Telegram founder arrested, Trump and Harris tied on Polymarket, SEC v. Kraken, Binance under legal scrutiny again | Weekly Recap
Recap
Telegram founder Pavel Durov was arrested near Paris; U.S. presidential election odds shift on Polymarket; a judge denied Kraken’s motion to dismiss legal charges; Binance faces fresh legal woes; and spot Bitcoin ETFs saw consecutive days of net inflows.
Telegram founder arrested
- Toncoin collapsed over 24 hours as reports confirmed that French authorities arrested Telegram founder Pavel Durov.
- The Telegram CEO was arrested on Aug. 24 upon his arrival at an airport outside Paris. Authorities allege Durov is complicit in the free flow of criminal activities on his messaging and social media app Telegram.Â
- Notcoin also crashed by 18.87% within the same timeframe.
Trump vs. Harris
- On Aug. 19, legacy media reported on mounting speculations that Democratic candidate Kamala Harris could be looking to nominate SEC Chair Gary Gensler for the role of Treasury Secretary if she wins the presidential elections.
- As concerns about her position in the crypto industry grew, Harris’ team assured last week that she would back policies promoting the growth of emerging technologies like cryptocurrency.
- Her Republican opponent, former President Donald Trump, regained a lead over Harris on Polymarket, a website for crypto bettors. At last check, the two candidates are tied, each with 49%.
Kraken v. SEC to proceed
- Last week, a U.S. District Judge rejected Kraken’s motion to dismiss the SEC’s charges against the crypto exchange, effectively allowing the securities lawsuit to move forward.
Binance faces new legal woes
- Multiple individuals filed a class action lawsuit against Binance and founder Changpeng Zhao for allegedly enabling money laundering.Â
- Meanwhile, on Aug. 22, sources confirmed that, while still in custody, Zhao had been moved to a halfway house, a development that preludes his imminent release from prison.
Crypto ETF developments
- On the last trading day of the week, Aug. 23, spot Bitcoin (BTC) ETFs recorded $252 million in net inflows, marking their largest positive intraday netflow in nearly a month. Conversely, the ETH products saw $5.7 million in net outflows.
- BTC ETFs saw five consecutive days of net inflows last week, totaling $506.4 million. In contrast, ETH ETFs witnessed five straight days of net outflows, amounting to $44.5 million in negative flows.
- Meanwhile, reports confirmed that the 19b-4 filings made by the stock exchange Cboe for spot Solana (SOL) ETFs had not even made it to the Federal Register as the SEC remains undecided on the securities status of Solana.
SunPump boosts TRON blockchain
- On Aug. 21, Tron (TRX), the native token of the TRON network, secured the top gainer spot amid a 12% spike. This was largely due to the growing hype surrounding TRON’s new meme coins deployer, SunPump.Â
- As SunPump facilitated the deployment of thousands of meme coins on TRON, the network generated $3.8 million in revenue on Aug. 21, soaring over Ethereum (ETH).
