Hey there, PoI readers! 💫

It's your favorite crypto connoisseur, Mochi, back with another serving of tantalizing tech and web3 news. From BtcTurk's alleged $48M hack drama and crypto execs begging Trump for data fee relief to Jack Dorsey's decade-long mining rigs and Bluesky's identity crisis makeover, we've got a lot to unpack. So, buckle up and get ready for a wild ride through the wonderland of digital assets!

INTEL BRIEF

🟧 Turkish crypto exchange BtcTurk allegedly got hit with a $48M hack, halting withdrawals faster than you can say "not your keys, not your crypto.”

🟧 Over 80 crypto and fintech executives are begging Trump to stop banks from charging fees for customer data access, claiming it'll kill their business models faster than a rug pull.

🟧 Jack Dorsey's Block just dropped modular Bitcoin mining rigs that could last 10+ years, potentially saving miners 20% on upgrades while the industry pivots to AI workloads.

🟧 Bluesky just dropped a massive policy overhaul with new Community Guidelines, asking users for feedback while trying to fix its reputation for being too serious and left-leaning.

Turkish Exchange BtcTurk Allegedly Loses $48M in Suspected Crypto Hack

The Turkish crypto exchange BtcTurk allegedly got served a $48 million reality check courtesy of some digital bandits, and honestly, the timing couldn't be more awkward.

Cyvers, the cybersecurity firm that apparently never sleeps, started blowing up X on Thursday with alerts about suspicious activity across multiple networks. We're talking ETH, AVAX, ARB, BASE, OP, MANTLE, and MATIC.

"Technical issue with hot wallets" they said, which is basically the crypto equivalent of "the dog ate my homework." Trading and local currency operations are still running though, so at least users can still trade their tears for Turkish Lira.

The exchange is speculated to have detected this digital heist during routine inspections on August 14th. Their cold wallets are reportedly safe, which is good news since that's where most of their assets are chilling (literally). The team claims user funds are unaffected, but let's be honest - when has an exchange ever said "Yeah, we're totally screwed"?

Lookonchain says it's at least $23 million, while CertiK is throwing around $50 million figures. The alleged hacker is apparently swapping everything for Ether because nothing says "criminal mastermind" like putting all your stolen eggs in one ETH basket.

This isn't BtcTurk's first rodeo either - they got hit for around $55 million in June 2024. At this point, their hot wallets are looking more like honeypots than secure storage!

BtcTurk allegedly hacked for $48M across multiple blockchain networks, halting crypto withdrawals

Cold wallet funds reportedly safe, with most exchange assets unaffected according to the team

Hacker is swapping stolen assets to Ether while BtcTurk plays the "technical difficulties" card

Over 80 Crypto Executives Ask Trump to Ban Bank Data Access Fees

Over 80 crypto and fintech executives just slid into Trump's DMs begging him to tell banks to stop charging for customer data access.

Gemini, Robinhood, and the usual suspects from Crypto Council for Innovation and Blockchain Association are basically saying: "Hey Trump, remember when you said you'd make America crypto-friendly? Well, banks are about to murder our business models with these pesky data fees!"

Biden's "open banking rule" was supposed to let customers share their bank data with fintechs for free - crypto companies were living their best life. But then banks threw a legal tantrum and sued the regulator because apparently sharing data without getting paid is like giving away free samples at Costco.

Trump initially sided with banks (shocking, I know), but then crypto lobbyists whispered sweet nothings about innovation in his ear, and he backtracked.

The crypto gang is claiming these fees could "cripple innovative products" and drive innovation offshore. They're painting a picture where America becomes the crypto equivalent of a ghost town while other countries become the new digital Wild West. "Financial freedom!" they cry, while banks probably roll their eyes so hard they risk permanent damage.

The American Bankers Association came back swinging, calling this "government price fixing" and pointing out the hilarious double standard: crypto companies want to charge fees while expecting banks to work for free.

Banks are basically saying these crypto middlemen are trying to "free ride" off their investments in data security.

