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Product Reviews

Disgruntled coder who admitted to deploying a malware ‘kill switch’ to get back at his bosses sentenced to 4 years in prison

by admin August 25, 2025



After a total wait even longer than his prison sentence and being convicted in March, former software developer Davis Lu has finally been sentenced for a malware kill switch scheme he deployed in 2019.

Lu will have to serve four years in prison followed by three years of supervised release. It’s the end to a long saga that began with a frustration many are all too familiar with: a demotion. In 2018, the company Lu worked for as a senior software developer, Eaton Corporation, went through a corporate realignment.

As a result, Lu was demoted. He stayed at the company until September 9, 2019, when he was finally put on leave and asked to return his company laptop. Lu had apparently been planning for this. When he was demoted, he “began sabotaging his employer’s systems,” according to the Department of Justice.


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Lu’s havoc on his former employer included malicious code that sparked system crashes, blocked logins, deleted files, and ultimately ended with a “kill switch” that, according to the DoJ, locked out all users if Lu’s credentials were ever disabled. Lu even named the kill switch “IsDLEnabledinAD,” short for “Is Davis Lu enabled in Active Directory.”

When Lu was put on leave, that kill switch automatically triggered. The kill switch and Lu’s other malicious code resulted in “hundreds of thousands of dollars in losses” for his former employer. Now, it has also resulted in jail time for Lu, who was convicted in March. That conviction is not surprising since he straight up admitted to sabotaging his former employer all the way in October 2019.

However, Lu didn’t plead guilty and even reportedly designed his malicious code to make it look like it was coming from co-workers who took over his duties. Lu also deleted encrypted data from his company laptop before handing it over. But that clearly wasn’t enough to stop the FBI from tying the cyber sabotage back to Lu.

Keep up to date with the most important stories and the best deals, as picked by the PC Gamer team.



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August 25, 2025 0 comments
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First Hollow Knight Kickstarter Update In 6 Years Promises Backers Silksong Codes
Game Updates

First Hollow Knight Kickstarter Update In 6 Years Promises Backers Silksong Codes

by admin August 24, 2025



If you backed Hollow Knight on Kickstarter in late 2014, developer Team Cherry has confirmed that you will receive a download code for Hollow Knight: Silksong. This promise also marks the first Kickstarter update in six years for the upcoming metroidvania game.

The only caveat is that keys for Hollow Knight: Silksong will only be available on PC, Switch, and Switch 2. The game will also launch September 4 on PS4, PS5, Xbox One, Xbox Series X|S, and Game Pass. “We’ll be reaching out in the (very) near future to find out your platforms of choice and the best email addresses to send your copy/s. Keys will be provided as either PC (Steam and DRM free) or Nintendo Switch (Nintendo Switch and Nintendo Switch 2),” Team Cherry said in the Kickstarter update.

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Now Playing: Hollow Knight: Silksong Gameplay (Over The Shoulder Filmed) | gamescom 2025

For those curious, the previous Kickstarter update was a post right after E3 2019 talking about a demo for Hollow Knight: Silksong. Funnily enough, the Gamescom demo playable this week seems to be nearly identical to the experience from E3 2019 (an event that no longer exists). GameSpot did get hands-on time with Hollow Knight: Silksong at Gamescom.

Kickstarter backers receiving Hollow Knight: Silksong codes was foreshadowed yesterday when Bloomberg’s Jason Schreier posted on social media that reviews probably wouldn’t be ready before the game’s launch. That’s reportedly because Team Cherry would find it unfair for critics to play the game earlier than original backers.

The anticipation for Hollow Knight: Silksong’s upcoming launch feels pretty tangible. For instance, Hollow Knight just hit an all-time concurrent-players peak on Steam with over 22,000 people. In addition, at least three indie games are pushing back their release dates now to avoid coming out near Hollow Knight: Silksong.



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August 24, 2025 0 comments
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NFT Gaming

Why Luca Netz Will Be ‘Disappointed’ If Pudgy Penguins Doesn’t IPO Within 2 Years

by admin August 24, 2025



In brief

  • Pudgy Penguins is a popular crypto-native IP that started from NFTs and has expanded into toys, games, and more.
  • CEO Luca Netz told Decrypt that he hopes to take the company public within two years.
  • In addition to NFTs on Ethereum, the brand has launched a meme coin, PENGU, on Solana.

Pudgy Penguins is on track to clock a record $50 million in revenue this year, according to its CEO Luca Netz—the culmination of a years-long play to plaster the popular IP across corners of the world typically unchartered by Web3 projects, including arcades, storybooks, and even major retailers like Walmart. 

