OVERVIEW

New Buyers Paid Resort Prices To Sleep Near The Ice Machine 🤦

Here’s What’s Happening 👇️

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ON-CHAIN ANALYSIS
Whatever Ran Hardest Is Bleeding Hardest 🩸

Crypto ripped last week, but not over ten days of grinding. Three days did it. August 19 averaged +10.2% across BTC, ETH, ADA, UNI and AAVE, the 20th added +4.5%, and the 21st put up +12.8%. Two of the three largest single days in six months, 48 hours apart. 📈

What The MVRV Is: market value over realized value. What a crypto is worth now against what current hodlers paid. The 7-day MVRV is the guy who bought the pamp. The 30-day is the guy who was already there.

Nearly everyone who bought last week is underwater as a group. The 30-day topped at +20.08% and has handed back 48% of the move in three days, while BTC sits 0.8% off its high. Price did not do that. New wallets bought in higher and dragged the average up behind them.

The gap between the two widened every single day of the rally and is still widening: -1.72 on the 16th, -7.99 on the 21st, -12.45 now. The marginal dollar spent last week is buying from somebody with a better basis.

Month-old holders are priced near the top of their range. Last week's buyers have no cushion at all. Price is at the highs. The profit underneath it is half gone. 👋

Note: I excluded XRP from the averages because the 7-day floor, for some reason, is at -102%, which is wonky.

NEWS
DOJ’s Vendor Ran A Tornado Cash Relayer But Roman Storm Got The Trial 🤦

Oh man, I really wanted to write about this yesterday, but just couldn’t find the space for it. This is about Roman Storm, the guy who wrote the code for Tornado Cash and is still in legal hell. BUT, there’s a retrial scheduled for April 26, 2027. 👇️

Still Convicted. Still Facing 40 More Years.

Here’s a quick rundown of where Storm is at: Storm’s first trial ended in August 2025 with one conviction and two deadlocked counts:

• Guilty: Conspiracy to operate an unlicensed money-transmitting business. Maximum sentence - 5 years.

• No verdict: Conspiracy to commit money laundering. Maximum - 20 years.

• No verdict: Conspiracy to violate U.S. sanctions. Maximum - 20 years.

A hung jury is not an acquittal. Prosecutors can try those 2 charges again.

Storm filed a Rule 29 motion asking Judge Katherine Polk Failla to acquit him on all 3 counts, arguing that the evidence was legally insufficient. She heard arguments in April 2026 and still has not ruled. Storm’s attorneys requested more time. On August 25, Failla moved the retrial from October 2026 to April 2027. 🗓️ 

Chainalysis Also Operated A Tornado Cash Relayer

Imagine a company (Chainanalysis) started running a toll booth on a perfectly legal road. The government later declared the road off-limits, prosecuted one of the people who made drawings of how it could be built (Roman Storm) and used that same toll-booth company to trace who had traveled on it. 🤯 

Then the defense discovered the government’s traffic analyst had not merely studied the road. It had operated one of the booths, processed the cars and collected the tolls. The jury never heard that bit.

Chainanalysis is an on-chain analytics firm and they helped map out transactions and all that jazz for the prosecution.

Now, I love Chainanylsis, they’re awesome. If it wasn’t for them, there are so many bad actors and stolen crypto that wouldn’t have been recoverable. They’re amazing. In fact, I hate even writing something that would even suggest otherwise. I my opinion, they’re collateral damage here, which sucks. And what was their role here? Well, they just did their job. 🫡

The public court record shows:

• Chainalysis admitted it operated a Tornado Cash relayer during part of 2022.

• Storm’s subpoena covered relayers used from March through August 2022, overlapping the Lazarus Group laundering period and Treasury’s August 8 sanctions.

• A prosecutor acknowledged that the Chainalysis relayer earned fees.

• Chainalysis moved to quash Storm’s subpoena. Prosecutors supported it.

• After prosecutors discussed the relayer’s possible legal exposure with Chainalysis counsel, one prospective witness planned to invoke the Fifth. Further discussion moved under seal. The jury heard none of it.

Prosecutors treated relayers as part of the broader Tornado Cash money-transmitting service. Yet an unrelated government contractor could run one, process withdrawals and earn fees without Storm even knowing. Storm wrote the code and faces up to 45 years across the original charges.

The DOJ now says neutral, non-custodial code is not criminal without evidence of intent. Prosecutors, still, insist Storm crossed that line. A jury failed to agree on the 2 charges where that intent mattered the most. The retrial delay bought everyone 6 months. 📆

NEWS
Injective Will Pay You To Set Your Own Money On Fire 🔥

Twenty percent in twenty-eight days sounds like a rug. It's a kind of dividend. Not really, but kind of dividend-ish.  😯

The $INJ ( ▼ 0.42% ) Community BuyBack pays out of dApp fee revenue, not emissions. No printed tokens, no dilution wearing an APR costume. You commit INJ, it burns on-chain, you collect a basket of $USDT ( ▲ 0.0% ) and ecosystem tokens worth roughly 1.2x what you put in. Round #233 is live with about $161K in the pot and six days on the clock.

