Crypto Morning News: ETH linked to PlusToken transferred; U.S. Department of Justice accuses market maker Gotbit and others of market manipulation
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Crypto Morning News: ETH linked to PlusToken transferred; U.S. Department of Justice accuses market maker Gotbit and others of market manipulation
Only 12.7% of Polymarket users are profitable, with most earning less than $100.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Developments
U.S. Department of Justice Accuses MemeCoin Market Maker Gotbit and Other Firms of Manipulating Cryptocurrency Markets
The U.S. Department of Justice has filed market manipulation charges against four cryptocurrency firms and their associated individuals. The companies—Gotbit, ZM Quant, CLS Global, and MyTrade—are accused of conducting "wash trading" to manipulate markets and lure investors into "pump-and-dump" schemes. During the investigation, the Federal Bureau of Investigation (FBI) created a fictitious token called NexFundAI to expose these illicit activities.
The DOJ also stated that Gotbit, its CEO, and two directors were involved in a similar scheme. Gotbit describes itself as a hedge fund and meme coin market maker. In a separate civil action, the Securities and Exchange Commission (SEC) alleged that Gotbit provided "on-demand market manipulation" by "essentially trading crypto assets with itself," thereby generating "fraudulent daily trading volumes, often reaching millions of dollars."
15,700 ETH Linked to Plustoken Scam Moved Yesterday; Over 7,000 ETH Sent to Exchanges
According to a tweet from on-chain analyst ∴FreeSamourai∴ (@ErgoBTC), a large amount of Ethereum (ETH) linked to the Plustoken scam was transferred yesterday. Approximately 15,700 ETH (worth $1.3 billion) was moved from known addresses, with over 7,000 ETH sent to exchange deposit addresses.
This activity mirrors the mixing patterns seen with Bitcoin (BTC) in 2019 and 2020. @ErgoBTC believes the entire $1.3 billion worth of ETH could eventually be sold off.
Pyth Network: 140 Million Tokens Participate in OIS Staking
Pyth Network announced that 140 million PYTH tokens have been staked to secure decentralized finance (DeFi). Users can earn rewards by participating in the Oracle Integrity Staking (OIS) program.
As previously reported, Pyth launched Oracle Integrity Staking (OIS), an upgraded staking mechanism for its oracle network designed to enhance data source reliability and DeFi ecosystem security. OIS introduces on-chain staking rewards and slashing mechanisms to incentivize publishers and PYTH holders to stake and safeguard the oracle network. Publishers are rewarded for delivering high-quality data and penalized if errors occur.
Animoca Brands Announces Plans to Increase Public Market Holdings in PROS
Animoca Brands announced it will increase its public market holdings in PROS tokens. PROS is the native token of the Prosper project, which recently underwent strategic restructuring aimed at bringing institutional-grade Bitcoin mining capabilities on-chain, offering investors comprehensive exposure to Bitcoin hash power and the broader Bitcoin ecosystem.
Bitwise CIO: Three Conditions Needed for Bitcoin to Hit $80,000 in Q4
According to The Block, Matt Hougan, Chief Investment Officer at crypto asset manager Bitwise, said Bitcoin reaching $80,000 in the fourth quarter depends on three key factors: the U.S. election outcome, economic conditions, and the absence of major shocks in the crypto industry.
Hougan noted that the ideal election scenario would avoid a full Democratic sweep. He believes a Republican victory would benefit the crypto sector, though Democrats hold mixed views on crypto. Current prediction markets give Trump a 53% chance of winning.
Economically, Hougan expects two rate cuts totaling 50 basis points by year-end, along with additional fiscal stimulus from China. He emphasized that trust in Bitcoin stems from distrust in government monetary management. Additionally, the crypto industry must remain stable—avoiding major hacks, lawsuits, or sudden influxes of locked coins into the market.
Hougan added that for Bitcoin to reach $100,000 in the near term, a broader crypto market recovery would be needed to boost sentiment.
Economists Nominate Ethereum Founder Vitalik Buterin for Nobel Prize in Economics
According to Benzinga, prominent economists Tyler Cowen and Alex Tabarrok recently suggested on a podcast that Ethereum founder Vitalik Buterin should be a strong contender for the Nobel Prize in Economics.
Cowen praised Buterin’s significant contributions to monetary economics within crypto, stating his achievements surpass those of other economists. He said: “Vitalik built a platform and created a currency that arguably refutes Mises’ regression theorem. While building on Nakamoto’s foundation, his accomplishments are undoubtedly Nobel-worthy.”
