Today's Headlines:
- French authorities to issue statement on Durov's arrest today
- Harris' campaign donations reach $540 million, outpacing Trump's fundraising speed
- Trump family's new crypto project official TG channel renamed "World Liberty Financial"
- Telegram responds to CEO's arrest: claiming "a platform or its owner is responsible for abuse on the platform" is absurd
- Ton community launches movement to support Telegram CEO, calling on community members to change social media account avatars to participate
- CoinShares: Net inflows of digital asset investment products reached $533 million last week
- Stablecoin market value has grown for 11 consecutive months, surpassing $168 billion to reach a historic high
- Data: Tokens such as SUI, OP, ZETA, DYDX are scheduled to unlock this week, with SUI unlocking approximately $65 million
Regulatory News
French authorities to issue statement on Durov's arrest today
According to Cointelegraph, French authorities plan to issue a statement on Monday regarding the arrest of Pavel Durov, the CEO of Telegram. According to French media reports, Durov may face charges related to the operation of Telegram and the lack of oversight on the platform. The Washington Post reported that after Durov's arrest, the Russian embassy contacted French authorities to request a meeting with Durov and to clarify the details of his detention. Some Russian officials have called this arrest an indirect hostile act against Russia. Earlier reports indicated that Durov holds dual citizenship in France and Russia, and there are also reports that he holds dual citizenship in France and the United Arab Emirates. Meanwhile, Telegram has released an official statement on social media, stating that Telegram complies with EU laws, including the Digital Services Act. Durov has nothing to hide and frequently travels in Europe. Claiming that a platform or its owner is responsible for abuse on the platform is absurd. The team is awaiting a swift resolution of this incident.
According to CNBC, Shan Hanes, the former CEO of Heartland Tri-State Bank in Kansas, was sentenced to over 24 years in prison for embezzling a large amount of bank funds. Hanes transferred $47 million to a cryptocurrency wallet controlled by scammers who lured him into a "Ponzi scheme." This incident led to the collapse of Heartland Tri-State Bank last year and it became one of the five banks to fail in the United States in 2023, taken over by the Federal Deposit Insurance Corporation. Hanes' embezzlement took only eight weeks to complete through a series of wire transfers, causing devastating damage to the bank. Additionally, according to records from the Wichita area court in Kansas, Hanes also swindled funds from a local church, investment club, and his daughter's college savings account, allegedly to purchase cryptocurrency, as the scammers claimed they needed more funds to unlock the so-called returns on his investment. However, he did not profit from the scam and instead lost all the misappropriated funds.
Harris' campaign donations reach $540 million, outpacing Trump's fundraising speed
According to Caixin, the campaign team of US Vice President Kamala Harris announced last Sunday that since Biden withdrew and she "took over" the campaign, in just over a month, they have raised $540 million, outpacing Trump's fundraising speed. According to a memo released by Harris' campaign manager Jen O'Malley Dillon, the $540 million raised includes $82 million raised during the Democratic National Convention, demonstrating the party's support and expectations for her. The statement said, "This is the most raised in any presidential campaign in the same period." Additionally, according to a federal disclosure filed last week, Harris' main fundraising group raised four times the amount of funds in July compared to Donald Trump's fundraising. Harris' campaign team told the Federal Election Commission that they raised $204 million last month, while the main fundraising group of the Republican candidate and former US President Trump reported $48 million to the Federal Election Commission. This money includes funds raised by the campaign, the Democratic National Committee, and the joint fundraising committee. On the other hand, Harris' spending is also higher than Trump's, at $81 million and $24 million, respectively.
Overall, as of the end of July, Harris' campaign team had $220 million in cash, while Trump's campaign team had $151 million in cash. Meanwhile, the situation of the US election remains highly competitive, and it is impossible to predict who will win. In various polls, Trump and Harris are still neck and neck. In the coming week, Harris and her running mate, Walz, will embark on a bus tour in southern Georgia to campaign.
