Email: Kalshi accused of Faking Perps Volume 🔊, Coinbase opens IPO allocations 📢, Avici Card 💳

Subject:
Kalshi accused of Faking Perps Volume 🔊, Coinbase opens IPO allocations 📢, Avici Card 💳
Received:
9/22/2026, 12:06:43 PM
From:
"TLDR Crypto" <dan@tldrnewsletter.com>
To:
silk.theater.56@fwdnl.com
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&lt;div style="display: none; max-height: 0px; overflow: hidden;"&gt;A crypto researcher published a two-part thread alleging Kalshi is fabricating PERP trading volume, with the core evidence showing a single&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;&lt;/div&gt;
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&lt;h1&gt;&lt;strong&gt;TLDR Crypto &lt;span id="date"&gt;2026-09-22&lt;/span&gt;&lt;/strong&gt;&lt;/h1&gt;
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                                    &lt;span&gt;
                                        &lt;strong&gt;Kalshi Accused of Faking Crypto Perps Volume (3 minute read)&lt;/strong&gt;
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&lt;span style="font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, Verdana, sans-serif;"&gt;
                                    A crypto researcher published a two-part thread alleging Kalshi is fabricating PERP trading volume, with the core evidence showing a single $5,500 ETH trade size accounted for 48-58% of all ETH PERP volume on four separate days. An anonymous source in the thread claims Kalshi runs volume incentive arrangements with market makers, creating a direct financial reward for artificial trading activity. The researcher downloaded and encrypted the underlying exchange data to three separate cloud backups ahead of potential deletion.
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                                        &lt;strong&gt;Polymarket faced $10 million fraud attempt as its CEO pushed growth over compliance concerns (2 minute read)&lt;/strong&gt;
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                                &lt;a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fcointelegraph.com%2Fmarkets%2Fhype-ath-above-90-hyperliquid-manual-borrowing-lending%3Futm_source=tldrcrypto/1/010001a0c902dd83-3b304966-7e4a-46ff-8d64-75ccbfcb1401-000000/2mMbmvlHyooPGV8bSbJCRlCUEF4lsKUoFFgVzDP2Gb0=452"&gt;
                                    &lt;span&gt;
                                        &lt;strong&gt;HYPE Hits Record Above $90 as Hyperliquid Launches Manual Borrowing (3 minute read)&lt;/strong&gt;
                                    &lt;/span&gt;
&lt;/a&gt;
&lt;br&gt;
&lt;br&gt;
&lt;span style="font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, Verdana, sans-serif;"&gt;
                                    HYPE reached an all-time high of $90.92 on Friday after Hyperliquid launched manual borrowing, letting users post HYPE and Bitcoin as collateral to borrow USDC and USDT. Co-founder Jeff Yan said each borrowed asset originates from a supplier rather than platform-level margin accounting, with the feature running on the same HyperCore infrastructure as Hyperliquid's existing portfolio margin system. The protocol reported $269 million in total borrowed assets across its infrastructure as of Friday. The release came two days after Payward, Kraken's parent company, announced plans to deploy onchain perpetual futures for US clients starting with Hyperliquid's HIP-3 markets.
                                &lt;/span&gt;
&lt;/span&gt;
&lt;/div&gt;
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                                &lt;a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Flinks.tldrnewsletter.com%2Fjf8zlE/1/010001a0c902dd83-3b304966-7e4a-46ff-8d64-75ccbfcb1401-000000/Dalo19vdwm7lB95MDrSyzswBopF1xnNe3YvW92DWI0g=452"&gt;
                                    &lt;span&gt;
                                        &lt;strong&gt;SEC's tokenized stock exemption is narrower than the market thinks (5 minute read)&lt;/strong&gt;
                                    &lt;/span&gt;
&lt;/a&gt;
&lt;br&gt;
&lt;br&gt;
&lt;span style="font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, Verdana, sans-serif;"&gt;
                                    The market is overreading the SEC's Innovation Exemption, which only covers two models: issuer-native tokenization, where a transfer agent records actual shares onchain, and third-party custodial tokenization, where a token carries the same rights as the underlying stock, including dividends and voting. Synthetic trackers, derivatives, and equity perps like HYPE or LIT don't qualify, and while Ondo's custodial tokenization approach has a legitimate connection, Backpack's rallying BP token is a redeemable "tokenized claim" on an SPV rather than an Article 8 security entitlement with full shareholder rights, so it doesn't yet fit the exemption. Infrastructure more directly aligned with the framework includes Superstate, Securitize, Figure, DTCC, DinariGlobal, and Ondo.
                                &lt;/span&gt;
&lt;/span&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;/tr&gt;&lt;/tbody&gt;&lt;/table&gt;

