The Block
Quick Take The X account for the TON blockchain has released a statement affirming support for Telegram founder and CEO Pavel Durov, who was arrested on Saturday in France and is expected to be indicted on a variety of charges related to the operations of the messaging platform. The price of Toncoin plummeted nearly 20% on Saturday before recovering slightly; the token is currently down 12% in the past twenty-four hours.
Quick Take Telegram’s founder and CEO Pavel Durov was arrested tonight at an airport in France while traveling with a woman and his bodyguard, according to the reputable French news site TF1. Investigators from France’s National Anti-Fraud Office have placed Durov in custody ahead of a possible indictment on Sunday for a wide range of alleged offenses, according to TF1, citing sources close to the case.
U.S.-based spot bitcoin ETFs logged $252 million worth of inflows on Friday, the highest single-day value in one month, continuing a seven-day streak of positive net inflows.Unsurprisingly, BlackRock’s IBIT gained the most, but only Grayscale’s GBTC saw negative net flows.Meanwhile, ether ETFs are on the opposite streak, logging seven days of net outflows.
Quick Take A complaint filed by the U.S. Trustee overseeing the FTX bankruptcy outlines ten complaints against the estate’s plan, including overly broad legal protection of entities involved in the bankruptcy, the unequal treatment of smaller creditors, and the lack of a carve out for fees related to a data breach suffered by the estate. A separate complaint filed by creditor activist Sunil Kavuri, among others, argues the plan should allow for in-kind distributions to help creditors avoid large tax bills,
Polygon has regained control of its community Discord server following a hack that allegedly cost one user about $145,000 in assets.The attack, seemingly from a serial hacker, comes shortly before Polygon’s planned mainnet upgrade on Sep. 4, which will transition its native token MATIC to a new token with the ticker POL.
Quick Take The SEC adopted Rule 613 in 2012 following the financial crisis, requiring national securities exchanges and the Financial Industry Regulatory Authority to maintain a consolidated audit trail, or CAT. The CAT will turn “blockchains into a massive and fully deanonymized repository for the government to search at will, without any need to show cause to obtain a warrant,” the groups said in an amicus brief filed on Thursday.
Quick Take The crypto lending sector is recovering from the cascade of bankruptcies in 2022, but firms are approaching it conservatively. This column is adapted from The Scoop newsletter.
Quick Take U.S. crypto exchange Kraken has failed to dismiss the case against it brought by the Securities and Exchange Commission. The SEC argues the exchange operated as an unregistered securities exchange, broker-dealer and clearing agency in addition to mishandling customer information and funds.
Quick Take Digital Currency Group has fully repaid its short-term debts as of June, the company announced in a quarterly shareholder letter this week. Its only remaining debt is a $1.1 billion promissory note due to its bankrupt crypto-lending unit Genesis in eight years.