Project Updates
Trump family's new crypto project official TG channel renamed "World Liberty Financial"
Donald Trump Jr.'s Telegram channel for the new crypto project "The DeFiant Ones" has been renamed World Liberty Financial and has just released an announcement: "Donald Trump Jr. announces: We all know how banks and financial institutions manipulate the system to fight against ordinary Americans. They exclude people, refuse to provide loans, drown people in cumbersome paperwork, and use laws and processing fees to squeeze them. Our entire family has experienced all of this… We have been abandoned by banks, banned by platforms, and subjected to all imaginable political games. These banks and the elites who control them want absolute control, but now all of this will end. We are returning power to you, making finance great again. This new decentralized finance (DeFi) platform will eliminate corrupt, expensive, and inefficient intermediaries. No more bureaucrats to determine your fate. It's time to modernize this unfair and outdated system, and give everyone the opportunity to access the same opportunities hoarded by the elites. Join us and let's make finance serve the people once again."
Regarding the arrest of Pavel Durov, the founder and CEO of Telegram, Telegram issued a statement in response on its official X platform account, stating: Telegram complies with EU laws, including the Digital Services Act—its moderation meets industry standards and is constantly improving. Telegram's CEO Pavel Durov is not in hiding and frequently travels in Europe. The claim that "a platform or platform owner is responsible for abuse on the platform" is absurd. Nearly one billion users worldwide use Telegram as a means of communication and an important source of information. The team is awaiting a swift resolution of this situation.
Vitalik Buterin, co-founder of Ethereum, commented on the opinion expressed by Paradigm co-founder Matt Huang regarding the "integration of Telegram groups into the Farcaster ecosystem," stating: "I would prefer to delay this action until we establish an end-to-end encrypted communication system. Additionally, I also believe that in order to achieve adoption of the entire (Farcaster) ecosystem, it should be federated, meaning that a person using one client should be able to communicate with others using different client applications."
Meme project Simon's Cat (CAT) announces completion of $15 million CAT token liquidity lock
The Meme coin Simon's Cat (CAT) team announced on their social platform that they have completed a $15 million CAT token liquidity lock. The lock was carried out using the Floki FiLocker protocol, with lock periods set at 690 billion years and 4.2 billion years. Coingecko data shows that CAT is currently trading at $0.00002429, with a 24-hour increase of 21.1%, and a current market value of approximately $186 million.
Memeland team: Used treasury funds to purchase $1 million worth of TON to support Durov
The Memeland team announced on Twitter that they have used $1 million of the team's treasury funds to buy TON on the open market and will continue to hold it until Durov is released. According to previous reports, DWF Labs founder Zhu Su and others have used a similar method to support Durov.
Binance to suspend 7-day and 30-day fixed rate staking and borrowing services on September 2
According to the official announcement, Binance will suspend its 7-day and 30-day fixed rate staking and borrowing services on September 2, 2024 at 12:00 (UTC+8). Starting from September 2, 2024 at 12:00 (UTC+8), users will not be able to create new fixed rate staking and borrowing orders or extend existing orders, including users using the SAPI endpoint. It is recommended that users stop using the relevant endpoints before the above-mentioned date. Ongoing fixed rate staking and borrowing orders will not be affected until they expire.
Avalanche and ZKsync official Discord servers targeted in attack
According to Cointelegraph, less than 48 hours after Polygon's Discord was invaded, the official Discord servers of L1 network Avalanche and L2 chain ZKsync were also targeted in attacks. The Avalanche team has "discovered" the issue and has resolved it, working to restore the servers to normal. Just one hour after the Avalanche vulnerability was exploited, the official Discord of ZkSync was also invaded, with hackers once again sharing a malicious link for a fake "second round airdrop" plan, promising to provide free ZK tokens to users. Some ZkSync team members have already noticed the vulnerability.