But Netz is already looking ahead to Pudgies’ march to an even larger and far more lucrative arena over the next two years: Wall Street.  

In an interview with Decrypt, Netz said he would like to see shares of Pudgy Penguins trade on a public exchange by 2027. 

“I would love to [go public] in the next two years,” he said, adding that a timeline for the would-be public listing is contingent upon Pudgy’s revenue growth. “I think if we don’t IPO in the next two years, I’d be disappointed in myself.”

And if it doesn’t pan out by that deadline, “hold me accountable,” Netz said.

Pudgy’s aim to go public comes as the firm experiments with various business verticals amid an IPO revival in the U.S. that has pumped massive amounts of capital into tech companies, in particular. 

More than 220 firms have listed their shares on public exchanges year-to-date, up nearly 90% from the 117 companies that debuted on the U.S. stock market in the first eight months of 2024, according to markets research website StockAnalysis.com.

Amid that IPO resurgence, several digital assets firms have jumped into the fray, filing to go public as U.S. President Donald Trump ratchets back federal regulations for the industry. 



Stablecoin issuer Circle unveiled its blockbuster IPO in early June, notching more than $1 billion in profits. Just two months later, crypto exchange Bullish debuted on the New York Stock Exchange, while competitors Gemini and Kraken are gearing up to follow suit.  

Pudgy is attempting to capitalize on growing public interest in digital assets-linked firms by working with finance experts to make Pudgy Penguins and its associated decentralized-finance token PENGU more accessible to retail and institutional investors.

Earlier this year, the company shepherded asset manager Canary Capital’s proposal to debut an exchange-traded fund tracking the prices of the PENGU meme coin and Pudgy Penguins NFTs. More recently, the Pudgy team was in talks with public companies to hold PENGU on their balance sheets—the results of which could play out over the next three months.

“The understanding of traditional finance just gets me super excited,” Netz said.  “There’s so much more capital inflows and accessibility.”  

To that end, the Pudgy team, which maintains its headquarters in Miami, is considering spending more time in New York, the heart of the public markets. 

“Every time me and a couple other guys from the company go there, we just get done in two days what would take us five days here,” Netz said. “Every day, every hour, every minute counts, and New York just moves at an incredible pace that I think is super necessary if you want to win.”

No public listing? No problem 

Although it’s unclear whether Pudgy will be able to court investors for an IPO by the end of 2027, there already exists a lower-fuss—albeit riskier—alternative that could enable traders to invest in Pudgy Penguins without all the regulatory requirements: tokenizing the stock. 

Asked if Pudgy Penguins might soon tokenize shares of its stock to trade on an on-chain equities platform such as xStocks, Netz said: “I can’t speak on this, but you’re going down a very smart rabbit hole. 

One thing he can share, however, is that the NFT project will continue to be selective about who it works with as it looks for ways to fuel its growth. 

“There’s a lot of cheap, grimy, dirty capital out there,” Netz said. But, he added: “I have every interest in doing this stuff with the biggest and the best… with the guys [for whom] if it’s not a billion dollars, it doesn’t move the needle for them.”

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August 24, 2025 0 comments
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Windows 95 in a VM
Product Reviews

Microsoft’s Windows 95 release was 30 years ago today, the first time software was a pop culture smash

by admin August 24, 2025



Microsoft’s momentous Windows 95 operating system became available to the public on this day 30 years ago. Computing enthusiasts were queuing around the block at midnight launch events. Perhaps this was the first time an OS launch became a cultural event – one that was carefully primed by the launch a month earlier, and the Start Me Up advertising campaign.

Windows 95 – Start Me Up – Promo / Commercial (High Quality 720p) – YouTube

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PC users had access to Windows operating systems, and similar WIMP OSes, before Windows 95. However, Windows 95 was billed as a merger of Microsoft’s DOS and Windows products into a unified whole. Moreover, it brought in a significantly revamped UI, including the Start Button and many other elements we still live with today.

Other welcome features that first became mainstream on PCs thanks to the introduction of Windows 95 include; the 32-bit preemptive multitasking architecture with task bar, plug and play hardware, support for long filenames, and many more.


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System requirements

To boost Windows 3.1 migrations, Windows 95’s official requirements presented quite a low bar. Users should have an Intel 386DX processor, 4MB of RAM, a VGA or better display, and make sure to have 55MB of HDD space clear for the installation process.

