Intel Report 16/9

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Analyst Note
16/9 report is released a little later than usual, apologies. As previously mentioned, our intelligence will be delivered through a report-based newsletter, combining LLM systems with human analysis to deliver value-packed web3 reports. Free users can enjoy a lite version, while paid subscribers get full access to daily and seasonal reports. Thank you for your support! - Adam, Lead Researcher.

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Summary
GM, Sam Bankman-Fried, former CEO of FTX, is seeking a new trial, claiming bias from the judge in his previous conviction. On the regulatory front, China is considering revisions to its anti-money laundering law to better monitor risks associated with emerging financial technologies, including cryptocurrencies. Meanwhile, security firm Cyvers warned about potential threats to Bitcoin ETFs from North Korean hackers. In market movements, Bitcoin experienced a slight downturn, dropping about 3.4% to around $58,200, while other major cryptocurrencies like Ethereum saw more substantial declines, with ETH falling nearly 7% to $2,260.

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News Headlines
🚨 Bitcoin ETFs May Face Hacker Threats, FBI Reports $5.6B Crypto Fraud Loss

• Security firm Cyvers warns that North Korean hackers may target US Bitcoin ETFs for high-value hacks.

• FBI reports $5.6 billion loss due to crypto fraud in 2023, with investment schemes accounting for the majority of losses.

📊 Fed Rate Cut Expected, Bitcoin Hovers Around $60K Support

• The Federal Reserve is expected to announce its first interest rate cut in over four years, likely between 0.25% and 0.5%.

• While rate cuts typically benefit risk assets like Bitcoin, some analysts warn they could signal economic distress.

• Bitcoin dominance has reached 3.5-year highs, while the ETH/BTC ratio indicates challenging times for altcoins.

🔗 Hedera Contributes Entire Codebase to Linux Foundation

• Hedera becomes a founding premier member of the Linux Foundation's decentralized trust initiative.

• The company contributes its entire source code, including the hashgraph consensus algorithm, to the open-source project named "Hiero."

• This move aims to facilitate global collaboration on decentralized trust technologies and enhance interoperability.

💰 Crypto Sector Donates $190 Million for US Elections

• The cryptocurrency industry has donated over $190 million for the 2024 US elections, up from $15 million in 2020.

• Major companies like Coinbase and Gemini are supporting various nonpartisan groups and PACs.

• This surge in political donations establishes the crypto industry as a notable player in the election landscape.

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Market Metrics

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Fundraising & VC
1. Pipe Network (Series A, $10M) - Decentralised content delivery network (CDN)
2. Rise Chain (Seed, $3.2M) - Ethereum L2
3. Onboard (Seed Undisclosed) - Peer-to-peer onramp
4. Ambrus Studio (Seed Undisclosed) - MOBA game with on-chain rewards