Orderly Network: Claiming and staking of ORDER tokens is now live
Web3 liquidity provider Orderly Network announced that the claiming and staking of ORDER tokens is now live. According to previous reports, the airdrop claiming will take place on the Ethereum mainnet (ERC20) at the address: 0xABD4C63d2616A5201454168269031355f4764337. Starting from 18:00 on August 26, 2024 (Beijing time), various centralized exchanges (CEX) will go live with the product. On August 28, 2024 at 8:00 (Beijing time), VALOR rewards release, trading, and liquidity rewards will begin.
Baby Doge team has relinquished ownership of BabyDoge token contracts on Ethereum and BNB chains
The BNB ecosystem Meme coin project Baby Doge recently announced on the X platform that they have officially relinquished ownership of the BabyDoge token contracts on the Ethereum and BNB chains, ensuring that no single entity can control these contracts, making BabyDoge a community-driven project. The ability to burn tokens remains effective.
Binance Futures to launch perpetual contracts for NULS and DOGS at 1-75x leverage
According to the official announcement, Binance Futures will launch perpetual contracts for NULSUSDT and DOGSUSDT at 1-75x leverage on August 26, 2024 at 16:30 (UTC+8) and August 26, 2024 at 20:30 (UTC+8), respectively.
Binance to list MiCA-regulated Euro stablecoin Eurite (EURI)
According to the official announcement, Binance will list Eurite (EURI) on August 28, 2024 at 10:00 (UTC) and open trading for the EUR/EURI and EURI/USDT spot trading pairs. To celebrate the listing, Binance will launch a zero fee promotion for EURI trading pairs. Eurite (EURI) is one of the first Euro stablecoins regulated by MiCA.
Warning: Mac users should beware of malicious software "Cthulhu" that can steal crypto wallets
According to Cointelegraph, Apple Mac users have recently encountered a new security threat—malicious software "Cthulhu Stealer," which targets the theft of sensitive information and cryptocurrency wallets.
Cado Security, a cybersecurity expert, has issued an urgent warning, pointing out that despite macOS's long-standing reputation for security, malicious activities targeting Macs have significantly increased in recent years. "Cthulhu Stealer" disguises itself as disk image (DMG) files of popular software such as CleanMyMac and Adobe GenP, tricking users into downloading and executing them. Once infected, the malware uses macOS command-line tools to execute AppleScript and JavaScript scripts, first tricking users into entering their system password, and then further requesting the password for the Ethereum wallet MetaMask. Reports indicate that it also targets other popular crypto wallets, including those from Coinbase, Wasabi, Electrum, Atomic, Binance, and Blockchain Wallet.
Upon successful infiltration, "Cthulhu Stealer" stores stolen data in local text files and conducts "fingerprinting" on the victim's system, collecting crucial information including IP addresses and operating system versions. Cado Security researcher Tara Gould pointed out that the main purpose of this software is to steal various online store account credentials and cryptocurrency assets. However, it is claimed that the scammers behind this malware are no longer active.
According to the official TG channel, the Ton community launched the "We stand with Pavel Durov (Telegram CEO)" movement early this morning. In support of the Digital Resistance movement, we are updating the TONCOIN logo and avatar in the TON community channel to the global symbol of the Digital Resistance movement—"Resistance Dog." Pavel Durov initiated this movement in the struggle to protect Telegram users' privacy and freedom of speech. To participate in this movement: 1. Use the FREEDUROV tag to share this post; 2. Add the "FREE" emoji to your username; 3. Change your avatar to "Resistance Dog."
Foreign media: Telegram founder's detention could last up to 96 hours
According to The Guardian, French judicial authorities have extended the detention of Telegram founder Pavel Durov. Durov was arrested at Le Bourget airport in Paris on Saturday on suspicion of criminal activities related to his messaging application. The investigation involves charges of fraud, drug trafficking, organized crime, terrorist propaganda, and cyberbullying.
The detention could last up to 96 hours, at which point a judge will decide whether to release him or press charges. Telegram issued a statement stating that its platform complies with EU laws, Durov "has nothing to hide," and expressed hope for a swift resolution of the matter.
