Headlines
▌ Telegram founder Pavel Durov is under investigation in Switzerland after being accused of child abuse by his ex-partner
Telegram founder Pavel Durov is under investigation in Switzerland following a criminal complaint filed by his ex-partner Irina Bolgar, alleging child abuse, according to Forbes. The allegations surfaced following Durov's recent arrest in France and are part of a wider legal dispute that includes claims of unpaid child support and a bitter custody battle.
The Geneva Public Prosecution Office initially refused to accept the criminal complaint against Durov because it was filed more than three months after the most recent alleged incident of physical violence. In May 2023, Bolgar appealed, and the court allowed the case to proceed last October. According to Geneva court officials, the case is still ongoing, with Bolgar accusing Durov of injuring their youngest son (born in September 2017) five times between 2021 and 2022. The incidents allegedly caused injuries to the child, including concussions and sleep disorders, and records of messages between Bolgar and Durov in November 2021 and a medical certificate from April 2023 were submitted as evidence that the child continued to suffer anxiety and sleep problems as a result of the violence.
A representative for Durov declined to comment. Bolgar's lawyer confirmed that Bolgar and his three children are involved in the civil case but declined to comment on the criminal complaint. Durov, Bolgar and their children have not been publicly named in the criminal case due to Swiss law, but there are multiple details in the case that identify Durov, including his children's birth years and the case number of the civil children's case.
▌Musk hired Republican staff to join the team to guide field work
Musk has hired a Republican staffer who is good at organizing field work to help guide his political work, a move that suggests Musk is preparing to get more involved in Republican political activities, especially those to get out the vote. According to three people familiar with the matter, Chris Young, a senior political official at the Pharmaceutical Research and Manufacturers Association (PhRMA), will join Musk's team. Young was the head of Engage Texas, a Texas voter registration nonprofit funded by major Republican donors. He previously made his mark in Republican field organizing and became the national field director of the Republican National Committee during the 2016 cycle. Field organizing has been a focus of Musk's work in recent forays into campaign activities.
Quotes
As of press time, according to Coingecko data:
BTC's latest transaction price is $59,037.63, with a daily change of -0.6% ;
ETH's latest transaction price is 2,527.95 yuan, with a daily change of +3.0% ;
BNB's latest transaction price is $536.75, with a daily change of + 0.8% ;
SOL's latest trading price is $143.85, with a daily change of -0.8% ;
DOGE's latest trading price is $0.0996, with a daily change of +1.2% ;
XPR recently traded at $0.5694, with a daily change of +0.9% .
policy
▌ Telegram CEO was formally filed, bail of 5 million euros and prohibited from leaving France
Paris prosecutors said that after four days of questioning by French police, a formal investigation was opened against Telegram CEO Pavel Durov, who was released under judicial supervision on the condition that he pay a 5 million euro bail and is prohibited from leaving France.
Blockchain Applications
▌Bitcoin 's second-layer network Stacks launches Satoshi upgrade
Bitcoin Layer-2 network Stacks has launched the Satoshi upgrade, which aims to increase transaction speed and pave the way for the implementation of smart contracts. The upgrade separates Stacks' block generation schedule from Bitcoin and introduces a new block production method using the proof-of-transfer consensus algorithm. With this upgrade, users can burn Bitcoin (BTC) to mine Stacks blocks and receive rewards. Network operators have two weeks to implement the upgrade, after which a hard fork will be performed to complete the process. In addition, Stacks has launched sBTC, a bridge asset that allows users to transfer BTC to the Stacks economy. Despite the technical advances brought about by the upgrade, the STX token has fallen by more than 8% in the past 24 hours.
Renzo Expands REZ Governance Token to Solana via Wormhole
Renzo Protocol announced the launch of its governance token REZ on Solana to enhance its influence in the blockchain ecosystem and leverage Wormhole’s native token transfer framework.
REZ was initially deployed on Ethereum and will be moved to Solana using Wormhole’s framework, with the Guardian Network leveraging secure cross-chain proofs to ensure token transfers between Ethereum and Solana. REZ on Solana will maintain a 1:1 peg with REZ on Ethereum, and the press release also states that the token will adhere to Solana’s token standards and be compatible with the blockchain’s decentralized financial ecosystem.
▌ OpenAI is negotiating financing with a valuation of over $100 billion, and Microsoft continues to invest
OpenAI is in talks to raise billions of dollars in a new round of funding that would value it at more than $100 billion. Venture capital firm Thrive Capital is leading the round and will invest about $1 billion, according to people familiar with the matter. Microsoft is also expected to invest money. The new round of financing will be the largest injection of external funds into OpenAI since Microsoft invested about $10 billion in January 2023. When employees sold their existing shares at the end of last year, OpenAI was valued at $86 billion. Thrive Capital has invested hundreds of millions of dollars in OpenAI since last year. Microsoft has invested $13 billion in OpenAI since 2019 and currently owns a 49% share of the company's profits.
OpenAI's chief financial officer released a memo saying that negotiations for a new round of financing are still in the early stages; funds are being raised and will be used for computing and operational operations.
▌ Natixis Pfandbriefbank issues €100 million digital covered bond on SWIAT blockchain
Natixis Pfandbriefbank has successfully issued a €100 million digital registered covered bond on the SWIAT permissioned blockchain, the first such issuance in Germany. DekaBank was the buyer in the issuance, acting as both the registrar and the paying agent.