Recommended settings, for those hoping to make proper use of the new multitasking capabilities, and internet features like MSN and Exchange were higher. For improved usability, Windows 95 would benefit from a 486 or better CPU, 8MB of RAM, an SVGA display, as well as more storage.

It is debatable whether this was the beginning of bloat. For some context, the contemporary Macintosh System 7.5.X required about half the fixed storage of Windows 95.

You can test Windows 95 RTM in an online VM, on PCjs Machines, using the link.

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(Image credit: Future)

Windows 95 launch price and success

Windows 95 originally retailed in a box with between 13 and 15 1.44MB floppy disks. You could purchase a full installation version or an upgrade for Windows 3.1 systems. A CD distribution came with a boot floppy, as you would need DOS-level CD-ROM drivers to load before install.

PC enthusiasts at the time would have had to buy a new system with Windows 95 pre-installed or cough up $209, which adjusted for inflation brings us perilously close to $400 in 2025. Just for an OS…

Despite the entry price, Microsoft’s lavish advertising budget and promotional activities paid off. Sales revenue from the release reportedly hit $720 million on day one. Also, a million copies of the OS had been shipped by day four.

In 1996, Microsoft celebrated the one-year anniversary of Windows 95’s release with the claim that it had shipped 40 million units worldwide. By then, the software company could boast of 400 PC manufacturing partners, and that 4,406 software applications were supported.

Gaming and the web

Paving the way for the success to come, it was also noted that 10 of the 11 publishers of the top 20 PC game titles were onboard with Windows 95-based gaming. Moreover, the use of the web was accelerating, with Netscape and Microsoft both releasing their new browsers on 32-bit Windows.

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August 24, 2025 0 comments
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GameFi Guides

Tornado Cash’s Roman Storm Faces 5 Years for a Crime DOJ Now Says It Won’t Prosecute

by admin August 24, 2025



In brief

  • The DOJ announced it will no longer charge decentralized software developers under the same law used to convict Tornado Cash co-founder Roman Storm earlier this month.
  • DOJ official Matthew Galeotti clarified that prosecutors will avoid such charges when software is truly decentralized and non-custodial, though other charges could still apply if criminal intent is alleged.
  • The policy shift was celebrated by many crypto industry leaders as a major win, but some advocates questioned its timing and impact given Storm’s recent conviction and the DOJ’s ongoing discretion in related cases.

A top Department of Justice official told an audience of crypto industry leaders Thursday that the U.S. government will no longer charge decentralized software developers with a particular crime—the same crime federal prosecutors successfully convicted Tornado Cash co-founder Roman Storm of earlier this month. 

The charge, U.S. code 1960(b)(1)(C), prohibits operators of unlicensed money transmitting businesses from dealing in funds known to have been derived from a crime, or intended to be used to support unlawful activity. Just weeks ago, a Manhattan jury found Storm guilty of violating the law, a crime which carries a penalty of up to five years in federal prison. The jury failed to reach a verdict on all other counts. 

Today in Jackson Hole, Wyoming, Matthew Galeotti—the acting head of the DOJ’s criminal division—told a group of crypto lobbyists and industry leaders gathered for a policy summit that federal prosecutors will no longer pursue 1960(b)(1)(C) charges against developers of decentralized software.



“Where the evidence shows that software is truly decentralized and solely automates peer-to-peer transactions, and where a third party does not have custody and control over user assets, new 1960(b)(1)(C) charges against a third party will not be approved,” he said.

The official added that if criminal intent is present in such instances, though, “other charges may be appropriate.”

Galeotti made a point of noting that the new policy will be implemented by the DOJ “going forward,” in a potential nod to Storm’s conviction on the very same charge earlier this month. 

Storm was arrested and charged with several crimes in 2023, including conspiracy to commit money laundering and sanctions violations, for his role in operating Tornado Cash—a coin mixing service that allows crypto users to make private on-chain transactions. 

When the Trump administration took over Storm’s case earlier this year, it did drop a single charge related to operating an unregistered money transmitting business—but kept the charge accusing the developer of operating Tornado Cash while knowing some of its users were processing funds linked to criminal activity. 

That shift was consistent with a DOJ memo circulated in April that instructed federal prosecutors to back off most crypto-related cases—but not necessarily all. 

Crypto lobbyists and industry leaders gathered today for Galeotti’s announcement hailed it, cheering him enthusiastically as soon as his speech finished. They were gathered in Wyoming for the inaugural summit of the American Innovation Project, a new pro-crypto nonprofit backed by some of the industry’s most powerful policy players.