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&lt;div class="text-block"&gt;
&lt;div style="text-align: center;"&gt;&lt;span style="font-size: 36px;"&gt;🦄&lt;/span&gt;&lt;/div&gt;&lt;/div&gt;
&lt;/td&gt;&lt;/tr&gt;&lt;/tbody&gt;&lt;/table&gt;

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&lt;div class="text-block"&gt;
&lt;div style="text-align: center;"&gt;&lt;strong&gt;&lt;h1&gt;Miscellaneous&lt;/h1&gt;&lt;/strong&gt;&lt;/div&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;/tr&gt;&lt;/tbody&gt;&lt;/table&gt;

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&lt;table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td class="container" style="padding: 15px 15px;"&gt;
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&lt;span&gt;
                                &lt;a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fthreadreaderapp.com%2Fthread%2F2101412603549692242.html%3Futm_source=tldrcrypto/1/010001a0c902dd83-3b304966-7e4a-46ff-8d64-75ccbfcb1401-000000/0Wu4wMsiT3KN_WID_-quIt7i6EXXs9yDVlgnb_tgkE8=452"&gt;
                                    &lt;span&gt;
                                        &lt;strong&gt;Vitalik Defends Effective Altruism, Cites "Galaxy Brain" Failure Mode (3 minute read)&lt;/strong&gt;
                                    &lt;/span&gt;
&lt;/a&gt;
&lt;br&gt;
&lt;br&gt;
&lt;span style="font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, Verdana, sans-serif;"&gt;
                                    Vitalik Buterin published a defense of intellectual honesty over strategic rebranding, asserting that effective altruism remains a core part of his value system while criticizing those who hold EA beliefs but distance themselves from the label for reputational reasons. His accompanying essay introduces "galaxy brain resistance" as an epistemic standard: reasoning frameworks that can justify any conclusion provide no explanatory power, a parallel to scientific falsifiability. The piece identifies this style of unconstrained consequentialist logic as a root cause of EA's most publicized failures, where arguments stretched to justify outcomes widely judged as harmful. Buterin separates EA's foundational commitments (care for others, cosmopolitanism, and rigorous resource allocation) from the unbounded reasoning patterns he argues corrupted its application.
                                &lt;/span&gt;
&lt;/span&gt;
&lt;/div&gt;
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&lt;span&gt;
                                &lt;a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Flinks.tldrnewsletter.com%2FPuWZWG/1/010001a0c902dd83-3b304966-7e4a-46ff-8d64-75ccbfcb1401-000000/AbwjkoHXxjbbWbh5u7b7vCoB_JZLxGbYSmdW_NdvcZ0=452"&gt;
                                    &lt;span&gt;
                                        &lt;strong&gt;Before Bitcoin, There Was GP: RuneScape's Gold Piece Gets Tokenized (8 minute read)&lt;/strong&gt;
                                    &lt;/span&gt;
&lt;/a&gt;
&lt;br&gt;
&lt;br&gt;
&lt;span style="font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, Verdana, sans-serif;"&gt;
                                    $GP, a Solana memecoin launched September 8 on StonkFun and paired against GLDx (Backed's tokenized SPDR Gold ETF), positions Old School RuneScape's in-game currency as the original digital money predating Bitcoin. The 1 billion fixed-supply token distributes a 3% transfer tax to holders in GLDx rather than native SOL, with zero team allocation and burned LP. In its first eight days, 73,414 payouts sent $169,000 in tokenized gold to 2,085 wallets while the market cap swung from a $6K launch to a $4.86M peak and settled around $4.15M.
                                &lt;/span&gt;
&lt;/span&gt;
&lt;/div&gt;
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&lt;div style="text-align: center;"&gt;&lt;span style="font-size: 36px;"&gt;⚡&lt;/span&gt;&lt;/div&gt;&lt;/div&gt;
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&lt;div style="text-align: center;"&gt;

