Manifund, a charity founded by Austin Chen that focuses on AI and effective altruism causes, has created quite the stir by admitting to hiring disgraced CEO of Alameda Research, Caroline Ellison.

While the controversy is fascinating, the history behind it is detailed, lengthy, and bizarre.

In March of 2022 Chen’s organization, then called Manifold Markets, applied for $500,000 in funding from the FTX Future Fund, the philanthropic arm of FTX, to setup Manifold For Charity (now known as Manifund).

Most notably, two important EA figures helped run the Future Fund, and therefore helped approve Chen’s grant application: William MacAskill and Leopold Aschenbrenner.

Six months later, FTX and Alameda Research were declaring bankruptcy and its CEOs, Sam Bankman-Fried and Caroline Ellison, were being ushered to jail.

Read more: FTX’s Caroline Ellison and Gary Wang hit with five-year trading ban

Time marches on

Ultimately, Gary Wang and Nishad Singh, executives associated with FTX and Alameda, received no prison sentence, SBF was sentenced to 25 years, and Ellison to two years.

Ellison was released in January 2026.

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In the time the Alameda Research CEO spent behind bars, effective altruism, despite being heavily criticized, has chugged on. Manifund has too.

During this period Manifund has managed to fund nearly 500 projects and handed out grants totaling almost $20 million, according to its own data.

But what is hasn’t done is also very important.

FTX sues Manifund

Despite being able to fund hundreds of projects and hand out millions of dollars, a pain point for Manifund appears to be the $500,000 grant it received from the FTX Future Fund in 2022.

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In 2024, FTX brought suit against Manifold Markets, demanding the return of $508,000. In July of 2025, it added Manifold For Charity (now known as Manifund) to the amended complaint.

The amended complaint now demands the return of “no less than $1,508,000.”

The suit has moved forward but no solution has been agreed yet. Needless to say, the optics of being an effective altruist charity while withholding funds from creditors isn’t great, but it could look worse.

Namely if you hire a friend you’re indebted to.

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There’s nothing wrong with hiring a criminal, especially if you believe them to be reformed — a point Chen makes in his post on EA forums. However, far more important is Chen’s history and ongoing problems with FTX.

The fact that he’s willing to bring Ellison into his company, despite her past with Alameda Research, his own connection to the FTX Future Fund, and a $1,508,000 lawsuit, calls into question his own abilities to abide by effective altruistic intentions.

The EA forums are wondering aloud: is this maximizing positive impact?

Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.

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Bitcoin slid to its lowest level so far in September during Tuesday’s Wall Street open, with pressure coming from a sharp jump in global bond yields and a market that remains focused on US legislative risk. At the same time, oil prices stayed elevated, adding to concerns that inflation could remain stubborn and keep central banks on a tighter path.

According to TradingView data cited by Cointelegraph, BTC/USD dipped under $76,000, wiping out the prior day’s move toward $79,600. The slide unfolded as traders looked ahead to a key procedural vote on the proposed CLARITY Act in the US Senate at 2:15pm Eastern time—an event that could shape expectations for how crypto regulation is ultimately carved up between the SEC and CFTC.

Key takeaways

• Bitcoin fell to $75,560, its lowest level in September at the Wall Street open, as BTC/USD slipped below $76,000.
• Global bond yields reached multi-year highs, with the US 10-year yield pushing above 5% for the first time since November 2023.
• Oil prices around $100+ remained a factor behind “higher-for-longer” inflation fears, weighing on risk assets including crypto.
• Market participants expect central banks to keep interest rates higher, a traditional headwind for speculative assets like bitcoin.
• The CLARITY Act procedural vote is seen as only one hurdle; even passage would not automatically guarantee final law.

CLARITY Act vote keeps traders on the defensive

Even with crypto already reflecting a complicated regulatory backdrop, Tuesday’s scheduled procedural vote kept traders from taking aggressive risk. The legislation is designed to advance to a Senate-floor debate if it secures the necessary 60 votes, turning a procedural milestone into a focal point for sentiment.