Amanda Tuminelli, executive director of the DeFi Education Fund, a crypto lobbying group, was one industry attendee present for Galeotti’s speech today. In a statement shared with Decrypt, she celebrated the DOJ policy change and thanked the Trump department for “hearing our concerns about Section 1960.”

“The fact the DOJ acknowledged that software developers should not be held responsible for third party’s misuse of their code affirms what we have been advocating for years,” she said. 

Others, though, were less optimistic. Coin Center Executive Director Peter Van Valkenburg similarly expressed gratitude for Galeotti’s statements in a post on X but lamented the fact that it’s seemingly “a little late” in Roman Storm’s case.

“I’m especially interested if the DOJ keeps fighting when Roman appeals his unlicensed money transmission verdict. If so, what is this speech all about?” Van Valkenburg posted. The Coin Center executive, who oversees the non-profit advocacy group, also expressed concern over Galeotti’s “criminal intent” caveat and noted that the DOJ official’s statements are in no way binding.

In recent months, DeFi and privacy advocates have walked a tightrope, praising the Trump administration for its pro-crypto policy shifts in most instances, but also expressing existential concern about the implications of Storm’s prosecution and conviction by the president’s DOJ. 

After Galeotti’s speech this afternoon, the DOJ official participated in an off-the-record Q&A with crypto industry leaders in the room. A source present at the event told Decrypt Galeotti received no questions about the Roman Storm case.

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August 24, 2025 0 comments
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Fairy Tail: 100 Years Quest Season One Coming To Blu-Ray This Fall
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Fairy Tail: 100 Years Quest Season One Coming To Blu-Ray This Fall

by admin August 24, 2025



Fairy Tail was a massively popular manga and anime series during its original run from the mid-200s through the 2010s, and not long after its saga wrapped up, a new sequel series hit the scene. Fairy Tail: 100 Years Quest has been in print since 2018, but it wasn’t until recently that it got an anime adaptation. In case you missed out on it, the good news is that you can preorder the upcoming Blu-ray release ahead of its release for $80 on November 4 through Amazon and CrunchyRoll. This edition of the complete first season also comes inside a stylish steelbook case, featuring the main cast of Fairy Tail on the cover.

$80 | Releases November 4

Set one year after the war with the Alvarez Empire and the destruction of the evil black dragon Acnologia, Fairy Tail: 100 Years Quest sees Natsu Dragneel and his allies embark on an ambitious mission to seal the Five Dragon Gods. The Blu-ray release contains all 25 episodes from the first season across four discs and in 1080p, with Japanese and English audio options. For the extras, there are clean credit sequences, an interquel recap episode, and promo videos.

Fairy Tail 100 Years Quest Special Features

  • Episode 13.5 – Going Off Topic: Lucy’s Diary
  • Fairy Tail promo videos
  • Promo videos
  • Textless opening and ending songs

Check out deals on paperback box sets of the original manga.

If you’re new to the world of Fairy Tail, then you’ll also want to check out the original series. Created and illustrated by Hiro Mashima, the series is set in a magical land of wizards and follows Natsu and his eclectic friends as they take on quests for their guilds and tangled with dark wizards. While the series isn’t groundbreaking and can be slightly derivative, it’s still a consistently fun show thanks to its quirky characters, well-paced action, and emotionally heavy plots that come out of nowhere.

The best way to check out the original manga–which ran for an impressive 545 chapters across 63 volumes–is through the manga box sets currently available for sale. Each one collects around 11 paperback volumes and come with exclusive sticker sheets and a slipcase box to store them in. Pricing ranges from $60-$80 for each discounted collection.

Check out the original long-running Fairy Tail anime on Blu-ray.

The original Fairy Tale also received its own anime adaptation. All 328 episodes of the show are available on Blu-ray and include Japanese with English subtitles and the English dub, as well as a few special features like clean credit sequences and promotional materials. Collections one through ten also come with DVD copies of the series, but starting with Collection 11, these changed to Blu-ray and digital streaming code combos.



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August 24, 2025 0 comments
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Five Years Ago, 'The Batman' Made Its Brutal, Moody Debut
Product Reviews

Five Years Ago, ‘The Batman’ Made Its Brutal, Moody Debut

by admin August 23, 2025


On August 22, 2020, Warner Bros. held its first-ever DC FanDome, a weekend-long virtual event meant to make up for that year’s San Diego Comic-Con, which was canceled due to the pandemic. If you’ve ever followed big industry events like the Game Awards or… well, Comic-Con, you know they often come with a big trailer or two that’s meant to make it all worth it. And for WB, the big showcase for its inaugural, short-lived event was the very first look at Matt Reeves’ The Batman.

