🟧 Do Kwon’s 12-Year Deal

What we’ll cover today:

💥 Do Kwon’s 12-year plea deal in the $40B Terra collapse

♠️ BitMine’s $24.5B ETH buying spree despite Vitalik’s warning

📊 CPI stays cool at 2.7% but core inflation heats up

Do Kwon Swaps Prison Life for a Plea Deal 🟧

Do Kwon, ex-Terraform Labs boss, once crypto’s golden boy, now courtroom regular, cuts a deal to dodge a life sentence.

🚨Breaking News: Kwon pleaded guilty to conspiracy and wire fraud in the $40B Terra/Luna collapse, possibly serving just 12 years.

⚡Wire Simplified –

• TerraUSD lost its peg in 2021, Kwon lied about a “magical” algorithm fixing it.

• Secret bailout using a trading firm pumped prices back up.

• Luna hit $50B market cap before the whole thing crashed.

• Kwon forfeits $19M and faces lifetime crypto ban in the US.

• Could still face charges in South Korea.

✔️Straight to the Point:
Kwon’s fall shows even crypto’s biggest names cannot outrun accountability, though victims may call 12 years a light tap.

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ETH Treasury Game Vitalik’s “Poker” Warning Ignored ♠️

Vitalik Buterin says “don’t turn ETH into a casino” but BitMine just bought in like they are all-in at Vegas.

🚨Breaking News: BitMine’s stock offering balloons to $24.5B to buy more Ethereum, now holding more ETH than almost anyone else.

⚡Wire Simplified –

• BitMine now owns 1.15M ETH (~$5B), biggest corporate ETH stash.

• Stock sale grew 5x from $4.5B to $24.5B.

• ETH price jumped 5.4% after the news.

• Vitalik warns overleveraging could cause a “leveraged poker” crash.

• Tom Lee predicts $30K ETH if bullish run continues.

✔️Straight to the Point:
BitMine’s ETH binge could fuel prices or backfire spectacularly if the market turns. Vitalik’s poker analogy might age well.

CPI Calm? Core Inflation Says “Not So Fast” 📊

The US Fed sees cool headline inflation but core inflation is still partying like it is 2022.

🚨Breaking News: CPI stayed at 2.7% in July but core inflation hit 3.1%, fueled by rising shelter, medical, and transport costs.

⚡Wire Simplified –

• Headline CPI up 0.2% MoM, 2.7% YoY, matched expectations.

• Core CPI (ex-food/energy) up 0.3% MoM, 3.1% YoY.

• Energy prices fell, gas down 2.2%.

• Medical and transport costs each rose 0.8% in July.

• Fed rate cut hopes now look shakier.

✔️Straight to the Point:
Rate cuts might still happen but sticky core inflation means the Fed could ease with caution and markets may overreact.