PANews reported on September 15th that Faraday Future founder and global co-CEO Jia Yueting released a financial update, revealing that the company has officially launched its cryptocurrency spin-off plan, "Flywheel," and will rapidly establish a second, independently listed Web3 company, "CXC10," with the goal of initially being controlled by Faraday Future. The spin-off plan has been approved by the board of directors. Faraday Future also disclosed that its crypto treasury, C10 Treasury, has currently allocated approximately $10 million in crypto assets.