Hey there, PoI readers! 💫 

It's your favorite crypto connoisseur, Mochi, back with another serving of tantalizing tech and web3 news. From political debates shaking up crypto stocks to daring hacks and memecoins on a rollercoaster ride, we've got a smorgasbord of digital drama to dig into. And wait till you hear what Vitalik's been up to! So, grab your favorite beverage, settle in, and let's dive deep into the crypto rabbit hole! 🐰🕳️

INTEL BRIEF

🟧 Crypto-related stocks rebounded after an initial dip following the Harris-Trump debate, where polls favored Harris' performance.

🟧 Indonesian crypto exchange Indodax suffered a suspected $22 million hack, forcing it to temporarily suspend operations.

🟧 Top memecoins are down 63% on average as safe-launch tokens capture market attention, raising concerns about the broader impact on the crypto market.

🟧 Vitalik Buterin declares he'll only acknowledge layer-2 projects at "stage 1" or higher on his decentralization scale, starting next year.

Crypto Stocks Play Political Ping-Pong

It all started with the much-anticipated verbal showdown between Kamala Harris and Donald Trump, where apparently, Harris served up some spicy debate curry that left Trump's crypto-friendly rhetoric feeling a bit... well, underdone.

As the dust settled and the polls rolled in, it seemed that Harris had charmed the voters faster than you can say "blockchain." This unexpected turn of events sent crypto stocks tumbling faster than a rookie trader's portfolio during a bear market. But fear not, dear readers! Our beloved digital assets proved they have more lives than a cat with a USB backup.

Coinbase (COIN), the poster child of crypto exchanges, pulled a Phoenix-like resurrection, rising 5.3% from its debate-induced ashes. It closed at a respectable $157, proving that you can't keep a good exchange down. Meanwhile, MicroStrategy (MSTR), bounced back with the resilience of a rubber duck in a tsunami, closing just 0.26% down.

Bitcoin miners, Marathon Digital (MARA) and Riot Platforms (RIOT), showed they could take a licking and keep on ticking, closing with minimal losses. And let's not forget Hut 8 (HUT), the overachiever of the bunch, who decided to flip the script and close UP 1.29%.

Trump's been whispering sweet nothings about pro-crypto policies, making the industry swoon like a teenager at a boy band concert. Harris, on the other hand, has been playing hard to get, keeping her crypto stance more mysterious than the true identity of Satoshi Nakamoto.

Despite the debate drama, Harris is still leading Trump by 2.6 percentage points in the polls. It's like watching a high-stakes game of political poker, and Harris just called Trump's bluff.

As for the broader crypto market, it took a $60 billion nosedive faster than you can say "FOMO," but don't worry! It bounced back with the elasticity of a bungee cord, recovering 2.3% and proving once again that in the world of crypto, what goes down must come up (eventually).

Oh, and a moment of silence for the Trump-themed memecoins, please. They're currently experiencing a dump of epic proportions.

Crypto stocks dipped after Harris' strong debate performance but quickly rebounded.

Bitcoin and overall crypto market cap followed a similar pattern of dip and recovery.

Trump-themed memecoins took a significant hit, proving politics and crypto make for volatile bedfellows.

Indodax Hack Serves Up a Spicy Dish of Crypto Chaos

Indodax, Indonesia's very own digital asset exchange, that's feeling the heat. In a plot twist worthy of a Hollywood heist movie, the exchange has reportedly been robbed blind to the tune of $22 million.

Our friends at Indodax woke up to find their hot wallets cooler than a penguin's toes, with a smorgasbord of cryptocurrencies gone faster than free samples at a Costco. We're talking Bitcoin, Ether, TRX, MATIC, and even some Shiba Inu – because apparently, even hackers can't resist a good meme coin.

Now, you might be wondering, "Mochi, how did this digital disaster go down?" Well, our cyber sleuths at SlowMist reckon the hackers found a loophole in Indodax's withdrawal system big enough to drive a truck full of GPUs through. Meanwhile, the folks at Cyvers are pointing fingers at the signature machine. Either way, it seems Indodax's security was about as effective as a chocolate teapot.

In true "panic at the disco" fashion, Indodax has hit the big red button, shutting down faster than your laptop when you spill coffee on it. They've pulled the plug on their mobile and web apps, probably hoping to catch the digital bandits before they can say "blockchain."

But wait, there's more! Our resident crypto detective, Yosi Hammer from Cyvers, has a hunch that this might be the handiwork of none other than the Lazarus Group. Yes, those pesky North Korean hackers who seem to have a particular fondness for crypto exchanges. It's like they're collecting them the way some people collect Pokemon cards!

Now, before you start panic-selling your hard-earned satoshis, Indodax wants you to know that your assets are safer than a squirrel's nuts in winter.

They've got a reserve balance of $369 million, which they might use to cover the losses. It's like they've got a giant crypto piggy bank for just such an occasion!

Indodax, an Indonesian crypto exchange, suffered a suspected $22 million hack.

The exchange has temporarily shut down operations to investigate the breach.

North Korea's Lazarus Group is suspected to be behind the attack, continuing their trend of targeting crypto platforms.