&lt;h1&gt;&lt;strong&gt;Quick Links&lt;/strong&gt;&lt;/h1&gt;
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&lt;span&gt;
                                &lt;a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fthedefiant.io%2Fnews%2Fsecurity%2Ffake-ai-bot-tutorials-tricked-224-victims-into-deploying-their-own-drainers%3Futm_source=tldrcrypto/1/010001a0c902dd83-3b304966-7e4a-46ff-8d64-75ccbfcb1401-000000/WDLA_Jr2W8fJHi_PSRkFxtqnhMu4hfSqtgm6p_bsCgc=452"&gt;
                                    &lt;span&gt;
                                        &lt;strong&gt;Fake AI Bot Tutorials Tricked Victims Into Deploying Their Own Drainers (3 minute read)&lt;/strong&gt;
                                    &lt;/span&gt;
&lt;/a&gt;
&lt;br&gt;
&lt;br&gt;
&lt;span style="font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, Verdana, sans-serif;"&gt;
                                    Between February and August, a social engineering campaign using fraudulent AI bot tutorials tricked 224 victims into deploying wallet-draining contracts themselves.
                                &lt;/span&gt;
&lt;/span&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;/tr&gt;&lt;/tbody&gt;&lt;/table&gt;

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&lt;span&gt;
                                &lt;a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fthreadreaderapp.com%2Fthread%2F2101781562278695358.html%3Futm_source=tldrcrypto/1/010001a0c902dd83-3b304966-7e4a-46ff-8d64-75ccbfcb1401-000000/urhBv2CmlpTl7QzhY0UbgAAiHcdR4VcNX3HC69TgeT4=452"&gt;
                                    &lt;span&gt;
                                        &lt;strong&gt;Avici card review: cheap on-ramping, no standout perks (2 minute read)&lt;/strong&gt;
                                    &lt;/span&gt;
&lt;/a&gt;
&lt;br&gt;
&lt;br&gt;
&lt;span style="font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, Verdana, sans-serif;"&gt;
                                    Tristyn Pawson rated Avici 6.0/10 after moving $374.45 from Wise to USDC for just $1 in fees, calling it the cheapest on-ramp he's used, but noted no cashback, a 1% FX fee despite claims of "no interchange fee," and paid-entry-only lounge access.
                                &lt;/span&gt;
&lt;/span&gt;
&lt;/div&gt;
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&lt;span&gt;
                                &lt;a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fthreadreaderapp.com%2Fthread%2F2101891461931536746.html%3Futm_source=tldrcrypto/1/010001a0c902dd83-3b304966-7e4a-46ff-8d64-75ccbfcb1401-000000/MA0xlkag9-6RCLzQvQ5d20Eb4ztnAy7MadeSGRnFG1g=452"&gt;
                                    &lt;span&gt;
                                        &lt;strong&gt;Apple and Google hire for stablecoin-related roles (2 minute read)&lt;/strong&gt;
                                    &lt;/span&gt;
&lt;/a&gt;
&lt;br&gt;
&lt;br&gt;
&lt;span style="font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, Verdana, sans-serif;"&gt;
                                    Neither company has disclosed plans to issue its own stablecoin or launch a specific service.
                                &lt;/span&gt;
&lt;/span&gt;
&lt;/div&gt;
&lt;/td&gt;&lt;/tr&gt;&lt;/tbody&gt;&lt;/table&gt;

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&lt;span&gt;
                                &lt;a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Flinks.tldrnewsletter.com%2FeqGeLM/1/010001a0c902dd83-3b304966-7e4a-46ff-8d64-75ccbfcb1401-000000/ZVa5WoGCQ0C4GSeshqBfm5cI-lj91_w5mxyaUE7_1t0=452"&gt;
                                    &lt;span&gt;
                                        &lt;strong&gt;X sues UK duo over alleged $277K crypto account payout fraud (3 minute read)&lt;/strong&gt;
                                    &lt;/span&gt;
&lt;/a&gt;
&lt;br&gt;
&lt;br&gt;
&lt;span style="font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, Verdana, sans-serif;"&gt;
                                    X filed a London lawsuit against UK residents Vivek Kumar Sen and Zamyang Sherpa, alleging they ran nine crypto-focused accounts in concert to fake engagement and inflate payouts from its Creator Revenue Sharing program, including posts appearing just 11 seconds apart.
                                &lt;/span&gt;
&lt;/span&gt;
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