Earlier coverage from Cointelegraph highlighted that consensus expectations for success were low despite some pockets of optimism. Cointelegraph also pointed to Polymarket odds indicating only about 14% probability that the CLARITY Act becomes law in 2026 as of Tuesday.

Trading firm QCP Capital argued that the Tuesday procedural step—if it clears—would likely be only part of the story. In an analysis published Monday, QCP Capital noted that passage would “clarify the respective regulatory roles of the SEC and CFTC,” a change that could strengthen the medium-term case for institutional participation by reducing uncertainty. However, QCP stressed that procedural progress does not equal final adoption, and the timing of subsequent legislative stages would be what ultimately determines any immediate market impact.

Bond selloff spreads as yields hit fresh highs

While legislative headlines can sway sentiment quickly, Tuesday’s dominant macro driver appeared to be the surge in bond yields across major economies. Cointelegraph reported that US stocks turned lower as yields climbed back toward levels last seen during earlier cycles of monetary tightening.

According to the article, the US 10-year yield rose above 5% for the first time since November 2023, reaching 5.041%—a level last seen in June 2007. Reuters also reported that the average 10-year yield for the world’s seven largest economies hit 4.285%, the highest since mid-2008 around the Global Financial Crisis.

Beyond the US, other government bond benchmarks moved sharply as well. Cointelegraph cited that the UK 30-year yield reached 5.95% for the first time since March 1998, while Japan’s 10-year yield climbed to 3.04%, its highest in roughly three decades.

Why yields and oil matter more for crypto than headlines suggest

For crypto markets, higher yields are not just a “risk-off” signal—they directly affect the broader financial conditions under which non-yielding assets are priced. As bond yields rise, investors often demand greater returns elsewhere, which can reduce the attractiveness of speculative exposures like bitcoin, especially when traders expect central banks to remain restrictive.

Cointelegraph attributed the continued rise in yields to inflation risk fueled by elevated oil prices and heightened geopolitical concerns. WTI crude neared $105 per barrel on Tuesday, according to the report, tracking toward its highest levels since early May. The article also framed the situation around the risk of supply disruptions linked to a widening Middle East conflict, reinforcing the idea that energy-linked inflation pressures could persist.

Those dynamics feed directly into expectations for policy. The Kobeissi Letter argued that monetary policy is shifting and that rate hikes are “returning,” adding that intervention may become necessary as yields move to “unsustainable” levels. Cointelegraph also noted market expectations that the US Federal Reserve would raise its benchmark rate by 0.25% on Wednesday and that the Bank of Japan was expected to follow suit at its Friday meeting.

What to watch after Tuesday’s close

Bitcoin’s reaction to Tuesday’s macro backdrop suggests traders may be treating this week as a test of how sensitive crypto remains to higher-for-longer rate expectations. The next question is whether the CLARITY Act procedural vote changes the regulatory conversation enough to counterbalance the tightening signal from yields—or whether macro conditions continue to dominate near-term price action.

Kamino , one of Solana’s largest lending protocols with $1.4 billion of assets, is setting up shop in New York as it looks to bring its onchain credit business closer to Wall Street and expanding to tokenized assets.

On Tuesday, the company named Yieldstreet co-founder Michael Weisz as CEO to lead that push. Kamino said it is looking at roughly 20,000 square feet of office space in New York and plans to hire a chief financial officer and head of legal.

Weisz co-founded alternative investment platform Yieldstreet, now Willow Wealth, which deployed more than $6 billion alongside firms including Goldman Sachs, Carlyle, KKR and Ares.

“Being in New York puts Kamino at the intersection of the asset managers, distribution platforms and institutional capital that will define the next phase of on-chain finance,” Weisz said.

Tokenization — the process of putting traditional assets such as stocks, bonds and funds on blockchain rails — has become one of Wall Street’s biggest bets on crypto technology. Citi projected the market of tokenized securities could reach $5.5 trillion by 2030 as banks and asset managers explore faster settlement, round-the-clock markets and new ways to use assets as collateral.

