WuBlockchain Weekly: Telegram Founder Detained in France, Feixiaohao Team Members Arrested, OpenSea Faces Potential SEC Lawsuit, etc
1. Telegram Founder Pavel Durov Arrested in France link
The founder and CEO of Telegram, Pavel Durov, was arrested at a French airport last Saturday evening at 20:00 local time (GMT 18:00). The arrest was carried out by the French Air Transport Gendarmerie (GTA) upon his arrival from Azerbaijan. He was detained based on a French search warrant issued by the Office of the National Police (OFMIN) following a preliminary investigation. French judicial authorities accuse Durov of facilitating drug trafficking, child crime activities, and fraud through Telegram by failing to moderate content, refusing to cooperate with law enforcement, and providing tools such as disposable numbers and cryptocurrency. Following the arrest, TON (The Open Network) saw a 13.2% drop in value over the past 24 hours.
In response to the arrest, the TON community issued a statement assuring everyone that the community remains strong and fully operational. The statement emphasized their commitment to free speech and decentralization, core values that Durov has consistently supported. The community urged members to stay calm, united, and continue their mission of upholding these principles globally.
Several key figures in the tech and crypto industries also reacted to Durov’s arrest. Ethereum co-founder Vitalik Buterin expressed concern, noting that while he had previously criticized Telegram for not being serious enough about encryption, the current charges seem to be about “unregulated” behavior rather than data breaches, which he found troubling for the future of software and communication freedom in Europe. Animoca Brands co-founder Yat Siu voiced support for the TON community, emphasizing the importance of decentralization in fighting censorship and preserving freedom. Tether CEO Paolo Ardoino highlighted the worrying implications of Durov’s arrest, stressing that the struggle for freedom of speech and communication is paramount.
In Russia, the arrest triggered a strong reaction. State Duma Deputy Speaker Dzhabarov called on the Russian Foreign Ministry to intervene, and the Ministry confirmed that the Russian Embassy in France had taken necessary steps to understand Durov’s situation. The Ministry also reported that French authorities had so far refused to cooperate with Russian requests to clarify the situation and ensure Durov’s rights were protected.
Pavel Durov, who holds multiple citizenships, including Russian, French, and Emirati, was released on bail of €5 million but is prohibited from leaving France. The Paris judicial court has officially charged Durov with six serious offenses, including facilitating illegal transactions through an online platform, failing to provide necessary information to authorities, aiding multiple criminal activities, money laundering, failing to declare cryptocurrency services, and providing undeclared encryption tools. The charges stem from a broader investigation into Telegram’s alleged failure to adequately respond to judicial requests in cases involving child pornography, drug trafficking, and cybercrime. The investigation, led by the French National Jurisdiction against Organized Crime (JUNALCO), began in February 2024, with formal proceedings starting on July 8. Further investigation has been assigned to the National Gendarmerie’s cybercrime unit (C3N) and the National Customs Anti-Fraud Office (ONAF).
2. Key Team Members of Feixiaohao Detained by Inner Mongolia Police for Investigation link
According to a report by @CryptoInsiderAgency, several key members of the Feixiaohao team have been taken into custody by Inner Mongolia police for investigation. This investigation has reportedly been ongoing for six months, but the exact reasons remain unclear. There is speculation that it may be related to the listing of fraudulent exchanges and problematic tokens on Feixiaohao. Additionally, rumors suggest that the platform might be involved in a sale dispute. Despite the detentions, there are still groups claiming to represent the Feixiaohao team in the market. Another source in the crypto space, has confirmed this information through related channels. Feixiaohao is one of the leading cryptocurrency market information platforms in Simplified Chinese.
3. Supreme People’s Court of China Includes “Research on Handling Virtual Currency Cases” as a Major Judicial Research Topic for 2024 link
The Supreme People’s Court of China announced on its official WeChat account that it has finalized the major judicial research topics for 2024 after extensive public consultation and thorough deliberation. The Court also issued a tender announcement for the 2024 judicial research projects. Key funded topics include research on the handling of cases involving virtual currencies, judicial issues related to the digital economy, and the judicial response to disputes involving artificial intelligence. The managing unit of these projects will provide financial support to the winning research teams. Specifically, projects receiving special funding will be awarded 150,000 RMB each, key projects will receive 50,000 RMB each, and youth projects will receive 30,000 RMB each.
4. Former U.S. President Donald Trump Promotes His DeFi Project “World Liberty” in a Video link
On Thursday, former U.S. President Donald Trump released a video promoting his new DeFi project called World Liberty. In the video, Trump stated, “Today, I’m laying out a plan to make America the crypto capital of this planet. Some people are trying to strangle you and bankrupt you, but we will never let that happen.” This announcement follows a previous one from Trump’s son, who unveiled the new DeFi project’s Telegram channel and rebranded it as World Liberty Financial.