Trailers for superhero movies have gradually become more and more of a big deal, whether they’re telegraphed in advance, leaked, or appear just out of the blue. The Batman already caught the internet’s eye with casting Twilight alum Robert Pattinson in the lead role, and excitement truly began to grow once Reeves showed the actor in his Batsuit and the most car-looking Batmobile in years.

It also didn’t hurt that this was the first solo Bat-movie in nearly a decade and technically the true start of WB’s plans to dabble around with a cinematic multiverse that kept this Batman in his own world away from other goings-on at the time.

Within 24 hours, that teaser amassed over 31 million views, and while those numbers are short in the grand scheme, it did its job in getting people talking about Batman again. If online circles weren’t discussing its darkness in comparison to the Nolan films, they were gushing over Colin Farrell’s makeup job as Penguin or listening to Nirvana’s “Something in the Way” on repeat. For a movie that was openly marketing itself back then as still in the works, it won enough of the internet over right away that they were willing to follow Reeves to hell if it meant getting to see this on the big screen.

Had things gone to plan, The Batman would’ve come out in June 2021, but the pandemic forced a readjustment. The Batman was a quarter into production when it was indefinitely paused for most of 2020, during which the film’s dialect coach Andrew Jack passed away from covid and Pattinson himself tested positive just days after work resumed again. As a result, things were basically radio silent until late 2021, when the film basically reintroduced itself with a new trailer that kept the mood and song but featured more bombast and a great idea of what the movie would be about. On just one of WB’s YouTube accounts, it’s gotten over 65 million views and closes on a shot that’ll likely define Reeves’ entire Batman tenure. If there were any doubts that people lost interest in this movie because of the pandemic, that second trailer sure proved that wrong.

Since that first trailer came and went, The Batman (which hit theaters March 4, 2022) has continued to have a hold on the internet, which has been waiting impatiently for its sequel. Like its predecessor, The Batman Part II has had no shortage of production problems and delays, to the degree that DC Studios head James Gunn politely (but firmly) told people to back off Reeves. The second movie isn’t due for another two years and change and only recently entered pre-production—but when the first proper look at that one hits, expect comparisons between it and its predecessor’s first trailer as fans once again prepare to fall in love with Reeves’ interpretation of DC’s ever-brooding leading man.

Want more io9 news? Check out when to expect the latest Marvel, Star Wars, and Star Trek releases, what’s next for the DC Universe on film and TV, and everything you need to know about the future of Doctor Who.



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August 23, 2025 0 comments
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NFT Gaming

Anonymous Hacktivist Group Founder Spearheads Meme Coin While Facing 5 Years in Prison

by admin August 23, 2025



In brief

  • Aubrey Cottle, better known as Kirtaner online, is spearheading a Solana “movement coin” as a homage to Anonymous, a famous hacker group which he founded.
  • Fees earned by the token will be used to fund Cottle’s ongoing legal battle, buy tokens for Anonymous OGs, and potentially create a scholarship fund for young hackers.
  • Cottle faces five years in prison for his alleged connection to a 2021 data breach of the Republican Party of Texas.

“We are Anonymous. We are Legion. We do not forgive. We do not forget. Expect us.”

The motto of notorious hacktivist group Anonymous has heralded some of the world’s most famous hacks, targeting everyone from the Westboro Baptist Church to Bank of America.

Now, one of its founding members is spearheading a Solana-based crypto project, which he brands as a “movement coin” rather than a traditional meme coin. The token is a homage to hacktivist culture, a way to help fund his ongoing legal battle, and a vehicle for the Anonymous movement to evolve.

Aubrey Cottle, more commonly known as Kirtaner or just Kirt online, told Decrypt that he was the founder of Anonymous, and has been widely reported as one of the founding members. Cottle faces up to five years in prison after the U.S. Department of Justice charged the Canadian in March for his alleged connection to a 2021 data breach of the Republican Party of Texas. 

This prompted an unknown crypto degen to create ANON, a Solana token on the Bags launchpad, assigning fees associated with it to Cottle. The Canadian embraced the ANON token, which has climbed to a market cap of $8 million since its creation on August 15, generating more than $59,000 in fees for Cottle in the process.

The hacktivist founder told Decrypt that the fees, in part, will be used to fund his legal battle and ensure his family is financially sound “if the worst happens.” On top of this, Cottle said, he is buying back the ANON token and setting aside chunks of supply for the original Anonymous members.