Lending against tokenized assets

Kamino lets users lend crypto assets or borrow against them. It is extending that model to tokenized real-world assets, providing markets where investors can finance or use those assets as collateral after they move onchain.

Binance has rolled out a new wealth-management product called Binance Earn, designed to give users access to 11 US-listed exchange-traded funds (ETFs) focused on short-term US Treasurys and investment-grade bonds. The service packages these ETFs into different categories tied to investment horizons, aiming to let customers allocate capital through the same platform they use for crypto.

The announcement positions Binance Earn as a bridge between crypto-native account experiences and traditional market plumbing, with trades executed and custody handled through brokerage infrastructure rather than tokenized securities.

Key takeaways

• Binance Earn offers access to 11 US-listed ETFs centered on short-term Treasurys and investment-grade bonds.
• The product is organized into cash management, steady income, and yield enhancement options by investment horizon (from under six months to over a year).
• Users buy actual ETF shares (not tokenized stocks), with orders placed through Binance and processed via a brokerage/market routing setup.
• Binance said customers receive the economic benefits of ETF ownership, including price movement and cash distributions.

How Binance Earn works

According to Binance, users can browse the ETFs available on the platform and place orders through Binance Earn. Purchases are routed through the exchange’s securities trading workflow, rather than using a tokenized wrapper for the underlying assets.

Binance also clarified the ownership model: investors are intended to receive the economic benefits of the ETF shares, including exposure to price movements and cash distributions.

Unlike tokenized stock products—where tokens represent claims on underlying securities—Binance Earn is structured around direct ETF share purchases. The interface is provided by Binance, while the operational chain for trading and holding the securities is handled through traditional brokerage channels.

Brokerage routing: Nest Trading and Alpaca Securities

Binance stated that the service relies on a partner execution and custody arrangement. In the setup described, Nest Trading routes orders to Alpaca Securities, which then executes the trades and holds the securities.

This matters for investors because it highlights where the regulatory and operational responsibilities sit in the stack: Binance provides the user access layer, but the actual securities trading and holding are linked to a conventional brokerage infrastructure. For users, that typically means the product behaves like a regular brokerage ETF purchase rather than a crypto-native derivative or tokenized security.

Expanding Binance’s TradFi footprint

Binance Earn appears to be the next step in the exchange’s broader push into traditional finance. The exchange has been expanding its non-crypto offerings under its TradFi business, including securities-related products that use the same overall customer platform.

Earlier in September, Binance added physically settled options on more than 1,000 US stocks and ETFs, according to earlier coverage on Cointelegraph about Binance’s TradFi expansion. That move followed the exchange’s existing equities lineup of more than 7,000 US stocks and ETFs.

By adding ETF access explicitly focused on fixed-income exposure—short-term Treasurys and investment-grade bonds—Binance is also widening the range of portfolio building tools available to customers, not just equities and trading products. For many users, that shift changes how Binance can fit into longer-running allocation strategies, not solely trading activity.

What investors should watch: horizon fit and real-share exposure

Binance Earn’s structure groups its ETF menu around timeframes, with options spanning from less than six months to more than a year. For retail investors, horizon-based grouping is a practical framing—particularly for fixed-income-oriented allocations where duration and risk assumptions can vary meaningfully across funds.

At the same time, the product’s “real share” model is a key point of difference versus tokenized alternatives. Binance’s approach centers on buying actual ETF shares through Binance’s securities experience, with trading and custody tied to a brokerage route. That distinction may influence how users think about settlement behavior, corporate actions handling, and operational familiarity compared with crypto tokens.

One additional angle is market expectations around ETF accessibility. A PwC survey referenced in the original announcement notes that more than 80% of respondents believe tokenization could improve global reach and 24/7 accessibility in the ETF market over the next three years. While Binance Earn, as described, is not positioned as tokenized ETF exposure, the broader trend—bringing ETF investing into faster, more accessible customer flows—still aligns with the direction implied by industry research.