Binance: TON network upgrade process taking longer than expected due to unforeseen issues
According to an official service update announcement from Binance, the TON network upgrade process is taking longer than expected due to unforeseen issues. The Binance team is currently working hard to restore normal service as soon as possible.
Previously, Binance announced that it would suspend TON deposits and withdrawals for wallet maintenance on August 26 at 9:55, with an expected duration of 2 hours. However, the TON token deposit page on Binance still shows that TONcoin network deposits are currently suspended.
The TON community announced on its official Telegram channel that congratulations to the DOGS community for launching the on-chain claiming process. The current request processing speed has reached 150,000 times per minute and is expected to continue increasing. Today is not only an important day to showcase the strength of digital resistance, but also a day for the TON network to undergo a stress test capable of handling up to 10 million simultaneous users. Due to network expansion to handle the load, slight delays in transaction processing time are expected.
Important Data
PANews reported on August 26 that according to blockchain analyst Yu Jin's monitoring, a suspected Sun Yuchen team address continues to convert BTC to WBTC: 5 hours ago, 500 BTC (approximately $32.12 million) entered Binance through a suspected Sun Yuchen team's Binance deposit address, while at the same time, 637 WBTC (approximately $40.78 million) was withdrawn from Binance to the address 0xbE6…1cD on the Ethereum chain. Since the announcement of the change in WBTC custody (8/11), 3,090 BTC (approximately $188 million) has entered Binance through a suspected Sun Yuchen team's Binance deposit address, followed by 2,590 WBTC (approximately $156 million) being withdrawn from Binance to the address 0xbE6…1cD.
Token Unlocks data shows that this week, SUI, OP, ZETA, DYDX, and other tokens are set to undergo significant unlocks, including:
Sui (SUI) is set to unlock approximately 64.19 million tokens at 8:00 am on September 1 (Beijing time), accounting for 2.47% of the current circulating supply, valued at approximately $65 million.
Optimism (OP) is set to unlock approximately 31.34 million tokens at 8:00 am on August 31 (Beijing time), accounting for 2.64% of the current circulating supply, valued at approximately $50.5 million.
ZetaChain (ZETA) is set to unlock approximately 53.89 million tokens at 8:00 am on September 1 (Beijing time), accounting for 15.71% of the current circulating supply, valued at approximately $33 million.
dydx (DYDX) is set to unlock approximately 8.33 million tokens at 8:00 am on September 1 (Beijing time), accounting for 3.67% of the current circulating supply, valued at approximately $9.8 million.
Yield Guild Games (YGG) is set to unlock approximately 14.08 million tokens at 10:00 pm on August 27 (Beijing time), accounting for 3.70% of the current circulating supply, valued at approximately $6.8 million.
Echelon Prime (PRIME) is set to unlock approximately 750,000 tokens at 8:00 am on August 31 (Beijing time), accounting for 1.68% of the current circulating supply, valued at approximately $5.4 million.
Ethena (ENA) is set to unlock approximately 14.89 million tokens at 3:00 pm on September 1 (Beijing time), accounting for 0.82% of the current circulating supply, valued at approximately $5.4 million.
SingularityNET (AGIX) is set to unlock approximately 8.32 million tokens at 8:00 am on August 28 (Beijing time), accounting for 1.58% of the current circulating supply, valued at approximately $4.3 million.
Manta Network (MANTA) is set to unlock approximately 1.87 million tokens at 7:59 am on September 1 (Beijing time), accounting for 0.50% of the current circulating supply, valued at approximately $1.5 million.
Euler (EUL) is set to unlock approximately 45,600 tokens at 6:54 am on August 30 (Beijing time), accounting for 0.24% of the current circulating supply, valued at approximately $26,000.
Tornado Cash (TORN) is set to unlock approximately 91,700 tokens at 11:30 am on August 29 (Beijing time), accounting for 2.41% of the current circulating supply, valued at around $220,000.
1inch (1INCH) is set to unlock approximately 64,000 tokens at 8:00 am on August 30 (Beijing time), accounting for 0.01% of the current circulating supply, valued at around $18,000.
