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Online Prices Just Did Something Really Surprising
Prices on the things we buy online saw the biggest drop in 31 months.

Prices on the things we buy online saw the biggest drop in 31 months.
Inflation has ruined everything from going out to buying holiday presents for the family, but, as recent signs show, it may finally be starting to cool in at least some segments of the economy.
Gas prices in particular are dropping very quickly while the cost of cross-ocean shipping is also seeing significant improvement after the pandemic and supply chain disruptions sent those numbers skyrocketing in 2021. (Even if it doesn't always feel that way when you're sending your holiday packages this year.)
In November, prices for the goods we buy online fell by 1.9% year-over-year and 3.2% from October in the U.S.. That data comes from the Adobe (ADBE) - Get Free Report Digital Price Index and is the largest drop seen in 31 months.
Cyber Monday Discounts Drove Overall Numbers
According to Adobe, such a steep drop has been significantly impacted by the discounts of Black Friday and Cyber Monday.
Many retailers overcorrected for last year's inventory shortages with an oversupply and, as the year wound to an end, started quickly dropping prices. The total of online purchases brought in $116.5 billion in November, up 1.7% from 2021 and 62.5% from the months before.
"While the November drop in online prices was driven by major discounting on days including Cyber Monday and Black Friday, we also see signs of overall e-commerce inflation cooling," Patrick Brown, vice president of growth marketing and insights at Adobe, said in a statement.
Computers purchased online, in particular, saw a steep drop by 18% from 2021. Electronics in general saw discounts of 13.4% year-over-year and 4.5% in October -- the biggest price fall since Adobe first started tracking online prices in 2014.
Electronics consistently make up the largest category of goods people buy online -- in 2021, electronics made up 18.6% share of all goods purchased online.
Toys, meanwhile, saw price drops of 7.7% year-over-year while prices on sporting goods dropped by 5.7% from 2021.
Online Groceries Are Still Feeling The Effects Of Inflation
"Falling prices in categories such as toys and electronics accelerated demand in November," Adobe analysts write. "[...] Adobe's figures are not adjusted for inflation, but with the November DPI down 1.9%, it is clear that strong consumer spending has been driven by net-new demand—and not simply higher prices.:
Both online and off, food is one category that is still seeing high prices. Online grocery prices were up 13.7% year-over-year in November -- just the slightest dip from the record of 14% growth in October.
Similarly to food, pet food and products are not usually discounted on days like Black Friday and therefore were not part of the steeply dropping numbers seen in categories like electronics and apparel. Prices for pet products rose by 11% from 2021 and fell just 0.2% from the previous month.
But overall, 15 of the 18 categories analyzed by Adobe saw a decrease in online prices while even the ones that didn't still saw signs that inflation may finally be reaching a tipping point. Categories like jewelry, personal care products and flower gifts see different levels of discounts (some are not part of Black Friday promotions at all) but all also saw drops in online prices.
"In categories such as groceries and personal care, which are not promotional in nature, we are seeing price increases come down from their heights in late summer and early fall," Brown said.
consumer spending pandemicUncategorized
VanEck to donate 10% of profits from Ether ETF to core developers
The Protocol Guild, a team of over 150 Ethereum core developers, will be the beneficiary. VanEck argues that asset managers should give back some Ether…

The Protocol Guild, a team of over 150 Ethereum core developers, will be the beneficiary. VanEck argues that asset managers should give back some Ether ETF proceeds to the community.
Global asset manager VanEck will donate 10% of all profits from its upcoming Ether futures exchange-traded fund (ETF) to Ethereum core developers for 10 years, the company announced on X (formerly Twitter) on Sept. 29.
The beneficiary will be the Protocol Guild, a group of over 150 developers maintaining Ethereum’s core technology. According to VanEck, it’s only fair for asset managers to return part of their proceeds to the community building the crypto protocol. It stated:
“If TradFi stands to gain from the efforts of Ethereum’s core contributors, it makes sense that we also give back to their work. We urge other asset managers/ETF issuers to consider also giving back in the same way.“
With this move, VanEck joins other crypto-native communities supporting the Ethereum network, including Lido Finance, Uniswap, Arbitrum, Optimism, ENS Domains, MolochDAO and Nouns DAO.
According to a public dashboard tracking donations sent to the Guild’s mainnet, 4,846 contributions have generated over $12 million in donations. Funds are then distributed among its members according to a weighted ratio based on their contribution periods.
Big announcement!
— VanEck (@vaneck_us) September 29, 2023
We intend to donate 10% of our $EFUT ETF profits (https://t.co/gr652AkUvv) to @ProtocolGuild for at least 10 years.
Thank you, Ethereum contributors, for nearly a decade of relentless building & ongoing stewardship of this common infrastructure.
Details
The network core developers are reportedly working on Ethereum Improvement Proposal EIP-4844 (Proto-Danksharding). The upgrade will introduce a new kind of transaction type to Ethereum, promising to reduce transaction fees for layer-2 protocols.
VanEck disclosed its upcoming Ethereum Strategy ETF on Sept. 28, saying it will invest in Ether futures contracts. The fund will be actively managed by Greg Krenzer, head of active trading at VanEck, and is expected to be listed on the Chicago Board Options Exchange in the coming days.
Other traditional investment firms set to offer exposure to Ether futures include Valkyrie and Bitwise, while the line for a spot Ether ETF keeps growing with Invesco Galaxy, ARK 21Shares and VanEck waiting for regulatory approval. The United States Securities and Exchange Commission (SEC) recently delayed a decision on whether to approve a spot Ether product until December.
Magazine: Joe Lubin — The truth about ETH founders split and ‘Crypto Google’
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FTX exploiter moved over $17M in ETH in the last 24 hours
A significant portion of the 7,749 ETH, worth roughly $13 million, was directed toward the THORChain router and Railgun contract.
According…

