Hey there, PoI readers! 💫

It's your favorite crypto connoisseur, Mochi, back with another serving of tantalizing tech and web3 news. From Vitalik's cautionary words about ETH treasury leverage and GreedyBear's million-dollar crypto heist to Tesla's surprising Dojo shutdown and Trump's anti-debanking crusade, we've got a absolutely wild mix to unpack today. So buckle up and get ready for a rollercoaster ride through the wonderland of digital assets, AI ambitions, and regulatory plot twists!

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INTEL BRIEF

🟧 Ethereum's Vitalik Buterin endorses ETH treasury companies for broadening investor access but warns against excessive leveraging that could trigger a catastrophic market collapse.

🟧 The GreedyBear cybercrime group has stolen over $1 million in crypto through a sophisticated triple-threat operation using fake browser extensions, malware, and scam websites at an unprecedented industrial scale.

🟧 Tesla has disbanded its Dojo AI supercomputer team and is abandoning in-house chip development, despite Elon Musk previously calling it essential for achieving full self-driving capabilities.

🟧 President Trump is signing an executive order to combat "debanking" and punish financial institutions that deny services for ideological reasons, while bank associations simultaneously try to block crypto companies like Ripple from obtaining banking licenses.

Vitalik Buterin Endorses ETH Treasury Companies But Issues Serious Leverage Warning

Vitalik Buterin just dropped some financial wisdom that's equal parts supportive and "please don't mess this up, guys." In a recent Bankless podcast, Vitalik basically gave ETH treasury companies a thumbs up while simultaneously wagging his finger.

Vitalik is totally on board with public companies hoarding Ether like digital dragons because it gives regular folks more ways to get their hands on ETH without having to figure out MetaMask. These treasury firms are essentially the training wheels of crypto investing - they let people ride the ETH wave without having to worry about seed phrases or gas fees.

Vitalik dropped this absolute gem: "If you woke me up three years from now and told me that treasuries led to the downfall of ETH, my guess would be that they turned it into an overleveraged game."

The nightmare scenario he painted is basically a financial domino effect where ETH prices drop, forced liquidations kick in, and everything spirals. But Vitalik's got faith in the community, noting these aren't "Do Kwon followers."

Currently, ETH treasury firms are sitting pretty on nearly $12 billion worth of Ether, with BitMine leading the pack at $3.2 billion.

Vitalik supports ETH treasury companies for making Ethereum accessible to mainstream investors

Major warning issued about excessive leverage potentially causing market collapse through forced liquidations

ETH treasury market now worth $11.77 billion, with BitMine holding the largest stash at $3.2 billion

GreedyBear Cybercrime Group Steals Over $1 Million Using Triple Threat Crypto Scam Strategy

Meet the criminal masterminds behind "GreedyBear" - a cybercrime group that apparently looked at the buffet of crypto scams and said, "I'll take everything, please!" These digital bandits have managed to swipe over $1 million in crypto, and honestly, their dedication to being awful is almost... impressive?

Instead of being your typical one-trick pony criminals, GreedyBear went full "diversified portfolio of evil" with browser extensions, malware, AND scam websites.

These digital pickpockets have created over 150 fake extensions on Firefox, impersonating beloved wallets like MetaMask and Exodus. They use something called "Extension Hollowing.” Basically, they create a legit-looking extension, get it approved, then BAM.

They've also deployed nearly 500 samples of crypto-themed malware with names like "LummaStealer" (subtle, guys) distributed through Russian websites offering "free" cracked software.

A network of fake websites that look slicker than a used car salesman, advertising everything from digital wallets to "wallet repair services.”

They're using AI-generated code to scale up operations, making this the new normal rather than a one-off heist.

GreedyBear stole $1+ million using 650+ malicious tools across browser extensions, malware, and fake websites

150+ fake Firefox extensions impersonate popular wallets using "Extension Hollowing" technique to bypass security

AI-generated code enables rapid scaling, representing a new evolution in industrial-scale crypto cybercrime

Tesla Shuts Down Dojo Supercomputer Project Despite Musk's Previous $500 Billion Promises

Tesla just rage-quit on one of Elon Musk's biggest tech promises! The company is officially shutting down Dojo, the AI supercomputer that Musk spent five years hyping up as the secret sauce for full self-driving cars.

Tesla is breaking up the entire Dojo team. The project lead Peter Bannon is bouncing, and the remaining team members are getting shuffled around like a deck of cards to other projects within Tesla. Meanwhile, about 20 former Dojo workers already jumped ship to start their own AI company called DensityAI (because apparently they saw the writing on the wall).

Musk has been desperately trying to convince shareholders that Tesla is an AI and robotics company rather than just a car manufacturer with really good marketing. Remember those robotaxi demos in Austin? Yeah, the ones with humans still in the passenger seats and some rather questionable driving behavior?

Back in 2023, Morgan Stanley analysts were throwing around numbers suggesting Dojo could add $500 billion to Tesla's market value. That's billion with a B, folks! Musk himself called it the cornerstone of Tesla's AI dreams, capable of processing "truly vast amounts of video data."

But apparently, Tesla decided to pivot harder than a startup running out of funding. Instead of doubling down on their homegrown chips, they're now cozying up to Nvidia and AMD for compute power and just signed a $16.5 billion deal with Samsung for chip manufacturing.

This all comes while Tesla's board is dangling a $29 billion pay package in front of Musk to keep him focused on Tesla instead of his other AI ventures.

Tesla disbanded its entire Dojo team and abandoned the AI supercomputer Musk claimed was crucial for self-driving cars

$500 billion market value prediction from Morgan Stanley now looking rather optimistic after project shutdown

Tesla pivoting to external partners like Nvidia, AMD, and Samsung with a $16.5 billion chip deal instead of in-house development

Trump Signs Anti Debanking Order While Major Banks Try Blocking Ripple and Crypto Licenses

President Trump is about to drop the executive order hammer on financial institutions for "debanking" crypto companies, while a group of powerful bank associations is literally doing exactly that by trying to block Ripple and other crypto firms from getting banking licenses.

Trump's executive order will reportedly instruct federal regulators to hunt down and fine financial institutions that have been giving crypto companies the cold shoulder. The order specifically targets the elimination of the "reputational risk" category from regulatory guidance - you know, that convenient little excuse banks used to justify why they wouldn't touch crypto companies with a ten-foot pole during the Biden administration.

This comes after years of crypto companies crying foul about "Operation ChokePoint 2.0," which they believed was a coordinated effort to drive digital asset businesses offshore. Trump's team is basically saying, "Not on my watch!"

While Trump is preparing to swing his regulatory baseball bat, a coalition of major bank associations - including the American Banking Association and Consumer Bankers Association - just sent a strongly-worded letter to the Office of the Comptroller of the Currency trying to block banking applications from Ripple, Fidelity, and two other crypto firms.

They're clutching their pearls about "significant policy and legal questions" and complaining that the applications don't allow for "meaningful public scrutiny."

Ripple applied for their banking license on July 2nd, right around when Circle (the USDC folks) also threw their hat in the ring to create a national trust bank.

Trump signing executive order to punish financial institutions for ideologically-motivated "debanking" of crypto companies

Bank associations actively fighting to block Ripple, Fidelity, and other crypto firms from obtaining banking licenses

Perfect timing clash as anti-debanking efforts coincide with traditional banks trying to keep crypto companies out

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 Ethereum's financial wisdom to industrial-scale crypto theft, AI supercomputer drama, and banking battles - today's news proves that the crypto world never fails to surprise us!

Remember to stay curious, stay secure (seriously, watch out for those fake browser extensions!), 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! 📰🍨