Telegram founder may have abused his child, Musk invites Republicans to join

Headline

▌Telegram founder Pavel Durov is under investigation in Switzerland for child abuse, accusing his ex-partner Irina Bolgar, according to Forbes. Telegram founder Pavel Durov is under investigation in Switzerland for a criminal complaint filed by his ex-partner Irina Bolgar, alleging child abuse. The allegations surfaced after Durov's recent arrest in France and are part of a wider legal dispute, including claims of unpaid child support and a fierce custody battle. The Geneva Public Prosecutor's Office initially refused to accept the criminal complaint against Durov because it was filed more than three months after the latest alleged incident of physical violence. In May 2023, Bolgar appealed, and the court allowed the case to continue in October last year. According to Geneva court officials, the case is still ongoing, with Bolgar accusing Durov of injuring their youngest son (born in September 2017) five times between 2021 and 2022. The incidents allegedly caused injuries to the child, including concussion and sleep disturbances, and records of messages between Bolgar and Durov in November 2021 and a medical certificate from April 2023 were submitted as evidence that the child continues to suffer anxiety and sleep problems as a result of the violent behavior. 

A representative for Durov declined to comment. Bolgar's attorney confirmed that Bolgar and his three children are involved in the civil case, but declined to comment on the criminal complaint. Due to Swiss law, Durov, Bolgar and their children have not been publicly named in the criminal case, but there are multiple details in the case that confirm Durov's identity, including his children's birth years and the case number of the civil children's case.

▌Musk hires Republican staffer to join team to guide field work

Musk has hired a U.S. Republican staffer who is good at organizing field work to help guide his political work, a move that suggests Musk is preparing to become more involved in Republican political activities, especially those to get out the vote. Chris Young, a senior political official at the Pharmaceutical Research and Manufacturers of America (PhRMA), will join Musk's team, according to three people familiar with the matter. Young previously headed Engage Texas, a Texas voter registration nonprofit funded by major Republican donors, and previously cut his teeth in Republican field organizing, becoming the Republican National Committee's national field director during the 2016 cycle. Field organizing has been a focus of Musk's work in recent forays into campaigns.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is 59,037.63 US dollars, with a daily increase or decrease of -0.6%;

ETH's latest transaction price is 2,527.95 yuan, with a daily increase or decrease of +3.0%;

BNB's latest transaction price is 536.75 US dollars, with a daily increase or decrease of +0.8%;

SOL's latest transaction price is 143.85 US dollars, with a daily increase or decrease of +0. style="color: rgb(255, 0, 0);">-0.8%；

DOGE's latest transaction price is 0.0996 US dollars, and its intraday change is +1.2%；

XPR's latest transaction price is 0.5694 US dollars, and its intraday change is +0.9%.

Policy

▌Telegram CEO was formally filed and his bail was 5 million euros and he was prohibited from leaving France

Paris prosecutors said that after four days of interrogation by French police, Pavel Durov, CEO of the social media "Telegram", was formally investigated. Durov was released under judicial supervision on the condition that he pay a 5 million euro bail and is prohibited from leaving France.

Blockchain Applications

▌Bitcoin Second Layer Network Stacks Launches Satoshi Upgrade

Bitcoin Layer-2 network Stacks has launched the Satoshi upgrade, which aims to increase transaction speed and pave the way for the implementation of smart contracts. The upgrade separates Stacks' block generation schedule from Bitcoin and introduces a new block production method using the proof-of-transfer consensus algorithm. With this upgrade, users can burn Bitcoin (BTC) to mine Stacks blocks and receive rewards. Network operators have two weeks to implement the upgrade, after which a hard fork will be carried out to complete the process. In addition, Stacks has launched sBTC, a bridge asset that allows users to transfer BTC to the Stacks economy. Despite the technical progress brought about by the upgrade, the STX token has fallen by more than 8% in the past 24 hours.

▌Renzo Expands REZ Governance Token to Solana via Wormhole

Renzo Protocol announced the launch of its governance token, REZ, on Solana to enhance its presence in the blockchain ecosystem and leverage Wormhole’s native token transfer framework.  

REZ was initially deployed on Ethereum and will be transferred to Solana using Wormhole’s framework, with the Guardian Network leveraging secure cross-chain proofs to ensure token transfers between Ethereum and Solana. REZ on Solana will maintain a 1:1 peg with REZ on Ethereum, and the press release also noted that the token will adhere to Solana’s token standards and be compatible with the blockchain’s decentralized financial ecosystem.

▌OpenAI is negotiating financing at a valuation of over $100 billion, and Microsoft continues to follow up

OpenAI is negotiating to raise billions of dollars in a new round of financing, which will value it at more than $100 billion. According to people familiar with the matter, venture capital firm Thrive Capital is leading this round of financing and will invest about $1 billion. Microsoft is also expected to invest money. The new round of financing will be the largest injection of external funds into OpenAI since Microsoft invested about $10 billion in January 2023. When employees sold existing shares at the end of last year, OpenAI was valued at $86 billion. Since last year, Thrive Capital has invested hundreds of millions of dollars in OpenAI. Since 2019, Microsoft has invested $13 billion in OpenAI and currently owns 49% of the company's profit share.  

OpenAI's chief financial officer released a memo saying that negotiations for a new round of financing are still in the early stages; funds are being raised and will be used for computing and operating operations.

