Author: Max Bauer
Pavel Durov, the founder and CEO of the encrypted messaging service Telegram, was arrested this evening at Le Bourget airport in Paris. French authorities are also conducting searches at Durov’s properties, according to sources. The 39-year-old Franco-Russian was taken into custody by Air Transport Gendarmerie officers around 8pm as he disembarked his private jet. He was accompanied by his bodyguard and a woman. Durov had arrived from Azerbaijan and was subject to a French search warrant issued by the national directorate of the French judicial police. He is reportedly listed in the wanted persons file (FPR). The reason for Durov’s…
The Ethereum Foundation recently transferred 35,000 ETH, equivalent to $94 million, to Kraken, a cryptocurrency exchange. This move has ignited speculation about the Foundation’s intentions and whether it signals a large-scale sale of Ether. Aya Miyaguchi, from the Ethereum Foundation, clarified the situation stating that the transfer is part of their treasury management activities. The Foundation has an annual budget of approximately $100 million, primarily allocated to grants and salaries. Some recipients can only accept fiat currency, necessitating the conversion of Ether. Miyaguchi emphasized that the transfer is not equivalent to a sale and that any future sales will be…
Following Federal Reserve Chair Jerome Powell’s speech, which hinted at a potential interest rate cut cycle, Deribit witnessed significant bullish activity in its block trades, particularly for Bitcoin and Ethereum options. In one notable Bitcoin trade, a user purchased call options with a strike price of $80,000 expiring at the end of the year, while simultaneously selling call options with a strike price of $120,000, also expiring at the end of the year. The trade, involving 525 BTC and a premium of $1.844 million, reflects a bullish outlook using a bull spread strategy to reduce leverage and capitalize on potential…
Nick Tomaino, founder of 1confirmation, boldly asserted that Ethereum’s market cap will surpass Bitcoin’s within the next five years. He believes that while both cryptocurrencies will continue to grow, Ethereum’s unique attributes and potential will ultimately drive it to the top. Tomaino acknowledged Bitcoin’s established narrative as “digital gold,” which has garnered significant institutional investment. However, he pointed out that Ethereum, despite being the most impactful blockchain for the past five years, remains less understood. He described Ethereum as the foundation upon which the most talented developers are building the decentralized internet, with Ether (ETH) serving as the “digital oil”…
A previously inactive wallet associated with Cumberland DRW, a major digital asset trader and liquidity provider, has transferred a staggering 650.93 BTC to Coinbase. This transfer, valued at $41.96 million at the time of transfer, occurred approximately four hours ago when the BTC price was at its peak. On-chain data analysis reveals that these BTC were acquired from multiple DRW addresses six years ago at an average price of about $4,000. If sold at the current market price, the profit would be approximately 15 times the original investment, yielding a profit of around $39.35 million. Cumberland, a subsidiary of the…
Bitcoin has staged a promising rebound, breaking through a key resistance range, driven primarily by renewed interest in the spot market. According to a recent report from QCP Capital, Powell’s Jackson Hole speech has acted as a catalyst, sparking optimism about a potential September rate cut. While the exact extent of the rate cut remains uncertain, August’s employment data will play a crucial role in determining the Fed’s decision. A 25 basis point cut is widely anticipated, but a more significant 50 basis point cut could signal that the Fed is taking emergency action to avert economic stagnation. The current…
Tether Holdings, the issuer of the world’s largest stablecoin USDT, has abandoned plans to launch its own blockchain. The decision comes as a stark contrast to the prevailing trend of numerous crypto entrepreneurs launching new blockchains, often with questionable use cases. Tether’s CEO, Paolo Ardoino, explained the rationale behind the decision, citing the simple principle of supply and demand. “We are very good in technology, but I think blockchains will become almost a commodity in the future,” Ardoino said in an interview with Bloomberg News. “Launching a blockchain ourselves might not be the right move. There are very good blockchains.”…
US District Judge William H. Orrick has ruled that cryptocurrency exchange Kraken must face a lawsuit filed by the Securities and Exchange Commission (SEC). The SEC accuses Kraken of operating an unregistered securities exchange, a charge that carries substantial regulatory implications. Judge Orrick stated in his opinion, “The SEC has plausibly alleged that at least some of the cryptocurrency transactions that Kraken facilitates on its network constitute investment contracts, and therefore securities, and are accordingly subject to securities laws.” This ruling highlights the SEC’s stance that many digital assets fall under the purview of securities regulations, requiring platforms like Kraken…
According to Onchain data, 35,000 ETH worth $93 million were moved from Ethereum Foundation wallets to cryptocurrency exchange Kraken. You can review the record of this transfer on Etherscan here. Details will be here soon.
Seoul prosecutors have launched an investigation into allegations that a senior police officer accepted bribes in connection with virtual asset-related cases. On August 23rd, the Seoul Southern District Prosecutors’ Office’s Virtual Asset Crime Joint Investigation Unit conducted a raid on the Gangnam Police Station, where the accused officer, identified as ‘A’, is currently stationed. The investigation focuses on accusations that Officer A received money and goods in exchange for favors related to virtual asset cases while working at the Gangnam Police Station. The fact that the Seoul Southern District Prosecutors’ Office, which does not have jurisdiction over the Gangnam Police…