The self-described university dropout came to the attention of Kalshi's executives due to his social media activity. Prediction market platform Kalshi has hired digital assets influencer John Wang as its head of crypto in a move the CEO called “betting on slope.” In a Monday notice, Kalshi CEO Tarek Mansour said the company had hired the 23-year-old New York-based influencer, who dropped out of the University of Pennsylvania “to pursue crypto” in 2024. According to his LinkedIn, Wang worked as a fellow at Paradigm and an intern at Immutable before co-founding blockchain security company Armor Labs in 2022. “Slope is about high quality thinking, dreaming big, and working mercilessly hard,” said Mansour. “The more time I spent with John, the deeper my conviction grew. I can’t wait for us to tackle the roadmap we are putting together.” Read more
Bitcoin’s Jackson Hole gains evaporated after an assortment of BTC holder cohorts began to distribute. Is $105,000 the next stop? Key takeaways: Bitcoin’s sharp rebound after Jackson Hole fizzled into a bearish weekly engulfing candle. Onchain data shows $105,000 as the key support as mid-size wallets sell. Read more
ETHZilla’s $250 million buyback highlights how companies are tapping crypto gains for liquidity — but analysts warn that leverage risks could turn treasuries into ticking time bombs. Ether treasury company ETHZilla, which recently pivoted from its biotechnology roots to cryptocurrency, has approved a $250 million share repurchase program — signaling that some firms may increasingly tap digital-asset gains as a source of liquidity. ETHZilla’s board of directors authorized the buyback of up to $250 million worth of its outstanding common shares, the company disclosed Monday. The company currently has 165.4 million shares outstanding. The move comes less than a month after the firm rebranded from 180 Life Sciences and made Ether (ETH) its core strategy — a pivot that helped revive its beaten-down stock. Read more
Citi’s Ronit Ghose warned that paying interest on stablecoin holdings could trigger bank outflows akin to the 1980s, driving up funding costs and credit prices. Paying interest on stablecoin deposits could spark a wave of bank outflows similar to the money market fund boom of the 1980s, Citi’s Future of Finance head Ronit Ghose warned in a report published Monday. According to the Financial Times, Ghose compared the potential outflows caused by paying interest on stablecoins to the rise of money market funds in the late 1970s and early 1980s. Those funds ballooned from about $4 billion in 1975 to $235 billion in 1982, outpacing banks whose deposit rates were tightly regulated, Federal Reserve data showed. Withdrawals from bank accounts exceeded new deposits by $32 billion between 1981 and 1982. Read more