Terraform Labs Alleges Citadel Securities Is Responsible For $UST Depeg

💡 Terraform Labs Subpoenas Citadel Securities Over Alleged May 2022 $UST Trading Involvement.

Terraform Labs is seeking trading data from Citadel Securities related to the May 2022 UST depeg, arguing it's vital for their defense in an SEC lawsuit.

Terraform alleges evidence points to Citadel's involvement, despite Citadel's denial. The motion cites social media posts and data identifying significant traders. Citadel has dismissed the motion as being based on false social media claims and reasserted they had no involvement.

“Yeah but your size is not size” - Do Kown

☕️ On today's Top Picks:

zkSync launches Guild with secret roles.

📰 Crypto News

• ⭐ Sam Bankman-Fried blames Binance for balance sheet leak to media. A memo by SBF presented as evidence in the ongoing criminal trial wrote that Binance leaked a balance sheet to CoinDesk, then announced that they were selling $500 million of FTT in what was called a PR campaign against FTX.

• Genesis cryptocurrency broker halts withdrawals. Genesis parent company, Digital Currency Group, stated the decision, “was made in response to the extreme market dislocation and loss of industry confidence caused by the FTX implosion."

• CFTC charges Voyager co-founder, Stephen Ehrlich; with fraud and for failing to register with the agency. CFTC stated, "..they took shockingly reckless risks with their customers’ assets, leading to Voyager's bankruptcy and huge customer losses,"

• ⭐ Tether appoints CTO Paolo Ardoino as its new CEO. Ardoino will assume his new role in December. Currenct CEO, Jean-Louis van der Velde; will transition to an advisory role for Tether

• $USDR stablecoin by Tangible DAO, depegs to ~$0.52. $USDR which is backed by UK real estate and other cryptocurrencies was a failed experiment, but Tangible will attempt to make users whole over the next several weeks.

• THORChain lifts trading pause and updates TOS, blocking countries sanctioned by the US. THORChain suspended trading due to the FTX exploiter passing illicit funds through the protocol.

• zkSync open-sources its block explorer and portal (bridge).

• LayerZero is live on opBNB. BNB Chain developers can now expand their application to opBNB and 40+ other chains with LayerZero endpoints.

• Arkham introduces swaps feature. Users can now track token swaps and on-chain trades for any address on Arkham.

⚡ Alpha

• ⭐ zkSync launches Guild with secret roles. Users can join the zkSync Guild to see if they meet the requirements for any roles. In addition, users can mint a zkSync Guild Pin.

• Mysten Labs unveils Quest 3 Games. Users can play games built on Sui to earn $SUI rewards.

• Fuel, an Ethereum L2 and execution layer for the modular blockchain stack; opens its native bridge. Users can bridge between Ethereum Sepolia and the Beta-4 testnet.

• Uniswap Wallet for Android (Beta) is live. Interested users can sign up for early access.

• Matcha launches Galxe campaign to earn the Matcha Insiders role. Users must have a certain threshold of Matcha activity to earn the role.

• Orbiter Finance Stablecoin Bridging Campaign is live on Galxe. Users can earn Orbiter loyalty points by bridging stablecoins.

• Farcaster releases Open For Everyone NFT on Zora to celebrate premissionless sign-ups.

• DeBank releases new Web3 badge. Users who have at least 100 trusts can mint this badge beginning October 14th at 00:00 UTC.

🪂 Airdrops

• Celestia Genesis airdrop claim deadline approaching. Users have until October 17th to claim.

• Earndrop releases thread featuring an INTMAX Wallet Guide.

• Earndrop releases thread covering permissionless sign-ups for Farcaster.

📰 Finance News

• US consumer price index (CPI) increased 0.4%, above forecasts. CPI is a measure of prices that consumers pay for a wide variety of goods.

• ⭐ US Speaker selection uncertainty could delay cryptocurrency legislation in US House of Representatives.

• IRS proposed tax rules faces scrutiny from Coinbase. In a 14-page letter to the Internal Revenue Service, Coinbase points out that proposed tax regulations related to gross proceeds and basis reporting for digital asset transactions will impose, "unprecedented, unchecked, and unlimited tracking on the daily lives of Americans.”

• Mastercard successfully completes CBDC pilot with Reserve Bank of Australia and the Digital Finance Cooperative Research Centre.

• Exxon agrees to acquire Pioneer for ~$60 billion. This is the second largest energy deal in North American history.

🛡 Security and Exploits

• DefiLlama developer, 0xngmi; releases LlamaSearch browser extension that replaces the new tab page with a custom search which prioritizes safe domains.

• Stars Arena recovers 90% of hacked funds after reaching an agreement with the hacker, who keeps 10% of the funds as a bounty fee.

• Platypus Finance is exploited for ~$2.2m after hackers use logic bug in the smart contracts.

• Beluga Protocol is exploited for ~$175K after flashloan attack.

Token Unlocks

• CyberConnect $CYBER - 1.26M ~$5.57M on OCT 14

• Flow $FLOW - 7.29M ~$3.04M on OCT 15

💰 Funding

• Account Labs, the wallet provider behind UniPass and Keystone; raises $7.7 million in funding round led by Amber Group, MixMarvel DAO Ventures, and Qiming Ventures.

• Parsec, a terminal for onchain markets; raises $4 million in Seed extension funding round.

• Initia, a Move-based layer 1 network on Cosmos; raises an undisclosed amount from Binance Labs.

🌾 The Degen Farmer

Top stablecoin yield farms of the day, more than $1,000,000 in TVL. DYOR and beat the fed!

That's it for today's dose! See you soon.