Memecoins Fall from Grace as Top Dogs Become Underdogs

Attention, crypto enthusiasts and meme aficionados! It's time for a bone-chilling update from the world of digital doges and pixel pups. Brace yourselves, because the top memecoins are howling at the moon - and not in a good way!

Our beloved Dogecoin, Shiba Inu, Pepe, and even the dapper Dogwifhat (WIF) are all feeling a bit ruff, down an average of 63% from their yearly highs. It's like they've all chased their tails right into a crypto bear trap!

But why, you ask? Well, it seems the memecoin market has become more crowded than a fire hydrant during rush hour. Safe-launch services like Pump.fun and BaseJump have burst onto the scene, making it easier to create new tokens than it is to teach an old doge new tricks. It's a veritable puppy mill of cryptocurrencies!

Now, before you start barking up the wrong tree, let's dig into the numbers. Pump.fun alone has seen over 1.98 million tokens launched since March. That's more coins than there are fleas at a dog show! But here's the kicker - only 1.3% of these newborn pups make it to the big leagues with a market cap of $69,000. Talk about survival of the fittest!

This flood of fresh faces has left our OG memecoins feeling like last year's chew toy. As Ilias Salvatore from Flooz puts it, "Money flows where attention goes." And right now, all eyes are on these shiny new tokens that promise more pump than your local gas station.

But wait, there's more! This memecoin mania isn't just affecting the doggy daycare of crypto. Oh no, it's causing ripples across the entire blockchain pond. Some insiders are even saying these memecoins have "sucked the life out of this bull run" faster than a vampire at a blood bank.

The situation is so dire that even seasoned traders are calling the current market a "slaughterhouse." It's enough to make you want to bury your crypto wallet in the backyard!

While the memecoin market might be experiencing some growing pains, it's not all doom and gloom. As the wise IVFUN spokesperson Danila Pronin sagely noted, "Memes were, are, and will be." It's like the circle of life, but with more FOMO and fewer lions.

Top memecoins are down 63% on average, struggling against new safe-launch tokens.

The memecoin market is oversaturated, with thousands of new tokens created daily.

Industry insiders worry this trend is negatively impacting the broader crypto market's liquidity and growth.

Vitalik Lays Down the Law for Layer 2 Decentralization

Vitalik Buterin, has just dropped a bombshell that's shaking the layer-2 landscape like a seismic smart contract gone rogue. In a move that's got more sass than a teenager with admin privileges, Vitalik's declared he's ghosting any L2 that hasn't hit at least "stage 1" on his decentralization scale. It's like he's setting up a VIP club for blockchains, and if you're not on the list, you're not getting in!

Vitalik isn't just talking the talk; he's walking the walk on the Ethereum mainnet. Starting next year, he's only going to give shoutouts to layer-2 networks that have leveled up to "stage 1+" status. It's like he's the Simon Cowell of crypto, and he's not impressed with your glorified multisig anymore, darling.

But what's this mysterious "stage 1" that's got Vitalik's ethereum-infused knickers in a twist? Well, buckle up, buttercup, because we're about to dive into the decentralization deep end:

• Stage 0: This is the blockchain equivalent of training wheels. You've got your transactions on-chain, but you're still relying on a simple multisig wallet. It's cute, but it's not going to win any decentralization beauty pageants.

• Stage 1: Now we're talking! This is where the big boys and girls play. You've got active fraud-proof or validity-proof schemes, a fancy "security council" with strict rules, and a seven-day window for upgrades. It's like blockchain puberty – things are getting real, but there's still room for growth.

• Stage 2: This is the holy grail of decentralization. No training wheels, limited security council use, and a whopping 30-day upgrade delay. It's like the blockchain equivalent of moving out of your parents' basement and becoming a fully functioning adult.

Vitalik's not pulling any punches here. He's made it crystal clear: "It doesn't matter if I invested, or if you're my friend; stage 1 or bust." It's like he's the strict parent of the crypto world, and he's not afraid to ground your layer-2 if it doesn't meet his standards.

But fear not, young padawans of the blockchain! Many zero-knowledge rollup teams are apparently on track to hit stage 1 by year-end. It's like watching a bunch of eager students cramming for their final exams, except instead of grades, they're fighting for Vitalik's approval.

Vitalik Buterin will only acknowledge layer-2 projects at "stage 1" or higher on his decentralization scale starting next year.

Stage 1 requires active fraud-proof or validity-proof schemes and a regulated "security council."

Many zero-knowledge rollup teams claim they'll reach stage 1 by year-end, signaling a shift towards more decentralized layer-2 solutions.

And that's a wrap, my lovely PoI readers! 🎬 I hope this edition left you feeling informed, entertained, and maybe even a little bit richer (in knowledge, of course). Remember, in the world of crypto, change is the only constant – well, that and Vitalik's love for decentralization! 😉 Until next time, this is Mochi, signing off with a virtual high-five and a side of ice cream! 🍦🙌

P.S. Don't forget to share your thoughts, questions, and favorite crypto puns with us. Every voice matters in the PoI community! 📣❤️ Share the newsletter and spread the crypto love!

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