Telegram CEO Arrest, Binance CEO Refutes Claims: Weekly Recap

Transcript

welcome to this week's crypto Roundup in today's recap we cover telegram CEO paval durov's arrest and its impact on ton coin binance's rebuttal against asset freezing claims and maker Dow's Rebrand to Sky we'll also update you on the latest from the Celsius and FTX bankruptcies the SEC lawsuit moving to trial against Kraken and coinbase's base Network reaching a milestone lastly a crypto startup's unique method for detecting North Korean hackers goes viral thanks for tuning in to the Weekly News recap let's begin telegram CEO arrest Sparks Market reaction telegram CEO paval durov was arrested at paris's Labour airport on Sunday following a cyber crime

investigation by French authorities according to the tribunal Judiciary de perie the charges against durov include providing unauthorized cryptology Services facilitating illicit transactions and other serious allegations such as Distributing illegal content and money laundering durov now under judicial supervision and prohibited from leaving France has undergone multiple interrogations and an arrest warrant has been issued for his brother Nikolai dorov durov's arrest had an immediate impact on ton coin with the token dropping nearly 20% after the news broke in addition to the market downturn the ton blockchain suffered two outages in recent days the network issues which

occurred on Tuesday and Wednesday were attributed to heavy loads from the minting of dogs tokens the network was back up and running after a few hours on each occasion binance CEO refutes claims of freezing all Palestinian funds binance CEO Richard Tang has denied allegations that the exchange has frozen all assets belonging to Palestinians a claim made by no one's CEO Ray yusf on X Tang described the accusation as fud meaning fear uncertainty and doubt he clarified that only a limited number of accounts linked to icit activities were blocked and emphasized that binance like other financial institutions adheres to Global anti-money laundering regulations

the controversy arose after YF shared a letter from Israel's National Bureau for counterterror financing about an asset seizure order however the letter did not specify who the recipient was maker da rebrands to Sky amid controversy over stable coin control maker da one of the most important and oldest decentralized Finance protocols has rebranded as sky and announced the coming launch of its new usds stable coin and Sky governance token on September 18th the Rebrand is part of Maker's broader endgame strategy aimed at simplifying the user experience and making the platform more accessible Sky represents the complete transformation of maker said run Christensen maker Dow's founder highlighting the intent of the Rebrand

to address previous user experience issues however the changes have sparked concerns within the dii community the US DS stable coin will feature a freeze function allowing assets to be remotely locked a capability that contradicts def's decentralized principles while Christensen clarified that the freeze function is optional and will not be active at launch many defy enthusiasts are uncomfortable with its inclusion AJ scolaro a senior Analyst at misari argued that the feature is necessary for Regulatory Compliance and the growth of real world asset-backed stable coins in addition a journalist from foresight news was able to AC ire maker Dow's former handle on social media platform X during its Rebrand and plans to keep it

for its collectible value and to boost traffic to their website discussions with Sky to return the handle are ongoing Celsius and FTX bankruptcy updates Celsius has distributed over $2.5 billion in liquid cryptocurrency and cash to approximately 251,000 creditors as part of its bankruptcy plan covering around 93% of the total claims against against the firm's value about 121,000 eligible creditors still need to claim their distributions with most having claims of less than $1,500 the distribution follows the United States southern district of New York bankruptcy Court's approval of Celsius is reorganization plan in the

FTX bankruptcy case the US trustee has raised objections to the exchange's amended reorganization plan criticizing its broad legal protections and unequal treatment of smaller creditors a group of creditor s also filed complaints seeking in-kind distributions to minimize tax burdens the FTX bankruptcy plans confirmation hearing is scheduled for October 7th SEC lawsuit against Kraken can move to trial judge rules a California federal judge has ruled that the sec's lawsuit against Kraken can proceed to trial the SEC filed the lawsuit last November alleging Kraken operated without registering as a broker exchange or Clearing House violating Federal Securities laws US District judge William oric found that the SEC

plausibly argued that some cryptocurrency transactions on Kraken could be considered investment contracts under Securities laws while the judge agreed that cryptocurrencies themselves are not Securities he noted that contracts surrounding their sale could be kraken's motion to dismiss the case was denied and both parties must propose a trial schedule by October 8th in related news Abra settled with the SEC over charges related to offering unregistered crypto asset security through its Auber earned product agreeing to pay civil penalties without admitting to or denying the allegations base surpasses 1 million daily active users Bas coinbase's ethereum layer 2 solution has exceeded 1 million daily active addresses for the

first time recording 1.05 million of them on Saturday and 1.03 million on Sunday this represents 71% growth in active addresses over the past 30 days with the surge positioning base ahead of other major layer 2 Networks Bas now has more daily active addresses than arbitrum Linea and mantle combined the recent introduction of Bas names which are unique onchain identities built on the ethereum name service has driven activity with over 200,000 base names minted so far time for fun bits crypto startups hilarious North Korea spy test goes viral a crypto startup has found a creative way to spot potential North Korean spies asking job candidates to curse North Korea according to legio

AKA pop punk on X the test is simple asked the applicant to say I hate Kim Jong-un F North Korea when one candidate was asked they immediately deleted the chat raising eyebrows the internet loved it with users joking about adopting this North Korea litmus test in their own hiring processes the idea comes amid reports that North Korean hackers posing as remote workers are trying to infiltrate Tech and crypto firms to fund their regime and that's all thanks so much for joining us today if you enjoyed this recap go to unchain crypto.com that is unchain crypto.com and sign up for our free newsletter so that you can stay up to date with the latest in crypto Unchained is produced by Laura Shin with help from Matt pilard

Juan aranovich Megan gavis pamama jumar and Margaret Korea the weekly recap was written by Juan aranovich and edited by Nelson Wang thanks for listening Unchained is now a part of the coindesk podcast Network for the latest in digital assets check out markets daily 5 days a week with host Noel Ates follow the coindesk podcast Network for some of the best shows in crypto