Monday August 26, 2024
France has escalated the global crackdown on social media with the arrest of Telegram’s founder.
◾ Pavel Durov, the founder of the crypto-friendly social media app Telegram, was arrested in Paris on a warrant accusing the platform of being used for money laundering, drug trafficking, and other criminal activities. (PBS)
◾ Telegram responded to Durov’s arrest stating the platform abides by EU laws. (Telegram)
◾ A judge ruled that Kraken must face an SEC lawsuit accusing the digital currency exchange of selling unregistered securities. (Bloomberg)
Government & NGO Actions
◾ The Governor of the Bank of India says it’s CBDC has over 15 million users and 16 participating banks with its “programmability feature” serving as a “key enabler for financial inclusion by ensuring delivery of funds to the targeted user.” (Rbi.org.in)
◾ Thai authorities are cracking down on illegal bitcoin mining operations that are causing frequent blackouts and significant financial losses due to stolen energy. (SCMP)
◾ Argentina’s Ministry of Education plans to include blockchain education as part of the national High School curriculum. (News.bitcoin)
◾ Taiwan sentenced eight Chinese spies, who were paid in digital currencies, to prison. (DLNews)
Financial Notices & Public Company Releases
◾ Ebang International $EBON reported a net loss of $38 million for fiscal year 2023, driven by an 85% decline in adjusted revenue to $4.9 million. (Ebang)
◾ Digital Currency Group announced that it has settled all its current and short-term debts, leaving only a $1.1 billion long-term promissory note linked to the Genesis and Three Arrows’ bankruptcy. (TheBlock)
Restructuring, Losses & Legal News
◾ The US Trustee is objecting to FTX’s reorganization plan over unequal payments and the attempted use of creditor funds to settle a Kroll data leak. (CourtFiling)
AI Announcements
◾ The CEOs of Meta $META and Spotify $SPOT are criticizing European regulators saying AI guidelines are “fragmented” and “inconsistent.” (Reuters)
◾ Musician will.i.am is launching an AI-hosted radio app allowing users to engage with radio personas and curate content for their interests. (FoxBusiness)
◾ Employees at Google’s GOOGL$ DeepMind AI division are asking the company to drop its military contracts. (Time)
Protocols, Applications & Business News
◾ Japanese conglomerate DMM Group is planning to launch a stablecoin, following the regulations introduced by the Japanese parliament in June 2023. (Seamoon.dmm)
◾ Ethereum co-developer and co-founder of Polkadot is launching Proof-of-Ink a Web3 authentication process that uses a unique tattoo. (Bitget)
Metaverse & Gaming Briefings & Activations
◾ Meta $META is canceling development of a high end mixed reality headset that competes with the Apple $AAPL Vision Pro. (TheInformation)
◾ Virtuos, a Chinese AAA gaming development company, acquired British indie game developer, Third Kind Games. (GamesIndustry.biz)
Exchange, Custody & Product Updates
◾ Indian exchange WazirX plans to begin allowing local users to withdraw rupees. (Wazirx)