“I want every single one of us to make it, all of our old heroes,” Cottle told Decrypt. “People who put their lives on the line, people who sacrificed, people who were hunted down by the feds, people who were scared for their lives, ended up with years and years of trauma from times long past that. Making everybody feel as if it wasn’t just something that we dumped half of our lives into and came out the other end just completely fucked up with nothing to show for it.”

What is Anonymous?

Anonymous is a decentralized, international hacktivist group, often visually represented by a Guy Fawkes mask inspired by the novel and film “V for Vendetta.” The group is known for a series of high-profile attacks on major corporations and governments that Anonymous deemed guilty of wrongdoing.

In 2010, the group performed DDoS attacks on PayPal, Visa, and MasterCard after they blocked donations to WikiLeaks; it also declared a cyber war against Russia following the nation’s invasion of Ukraine in 2022.

“Hacktivism is the only axis of power accessible to the disenfranchised that can still strike at scale; it’s a pressure valve that’s needed in society,” Cottle told Decrypt. “It is the only way that we can actively push back against hostile state and corporate powers.”

of the Anonymous collective, we can in fact report the truths of Anonymous’ collective actions against the Russian Federation. We want the Russian people to understand that we know it’s hard for them to speak out against their dictator for fear of reprisals. (cont)

— Anonymous (@YourAnonNews) February 24, 2022

The token’s community has embraced Anonymous culture to its core, not seeing ANON as a meme coin but rather a tokenized extension of the original hacktivist movement. One investor told Decrypt that the goal is to “push a rebellion” against institutions crippling everyday people. 

The group has adopted phrases associated with Anonymous, including its iconic motto, as well as adapting slogans from meme coin culture. “The hat stays on,” associated with the Dogwifhat meme coin community, has become “The mask stays on” in a nod to the Guy Fawkes mask.



ANON investor Tx_Dak dubbed the token “the first real movement coin on Solana.” Speaking to Decrypt, they touted Cottle’s credentials as the “actual founder” of the “biggest decentralized movement in the world,” who has made the token his “legacy project.” They added that, “This isn’t even a coin. It’s a tokenized version of the movement itself that shaped internet history forever. And now it’s going to shape the blockchain forever.”

Inspiring a new generation of hacktivists

While the token’s surge in value helped revitalize Anonymous’ memetic value—which peaked in 2012 and 2020, per Google Trends—it may also help kick-start the next generation of hacktivists.

ANON will eventually become a “self-organizing machine, just like Anonymous is,” Cottle told Decrypt. “Once it gets to a certain point, there are initiatives that I want to do. I want to create a scholarship fund for young, talented hackers, so they can do things like get key certifications and blossom in their careers. I want to be able to put together initiatives, such as legal defense funding pools behind a nonprofit for hacktivists.”

Cottle clarified that by “careers,” he doesn’t necessarily mean specifically in hacking; he just wants to help kids who were like him flourish. He also said that the plan is some way off, estimating that to make good on it, ANON would have to hit a $200 million market capitalization—more than a 2,400% price increase from its current value.

“I’m not setting up a radicalization school,” Cottle said with a laugh. “This is an effort of pure goodwill and trying to lift other people up.”

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August 23, 2025 0 comments
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NFT Gaming

Ethereum Hits All-Time High Price After Nearly 4 Years

by admin August 22, 2025



In brief

  • Ethereum hit a new all-time high price, breaking a record set back in 2021.
  • The second-biggest cryptocurrency had lagged behind Bitcoin in gains, and long lingered well short of its previous peak.
  • Institutional adoption and a favorable regulatory landscape have helped the coin in recent months.

Ethereum hit a new all-time high price on Friday, breaking a nearly four-year record following recent gains fueled by surging ETH treasuries, an increasingly favorable regulatory environment for the protocol, and growing interest from traditional finance firms.

The second-largest cryptocurrency by market cap is up 15% over the past 24 hours to $4,879, surpassing its previous record of $4,878 set in November 2021, data from CoinGecko shows.

ETH has more than doubled in price over the last two months to outpace even Bitcoin as investors flood into the exchange-traded funds. After coming close to a new record on August 14, the price of ETH dipped alongside the rest of the market, dropping to under $4,100 earlier this week.

But on Friday, crypto prices broadly surged following Federal Reserve Chair Jerome Powell’s comments, which appeared to suggest potential for an interest rate cut ahead. Ethereum jumped by nearly 8% in an hour after the comments, and continued to tick up afterwards.