A significant portion of the 7,749 ETH, worth roughly $13 million, was directed toward the THORChain router and Railgun contract.
According to recent information from Spot On Chain, an address linked to the FTX exploit identified as 0x3e9, has conducted transfers exceeding 10,000 Ether (ETH), worth roughly $17 million, across five different addresses since Sept. 30. The addresses had remained inactive for several months before the recent activity.
Within these transactions, a significant portion of 7,749 ETH, equivalent to $13 million, was directed toward the Thorchain router and Railgun contract. Furthermore, the exploiter engaged in a swap involving 2,500 ETH, valued at $4.19 million, converting it into 153.4 tBTC at an average rate of $27,281 per token. This address, which has recently become active, has exhibited noteworthy activity and is anticipated to continue transferring ETH, most likely to Thorchain.
At the time of the initial hack on Saturday, Sept. 30, the approximate losses amounted to nearly 50,000 ETH. This incident occurred just a short while before SBF's criminal trial scheduled for Oct. 2023.
FTX Exploiter 0x3e9 has transferred out a total of 10,250 $ETH ($17.1M) via 5 addresses over the past 24 hours:
— Spot On Chain (@spotonchain) October 1, 2023
- sent 7,749 $ETH ($13M) to the Thorchain router and Railgun contract
- swapped 2,500 $ETH ($4.19M) to 153.4 $tBTC at $27,281 on avg
Notably, the address has been… https://t.co/xzmDz8Vmma pic.twitter.com/4Ykp0zih6G
Nevertheless, these occurrences have generated a significant amount of downward pressure on the ETH price, which currently maintains a level slightly above $1,650. This situation arises as the market anticipates the introduction of Ethereum futures ETFs on Monday, Oct. 2.
FTX co-founder Sam Bankman-Fried, commonly known as SBF, is scheduled to go to trial in October. This comes after his arrest in The Bahamas and subsequent extradition to the United States, marking several months since these events occurred.
The trial is expected to last for six weeks, beginning with the selection of the jury on Oct. 3, followed by the initial court proceedings on Oct. 4. Bankman-Fried faces a total of seven charges connected to fraudulent activities, comprising two substantive charges and five conspiracy charges.
Related: Valkyrie backtracks on Ether futures contract purchases until ETF launch
During the legal proceedings, the FTX founder has consistently pleaded not guilty to all allegations. Despite numerous attempts to secure temporary release, Bankman-Fried continues to be held in custody at the Metropolitan Detention Center. His most recent request for release was denied by Judge Lewis Kaplan, citing concerns about the possibility of him fleeing.
Magazine: Can you trust crypto exchanges after the collapse of FTX?
ethereum crypto etf cryptoUncategorized
SEC initiates legal action against FTX’s auditor
The SEC alleges that Prager Metis, an accounting firm engaged by bankrupt crypto exchange FTX in 2021, committed hundreds of violations related to auditor…

The SEC alleges that Prager Metis, an accounting firm engaged by bankrupt crypto exchange FTX in 2021, committed hundreds of violations related to auditor independence.
The United States Securities and Exchange Commission (SEC) has commenced legal proceedings against an accounting firm that had provided services to cryptocurrency exchange FTX before its bankruptcy declaration.
According to a Sept. 29 statement, the SEC alleged that accounting firm Prager Metis provided auditing services to its clients without maintaining the necessary independence as it continued to offer accounting services. This practice is prohibited under the auditor independence framework.

To prevent conflicts of interest, accounting and audit tasks must be kept clearly separate. However, the SEC claims that these entwined activities spanned over a period of approximately three years:
“As alleged in our complaint, over a period of nearly three years, Prager’s audits, reviews, and exams fell short of these fundamental principles. Our complaint is an important reminder that auditor independence is crucial to investor protection.”
While the statement doesn't explicitly mention FTX or any other clients, it does emphasize that there were allegedly "hundreds" of auditor independence violations throughout the three-year period.
Furthermore, a previous court filing pointed out that the FTX Group engaged Metis to audit FTX US and FTX at some point in 2021. Subsequently, FTX declared bankruptcy in November 2022.
The filing alleged that since former FTX CEO Sam Bankman-Fried publicly announced previous FTX audit results, Metis should have recognized that its work would be used by FTX to bolster public trust.
Related: FTX founder’s plea for temporary release should be denied, prosecution says
Concerns were previously reported about the material presented in FTX audit reports.
On Jan. 25, current FTX CEO John J. Ray III told a bankruptcy court that he had “substantial concerns as to the information presented in these audited financial statements.”
Furthermore, Senators Elizabeth Warren and Ron Wyden raised concerns about Prager Metis' impartiality. They argued that it functioned as an advocate for the crypto industry.
Meanwhile, a law firm that provided services to FTX has come under scrutiny in recent times.
In a Sept. 21 court filing, plaintiffs allege that U.S. based law firm, Fenwick & West, should be held partially liable for FTX's collapse because it reportedly exceeded the norm when it came to its service offerings to the exchange.
However, Fenwick & West asserts that it cannot be held accountable for a client's misconduct as long as its actions remain within the bounds of the client's representation.
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