80+ crypto/fintech execs beg Trump to ban bank fees for customer data access, claiming it'll kill innovation

Banks fire back calling it "government price fixing" and highlighting the double standard of crypto charging fees while expecting free services

Battle stems from Biden's open banking rule that Trump initially opposed but now supports after crypto lobby pressure

Jack Dorsey's Block Launches Modular Bitcoin Mining Rigs Built to Last a Decade

Jack Dorsey's Block just announced they're trying to solve one of Bitcoin mining's biggest headaches. Enter the Proto Rig - a modular system that's allegedly going to make mining hardware last 10+ years instead of the usual 3-5 year death sentence.

Instead of chucking your entire rig into the digital graveyard when it gets outdated, you can just swap out individual hashboards like you're playing high-tech Lego. Block claims this could cut upgrade costs by 20% per cycle, which in the world of $10,000+ mining rigs is basically like finding money in your old jeans.

They've also launched Proto Fleet, an open-source fleet management platform for the big players who run mining operations that probably consume more electricity than small countries.

This isn't Block's first rodeo in the mining space - they've been busy developing 3-nanometer Bitcoin mining chips and signing supply deals with Core Scientific (more on them in a hot minute). The industry reaction has been surprisingly positive, with Komodo Platform's CTO Kadan Stadelmann basically saying Block is democratizing Bitcoin mining and sticking it to "monopoly hardware producers like Bitmain."

These guys went from Chapter 11 bankruptcy in 2022 to getting acquired for $9 billion by CoreWeave in July. They pivoted to AI and high-performance computing.

The AI pivot is becoming the hottest trend in mining. Companies like Hive Digital are hedging their bets by offering their infrastructure for AI workloads while still keeping their Bitcoin mining operations running.

With miners producing $50+ million worth of Bitcoin daily at current prices, extending hardware lifespans isn't just smart.

Block's Proto Rig offers 10+ year lifespan with modular design, potentially cutting upgrade costs by 20%

Mining industry pivoting to AI - Core Scientific went from bankruptcy to $9B acquisition by offering AI infrastructure

Open-source approach aims to democratize mining and reduce dependence on traditional hardware monopolies like Bitmain

Bluesky Desperately Tries to Fix Its Reputation Problem With New Community Rules

Bluesky is having what can only be described as a full-blown identity crisis. The X competitor just rolled out a massive policy revamp that's basically screaming "please like us, we promise we're fun now!"

After facing criticism for being a humorless, left-leaning echo chamber where users pile on, Bluesky is desperately trying to reshape its community with new guidelines organized around four principles: Safety First, Respect Others, Be Authentic, and Follow the Rules.

Much of this overhaul is being driven by global regulations like the U.K.'s Online Safety Act and the EU's Digital Services Act. Apparently, regulatory compliance is the new black! UK users now have to scan their faces, upload IDs, or enter payment cards just to use the platform.

Bluesky is offering an "informal dispute resolution process" where they'll actually talk to users on the phone about disputes. This is revolutionary compared to Facebook and Instagram, where getting banned feels like being ghosted by someone you thought you were dating - no explanation, no contact, just digital silence.

The platform is also allowing users to take disputes to court instead of forcing arbitration, which is basically unheard of in tech. Either Bluesky is incredibly confident in their policies or their legal team has a serious sense of humor.

The Community Guidelines feedback period runs until October 15th, giving users a chance to roast the proposed changes before they go live. The guidelines try to balance journalism and free speech with anti-harassment policies, but honestly, good luck defining what constitutes "inciting discrimination" in 2025's online hellscape.

This whole revamp feels like Bluesky admitting they've struggled with moderation decisions that alienated both Black and trans communities in the past, while simultaneously trying to win back users who think the platform has become too politically homogeneous.

Bluesky overhauling policies due to global regulations and user complaints about being too serious and left-leaning

New dispute resolution includes phone calls and court options - unprecedented transparency for social media

Community Guidelines feedback period until October 15th as platform tries to balance free speech with anti-harassment rules

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). From Turkish exchange hacks to presidential policy pleas, modular mining innovations to social media makeovers - today's been quite the digital rollercoaster! Remember to stay curious, stay informed, and keep spreading the love. Until next time, this is Mochi, signing off with a virtual high-five!

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

🍨📰 Catch you in the next issue! 📰🍨