“It’s finally ETH’s moment to shine: record ETH ETF inflows and the launch of large ETH digital asset treasuries, coupled with broader ecosystem success—Circle and Bullish IPOs, and Trump’s executive order allowing digital assets in 401(k)s,” Brian Huang, co-founder of on-chain automation platform Glider, wrote in an email to Decrypt. “Jerome Powell’s dovish speech today hinting a rate cuts was the final push ETH needed.”

Huang added: “Sentiment in the trenches for ETH is strong as well. Layer-2s like Base continue to grow, and ETH still bodes the most DeFi liquidity by a factor of 9x above the second, Solana. We’re still in the early innings here for ETH, the world’s global settlement layer.”

The recent Ethereum boom has been fueled in part by growing ETF demand. Last week, U.S. spot Ethereum ETFs collected over $1 billion in inflows in a single day for the first time since they started trading in July 2024. And Ethereum funds have been outpacing Bitcoin ETFs with gains, though conversely, they’ve also bled out faster on down days.

The gains have dovetailed with rise of companies that have gobbled up Ethereum as their primary mission. In recent weeks, Bitcoin miner BitMine Immersion has grown its holdings to more than $7 billion, while SharpLink Gaming, which pivoted from online marketing, has accumulated more than $3.5 billion worth of the coin.

Such companies are following in the footsteps of Bitcoin treasury company Strategy (formerly MicroStrategy), which started buying the largest cryptocurrency by market cap in 2020 to pump its stock. The move has inspired dozens of followers, who have started expanding into other assets like Ethereum, Solana, and BNB.

“There are a lot of tailwinds behind ETH at moment,” said Strahinja Savic, head of data and analytics at crypto-focused financial services and advisory firm, FRNT Financial. “Record ETH ETF inflows and aggressive buying from treasury companies are offering tangible demand.”

“On top of this, Ethereum is at the center of several key themes that are garnering the attention of traditional financial institutions,” he continued. “These include tokenization of traditional assets and stablecoins. These are major economic themes, and Ethereum is emerging as a strong candidate to host this new influx of capital and interest.”

Ethereum also received a boost this month when the SEC clarified its guidance on staking, as Ethereum users have long sought from the securities regulator.

Former President Joe Biden administration’s more restrictive policies had resisted allowing this feature, but under President Donald Trump, the regulator said that liquid staking services can pay out staking rewards to customers without registering with the agency.

Last month’s passage of the GENIUS Act also boosted Ethereum’s prospects. The legislation provides a U.S. regulatory framework for issuing stablecoins. Developers of these projects overwhelmingly use the Ethereum blockchain for their projects. Most stablecoins are pegged to the value of the U.S. dollar.

“Ethereum’s new all-time high is a clear sign of investor demand beyond just Bitcoin,” Samir Kerbage, chief investment officer at crypto asset manager Hashdex, wrote in a message to Decrypt. “As Ethereum and other smart contract platforms provide the infrastructure for many of crypto’s most mature use cases, including stablecoins and tokenization, we anticipate continued strong demand for this emerging asset class.”

The odds that Ethereum climbs past $5,000 this year have jumped in the past day on Myriad Markets. The prediction market now shows a roughly 85% probability that the token will reach that threshold in 2025.

(Disclosure: Myriad is a prediction market and engagement platform developed by Dastan, parent company of an editorially independent Decrypt.)

In a note last week, U.K. bank Standard Chartered raised its Ethereum price target to $25,000 by 2028, a major shift from March forecasts that predicted a structural decline for the world’s second-largest crypto.

“We raise our price forecasts, as the backdrop for ETH has improved dramatically in recent months,” the bank’s Global Head of Digital Assets Research, Geoff Kendrick, wrote.

Editor’s note: This story was updated after publication to include additional comments.

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Bungie CEO Pete Parsons steps down, following years of criticism, layoffs, and that infamous classic car collection
Game Reviews

Bungie CEO Pete Parsons steps down, following years of criticism, layoffs, and that infamous classic car collection

by admin August 22, 2025


Bungie CEO Pete Parsons has stepped down from his position after over two decades at the studio.

Parsons has been much-criticised by fans and employees alike in recent years, in particular following multiple rounds of layoffs at the studio. In a public statement, Parsons said he’s “decided to pass the torch” – an ironic use of words when Bungie has seemingly been up in flames.

Parsons will be succeeded as CEO by Justin Truman, who’s spent 15 years at Bungie across both Destiny games and, more recently, forthcoming live-service shooter Marathon.

Destiny 2: The Edge of Fate | Launch TrailerWatch on YouTube

“I am deeply proud of the worlds we’ve built together and the millions of players who call them home – and most of all I am privileged by the opportunity to work alongside the incredible minds at Bungie,” wrote Parsons in his statement.

