Trump's World Liberty Token Launches to Accredited Investors

Trump's World Liberty Token Launches to Accredited Investors

Donald Trump and his sons officially launched their crypto project, World Liberty Financial (WLFI), with 63% of the token supply set to be sold to accredited US investors under SEC regulations (>$200k gross income). The WLFI token, designed for governance and non-transferability, will power a borrowing and lending service on Ethereum, aiming for accessibility beyond traditional DeFi protocols.

Of the total supply, 17.33% will incentivize community growth and governance, while 20% will be reserved for the team, advisors, and future hires. The project emphasizes SEC compliance with stringent KYC standards, though further details about the token structure may evolve. This launch occurs during an ongoing period of regulatory uncertainty surrounding decentralized finance.

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Changpeng “CZ” Zhao Set for September 29 Release

Binance founder Changpeng “CZ” Zhao will be released from custody on September 29 after serving a four-month sentence for violating the Bank Secrecy Act. CZ was moved to a halfway house in San Pedro, California, after serving three months at Lompoc II, a low-security prison, as part of his plea agreement, which included a $50 million fine.

The charges stemmed from Binance's failure to implement an adequate KYC program, and Binance itself also settled separate allegations for $4.3 million. Richard Teng succeeded CZ as Binance CEO following his resignation. Changpeng Zhao's net worth in 2024 is estimated to be $59.2 billion, making him the richest person ever to be imprisoned in the United States.

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Crypto Critic Elizabeth Warren Urges Fed Chair to 75bps Cuts

Senator Elizabeth Warren is urging the Federal Reserve to implement a 75-basis-point rate cut, arguing that high borrowing costs are endangering the US economy. In her letter to Fed Chair Jerome Powell, co-signed by two other senators, Warren pushed for this drastic cut amid mounting concerns over inflation and unemployment.

Known for her anti-Bitcoin stance, Warren has long viewed cryptocurrencies as a threat to the financial system, advocating for stricter regulations. Decentralized prediction markets like Polymarket expect a smaller 0.25% or 0.5% reduction. Despite rate cuts typically benefiting risk assets like Bitcoin, Warren's opposition to the crypto industry is set aside when it comes down to the "common good".

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Binance Confuses Traders with Two NEIRO Tokens Listing

Binance triggered a 700% price surge in NEIRO tokens by listing two distinct versions of the meme coin on its platform, causing confusion among traders. The exchange listed "First Neiro on Ethereum" (NEIRO) for spot trading, alongside a previously listed NEIRO token in futures, both with different contract addresses. The event led to a backlash and community debates which represented the "true" coin.

Some investors criticized Binance for failing to clarify the distinction. While the spot-listed NEIRO saw a meteoric rise in trading volumes and market capitalization, the futures NEIRO token plunged by 40% following the announcement. Inspired by a Shiba Inu dog tied to Dogecoin’s mascot Kabosu, NEIRO has provoked both enthusiasm and skepticism within the meme coin community.

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Data of the Day

Ethereum stakers daily earnings declined sharply, with the 7-day moving average of staker revenue falling to $5.44 million on September 12, its lowest point since February. The drop is attributed to a 60% reduction in onchain activity since March, leading to fewer transaction fees and lower staking rewards. As network activity slows, both the number of transactions and onchain volume have dipped.

The Ethereum staking trend mirrors the declines in February 2024 almost perfectly. Since staker earnings primarily come from transaction fees and block rewards (distributed based on the amount of ETH staked), the recent declines reflect the challenges for those reliant on Ether’s revenue stream under its current proof-of-stake mechanism.

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More Breaking News

• MicroStrategy plans to raise $700 million through convertible notes to fund more Bitcoin purchases and pay off debt, adding to its current $14 billion BTC holdings.
• Former Celsius CEO Alex Mashinsky, facing possible 115-year imprisonment, has requested testimony from six ex-Celsius executives in his trial.
• Flappy Bird is making a comeback on Telegram with crypto elements, supported by the TON blockchain and Notcoin, despite no involvement from the original creator.
• With potential Fed rate cuts approaching, analysts at Bernstein predict DeFi yields could surpass 5%, reviving crypto credit markets and boosting DeFi projects like Aave.
• Global crypto investment products saw $436 million in net inflows last week, led by Bitcoin, while Ethereum funds continued to struggle with $19 million in net outflows.
• Flyfish Club settled with SEC for $750,000 after selling 1,600 NFTs for $14.8 million, allegedly conducting an unregistered offering to fund a New York City restaurant.

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