Yellow Capital Blog/Weekly Crypto Digest/Weekly Crypto Digest for August 19-25, 2024

Weekly Crypto Digest for August 19-25, 2024

Monday, August 26, 2024

In the latest issue of Weekly Crypto Digest, read more about how Durov was detained in France, how the Fed Announced Readiness to Cut Key Rates, Harris Plans Gensler as US Treasury Secretary, and more news.

Pavel Durov was detained in France

Telegram founder Pavel Durov was detained at Le Bourget airport in Paris. He may face multiple charges, including terrorism, drug trafficking, fraud, and money laundering.
According to sources, the French court believes that the lack of careful moderation in Telegram and the platform's unwillingness to cooperate with law enforcement make Durov an accomplice to crimes committed using the messenger.
Tesla and SpaceX founder Elon Musk, Ethereum co-founder Vitalik Buterin, journalist Tucker Carlson, and others criticized the billionaire's detention. TON and the Telegram wallet Wallet promised to continue working.

Fed Chairman Announces Readiness to Cut Key Rate

During a speech in Jackson Hole (Wyoming, USA), Fed Chairman Jerome Powell said, "It's time to cut rates." The pace of monetary easing will depend on economic indicators.
The next meeting will be held on September 18. Market participants expect a 0.25% rate cut with a probability of 64% and a 0.5% cut with a probability of 36%.
​A rate cut is considered a positive signal for financial markets and cryptocurrencies in particular since the Fed ensures the creation of greater liquidity, which can be used to purchase assets.

Mt.Gox Returns BTC and BCH to Almost 80% of Clients

Mt.Gox returned Bitcoins to 80% investors

Mt.Gox representatives reported that they have already paid funds in Bitcoin (BTC) and Bitcoin Cash (BCH) to more than 19,000 creditors out of 25,000.
The company also called on some clients to fulfill several previously stated requirements to receive funds.
​The bankrupt company asks creditors who meet all the criteria to wait "for some time."

SEC Classifies Solana as Securities and Exchange Commission in Talks with ETF Issuers

The US Securities and Exchange Commission (SEC) held talks with ETF issuers, during which it received concerns about the legal status of Solana (SOL). The Block informs us about this via email.
According to the data, the SEC and the Cboe BZX exchange arrived at a good time after the discussion. Following this, applications for Form 19b-4 from two counterparties – VanEck and 21Shares – were collected from the platform's website.
Apparently, to launch a new category of exchange-traded funds, the SEC must approve two forms - 19b-4 and S-1—the first one deals with changing the rules, and the other one deals with the listing of products.

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Sony to launch Soneium L2 layer for the Ethereum ecosystem

Sony Block Solutions Labs, a joint venture between Sony Group and the Singaporean company Startale Labs, announced the launch of another Soneium layer solution on Ethereum.
According to obvious data, Sony will release the L2 protocol based on the OP Stack software set in Optimism. In the near future, the team will present technical documentation and tools for retailers.
Now, with the pre-release, the test network will be available for public access and integrated with the Astar Network blockchain platform. This will allow you to integrate the assets and infrastructure of Astar's zkEVM company with Soneium to ensure the availability and support of any digital assets.
It appears that Soneium's L2 protocol aims to address key issues such as scale, security, and decentralization.

McDonald's Instagram Account Hacked to Promote Fake Meme Coin

McDonalds's Instagram account was hacked to promote fake meme coin

On August 21, a hacker using the nickname India_X_Kr3w hacked the Instagram account of the fast food chain McDonald's and the X account of the company's marketing director, Guillaume Houin, to promote a fake meme token, GRIMACE.
The post claimed that GRIMACE was supposedly a "McDonald's experiment" on the Solana network. Below was the address of the token's smart contract. Both messages have now been deleted.
After the publication, the asset's price increased more than 60 times to $0.1, and the capitalization reached $25 million. At the time of writing, the meme token is trading at $0.0004028 with a capitalization of $404,000.

Malaysian Authorities Utilized 985 Installations for Bitcoin Mining

Perak Tengah District Police Chief Hafezul Helmi Hamza said the property was disposed of as part of a court order. The police previously confiscated these installations during an investigation into illegal mining.
According to the data, the contractor carried out disposal for the Department of Environmental Health, Pandamaran Jaya Motor Klang. The buildings of the installations were rolled out with a roller in what appears to be a symbolic gesture, as noted in the video.
The value of the poor property is estimated at 1.98 million ringgits - about $427,000. This action is partly a national campaign to combat electricity theft, police said.

China has Recognized Crypto Transactions as One of the Money Laundering Methods

On September 19, 2024, the Supreme People's Court and the Supreme People's Procuratorate of China changed their interpretation of the country's law on combating money laundering (AML). Following the published release, authorities decided to include virtual assets in new transactions.
It is clear that the transfer and conversion of digital assets stolen through illegal means are now subject to the law. In some cases, such transactions are considered to be "the acquisition of assets and the nature of malicious income, as well as their benefits."
Violators face a fine ranging from 10,000 yuan (about $1,400 at the time of writing) to 200,000 yuan (about $28,000). For serious offenses, a prison sentence ranging from five to ten years was given, the prosecutor's office announced.
The agency also reported that in 2023, 2,971 individuals were subject to criminal liability for money grabs. This is 20 times more, lower in 2019, going to pre-release.
Other amendments to the law provide a clearer interpretation of the "severe conditions" in the law regarding the transfer of money.

Kamala Harris Plans to Nominate Gary Gensler for the Position of US Treasury Secretary

Kamala Harris plans to nominate the current head of the US Securities and Exchange Commission (SEC), Gary Gensler, for the position of Minister of Finance once they win the elections. This is reported by the Washington Reporter following the proposals for the Senate in the Senate.
It is also clear that Senator Elizabeth Warren is vying for this seat. American politician Tom Emmer said such a crisis would devastate the economy. In his words, the head of the SEC "calls everywhere and loses everywhere." Emmer thinks that this hour has passed.
​The journalists said they knew that Gensler might sue for the SEC's head imprisonment, so "I can give Joe Biden the nomination of a new head before the election."

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