Chinese crypto figure Ma Ji sold 34 Bored Ape Yacht Club (BAYC) NFTs recently to cover his positions, netting 326 ETH from the sale and incurring a loss of 399 ETH.

As AI infrastructure development pushes tech firms to take on large amounts of debt, investors are increasing allocations to credit default swaps (CDS) to hedge against related debt risks. Morgan Stanley data shows that AI-related companies have issued roughly $466 billion in debt this year, 4.6 times the $101 billion recorded in the same period last year. In September, CDS linked to bonds from Oracle, SpaceX, Alphabet, Amazon, Meta, Broadcom, and Nvidia saw average weekly trading volumes exceed $9 billion, up from less than $2 billion in July. Credit protection costs for tech giants continue to climb: Meta’s five-year CDS spread rose to 108 basis points, Nvidia’s to 101 basis points, both hitting all-time highs; Alphabet and Amazon’s related metrics also reached record levels. Oracle’s five-year CDS spread climbed to 322 basis points, while SpaceX’s stood at 226 basis points. AI cloud service provider CoreWeave faces even steeper pressure, with its five-year CDS spread surging to around 1090 basis points, and some of its bonds falling into the distressed debt range. Analysts point out that the AI industry has high financing leverage and tight financial and operational links between firms. The market is reassessing whether massive capital expenditures can translate into sufficient cash flow and profits. CDS and free cash flow have become key metrics for measuring AI investment risks, and related credit risks are spreading from individual companies to the entire AI industry chain.

Crypto advocacy group Stand With Crypto reported that between May and August 2026, a 90-day period, 9,803 users filed 10,092 complaints via its online tool against UK banks’ restrictions on cryptocurrency transfers. Lloyds Banking Group topped the list with 2,297 complaints, followed by Barclays (1,569) and NatWest Group (1,278). The report noted that Barclays and HSBC UK cap crypto-related transfers at ￡2,500 per transaction and ￡10,000 over 30 days, while six banks including Starling Bank, TSB, and Chase UK have been categorized as fully banning crypto transfers. Though Lloyds Banking Group and Revolut did not disclose relevant restriction policies, they still received user complaints. Revolut’s official help page stated that some crypto trading platforms do not support transfers, with a spokesperson adding this is likely a technical issue rather than an explicit policy limit. As the UK plans to implement a new crypto asset regulatory regime in October 2027, industry stakeholders warn that bank service restrictions could undermine the UK’s competitiveness as a global crypto hub. Nick Jones, founder and CEO of Zumo, said that even if crypto firms obtain authorization from the UK’s Financial Conduct Authority (FCA), they may still face business development barriers if they cannot open UK commercial bank accounts.

Insight Beating AI Express: AI meeting recording firm Otter.ai has secured a $320 million growth funding round from General Catalyst’s Customer Value Fund. Unlike traditional equity financing, the fund provides capital for sales and customer acquisition, with principal and agreed returns recovered from revenue generated by new related clients. This structure does not dilute existing shareholders’ equity, and capital recovery is tied to customer acquisition performance. Otter.ai plans to expand its sales and marketing budget two to threefold, aiming to at least double its enterprise business revenue by 2027. The company crossed $100 million in annual recurring revenue (ARR) back in March 2025, but did not disclose its latest revenue figures in this announcement. Otter.ai claims it has over 40 million cumulative users, with 86% of Fortune 500 companies having at least one employee using its product. However, most of these users are organic adopters rather than paid enterprise customers, and the company hopes to convert them into formal enterprise clients. On the product front, Otter.ai has launched real-time AI assistance during meetings, and is testing pre-meeting automated briefings, while also leveraging historical meeting data to enhance real-time Q&A capabilities. The enterprise market faces a privacy hurdle: Reddit threads have seen corporate IT administrators discussing how to block recording bots like Otter.ai that automatically join meetings. Otter.ai has also faced class-action lawsuits over alleged unauthorized recording of all meeting participants. In August this year, a U.S. court allowed multiple privacy claims to proceed, but has not yet ruled the company liable for wrongdoing.

On-chain investigator ZachXBT published a report stating that a centralized money laundering service called FreedomXMR (FXMR) emerged on Hyperliquid Core in August 2026, with over 87% of its inflow volume directly linked to illegal activities. ZachXBT manually reviewed FXMR’s historical inflow transactions exceeding $10,000 each, tracing more than $20 million in funds directly to ransomware, exploit attacks, malware, and social engineering incidents. These include attacks targeting DCENT Wallet, Fetch.ai, and Axelar in September 2026, unnamed ransomware payments, and the Gamdom attack in October 2026. ZachXBT also noted that FXMR operators source Monero (XMR) liquidity via KuCoin, with associated addresses making over 3,000 cumulative deposits to the exchange, and its operating model may mirror that of Wagyu’s mixing service. The FXMR token contract was acquired via a Hyperliquid auction on July 27, 2026, for 518.28 HYPE tokens, valued at roughly $28,000 at the time. ZachXBT added that Hyperliquid Core has previously hosted other centralized money laundering services like b1exch, which leverage the blockchain’s permissionless mechanisms to operate, and confirmed he has shared a spreadsheet containing relevant data with the Hyperliquid team. The fund tracing and illegal association ratios referenced are conclusions from ZachXBT’s investigation.

Xie Jiayin, Head of Bitget’s Greater China region, published a statement disclosing that hackers breached and accessed data from TiDB Cloud, a cloud database product under PingCAP. Bitget and Baidu were among companies that had partnerships with the data service provider. Bitget previously only stored partial public transaction log data on TiDB Cloud, and ceased using the service over two months ago. The incident did not involve user data, nor did any sensitive information such as passwords leak, so users need not worry. He also clarified that the so-called public transaction data refers to information accessible to all users on the transaction channel.

US ADP employment change for the week ending October 3 came in at 18,500, versus the prior reading of 24,750. (Jinshi)