crypto users and is ramping up efforts to identify and audit non-compliant taxpayers. Tax officials are urging taxpayers concerned about compliance to participate in a voluntary disclosure program, but those who have already been audited will not be eligible. SARS emphasized the consequences of intentional tax evasion and stated that it will hold all non-compliant taxpayers accountable.

Project Updates

Neiro responds to criticism: Choosing Gotbit as a market maker was a stopgap measure due to the urgency of going public, and they are willing to take responsibility for this judgment error

In response to crypto detective ZachXBT's question about why Neiro initially chose the notoriously poor-reputed Gotbit as a market maker, Neiro's co-CTO "S" stated that when Sun Yuchen's tweet prompted their listing on HTX, they had only a few hours to find one, making time critical. The choice of Gotbit was partly because the market maker offered a retention agreement at that time, which was the most affordable option so far, and the project viewed it as a quick solution for the HTX listing (the agreement with Gotbit is for three months), with plans to explore other options when the budget allowed. Additionally, they lacked experience in judging the industry; although they had heard various negative comments about Gotbit, they had also heard similar comments about almost everyone in the industry, making it difficult to make a judgment. "S" also mentioned, "I had no direct contact with Gotbit before, so I chose to trust them and gave them a chance. Gotbit also marketed itself as a 'meme coin-friendly' market maker, which seemed like an attractive proposition."

Mysten Labs CEO: Sui's gaming device SuiPlay0X1 is a "software game," not a hardware product

According to The Block, Evan Cheng, co-founder and CEO of Sui blockchain development company Mysten Labs, stated in an interview in May that the "ChatGPT moment" for cryptocurrency could arrive at any time. In a recent interview at the Mainnet conference, Cheng reiterated that the moment has not yet arrived but is still just around the corner. Regarding how Cheng plans to lead Sui to this breakthrough, he believes that by catering to "disruptive developers" and conducting extensive experiments, his blockchain has the most potential to achieve this breakthrough.

One upcoming notable experiment for Sui is the SuiPlay0X1 handheld gaming device, which is now available for pre-order and is set to launch in 2025. While some may view the device as a hardware-level layout, similar to Solana's Web3 phone, Cheng sees the device as a software product rather than a hardware product. Cheng stated, "This is a gaming device that can play all Windows games. It excels over other devices in terms of deep software integration and operating system integration. Even for existing Web3 gamers, due to the advantages of software, it is a superior product. Hardware is almost like a commodity, while the software experience is where the magic lies and is the key to success."

OKX market data shows that SUI briefly reached $2.2485, setting a new all-time high; it is currently reported at $2.2288, with a daily increase of 9.71%.

Analysis: NEIRO may have exited the accumulation phase, with increased whale activity

According to Spot On Chain monitoring, NEIRO seems to have exited the accumulation phase, with whales becoming noticeably more active, including:

Buyers include:

• GSR Markets currently holds 40.4 million NEIRO, accounting for 4.04% of the total supply. The last increase was two days ago;
• Smart money 0xe9f sold $1 million worth of OM and ATH three hours ago, acquiring the first 8.45 million NEIRO;
• bwecapital.eth accumulated 4.065 million NEIRO two days ago, accounting for 0.4% of the circulating supply;

Sellers include:

• An entity that profited $145 million from SHIB sold all 17.5 million NEIRO five days ago (before the surge), incurring a loss of $1.49 million (-55%);
• Whale 0x00d deposited 4.7 million NEIRO ($531,000) into Bybit in the past 17 hours, profiting $247,000 (+87%).

Vitalik: A year ago, the discussion was about L1 "extracting rent" from L2; now the situation is exactly the opposite

Ethereum co-founder Vitalik Buterin stated on the X platform: "I do believe there is a 'variance problem' in the current situation: 12 months ago, the focus of the discussion was on L1 'extracting rent' from L2, and now the situation is exactly the opposite. What we do not want to see is a mixed economy where tax rates jump from 5% to 95% based on market sentiment and other factors. If we can design an economics that allows both L1 and L2 fees to reliably stay away from zero (i.e., lower variance), then many people will be more satisfied. We need to maintain an ecosystem where Ethereum community members feel they are on the same team, which includes technical interoperability, value/cultural aspects, and economic aspects. EIP-7762, rollup-based protocols, and other forms of fee sharing are all valuable directions worth pursuing."