The economists also commended Buterin’s leadership in smoothly transitioning Ethereum from proof-of-work to proof-of-stake. Tabarrok likened the process to “changing tires while the car is moving,” calling it “incredible.” Cowen highlighted Buterin’s personal qualities, describing him as “very polite” and someone who “would perform well at award ceremonies,” while also praising his philanthropy.
Venture Capital Billionaire Tim Draper Reveals His Altcoin Portfolio, Including Tezos, Arkham, and Others
According to CoinPedia, U.S. billionaire investor Tim Draper recently revealed his cryptocurrency portfolio on the Thinking Crypto podcast, including projects such as Arkham, Tezos, Bancor, and Handshake.
Draper said his fund made a significant investment in blockchain analytics firm Arkham, citing admiration for the team’s innovation—particularly their technology linking Bitcoin wallets to real-world identities, which has drawn interest from institutions like the U.S. Marshals Service. Regarding Tezos, Draper values its strengths in governance and formal verification, seeing it as a reliable option for projects requiring secure, scalable solutions. He also invested in Bancor, a decentralized liquidity network, believing it plays a vital role in the DeFi ecosystem.
Draper emphasized the importance of understanding a token’s utility before investing. He believes tokens should serve practical purposes rather than act solely as speculative instruments. He sees smart contracts as the future of investment and commercial transactions, enabling automated execution of complex agreements, improving efficiency, and reducing disputes. Draper anticipates Bitcoin and other cryptocurrencies will primarily be used for retail payments, investments, and business operations. He envisions investors using Bitcoin via smart contracts to invest in businesses, enabling dynamic negotiations and clearly enforced terms.
ZachXBT: Identifies 11 Addresses Highly Linked to Murad, Holding ~$24 Million in Meme Coins
On-chain investigator ZachXBT posted on X, claiming to have identified 11 wallets highly correlated with meme coin KOL Murad Mahmudov. These wallets collectively hold approximately $24 million in meme coins across Ethereum and Solana blockchains.
ZachXBT stated all 11 wallets received funds from the same Ethereum address (0x93f019699ef400df7dc3477dbb6400ed9445a657), which is directly linked to the STFX team address and multisig signers.
Additionally, wallet holdings closely match content posted by Murad. Each Solana address consistently uses deBridge for cross-chain operations.
Data: Only 12.7% of Polymarket Users Are Profitable, Majority Earn Less Than $100
Latest data from on-chain analytics tool Layerhub shows that only 12.7% of user wallets on the decentralized prediction market platform Polymarket have realized profits. Out of 171,113 wallets participating in trades, 21,730 are confirmed profitable. Among them, only 2,138 wallets earned more than $1,000, around 7,400 earned between $100–$1,000, and most profitable wallets gained between $0–$100.
Turbos Launches New Meme Coin $PIGU, Becomes Exclusive Launchpad for More Sui-Based Meme Projects
On October 9, Turbos, a leading decentralized exchange (DEX) in the Sui ecosystem, became the preferred launch platform for more meme tokens within the ecosystem. $PIGU was exclusively launched today on Turbos’ liquidity pool. The pool recorded $4 million in daily trading volume, making it the highest-volume meme token on the platform. PIGU also offers additional staking incentives with an annual yield of up to 750%.
In the past month, the price of $TURBOS surged over 120%. The platform has repeatedly achieved single-day trading volumes exceeding $30 million, reflecting Turbos’ leadership among Sui-based DEXs. Additionally, as the exclusive launch partner for SUI-native stablecoin $USDC, Turbos is the only Circle partner receiving $SUI-based rebates. At the time of writing, APRs for USDT/USDC and SUI/USDC pools stand at 100% and 350%, respectively.
Syncracy: Application-Level Blockchain Projects Now Outearning Most Infrastructure, Tipping Point Approaching
According to data compiled by investment firm Syncracy, as of September 25, 2024, application-level blockchain projects have surpassed most infrastructure projects in revenue generation, signaling growing maturity in the blockchain ecosystem.
Ethereum (ETH), SOL, and Tron (TRX) remain the top three highest-earning infrastructure projects. However, some application projects such as Pump and MKR now rank just behind them. While top-tier infrastructure still leads, multiple applications now outperform long-tail infrastructure projects like LDO, JUP, and AAVE. Certain apps show extraordinary return multiples—for example, ARB (401x) and KMNO (454x)—far exceeding many infrastructure assets.
Syncracy believes that while core infrastructure assets in the smart contract ecosystem (such as ETH and SOL) may retain value-storage premiums, non-monetary infrastructure assets (like L2 tokens) could see their valuations compress over time. The market has not fully recognized this shift yet. As capital exits non-monetary infrastructure layers, leading applications are poised for repricing.
Syncracy predicts that applications will capture a larger share of global blockchain fee pools and outearn most infrastructure—potentially marking an imminent turning point.
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