5. CICC: Fed Expected to Cut Interest Rates 4–5 Times Overall link
CICC (China International Capital Corporation) has analyzed that Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole meeting almost amounted to an early “announcement” of a rate cut in September, with the market already fully pricing in this expectation. This year, rate cut expectations have fluctuated significantly and repeatedly, highlighting the potential for complete reversals if linear projections are made at any given point. Such swings in expectations have increased the difficulty of asset allocation. Relying too much on the “average patterns” of past rate cut cycles may not be valuable and could even be misleading. CICC’s calculations suggest that the 10-year U.S. Treasury yield is centered around 4%, which would correspond to the Federal Reserve cutting rates 4–5 times (approximately 100 basis points) over the course of this cycle to address the current economic situation.
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6. Japanese Prime Minister Fumio Kishida: Web3 and Blockchain Technologies Are Fundamental to Solving Social Problems link
Japan’s largest cryptocurrency-themed event, the WebX conference, has officially opened in Tokyo. Japanese Prime Minister Fumio Kishida addressed the event via video message, stating, “Web3 and blockchain technology are the foundation for solving societal issues.” Kishida highlighted that the government is working on specific measures, including tax reforms and legal revisions, to help Web3 startups raise funds more smoothly. Additionally, he mentioned that the “2024 Basic Policy” will focus on improving the environment for token usage related to Web3, facilitating payments, and revitalizing the content industry, all while considering user protection.
7. Russia to Begin Cryptocurrency Payment and Trading Pilot on September 1 link
Russia is set to begin a pilot program for cryptocurrency payments and trading, scheduled to start on September 1. During this trial, the country will use the National Payment Card System to facilitate exchanges between the ruble and cryptocurrencies on the testing platforms. If the trial is successful, it could pave the way for the Moscow Exchange and the Saint Petersburg Currency Exchange to establish cryptocurrency platforms. The pilot may include the use of any existing cryptocurrencies for the experiment.
8. OpenSea Receives Wells Notice from the U.S. SEC link
OpenSea CEO Devin Finzer announced that the platform has received a Wells notice from the U.S. Securities and Exchange Commission (SEC). The SEC’s notice suggests that the agency views NFTs on OpenSea as securities and has threatened to initiate a lawsuit. OpenSea expressed shock at the development, arguing that such a move could have widespread negative implications for creators and artists. In response, OpenSea has committed to allocating $5 million to assist NFT creators and developers who receive Wells notices with their legal expenses, and emphasized their commitment to continuing their fight for the industry.
9. Maker Rebrands to Sky Protocol, Will Launch Native Governance Token SKY link
Maker Protocol has officially rebranded to Sky, unveiling new names for its upgraded stablecoin and native governance token. The stablecoin Dai (DAI) has been renamed to USDS, and the new native governance token is Sky (SKY), which will replace the previous Maker (MKR) token as part of the upgrade. Rune Christensen, co-founder of MakerDAO, stated that the rebranding represents a step towards the “next evolution of DeFi.”
Phoenix Labs and Spark Protocol CEO Sam MacPherson mentioned that the upgraded USDS will include a freezing feature, similar to those found in centralized stablecoins like USDT and USDC. Additionally, the new Sky website has introduced a restriction against VPN usage, suggesting that some regions may be blocked from accessing the platform.
10. Andre Cronje: DeFi Is the Core Pillar of Decentralized Society link
Andre Cronje published an article titled “Why DeFi?” in which he emphasized that the core of finance has always been about empowerment and making idle assets work. He argues that DeFi (Decentralized Finance) allows participation without needing to be a qualified investor, positioning DeFi as a foundational element of a decentralized society. Cronje envisions a future where traditional industries such as insurance, energy, real estate, automotive sales, and banking are fully integrated into blockchain systems, accessible for free, transparent, and open to everyone.
Fundraising
Stablecoin payment company Bridge has completed a $58 million funding round. link
The multi-chain infrastructure project Edge Matrix Chain (EMC) has announced the completion of a $20 million funding round. link
The Solana re-staking protocol Solayer has announced the completion of a $12 million seed round. link
The blockchain data platform Space and Time has announced the completion of a $20 million Series A funding round. link
The time tokenization platform Time.fun has completed a $3 million seed round funding. link
The L1 blockchain Quai Network has announced the completion of a $5 million strategic funding round. link
Blockchain development company Peregrine Exploration has announced the completion of a $3.6 million funding round. link
The cryptocurrency trading platform Neverless has announced the completion of a $6.7 million Pre-Seed round. link
Chain game developer double jump.tokyo has announced the completion of over $10 million in funding. link
The Web3 game development studio Gameplay Galaxy has completed a $11.17 million seed round extension. link
The on-chain project funding platform Legion has announced the completion of a $2 million seed round. link
The Solana Optimistic Network has announced the completion of a new funding round. link
Decentralized AI asset creation platform Nectar AI has completed a $3.9 million seed round. link
Cryptocurrency development company Chainbound has completed a $4.6 million funding round. link
Learn more, check out crypto-fundraising.info.
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