To qualify for the payout, and this is going to sound crazy (insert sarcasm), you have to be the customer generating the revenue that funds the payout. Which is how these kinds of things are supposed to work.

And if you’re worried about whether this is one of those shady operations that gets people to do something and you end up as exit liquidity, that’s not the case here because the supply is already done: 99.97M of 100M circulating. No vesting cliff, no team tranche, no VC unlock waiting to land on your head. Every burn works against a fixed denominator.

And the fee base is about to change character. SEC transfer agent registration landed August 19. MiCA authorization in the EU. LG CNS and POSCO piloting tokenized trade receivables. Injective is doing the things bad actors actively avoid trying to do. 👍️

NEWS IN THREE SENTENCES
Real World Asset Tokenization (RWA) News 🪙

🌍 Stellar Leads The Non-Dollar Government Debt Race

Stellar now holds about $490 million in tokenized non-US sovereign debt, leading Ethereum in that narrow category since February. Its broader non-stablecoin RWA value climbed from roughly $500 million in early 2025 to more than $3 billion by June 2026. Stellar.

NEWS IN THREE SENTENCES
Metaverse, NFT, & Gaming News 🎮️

💎 Axie Finally Reopens Its 2018 Crystal Vault

Five Atia Original Crystals will soon redeem for one Origin axie on Ronin, finishing a mechanic left hanging since Axie’s 2018 presale. The remaining 1,375 crystals could create 275 additions to the capped 4,088 Origin supply. Each of six body parts gets an independent 7% Mystic chance, giving old referral tokens one more trip through the rarity casino. Axie Infinity.

⚽ Fan Tokens Get An AI Football Side Job

FanCup lets Chiliz Fan Token holders predict AI-simulated football matches, using supported tokens on Solana or Chiliz Chain. Winners settle in the same token used to enter, while a verifiable seed drives the synthetic match. Its August 24-30 Game Week offers $1,000, including $600 for the top five players and $400 for eligible participants. Chiliz.

📱 Decentraland Offers $8,000 For Better Mobile Hangouts

Decentraland’s Friendzone Buildathon asks creators to build mobile-first social experiences by September 4. Five winners split $8,000 in MANA, while eligible entrants receive badges, the first 50 get merchandise vouchers, and up to ten projects may earn app placement. Workshops and support are ongoing, with winners scheduled for September 13 after judging. Decentraland.

🎮 Enjin Platform 3 Trades Four Servers For One Cloud

Enjin Platform 3 is out of beta with one instance across its networks, unified transactions, managed wallets, marketplace tools, event streaming, and wallet push approvals. It also ships an experimental MCP server with scoped read or write access for AI agents. Version 2 remains available until November 2, when self-hosters must join the cloud whether nostalgia approves or not. Enjin.

NEWS IN THREE SENTENCES
DeFi, DEX, & Lending News 🏦

📈 Coinbase Tokenized Equities Reach 1inch On Base

Coinbase’s B20 equity tokens tied to Apple, Alphabet, Meta, and Nvidia are now tradable through 1inch on Base. The protocol-level standard keeps ERC-20 compatibility while adding issuer controls for minting, burning, pausing, supply, and transfers. Access excludes the US, UK, and other restricted regions, naturally. 1inch.

🫥 Polygon Hides Transactions Until They Are Confirmed

Polygon’s Private Mempool sends transactions directly to elected block producers, hiding them from public view until confirmation. That blocks the preview window used for frontrunning and sandwich attacks across trades, payouts, payroll, treasury settlement, and stablecoin checkout. Apps can switch one RPC endpoint, with a free tier available and paid capacity for production traffic. Polygon.

NEWS IN THREE SENTENCES
Protocol News 🏦

⚡ Arbitrum Moves ZK Settlement Toward Production

Arbitrum can now generate ZK proofs for real blocks using its actual state-transition code, including Solidity and Stylus contracts. BoLD has been extended to accept those proofs alongside committee attestations. The production goal is to cut settlement and withdrawal times from seven days to hours, though Arbitrum One still needs DAO approval. Arbitrum.

🧪 Algorand Lets Related Apps Share The Same Boxes

Algorand 5.0’s AVM v13 will let apps optionally expose box storage to related or outside applications. FamilyBoxAccess permits reads and writes among apps sharing a creator, while ForeignBoxReads allows read-only access more broadly. Developers can enable and disable access inside one call. Algorand.

🛡️ NEAR Maps The Long Road To Quantum Safety

NEAR has added ML-DSA signatures for accounts, with Meteor Wallet live and Ledger support planned. The harder work remains: consensus still uses older cryptography, cross-chain threshold signing lacks mature replacements, and dependencies reach beyond NEAR. The current roadmap targets post-quantum consensus by late 2027. NEAR Protocol.

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Author Disclosure: The author of this newsletter holds positions in AVAX, ADA, PUDGY, WLD, NEAR, INJ, LTC, LINK, ZEC, XLM, and FET. 📋