SWIAT, which was co-founded by DekaBank and LBBW and also invested in by Standard Chartered’s SC Ventures, has participated in several ECB wholesale DLT settlement tests, but the bonds issued this time were not included in those tests.
Earlier this month, SWIAT also participated in the issuance of a 100 million euro digital covered bond by Berlin Hyp, but the bond was a bearer bond and was subject to German eWpG law. DekaBank plans to achieve the first billion euro issuance on the SWIAT blockchain by 2025.
Earlier this year, SIX Digital Exchange became the first institutional platform to surpass €1 billion in digital issuance, and other platforms such as HSBC’s Orion are also growing rapidly.
Cryptocurrency
▌ Photos of Telegram founder being released from prison
According to RIA Novosti, Telegram founder Pavel Durov spent more than eight hours in a French court before the Paris prosecutor's office announced that he could be released on bail. Later, a motorcade drove out of the court building, but it was soon discovered that the Telegram founder himself was not in the car.
Durov eventually left the building an hour later, but not through the courthouse’s main entrance, where journalists gathered, but through a side door, where a private minibus was waiting for him, along with security personnel and presumably his lawyer.
Before leaving, the entrepreneur put on a baseball cap and sunglasses. He did not comment and quickly got on the minibus. After the men accompanying Durov carried and loaded the items onto the bus, the minibus quickly drove towards the Paris ring road.
▌ TON’s block production is further interrupted
According to TON on X, the TON block production problem began at 19:19 UTC on August 28, and the outage appears to be caused by excessive load caused by the minting of DOGS tokens. TONCore is working hard to find a solution. TON will continue to inform users of the development of the situation. User crypto assets are not at risk.
▌ On August 28, the US Bitcoin ETF had a net outflow of 1,861 BTC, and the Ethereum ETF had a net outflow of 1,526 ETH
According to Lookonchain monitoring, data from the US Ethereum and Bitcoin ETFs on August 28 showed:
1. The nine US Ethereum ETFs had a total net outflow of 1,526 ETH, equivalent to approximately US$3.79 million, of which Grayscale ETHE had an outflow of 3,676 ETH, equivalent to approximately US$9.14 million. Grayscale currently holds 1,814,925 ETH, worth approximately US$4.51 billion.
2. The ten US Bitcoin ETFs had a total net outflow of 1,861 BTC, equivalent to approximately US$109.18 million. Among them, ARK21Shares had an outflow of 1,643 bitcoins, equivalent to approximately US$96.41 million. The current holdings of ARK21Shares are 46,366 bitcoins, equivalent to approximately US$2.72 billion.
▌Canadian ETF issuer 3IQ’s address currently holds over $500 million worth of BTC
Arkham announced that it has marked the address of Canadian ETF issuer 3IQ, which currently holds BTC worth more than US$500 million, including: the QBTC Bitcoin Fund address holds coins worth US$324 million; the BTCQ Bitcoin ETF address holds coins worth US$215 million.
Important economic developments
▌Bostic of the Federal Reserve: The interest rate cut should be brought forward to the third quarter
Fed's Bostic said there is still some way to go on inflation; employment is still quite strong by historical standards; the Fed cannot wait until inflation reaches 2% to abandon its restrictive stance; it is still waiting for data to determine the timing of rate cuts; inflation is slowing faster than expected and the unemployment rate has risen more than I expected, which means we should bring forward the rate cut to the third quarter.
Harris economic adviser confirms plan to tax unrealized gains
Bharat Rama, Kamala Harris' economic adviser, confirmed the news of Harris' plan to tax unrealized gains in an interview with CNBC's "Squawk Box". The plan applies to individuals who earn at least $100 million a year and do not pay at least 25% in taxes. Rama said the tax proceeds will be used to create more opportunities, but the plan faces strong opposition and constitutional questions. Although Harris' team still insists on this policy, even if she wins the presidential election in November, the plan will still face huge challenges in Congress.
▌Nvidia fell more than 8% after the market
Nasdaq 100 futures fell 1.1%, and Nvidia fell more than 8% after the market closed.
The news came after Nvidia Corp (NVDA.O) gave a revenue forecast that fell short of even the most optimistic market expectations, sparking concerns that its explosive growth was waning.
▌The winning yield of the US 5-year Treasury bond issuance hit the lowest level in a year
The U.S. Treasury issued $70 billion in 5-year Treasury bonds, with a winning yield of 3.645%, slightly higher than the pre-issuance trading level of 3.642% when the bids closed at 1 p.m. Eastern Time, but still the lowest result since April 2023. The U.S. Treasury market did not react much to the bidding results, with the 5-year yield still rising by about 1.5 basis points during the day, and the 5s30s spread remaining basically flat at about 46 basis points. The allocation ratio of primary dealers was 13.2%, slightly lower than the previous time, the allocation ratio of indirect bidders rose to 70.5%, and the allocation ratio of direct bidders fell to 16.3%; the bid multiple was 2.41 times, and the average of the previous six times was 2.38 times.
Golden Encyclopedia
▌ What is the new domain name dacc.eth registered by Vitalik?
Ethereum co-founder Vitalik Buterin has chosen a new Ethereum domain that specifically refers to "defensive accelerationism." Buterin's d/acc advocates for a controlled, cautious approach to technological development and promotes more decentralization. This philosophy "seeks to create and maintain a more democratic world and attempts to avoid centralization as the preferred solution to our problems."
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