Trump: The public sale of WLFI tokens will begin on October 15

Trump stated on the X platform that the public sale of WLFI tokens will begin on October 15 (local time), with details of the public sale to be introduced in a live broadcast on October 14.

Previous news indicated that the Trump family's crypto project World Liberty Financial (WLFI) will launch a live broadcast at 8:00 PM Beijing time on October 14, during which the WLF team, advisors, and exclusive insights from special guests will be introduced, along with public sale details.

According to AggrNews, Elon Musk and Trump are expected to be potential guests for this live broadcast. Upon review, the WLFI announcement poster features silhouette images of two special guests, which appear to resemble Musk and Trump.

Andre Cronje: L2 as an application chain is illogical for developers

Sonic Labs CTO Andre Cronje stated on the X platform that L2 as an application chain is illogical for developers:

• Almost no infrastructure (stablecoins, oracles, institutional custody, etc.) at deployment;
• No foundation or lab providing assistance;
• Centralized architecture is vulnerable;
• Fragmented liquidity and forced cross-chain bridging;
• No user and developer community;
• Spending time addressing the above issues instead of applications and users;
• Eliminating network effects;
• Transaction confirmation times are still long (some providers are unwilling to cooperate);
• Developed in isolation (no collaborative teams).

Application chains also severely underestimate the costs of infrastructure and compliance (browsers, custody, trading platforms, oracles, bridging, toolkits, IDEs, on/off ramps, native issuance and integration, regulation, compliance). In 2024 alone, $14 million has already been spent, a significant portion of which is recurring costs.

Shen Yu: More plans and layouts are brewing

Cobo co-founder and CEO Shen Yu stated on the X platform that he has indeed been a bit 'laid back' recently, but rest assured, mediocrity does not mean stopping progress, but rather more thinking and reflection. Many plans and layouts have not fully surfaced yet, but it is certain that they are still on the way.

Important Data

Sky co-founder Rune has completed the liquidation of 25 million LDO, yielding up to $46.73 million

According to on-chain analyst Yu Jin, Sky Ecosystem (formerly MakerDAO) co-founder Rune has finally sold 25 million LDO today. The sale period for these LDOs lasted nearly three years, with most of the funds used to purchase MKR.

The 25 million LDO were sold at an average price of $1.87, yielding up to $46.73 million (221 times); among them, the funds from the sale of 30.02 million LDO were used to repurchase 36,000 MKR at an average purchase price of $833.

Vitalik sells multiple meme coins for 251.7 ETH, expected to donate all proceeds

According to Lookonchain monitoring, Vitalik sold multiple meme coins for a total of 251.7 ETH (approximately $636,000), including:

• Sold 330,000 MSTR for 114.1 ETH ($282,000).
• Sold 14 million POPCAT for 74.99 ETH ($186,000).
• Sold 14 billion ITO for 36.55 ETH ($90,000).
• Sold 1.05 million ETH6900 for 15.37 ETH ($38,000).
• Sold 50.53 billion SATO for 11.34 ETH ($28,000).
• Sold 10 billion Milo for 4.77 ETH ($12,000).

Based on past practices, it is expected that Vitalik will donate these funds.

Vitalik sells 8 types of meme tokens again in the past 40 minutes for 651.4 ETH

According to on-chain analyst Yu Jin, Vitalik sold 8 types of meme tokens again in the past 40 minutes, converting them into 651.4 ETH ($1.61 million).

• 200,000 MSTR → 93.2 ETH;
• 20 billion Milo → 20.7 ETH;
• 15 million POPCAT → 27.1 ETH;
• 500,000 TCATI → 12.8 ETH;
• 200 million VITALIK → 5.4 ETH;
• 10 billion MOODENG → 396 ETH;
• 314 trillion FWOG → 22.5 ETH;
• 500 million EBULL → 73.7 ETH;

Previous news indicated that Vitalik sold multiple meme coins for 251.7 ETH, expected to donate all proceeds.

A whale that profited $18.99 million from trading ETH withdraws 5,000 ETH from Binance again

According to on-chain analyst @ai_9684xtpa, a whale that has profited $18.99 million from buying low and selling high on ETH since May 2023 has increased its position again. After two months, five minutes ago, this whale withdrew 5,000 ETH (worth $12.34 million) from Binance; the 26,000 ETH this whale acquired on the day of the crash on August 5 is currently also up by $3.71 million.

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