Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Suspected $22M Hack: Indonesian cryptocurrency exchange Indodax has gone offline following a suspected hack resulting in the loss of approximately $22 million.

2. SEC Actions Against NFTs: The Digital Chamber is urging Congress to address the SEC’s actions against NFTs, prompted by a Wells notice sent to OpenSea’s CEO.

3. 📈Technical Analysis Masterclass - The AI crypto sector is seeing a major surge, with market capitalization climbing 7% on Tuesday. Watch UseTheBitcoin’s latest Youtube video “AI Cryptos EXPLODE After iPhone 16 Announcement!” to know what’s up and prepare your next move or join our Official Telegram Channel for more alpha!

4. wBTC on Avalanche and BNB Chain: BitGo has expanded Wrapped Bitcoin (WBTC) by adopting LayerZero’s Omnichain Fungible Token (OFT) Standard, allowing WBTC to operate across over 80 blockchain networks, including Avalanche and BNB Chain.

5. 💡Feature of the Day - Accenture Joins CBDC Exploration: Accenture has invested in fintech startup Emtech to enhance its central bank digital currency (CBDC) and fintech solutions.

   
   All this and more in today’s headlines!

📰 News Highlights:

Suspected $22M Hack [Source][Source][Source][Source]

Indonesian cryptocurrency exchange Indodax has gone offline following a suspected hack resulting in the loss of around $22 million.

On September 11, blockchain investigation firms such as PeckShield, Cyvers, and SlowMist reported the attack, which led to large-scale theft from the exchange's hot wallets.

Cyvers identified over 150 suspicious transactions and noted that the stolen funds were being converted to Ether and laundered using services like Tornado Cash.

The hacker's haul included more than $1.42 million in Bitcoin, $2.4 million in Tron, over $14.6 million in ERC-20 tokens, $2.58 million in Polygon, and $0.9 million in Optimism’s ETH.

Indodax has temporarily suspended its mobile and web applications for maintenance and investigation.

The company has reassured users about the safety of their assets, but cybersecurity experts suspect the involvement of North Korea’s Lazarus Group, which has been linked to previous high-profile crypto heists.

SEC Actions Against NFTs [Source][Source][Source]

The Digital Chamber is urging Congress to address the SEC’s recent actions against NFTs, following a Wells notice received by OpenSea’s CEO in August.

The notice suggests the SEC may be planning enforcement actions against OpenSea, signaling a potential shift in the regulatory landscape for NFTs.

In response, the Digital Chamber is advocating for legislation to clearly define certain NFTs as consumer products rather than financial securities, arguing that many NFTs are more akin to traditional collectibles.

 📈Technical Analysis Masterclass

AI Cryptos EXPLODE After iPhone 16 Announcement!

Why the Surge?

• iPhone 16 Announcement: Apple’s introduction of the A18 chip, designed to enhance generative AI models, has energized the crypto community.

• Tech Integration: Rowan Cheung notes that the iPhone 16 is built to use AI from the ground up, fueling excitement.

Broader Context

• Major AI Developments: Following news from Nvidia, Microsoft, Google, and OpenAI, Apple’s focus on integrating AI directly into consumer devices is a significant step forward.

• Apple Intelligence Platform: The iPhone 16's AI capabilities function without relying on external cloud systems, improving user experience and indicating broader AI adoption.

Impact on AI Cryptos

• Decentralized AI Networks: AI cryptocurrencies like FET, TAO, and AGIX are designed to power decentralized AI networks.

• Growing Demand: As AI technologies advance, the demand for decentralized AI services may increase, driving the value and utility of AI crypto tokens.

wBTC on Avalanche and BNB Chain [Source][Source]

BitGo has expanded the reach of its Wrapped Bitcoin (WBTC) by adopting LayerZero’s Omnichain Fungible Token (OFT) Standard.

This integration allows WBTC to operate across over 80 blockchain networks, including Avalanche and BNB Chain, enhancing its interoperability. Prior to this, WBTC was available on Ethereum, Base, Tron, and Polygon.

By leveraging LayerZero’s OFT Standard, BitGo’s WBTC can now facilitate cross-chain transactions with lower costs and greater efficiency.

💡 Feature of the Day: 

Accenture Joins CBDC Exploration [Source][Source][Source][Source]

Accenture has invested in fintech startup Emtech to enhance its CBDC and fintech solutions.

Emtech, which offers services to central banks and financial institutions, will integrate its CBDC solutions and regulatory sandboxes into Accenture’s offerings.

This collaboration aims to support banks in modernizing their infrastructure for a tokenized financial system.

Its services include a unified ledger model and a regulatory sandbox for financial service providers.

The investment from Accenture, which was not disclosed in detail, will also see Emtech joining Accenture’s Venture Project Spotlight accelerator.

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😂 Crypto Meme of the Day: 

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com