Today's Headline Highlights:
The founder and CEO of Telegram was arrested by the National Anti-Fraud Office at a French airport.
The trustee in the United States opposes FTX's restructuring plan, stating that creditors should not bear the cost of data leaks.
Ethereum Foundation Executive Director: Depositing 35,000 ETH into Kraken is part of financial management activities.
Polygon: Discord has restored protection and access permissions, but external bots and integrations are temporarily disabled.
The DOGS community and various individuals, including Elon Musk, voiced support for the founder of Telegram.
CICC: It is basically certain that the Fed will cut interest rates in September, but a 50 basis point cut is currently not realistic.
Head of the Russian Internet Security Alliance: The behind-the-scenes force behind Durov's arrest in France is the United States.
Regulatory News
According to Jinshi's report, CICC evaluated Fed Chairman Powell's speech at the Jackson Hole meeting:
It is basically certain that there will be a rate cut in September, as expected. CME interest rate futures imply a 76% probability of a 25bp rate cut in September and a 24% probability of a 50bp rate cut.
The Fed's focus has shifted from prices to employment, essentially declaring victory in the fight against inflation (saying that inflation expectations have been well anchored), evaluating the labor market as no longer overheated, already balanced, and with rising risks.
There was no mention of how much the future rate cut would be, and it still depends on the data. A 50bp rate cut is currently not realistic, at least until next month's non-farm payroll data. Powell also does not believe that the rise in the unemployment rate indicates a deterioration in the labor market, attributing it mainly to more people entering the labor market and a slowdown in hiring. The attitude towards the labor market is one of observation and vigilance.
A complaint submitted by the U.S. trustee overseeing FTX's bankruptcy lists ten defects in the bankruptcy plan. These include providing overly broad legal protections to entities involved in the bankruptcy, unequal treatment of smaller creditors, and failure to provide waivers for costs related to data leaks suffered in the bankruptcy.
FTX Asset Management stated that most creditors have agreed to the plan. Most importantly, trustee Andrew R. Vara pointed out that many bankruptcy-related individuals enjoy broad legal exemptions, creditors receive unfair repayment based on their scale, and the bankruptcy asset management company refuses to bear the costs related to the data leaks suffered by its service provider last year.
"Estate professionals have sought millions of dollars in compensation to address the Kroll data breach… The debtors' estate should not bear these costs. The fee examiner also holds this view," Vara stated in the document.
Vara also objected to the unequal treatment of creditors based on the amount of their claims. "Here, 'convenience' category clients… will receive a smaller percentage distribution than other clients (119%)… (up to 143%), simply because their claims are smaller (usually $50,000 or less)," Vara's document pointed out. "The debtors will have enough cash on the effective date to pay convenience claimants at the same rate as other clients… There is no apparent difference in the legal attributes of these clients' claims."
Vara also raised some more technical legal arguments, but perhaps most importantly, he opposed the "overly broad" waivers provided to the FTX estate managers and advisors, or forgiveness for any misconduct. Vara wrote, "These waivers will far exceed the employment and compensation protections afforded to estate professionals approved and supervised by the court (according to relevant regulations)."
Project Updates
Polygon's Chief Information Security Officer Mudit Gupta announced on X platform that access to the Polygon community Discord has been regained and is currently cleaning up all changes made by hackers to ensure that there will be no further intrusions.
Polygon announced on X platform that Discord has restored protection and access permissions, but all external bots and integrations have been disabled. Each bot and integration is currently undergoing a security review to prevent a recurrence of this situation. Some features may be restricted for a period of time, but Discord can now be freely used again. Polygon reminds users to always be vigilant against scams and not to click on any suspicious links.
Regarding the Ethereum Foundation's deposit of 35,000 ETH into Kraken, Ethereum Foundation Executive Director Aya Miyaguchi stated on X platform, "This is part of the Ethereum Foundation's fund management activities. The Ethereum Foundation's annual budget is approximately $100 million, mainly composed of grants and salaries, and some beneficiaries can only accept legal tender. For a long time this year, the Ethereum Foundation has been advised not to engage in any financial activities due to complex regulations, and plans cannot be shared in advance. However, this ETH transfer transaction does not equate to a sale, and there may be plans to gradually sell in the future."