▌Natixis Pfandbriefbank issues €100 million digital covered bond on SWIAT blockchain

Natixis Pfandbriefbank has successfully issued a €100 million digital registered covered bond on the SWIAT permissioned blockchain, the first such issuance in Germany. DekaBank was the buyer in the issuance, acting as both the registrant and the paying agent.  

SWIAT was co-founded by DekaBank and LBBW, with participation from Standard Chartered’s SC Ventures. The platform has participated in several ECB wholesale DLT settlement tests, but the bonds issued this time were not included in those tests.  

Earlier this month, SWIAT also participated in the issuance of a €100 million digital covered bond by Berlin Hyp, but the bond was bearer and subject to German eWpG law. DekaBank plans to achieve the first €1 billion issuance on the SWIAT blockchain by 2025.  

Earlier this year, SIX Digital Exchange became the first institutional platform to surpass 1 billion euros in digital issuance, and other platforms such as HSBC's Orion are also growing rapidly.

Cryptocurrency

▌Photos of Telegram founder's release revealed

Telegram founder Pavel Durov spent more than eight hours in a French court before the Paris prosecutor's office announced that he could be released on bail, according to RIA Novosti. Later, a motorcade drove out of the court building, but it was soon discovered that the Telegram founder himself was not in the car.  

Finally, Durov left the building an hour later, but he did not leave through the main entrance of the court, where reporters gathered, but through a side door. There was a private minibus waiting for him there, and there were security personnel and possibly his lawyers.  

Before leaving, the entrepreneur put on a baseball cap and sunglasses. He did not comment and quickly got on the minibus. After the man accompanying Durov carried and loaded the items onto the bus, the minibus quickly drove towards the Paris ring road.

▌TON's block production is further interrupted

According to TON on the X platform, TON block production problems began at 19:19 UTC on August 28, and the interruption appears to be caused by excessive load caused by the minting of DOGS tokens. TONCore is working hard to find a solution. TON will continue to inform users of developments. User crypto assets are not at risk.

▌On August 28, the US Bitcoin ETF had a net outflow of 1,861 BTC, and the Ethereum ETF had a net outflow of 1,526 ETH

According to Lookonchain monitoring, the data of US Ethereum and Bitcoin ETFs on August 28 showed:

1. The nine US Ethereum ETFs had a total net outflow of 1,526 ETH, equivalent to approximately US$3.79 million, of which Grayscale ETHE had an outflow of 3,676 ETH, equivalent to approximately US$9.14 million. The current Grayscale holdings are 1,814,925 ETH, worth approximately US$4.51 billion;

2. The ten US Bitcoin ETFs had a total net outflow of 1,861 BTC, equivalent to approximately US$109.18 million, of which ARK21Shares had an outflow of 1,643 bitcoins, equivalent to $96.41 million, and ARK21Shares currently holds 46,366 bitcoins, equivalent to $2.72 billion.

▌Canadian ETF issuer 3IQ address currently holds over $500 million worth of BTC

Arkham announced that it has marked the address of Canadian ETF issuer 3IQ, which currently holds over $500 million worth of BTC, including: QBTC Bitcoin Fund address holds $324 million worth of coins; BTCQ Bitcoin ETF address holds $215 million worth of coins.

Important Economic Dynamics

▌Fed's Bostic: Rate cuts should be brought forward to the third quarter

Fed's Bostic said there is still some way to go on inflation; employment remains quite strong by historical standards; the Fed cannot wait until inflation reaches 2% to abandon its restrictive stance; data is still awaited to determine the timing of rate cuts; inflation is slowing faster than expected, and unemployment is rising more than I expected, which means we should bring rate cuts forward to the third quarter.

▌Harris economic adviser confirms plan to tax unrealized gains

Kamala Harris' economic adviser Bharat Rama confirmed Harris' plan to tax unrealized gains in an interview with CNBC's "Squawk Box". The plan applies to individuals with annual income of at least $100 million who do not pay at least 25% in taxes. Rama said the tax proceeds would be used to create more opportunities, but the plan faces strong opposition and constitutional questions. Although Harris' team remains committed to the policy, it will still face huge challenges in passing the plan in Congress even if it wins the presidential election in November.

▌Nvidia fell more than 8% after the market

Nasdaq 100 futures fell 1.1%, and Nvidia fell more than 8% after the market.

Nvidia (NVDA.O) previously released a revenue forecast that was lower than the most optimistic market expectations, raising concerns that its explosive growth is weakening.

▌The winning yield of the US 5-year Treasury bond issuance hit the lowest level in a year

The US Treasury issued $70 billion in 5-year Treasury bonds, with a winning yield of 3.645%, slightly higher than the pre-issuance trading level of 3.642% when the bid closed at 1 pm Eastern Time, but still the lowest result since April 2023. The US Treasury market did not react much to the bidding results. The 5-year yield still rose by about 1.5 basis points during the day, and the 5s30s spread remained basically flat at about 46 basis points. The allocation ratio of primary dealers was 13.2%, slightly lower than the previous time, the allocation ratio of indirect bidders rose to 70.5%, and the allocation ratio of direct bidders fell to 16.3%; the bid multiple was 2.41 times, and the average of the previous six times was 2.38 times.

Golden Encyclopedia

▌What is the new domain name dacc.eth registered by Vitalik?

Ethereum co-founder Vitalik Buterin has chosen a new Ethereum domain name that specifically refers to "defensive accelerationism." Buterin's d/acc advocates a controlled, cautious approach to technological development and promotes more decentralization. This philosophy "seeks to create and maintain a more democratic world and attempts to avoid centralization as the preferred solution to our problems."

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