“When I was asked to lead Bungie in 2015, my goal was to grow us into a studio capable of creating and sustaining iconic, generation-spanning entertainment. We’ve been through so much together: we launched a bold new chapter for Destiny, built an enviable, independent live-ops organisation capable of creating and publishing its own games, and joined the incredible family at Sony Interactive Entertainment.”

Parsons also leaves hundreds of layoffs and negative player sentiment in his wake, not to mention an infamous penchant for classic cars.

Even before Bungie’s acquisition by Sony, reports emerged in 2021 of workplace toxicity and “overt sexism” at the studio, for which Parsons apologised. “I am not here to refute or to challenge the experiences we’re seeing shared today by people who have graced our studio with their time and talent,” he said at the time. “Our actions or, in some cases, inactions, caused these people pain. I apologise personally and on behalf of everyone at Bungie who I know feels a deep sense of empathy and sadness reading through these accounts.”

Then in February 2022, Sony acquired Bungie for $3.6bn, ostensibly to assist with its live-service ambitions. Though the acquisition was met with criticism by some – the FTC, for instance, opened an investigation – others were more positive.

In 2024, for instance, Bungie’s former chief in-house lawyer Don McGowan said Sony was “inflicting some discipline” on the studio to “run the game like a business”. “To be clear: I’m not talking about the layoffs, I’m talking about forcing them to get their heads out of their asses and focus on things like: implementing a method of new player acquisition; not just doing fan service for the fans in the Bungie C-suite; and running the game like a business,” said McGowan.

However, a year after the acquisition, Bungie laid off 100 employees – approximately eight percent of its 1200-strong workforce – after management warned staff revenue for the year was significantly below expectations. Many employees were left anxious about the future of the company, amid claims senior management met employees’ sadness at the layoffs with “indifference or even outright flippancy or hostility”.

Parsons followed the news with a statement on social media, calling it a “sad day at Bungie”. The statement was heavily criticised as tone deaf and a “slap in the face to anyone impacted by the layoffs”.

A year later, Bungie laid off a further 220 staff, representing roughly 17 percent of the studio’s workforce. Between both rounds, Bungie laid off around a quarter of its workforce in nine months, with the company reportedly overstating its financial prospects to Sony.

Current and former Bungie employees called that second round of layoffs “inexcusable”, amid calls for Parsons to resign. “Pete is a joke,” said former global social media lead Griffin Bennet (who was laid off in the previous cuts), while former Destiny 2 community manager Liana Ruppert wrote, “Step down, Pete.”

Parsons also faced criticism from staff for spending millions of dollars on classic cars since the studio was acquired by Sony, and bragging about his lavish collection ahead of job losses. The CEO’s public profile on Bring a Trailer revealed he’d appeared to spend $2,414,550 on vehicles.

Marathon | Reveal Cinematic ShortWatch on YouTube

Fans shared a similar sentiment against Parsons. Noted Destiny content creator MyNameIsByf (AKA Lore Daddy) posted on X: “Leadership needs to be changed. Their decisions have consistently led to disaster for everyone who has actually been making the games we play. They’ve been reckless with the studio, its employees, and its franchises. The problem is clear. Bad leadership. It needs to change.”

Now, Parsons is out, leaving Truman in charge. “I have worked alongside Justin for many years,” he wrote. “His passion for our games, our team, and our players is unmatched.”

Truman himself added to the statement with refreshing honesty, admitting previous mistakes made during Destiny 2’s launch. “I’ve also been part of these efforts at Bungie when we’ve maybe not been at our best,” he wrote. “When we’ve stumbled and realised through listening to our community that we had missed the mark. I know I’ve personally learned a lot over the years, as have all of us here, from those conversations.”

He continued: “I am committed to supporting and working alongside every member of the team here as we continue pouring our hearts and souls into these worlds. Worlds that we love, and that we hope have been worth your time and your passion. Because ultimately those worlds only exist, and thrive, with you in them.”

Bungie continues to work on Destiny 2, while its next release will be Marathon. While Marathon gameplay was finally shown back in April, in June Bungie delayed the game indefinitely in response to “passionate” fan feedback. Ahead of the decision, Bungie staff morale was said to be in “free fall” as it grappled with the fallout over Marathon assets stolen from other artists.

While such endemic toxicity and poor management cannot, of course, be pinpointed to one person, Bungie is clearly at a critical point in its history. Let’s hope this shift in CEO will boost morale at the studio ahead of Marathon’s eventual release – and whatever is next for Bungie.



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