Broader implications for the crypto-to-securities crossover

Products like Binance Earn illustrate how exchanges are attempting to unify two worlds: crypto accounts and traditional asset classes. Rather than focusing solely on tokenized representations, Binance’s model emphasizes a familiar investing workflow—selecting ETFs, placing orders, and receiving economic benefits—while keeping execution and custody inside established brokerage systems.

For users considering whether Binance should be used for fixed-income-adjacent exposure, the practical question is less about whether the interface feels crypto-native and more about the operational reality: what assets are purchased, how orders are executed, and where custody resides.

Readers should watch for how Binance Earn’s ETF lineup evolves, whether the product adds more fixed-income categories or extends into different risk profiles, and how users experience order routing and custody details over time—especially as Binance continues to expand its TradFi offerings.

Standard Chartered says layer-2 network Arbitrum could emerge as one of the digital asset industry’s top performers through 2030 as traditional financial firms move more assets onchain, giving the network a potentially lucrative revenue source beyond crypto-native activity.

In a note shared with Cointelegraph, Geoff Kendrick, Standard Chartered’s global head of digital assets research, said Arbitrum’s economics offer considerable upside because the network receives 10% of the net protocol revenue generated by companies building on it. Robinhood Chain, developed by the online brokerage, is the first major example.

According to Kendrick, Robinhood Chain has already materially changed Arbitrum’s economics. At its current run rate, Arbitrum is expected to generate $5 million in revenue in September, more than five times its level before Robinhood Chain launched in July.

Kendrick expects those economics to support a steady rise in Arbitrum’s native ARB token over the coming years, reaching as high as $10 by 2030. From current levels, that would represent a roughly 70-fold increase, far exceeding Standard Chartered’s projected returns for Bitcoin (BTC) and Ether (ETH) over the same period.

ARB was valued at around $0.14 on Tuesday, having gained 86% over the past month, according to Coingecko.

ARB 1-month performance. Source: Coingecko

Kendrick said the biggest risks to his ARB price projection include “a slower-than-expected pace of asset tokenization and more competition from alternate blockchains.”

Related: Arbitrum vote to release $71M in frozen Kelp exploit ETH set to pass

Arbitrum outlook hinges on tokenized assets

StanChart’s bullish thesis is heavily influenced by the growth of tokenized real-world assets, which have reached a cumulative value of nearly $39 billion, according to RWA.xyz data.

In the note, Kendrick reiterated Standard Chartered’s forecast that tokenized assets will reach $4 trillion by the end of 2028 as banks and asset managers bring more assets onchain. The bank sees Arbitrum as a potential beneficiary because it provides the infrastructure for companies to build their own layer-2 networks and receives a share of the revenue they generate.

Standard Chartered has also cited the growth of tokenization as part of its bullish outlook for Chainlink and the broader decentralized finance sector.

Related: Crypto Biz: AI took a back seat when Bitcoin started climbing

The White House countered the bankers’ concerns on Tuesday by posting economic data suggesting the worries are misguided.

Jaret Seiberg, a policy analyst at TD Cowen, set the odds for a failure in the opening vote at 60%. In that scenario, he said, “Democrats, including those who are crypto friendly, decide the GOP changes are insufficient. It also likely means several Republicans vote no over stablecoin yield or law enforcement concerns.”

Keeping the process going

Meanwhile, the crypto industry is asking that lawmakers at least keep the process alive with an opening yes vote that allows them to continue talking.

“A yes vote is critical and keeps the process moving,” the leading crypto lobbying groups said in a joint statement on Tuesday. “Doing so will ensure that senators have opportunities to debate and move this much-needed legislation to the Senate floor.”