Forta (FORT) is set to unlock approximately 50,000 tokens at 8:00 am on September 1 (Beijing time), accounting for 0.01% of the current circulating supply, valued at around $6,500.
Galaxy Digital deposited 700 BTC worth $44.81 million to Binance five hours ago
According to @ai_9684xtpa monitoring, Galaxy Digital deposited 700 BTC worth $44.81 million to Binance five hours ago. Earlier today, a suspected Galaxy Digital address withdrew 3,735 ETH (approximately $10.23 million) from Binance.
According to iChainfo monitoring, three days ago, after Federal Reserve Chairman Powell's speech on August 23, an address withdrew 12,570 ETH from Coinbase. Over the next three days, ETH surged by about 5%. One hour ago, this address transferred all its ETH back to Coinbase, potentially selling and making a profit of $1.46 million.
According to Cointelegraph, DefiLlama data shows that the stablecoin market cap has grown for 11 consecutive months, reaching a new all-time high of $168 billion (currently approximately $168.1 billion), surpassing the previous peak in March 2022 ($167 billion). This data does not include algorithmic stablecoins.
Cryptocurrency analyst Patrick Scott stated that he believes this is a sign of "new capital flowing into the cryptocurrency space." In a post on X on August 26, he wrote, "Stablecoins have reached a new all-time high. The total stablecoin market cap, excluding algorithmic stablecoins, has now reached a historical high, surpassing the previous peak in early 2022." When asked by another user whether institutional investment was driving this increase, he did not speculate on the reason for the increase but did point out, "Retail trading has been ongoing for at least eight months."
According to a report from CCData in July, stablecoin trading volume decreased by 8.35% last month due to reduced trading activity on centralized exchanges. The report indicated that concerns about USDT in Europe due to MiCA regulations were one of the reasons for the decrease in stablecoin trading activity on centralized exchanges in July. According to CoinMarketCap's data, this trend continued into August, with the market trading volume slightly exceeding $46 billion.
According to Bloomberg, the digital asset market value of blockchain projects associated with Telegram Messenger LLP has shrunk by approximately $2.7 billion, reflecting the uncertainty caused by the detention of Telegram co-founder Pavel Durov. Pavel Durov was detained on Saturday at a Paris airport on suspicion of failing to take measures to prevent Telegram from being used by criminals. Subsequently, the token Toncoin (TON) of The Open Network fell by over 20%.
According to data compiled by Bloomberg, as of Monday morning in Singapore, TON has partially narrowed its decline, trading at $5.69, but the asset still fell by 16% due to the ongoing turmoil surrounding the Durov incident. Richard Galvin, co-founder of the hedge fund DACM, stated that it is "too early to judge what long-term impact Durov's detention will have on Telegram," as the fund purchased TON tokens in a private placement in early 2023. He added that the weekend market reaction "temporarily priced in this uncertainty into the TON price."
DefiLlama's data shows that the value of assets locked on the TON blockchain soared to a peak of $1.1 billion earlier this year, but this figure has now fallen to $661 million. According to CoinGecko's data, the price of Toncoin has more than doubled in the past year, and the current market value of the token is approximately $14.4 billion.
CoinShares: Digital asset investment products saw a net inflow of $533 million last week
According to the latest weekly report from CoinShares, the total inflow of funds into digital asset investment products last week reached $533 million, the largest inflow in five weeks. This growth follows Jerome Powell's speech at the Jackson Hole meeting, with market expectations of the first rate cut possibly occurring in September. Bitcoin became the main focus, attracting $543 million in fund inflows, indicating its sensitivity to interest rate expectations.
For Ethereum, there was an outflow of $36 million last week, despite new Ethereum ETFs attracting $3.1 billion in fund inflows within a month, which was partially offset by the $2.5 billion outflow from Grayscale Trust funds. In addition, blockchain stocks saw inflows for the third consecutive week, totaling $4.8 million.
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