Abstract Chain has been plagued by frequent controversies: the founder’s account has scrubbed its related identifiers, and core developers have been inactive for several months and started transferring funds.

California Governor Gavin Newsom has signed Executive Order N-10-26, requiring state agencies to continue using the terms "Artificial Intelligence" and "AI" regardless of any potential shift by the federal government to adopting "super intelligence". Earlier, on September 27, Newsom enacted a series of bills, including: banning California public officials from issuing meme coins, and barring trading platforms from listing meme coins featuring public officials’ images; cracking down on cryptocurrency fraud and money laundering, and establishing a victim compensation mechanism; and clarifying procedures for seizing crypto assets from transnational criminal networks. In his signing statement, Newsom specifically criticized former President Trump’s personal meme coin TRUMP, issued in 2025, noting that nearly 1 million buyers have suffered total losses exceeding $3 billion, while Trump himself profited around $636 million.

According to crypto lawyer Ariel Givner, a judge at the U.S. District Court for the Eastern District of New York has dismissed a class-action lawsuit targeting Magic Eden’s operating entity Euclid Labs and its co-founder Zhuoxun Yin. The plaintiffs alleged that the platform, after promoting that the ME token would have features like cross-chain functionality and buybacks, transformed into a gambling platform, leading to the token’s price plummeting by over 98%. However, the judge ruled that the wallet terms signed by users explicitly include valid class-action waiver clauses, which left the federal court without subject-matter jurisdiction under the Class Action Fairness Act (CAFA). The court also held that it lacked personal jurisdiction over the co-founder. This ruling applies only to the pleading stage; other defendants, including CEO Jack Lu, remain on the lawsuit’s defendant list.

Bitget’s PoolX has launched a new lockup campaign, allowing users to lock XAUT, SOL, or XRP to compete for a share of a 100,000 BGB airdrop. The lockup period runs from 14:00 UTC+8 on October 2 to 14:00 UTC+8 on October 9. The XAUT lockup pool offers a total airdrop of 45,000 BGB, with an individual lockup cap of 300 XAUT; the SOL pool has a total airdrop of 35,000 BGB and an individual lockup limit of 10,000 SOL; the XRP pool provides a total airdrop of 20,000 BGB, with an individual lockup cap of 400,000 XRP. Notably, this round’s XAUT lockup pool features a long-term holding bonus mechanism: the system will add an extra bonus to users’ lockup amounts based on their minimum XAUT holdings over the past 15 days. For more details, refer to Bitget’s official platform.

Beating AI News: Perplexity has open-sourced a new context embedding model, pplx-embed-v2-context-9b-preview, built primarily for Retrieval-Augmented Generation (RAG). Traditional embedding models typically split long documents into small chunks and process each individually, but this new model encodes all chunks together, allowing each chunk’s vector to reference the full document context. The model is now available on Hugging Face under the MIT license. For example, a sentence stating “It grew by 20%” is ambiguous on its own, as the subject of “it” is unclear; the new model can interpret this sentence by integrating context from other sections of the document. During training, it is specifically designed to retrieve both answers and supporting paragraphs, enabling downstream AI systems to receive not just answers, but also the evidence needed to verify them. In a blind test conducted on turbopuffer’s context-bench, the new model achieved an Answer@10 score of 45.5%, 14.4 percentage points higher than Voyage Context 4. Its Evidence Recall@10 reached 40.6%, a 5 percentage point lead. The test includes 38,894 long documents and 2,099 queries, with undisclosed questions to reduce the risk of test set contamination by training data. The model remains in preview. Perplexity warns that future weights, APIs, and generated embeddings may change, so vectors produced now may not be directly compatible with future versions.

U.S. stock market opens: Dow Jones rises 0.14%, S&P 500 gains 0.22%, Nasdaq climbs 0.46%. According to BIT (bit.com) market data, among star stocks, Accenture jumps 17.8% as its fourth-quarter fiscal results and next-year fiscal outlook boosted shares. Alphabet Class A rises 2.4% following the launch of its Gemini 4 flagship AI model. Micron Technology falls 1.8% as its quarterly fiscal results and next-quarter guidance failed to meet market expectations. Among crypto treasury stocks, SKY Treasury Corp (SDEV) surges 59.83% again, NEAR Treasury Corp (SVRN) drops 12.61%. MSTR gains 2.32%, BMNR rises 2.12%, and BNC climbs 2.54%.

The final reading of S&P Global’s U.S. Manufacturing PMI for September stands at 55.9, down from the prior figure of 57.