Telegram founder and CEO arrested by National Anti-Fraud Office at French airport
According to The Block citing the well-known French news website TF1, Pavel Durov, the founder and CEO of Telegram, was arrested in France and detained by agents of the French National Anti-Fraud Office. Durov was arrested with a woman and her bodyguard upon their arrival at the Bourget Airport in Paris from Azerbaijan, which specializes in serving private aircraft.
According to preliminary investigations, Durov is the subject of a search warrant issued by the French child exploitation investigation agency OFMIN. News reports indicated that the billionaire Durov rarely travels in Europe, perhaps to avoid being detained in this manner, as the news website pointed out that his arrest warrant is only valid within France. TF1 predicted that Durov may meet with an investigating judge on Saturday night and then be charged on Sunday, with charges including "multiple offenses: terrorism, drugs, conspiracy, fraud, money laundering, receiving stolen goods, pedophilia," and possibly more. Durov, who holds dual French and Russian citizenship, may face up to 20 years in prison.
An investigator from the French National Anti-Fraud Office (ONAF) who detained Durov stated, "Pavel Durov will definitely be detained pending trial… On his platform, he has condoned countless illegal activities, and he has not taken any mitigating or cooperative attitude towards this."
Market: TON falls below $6, down 12.2% in 24 hours
Possibly influenced by the news of the arrest of the founder and CEO of Telegram, TON fell below $6, currently trading at $5.88, down 12.2% in 24 hours.
DOGS community and various individuals, including Musk, voice support for Telegram founder
Some well-known figures within and outside the crypto community have voiced their support for Telegram and Pavel Durov. The DOGS community posted: "We support Pavel Durov, privacy and truth are especially important at this moment." This includes Elon Musk and American journalist Tucker Carlson. Franklin Bi, a general partner at venture capital fund Pantera Capital, tweeted "#FreePavel".
Russian State Duma Deputy Chairman Davankov called on the Russian Foreign Ministry to rescue Durov. The Russian Foreign Ministry stated that the Russian Embassy in France has taken necessary measures to understand Pavel Durov's situation. Durov, born in 1984, holds multiple nationalities, including Russian, French, and Emirati. Reports suggest that as a French citizen, Durov will not be exchanged or extradited to other countries.
In response to the arrest of Telegram's founder, Vitalik expressed concern about the future of software and communication freedom in Europe. He also expressed appreciation for Aave's existence and hopes to see sustainable applications that do not sacrifice decentralization principles.
For more details, you can visit the following links:
- DOGS community and various individuals, including Musk, voice support for Telegram founder
- Russian State Duma Deputy Chairman calls on Foreign Ministry to rescue Durov
- Ignas | DeFi: Ethereum Foundation's funding surged to $30 million in Q4 last year, lacking comprehensive transparent expenditure reports
- Head of Russian Internet Security Alliance: The force behind Durov's arrest in France is the United States
- Musk releases video with #FreePavel tag, once again voicing support for Telegram founder Pavel Durov
- Vitalik responds to the arrest of Telegram founder: Concerning the future of European software and communication freedom
- Vitalik: Aave is great, grateful for its existence; hopes to see sustainable applications without sacrificing decentralization principles
I "do not" respect things that are essentially attractive due to some temporary, unsustainable things, such as. I am not excited about the liquidity mining craze in 2021 because it is obviously based on temporary token issuance. If someone tells me "putting money here can yield substantial returns," my question is always "where do the returns come from?" Who is the other party in the trade, who is paying the returns? If there is a clear answer to this question and there is good reason to believe it will still be the case in 5 years, then I would definitely be excited about it.
Important Data
WIF's largest holder spends $1.54 million to buy 800,556 WIF with USDC
According to Lookonchain monitoring, the largest holder of WIF spent $1.54 million to buy 800,556 WIF at a price of $1.92. This whale currently holds 28 million WIF ($53.23 million), and WIF's profits have exceeded $77 million.
A whale deposits 590 BTC into Binance, potentially earning over $15 million
According to Lookonchain monitoring, after the price of BTC rose, a whale deposited 590 BTC ($38 million) into Binance, potentially earning over $15 million. The whale purchased 590 BTC ($22.7 million) from Binance at an average price of $38,472 on October 20, 2023, February 21, 2024, and April 16, 2024.
An address holding 64 BTC is activated after 13.6 years of dormancy
According to Whale Alert monitoring, an address containing 64 BTC ($4,147,400) was activated after 13.6 years of dormancy.
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