Pavel Durov, Founder of Telegram & TON, Arrested in France

Pavel Durov, Founder of Telegram & TON, Arrested in France

Telegram founder Pavel Durov was arrested in France on Saturday, potentially facing charges related to the operations of Telegram, including allegations of serious crimes like terrorism and fraud. The arrest caused Toncoin, the token of The Open Network (TON) blockchain, to drop nearly 20% before recovering slightly. TON ecosystem projects like Notcoin's NOT also declined over the weekend.

In response, the TON blockchain’s official X account assured the community that they remain operational and supportive of Durov. Russia's Foreign Ministry demanded consular access, criticizing the French authorities for not engaging. Elon Musk and Vitalik Buterin are among the few who have voiced support for Durov. French authorities are expected to provide more details about the charges soon.

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Robert F. Kennedy Jr. Ends Campaign, Backs Trump

Robert F. Kennedy Jr. has suspended his presidential campaign, citing a lack of a clear path to victory, and has endorsed Donald Trump. Kennedy, known for his crypto-friendly stance, had promised executive orders to support Bitcoin if elected. Despite suspending his campaign, Kennedy stated he was not fully ending it, leaving room for future political involvement.

His support for Trump consolidates the crypto industry's backing behind Trump, who has also shown support for cryptocurrency. Kennedy’s campaign suspension and endorsement came as both candidates spoke at Bitcoin 2024 in Nashville. At the time of writing the odds of Trump against those of Harris are split at a perfect 50:50 according to Polymarket.

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Sony Unveils Soneium Layer 2 in Collaboration with Startale

Sony has revealed Soneium, an Ethereum Layer 2 blockchain developed with Web3 infrastructure provider Startale, marking Sony's significant move into blockchain technology. The network, launching on a testnet, will leverage zkEVM technology for privacy and scalability, aiming to impact sectors like gaming and finance.

Sony plans to use its distribution channels to make blockchain more accessible to mainstream consumers. Soneium will be integrated with Astar Network's assets, enhancing its functionality and liquidity. The blockchain aims to address key challenges like scalability and security. Soneium will initially focus on applications in entertainment, crypto gaming, and finance.

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MakerDAO Proposes Governance Token Redenomination

MakerDAO has proposed converting each MKR governance token into 24,000 NewGovToken (NGT) tokens to broaden participation in its governance. This redenomination aims to democratize decision-making by allowing more users to hold significant amounts of NGT. Alongside NGT, MakerDAO will introduce a new stablecoin, NewStable (NST), pegged 1:1 with Dai.

The original Dai and MKR tokens will remain active, offering users flexibility in their choice of tokens. The introduction of NGT and NST is part of MakerDAO's strategic endgame plan. Both the DAI stablecoin and MKR token will remain active for the foreseeable future unless governance decides otherwise. Currently, MKR is up 9.92% in the past seven days and is trading at $2,132.

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Data of the Day

Binance’s BNB Smart Chain (BSC) saw a sharp increase in decentralized exchange volume, temporarily overtaking Solana as the third-largest player in the industry. From August 21 to August 23, BSC's weekly volume jumped nearly 40% to $5.4 billion, driven by high activity on PancakeSwap. Despite Solana reclaiming its position on August 24, BSC's surge highlights the competitive nature of the DEX market.

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More Breaking News

• Spot Bitcoin ETFs recorded a $252 million inflow on Friday, marking the highest single-day inflow in a month, while Ether ETFs had seven days of outflows.
• Polygon regained control of its Discord server after a hack that resulted in a $145,000 theft, just ahead of its upcoming mainnet upgrade.
• DCG announced the full repayment of its short-term debts, leaving only a $1.1 billion promissory note to its bankrupt subsidiary Genesis, due in 2032.
• Kraken failed to dismiss an SEC case alleging it operated as an unregistered securities exchange, broker-dealer, and clearing agency.
• China extradited a suspect from Thailand accused of leading a $14 billion crypto pyramid scheme, marking the first such extradition for the region.
• The US Trustee overseeing the FTX bankruptcy filed objections to the exchange's reorganization plan, citing concerns over legal protections.

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