If the vote goes forward as planned on Tuesday and fails, that’s likely the end of the Clarity Act saga in this congressional session. And the odds remain high that Democrats could retake the House of Representatives majority in the November elections, meaning any future crypto legislative efforts could be under the agenda-setting authorities of Democratic committee chairs.

In the absence of a viable crypto bill, Democrats are likely to double down on their crypto corruption accusations about President Donald Trump and his administration. And the industry’s political action committees will have to determine whether some of the industry’s Democratic friends should then become political opponents.

Binance has launched a wealth management service offering access to 11 US-listed exchange-traded funds focused on short-term US Treasurys and investment-grade bonds.

The new Binance Earn offering groups the ETFs into cash management, steady income and yield enhancement products based on investment horizons ranging from less than six months to more than a year.

Users can browse the available ETFs and place orders through Binance Earn, with purchases processed through the exchange’s stock trading service. Binance said investors receive the economic benefits of the shares, including price movements and cash distributions.

Unlike tokenized stocks, users purchase actual ETF shares through the service. Binance provides the interface, while Nest Trading routes the orders to Alpaca Securities, which executes the trades and holds the securities.

The arrangement allows Binance users to access traditional securities through the same platform they use for crypto, while the underlying assets remain within conventional brokerage infrastructure.

The wealth management service is the latest expansion of Binance’s TradFi business. Earlier this month, the exchange added physically settled options on more than 1,000 US stocks and ETFs, building on its existing equities offering of more than 7,000 stocks and ETFs.

More than 80% of respondents in a PwC survey last year believe tokenization will boost global reach and 24/7 accessibility within the ETF market over the next three years.

Source: PwC Global ETF Survey 2025

Magazine: HYPE price could suffer as Binance takes its revenue: Alice Liu

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Korea’s won is gaining a digital payment route as KRW1 enters Rain’s global payments network through Avalanche infrastructure. The arrangement links Korean currency with established card rails for international spending. The integration connects tokenized won with card payments across more than 175 million Visa merchant outlets worldwide. As a result, Korean businesses and users can spend won abroad without converting funds beforehand.

KRW1 Extends Won Payments Beyond Korea

Rain will add KRW1 to its payment network, linking the stablecoin with card-based spending in international markets. The system keeps transactions denominated in Korean won while Rain provides the payment layer for card use across international payment and service channels. Moreover, businesses can use KRW1 for expenses, travel, student payments, and contractor transactions outside South Korea.

BDACS launched KRW1 with Woori Bank, while Avalanche provides the blockchain infrastructure supporting the token. The stablecoin maintains a one-to-one peg with the won, with reserves backing circulating tokens. Additionally, its design creates a digital channel for moving won-denominated value across borders.

The Korean won represents a broad money supply approaching $3 trillion, highlighting the scale of the domestic currency. However, won-based digital payments have remained largely focused on South Korea’s local economy. KRW1 now creates another route for extending that currency into international commercial activity.

Avalanche Supports Government Digital Infrastructure

Avalanche is also gaining attention through government digital infrastructure projects, including a planned UAE PASS integration. The UAE Telecommunications and Digital Government Regulatory Authority plans to use Avalanche technology within its national digital identity system. Consequently, the project expands Avalanche’s role beyond financial applications and into public digital services.

The planned UAE PASS Digital Vault will let citizens, residents, and visitors request, access, and share verified government documents. The system will operate on a dedicated Avalanche Layer 1 instead of Avalanche’s public network. Moreover, the dedicated network gives the regulator control over permissions, privacy settings, and network rules.

The UAE project adds another institutional use case for Avalanche as governments develop controlled digital infrastructure. It also places blockchain technology within regulated public services and document management systems. Meanwhile, KRW1 demonstrates how Avalanche can support stablecoin payment systems linked with global card networks.

AVAX Price Remains Under Pressure

These developments broaden the blockchain’s use across payments, identity, and regulated digital services. Despite the new infrastructure developments, AVAX has continued to trade under pressure in the broader cryptocurrency market. The token declined 7% over seven days, while its latest daily decline stood at 0.35%.

