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THE BLOCK: Circle CFO Jeremy Fox-Geen plans to step down from the role after more than five years with the company, with his departure expected by the end of December unless a successor is appointed sooner.
Circle said it has begun a search for his replacement with the help of an executive search firm. $CRCL
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THE BLOCK: The SEC’s new crypto FAQ says token buybacks on functioning networks generally don’t create an investment contract, and routine upgrades don’t either.
It also says promoting a token’s utility alone likely isn’t a promise of profits.
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THE BLOCK: The U.S. Court of Appeals for the Sixth Circuit ruled against Kalshi in its fight with Ohio and Tennessee over sports-event contracts.
The court found that Kalshi failed to show the contracts qualify as "swaps" under the Commodity Exchange Act and, even if they did, the CEA does not preempt state gambling laws.
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THE BLOCK: Blockchain Association CEO Summer Mersinger is stepping down on Oct. 16 after leading the crypto lobby group through the passage of the GENIUS Act.
Founding leader Kristin Smith will return as interim CEO, while Mersinger stays on as an adviser through year-end.
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THE BLOCK: Strive is pushing back on MSCI’s proposed index rules, saying it could be excluded without a clear definition of what counts as an "operating asset." $ASST
Strategy challenged the proposal earlier this month, but Strive says MSCI is asking a fair question and needs a rule companies can actually verify.
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THE BLOCK: A man was charged on Friday in Missouri for his role in a multi-million-dollar pig butchering scam, officials said.
"Pig butchering schemes are an increasingly prevalent and sophisticated form of fraud that have caused billions of dollars in losses to victims around the world," said R. Matthew Price, U.S. Attorney for the Western District of Missouri, in the statement.
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THE BLOCK: Binance-owned CoinMarketCap has acquired crypto derivatives data platform Coinglass. The deal has closed, and financial terms were not disclosed.
Coinglass said it will continue operating independently under its existing brand, with no changes to its website, app, API, or pricing.
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UPDATE: Bitget CEO says onchain tracing has confirmed $387.5 million was transferred to attacker-controlled addresses in Thursday’s incident, up from the previously reported $351.6 million after adding Zcash and Tron assets.
The exchange said the higher figure does not reflect additional theft and that the incident remains contained, while Mandiant and SlowMist continue their investigation.
Bitget has launched a recovery bounty program and said it plans to announce a withdrawal resumption plan by Sept. 26 at 4 a.m. UTC.
THE BLOCK: Onchain data appears to show more than $170 million in crypto moving from Bitget hot and cold wallets to a single address over the past hour, including ETH, USDT, USDC, AVAX and BNB.
The destination address does not appear to be identified as a Bitget wallet and has also made multiple onchain swaps.
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NEW: Thousands of NFTs appear to have been moved through zero-value sales in a white-hat rescue following a suspected vulnerability reportedly linked to Limit Break's Payment Processor, used by Magic Eden's old Ethereum marketplace.
Yuga Labs CEO Michael Figge said affected assets are being rescued, while Yuga Labs VP of Blockchain 0xQuit said assets held in the rescue address are safe and will be returned once they are no longer at risk.
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Aave V4 on Base adds Coinbase tokenized stocks as collateral for USDC loans theblock.co/news/defi/2026-0…
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The Block retweeted
TODAY ON THE STARTING BLOCK:
I'll give you the TL; DR on the Bitget hack situation.
Then we've got @Austin_Federa back in the Hot Seat as @doublezero launches reat-time data for @HyperliquidX.
Join us live on @TheBlockCo!
Unpacking Bitget’s $350M hack, DoubleZero ships real-time Hyperliquid data service nitter.net/i/broadcasts/1qxvveXOj…
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Unpacking Bitget’s $350M hack, DoubleZero ships real-time Hyperliquid data service nitter.net/i/broadcasts/1qxvveXOj…
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EXCLUSIVE: Ethena expands USDe backing strategy into bStocks and equity perpetuals on Binance theblock.co/news/deals/2026-…
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