California Gov. Gavin Newsom has signed AB 2409, barring California public officials from issuing memecoins and prohibiting companies from listing memecoins that use a public official's image or likeness. Engadget reports: The governor's office pointed to reports that about a million investors lost an alleged $3.8 billion on their purchases of the memecoin released by President Donald Trump in 2025 as a the motivation behind the new rule. "No official should profit off their office -- and we're putting stronger protections in place to ensure it doesn't happen in our state," Newsom said. The bill also prohibits a company, related or not, from making a memecoin using "the likeness or image" of a public official.

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August 15: $62,991 September 23: $86,456 Bitcoin shot up 37% over the last 39 days, reaching an eight-month high on Monday. "Bitcoin is back," declares Yahoo Finance: The token held near $86,000 on Tuesday after a stunning multisession rally... [Fundstrat head of digital assets Sean Farrell told Yahoo Finance on Monday] "I think the crypto winter is over, although that does not necessarily mean the path higher will be linear." For now, momentum is on crypto's side, with bitcoin jumping more than 5% on Friday and another 6% on Monday. "We believe crypto is in the early innings of a new bull market and we see few signs of overheating," Compass Point analyst Ed Engel wrote on Tuesday. The move looks "like a combination of renewed ETF demand and a large short squeeze," Nicolai Søndergaard, senior research analyst at Nansen, said as traders betting against bitcoin are forced to buy it back, adding further fuel to the rally. Bitcoin got bad news and then good news last week. After the U.S. Congress failed Thursday to pass a cryptocurrency 'Clarity Act', America's Securities and Exchange Commission instead announced a tokenized-stock experiment. It's a five-year "innovation exemption" that "creates a path for tokenized U.S. stocks to trade through automated market makers on public blockchain," according to CoinDesk. Yahoo Finance notes that Bitcoin and other altcoins surged after the announcement.

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Reuters reports: Liquid Network, a Bitcoin-based payments and settlement network, said on Sunday that about $320 million was withdrawn from its federation wallet in a hack. "Purported white-hat hackers" withdrew around 4,000 of the 4,200 bitcoin held in its Liquid Federation wallet, Liquid Network said in a post on X. "Liquid wallets will be impacted," their post concluded, adding "and we're sorry for any inconvenience."

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"A hardware wallet is supposed to be the safest place to keep Bitcoin," writes The Street, since it never connects to the internet, its keys never leave the device, and "the whole point is that an attacker would need to physically hold it to steal anything." The problem is that anyone who can reproduce the recovery seed doesn't need to possess the COLDCARD, Nerds.xyz points out. More from The Street: [The recovery seed] is supposed to come from a hardware random number generator producing 128 bits of entropy, a number so large that guessing it is computationally impossible. It wasn't. According to Block's engineering team a single code change on March 1, 2021 caused the firmware to silently fall back to a software-based generator instead of the hardware one. On Mk3 devices the effective search space collapsed to roughly 40 bits. Coinkite has confirmed that figure and called it preliminary. The gap between 128 bits and 40 bits is not a matter of degree. It is the difference between a lock that cannot be picked and one that can be brute-forced by anyone with rented cloud computing.... Chainalysis found the attacker went after the largest balances first, pulling more than $30 million in the opening ten minutes. Within about 25 minutes, roughly 594 BTC had moved out of some 500 single-signature wallets. One victim lost around $1.8 million... Coinkite has shipped fixed firmware, but with a warning that matters more than the patch itself. Updating does not repair an existing seed. A seed created with weak entropy stays weak forever. Affected users have to generate an entirely new wallet on updated hardware and move their coins to it. By Saturday morning Galaxy research was tracking 1,158.66 BTC, worth roughly $75.1 million, taken from 2,673 addresses, according to the article. And "The Coldcard exploit is ONGOING," Galaxy Research posted an hour ago on X.com. "Move Coldcard single-sig funds to safe locations immediately!" We have reported ~600 addresses we believe to be hackers holding funds stolen from Coldcard-generated weak entropy addresses to federal investigators, industry compliance firms, and cross-industry cyber investigators. Thanks to Slashdot reader BrianFagioli for sharing the news.

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