At press time, AVAX traded at $7.42, keeping price performance separate from network adoption. The KRW1 integration adds payment utility to Avalanche, but it does not directly determine AVAX’s short-term market direction. Similarly, the UAE project strengthens infrastructure adoption while the token remains exposed to broader cryptocurrency market movements.

Therefore, network developments and token performance can move independently over shorter periods. KRW1’s integration with Rain gives won-denominated digital value a broader payment path through existing card infrastructure. At the same time, Avalanche continues expanding its role across financial and government technology projects.

Bitcoin (BTC) saw month-to-date lows at Tuesday’s Wall Street open as global bond yields spiked and crypto markets awaited a key US Senate vote on the CLARITY Act.

Key points:

• Bitcoin dropped to $75,560, its lowest level so far in September ahead of the US Senate’s procedural vote on the CLARITY Act.
• Global bond yields in major economies set new macro highs as $100 oil prices remained a point of contention.
• Analysis expects that central banks around the world will raise interest rates going forward, traditionally a headwind for crypto markets.

CLARITY Act vote keeps crypto markets nervous

Data from TradingView showed BTC/USD dipping under $76,000, erasing a trip to $79,600 from the day prior.

BTC/USD one-day chart. Source: Cointelegraph/TradingView

Crypto traders remained on edge ahead of the procedural vote on the CLARITY Act, due at 2:15pm Eastern time. The legislation will go forward to a Senate-floor debate should it gain the necessary 60 votes. 

As Cointelegraph reported earlier, consensus sees barely any chance of success, despite optimism from some sources, with Polymarket users giving CLARITY mere 14% odds of becoming law in 2026 as of Tuesday.

Implied odds for CLARITY act passing in 2026. Source: Polymarket

Commenting, trading company QCP Capital stressed that the act passing Tuesday’s procedural vote would have limited impact and form just one of several hurdles for proponents..

“The bill’s passage would clarify the respective regulatory roles of the SEC and CFTC, potentially strengthening the medium-term case for institutional adoption by reducing regulatory uncertainty,” it wrote in analysis on Monday.

“However, procedural progress does not guarantee final passage, and the timing of remaining legislative steps will determine the immediate market impact of any vote this week.”

Bond yields surge worldwide on oil-fueled inflation risk

US stocks, meanwhile, turned red on the day as bond yields around the world returned to their highest levels in decades. The US 10-year yield passed 5% for the first time since November 2023, going on to reach 5.041%, a level not seen since June 2007.

Related: Bitcoin short-term holders hit 30-day profit streak as bull-market odds improve: CryptoQuant

US 10-year bond yield one-month chart. Source: Cointelegraph/TradingView

Reuters further reported that the average 10-year yield for the world’s seven largest economies had reached 4.285%, its highest since mid-2008 around the height of the Global Financial Crisis.

UK and Japanese bonds also made headlines, as the UK 30-year yield reached 5.95% for the first time since March 1998, and the Japanese 10-year hit 3.04% — the highest in 30 years.

UK 30-year bond yield one-month chart. Source: Cointelegraph/TradingView

Responding, trading resource The Kobeissi Letter predicted that central banks would tighten policy as a result and enact interest-rate hikes. The US Federal Reserve is widely expected to hike its benchmark rate by 0.25% on Wednesday, while the Bank of Japan is expected to do the same at its Friday meeting.

“It’s clear what’s coming next. Monetary policy is shifting, rate hikes are returning, and the next battle against inflation has started. Just as we saw Treasury intervention in the US, the UK will likely soon intervene. Yields are simply unsustainable at current levels,” Kobeissi wrote in a post on X. 

Bond yields continued to rise due to the threat of a fresh global inflation wave on the back of high oil prices, with several key transit routes at risk from a widening Middle East conflict. WTI crude oil neared $105 per barrel on Tuesday, headed for its highest levels since early May.

CFDs on WTI crude oil one-day chart. Source: Cointelegraph/TradingView