Markets
Crypto community rallies behind arrested Telegram founder Pavel Durov
Published
4 months agoon
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adminMovers and shakers within the cryptocurrency community took to social media Sunday to express support for billionaire Pavel Durov after French authorities arrested the Telegram founder at an airport near Paris.
According to French authorities, there was a warrant for Durov’s arrest due to the entrepreneur’s failure to adequately moderate criminal activity on Telegram.
The price of Toncoin (TON) plummeted after news of the arrest broke. TON, a digital asset associated with the Telegram social media platform, fell to a low of $5.25 — its lowest point since Aug. 8 — and 27% below the highest point this year.
Notcoin (NOT), a token for a popular tap-to-earn mini-app on Telegram, dropped to $0.0090, down by over 25% from its highest level last week.
Notably, Hamster Kombat pre-market futures, fell to $0.19, down from last week’s high of $0.2553.
Authorities have yet to make the finer details of Durov’s arrest public. However, according to the Financial Times, there is an ongoing investigation into whether Telegram and its members wield the platform for illicit activities like money laundering, terrorism, and child exploitation.
Earlier this month, Telegram was scrutinized for allowing users to openly share far-right and neo-Nazi views to the point where groups used the app to organize riots in the UK.
The app is also accused of failing to cooperate with investigators over drug trafficking, child pornography and fraud. Telegram denies having insufficient moderation, according to BBC.
Crypto entrepreneurs and billionaires respond
French President Emmanuel Macron has been cracking down on social media companies and aggressively enforcing content moderation.
For example, Rumble — a U.S. and Canadian YouTube competitor — was forced to suspend its operations in the country for refusing to block pro-Russian news sources.
In an X post, Chris Pavlovski, Rumble’s CEO said:
Other social media companies have also been under pressure to moderate content.
X, formerly known as Twitter, recently shut down its Brazilian operations after a Supreme Court judge threatened locking up its employees.
X owner Elon Musk has also come under fire from Thierry Breton, an EU commissioner, for failing to moderate content on X.
Musk also takes issue with the word “moderate,” which he equates to censorship.
Musk, the richest person in the world with an approximate net worth of $222 billion, also took the opportunity to blast other social media companies, including Meta Platforms and its CEO, Mark Zuckerberg. See below.
While Zuckerberg has never been arrested, the Facebook founder was sued for allegedly not protecting children from sexual abuse and human trafficking.
A judge has since dropped Zuckerberg from the lawsuit.
Telegram, which has over 900 million active users, has become popular because of its minimal approach t content moderation. In an interview with Tucker Carlson, Durov noted that he moved from Russia to Dubai after authorities threatened to take over the platform.
He also revealed that he was regularly followed by Federal Bureau of Investigations whenever he visited the U.S.
Durov’s arrest also drew the ire of entrepreneur Kim Schmitz, aka Kim Dotcom.
Schmitz, who founded BitCache, criticized Macron and touted support for Durov with the hashtag “FreePavel.”
In another statement, billionaire David Sacks, the co-founder of Craft, and a former PayPal Chief Operating Officer, posted unfounded claims that the U.S. was using France to circumvent the First Amendment, which guarantees free speech.
There is no link between the U.S. and Purov’s arrest as of press time.
Michael van de Poppe, a popular crypto analyst, with over 723,000 followers, sent a post calling for his release.
Meanwhile, Vitalik Buterin, Ethereum’s (ETH) co-founder, warned that Durov’s arrest looked very bad for the future of software and communication freedom in Europe.
Writing on the TON’s price action, DaanCrypto, another analyst with almost 400,000 followers, warned that the coin could have a short squeeze if Durov is released.
He pointed to the big Binance Coin (BNB) dip after Binance and Changpeng Zhao pleaded guilty to money laundering allegations.
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DeFi
DeFi Protocol Usual’s Surge Catapults Hashnote’s Tokenized Treasury Over BlackRock’s BUIDL
Published
13 hours agoon
December 22, 2024By
adminThere’s been a change of guard at the rankings of the $3.4 billion tokenized Treasuries market.
Asset manager Hashnote’s USYC token zoomed over $1.2 billion in market capitalization, growing five-fold in size over the past three months, rwa.xyz data shows. It has toppled the $450 million BUIDL, issued by asset management behemoth BlackRock and tokenization firm Securitize, which was the largest product by size since April.
USYC is the token representation of the Hashnote International Short Duration Yield Fund, which, according to the company’s website, invests in reverse repo agreements on U.S. government-backed securities and Treasury bills held in custody at the Bank of New York Mellon.
Hashnote’s quick growth underscores the importance of interconnecting tokenized products with decentralized finance (DeFi) applications and presenting their tokens available as building blocks for other products — or composability, in crypto lingo — to scale and reach broader adoption. It also showcases crypto investors’ appetite for yield-generating stablecoins, which are increasingly backed by tokenized products.
USYC, for example, has greatly benefited from the rapid ascent of the budding decentralized finance (DeFi) protocol Usual and its real-world asset-backed, yield-generating stablecoin, USD0.
Usual is pursuing the market share of centralized stablecoins like Tether’s USDT and Circle’s USDC by redistributing a portion of revenues from its stablecoin’s backing assets to holders. USD0 is primarily backed by USYC currently, but the protocol aims to add more RWAs to reserves in the future. It has recently announced the addition of Ethena’s USDtb stablecoin, which is built on top of BUIDL.
“The bull market triggered a massive inflow into stablecoins, yet the core issue with the largest stablecoins remains: they lack rewards for end users and do not give access to the yield they generate,” said David Shuttleworth, partner at Anagram. “Moreover, users do not get access to the protocol’s equity by holding USDT or USDC.”
“Usual’s appeal is that it redistributes the yield along with ownership in the protocol back to users,” he added.
The protocol, and hence its USD0 stablecoin, has raked in $1.3 billion over the past few months as crypto investors chased on-chain yield opportunities. Another significant catalyst of growth was the protocol’s governance token (USUAL) airdrop and exchange listing on Wednesday. USUAL started trading on Binance on Wednesday, and vastly outperformed the shaky broader crypto market, appreciating some 50% since then, per CoinGecko data.
BlackRock’s BUIDL also enjoyed rapid growth earlier this year, driven by DeFi platform Ondo Finance making the token the key reserve asset of its own yield-earning product, the Ondo Short-Term US Government Treasuries (OUSG) token.
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Markets
Chainlink price double bottoms as whales accumulate
Published
17 hours agoon
December 22, 2024By
adminChainlink formed a double-bottom pattern, pointing to a potential rebound, as signs showed that some whales were accumulating the token.
Chainlink (LINK), the biggest oracle provider, bottomed at $20.12 on Friday and rebounded to $22.50 on Sunday, Dec. 22. Still, the coin remains about 27% from its highest point this month, meaning that it is in a bear market.
A potential catalyst for the LINK token is that whales are accumulating it. According to LookOnChain, nine new wallets withdrew 362,380 coins from Binance in the last two days. These coins are now valued at over $8.19 million.
Crypto.news reported last week that another whale accumulated 65,000 LINK coins valued at $1.8 million.
These whales bought Chainlink a week after World Liberty Financial (WLFI), the DeFi platform launched by the Trump family, bought over 78,300 LINK tokens valued at over $1.7 million. It’s worth noting that President-elect Trump and his family mostly own WLFI tokens.
Chainlink, known in the crypto industry for its fundamentals, is the biggest oracle in the sector with over $35 billion in total value secured. That figure is higher than its biggest competitors like Chronicle, Pyth, Edge, and Redstone.
Chainlink’s ecosystem will likely grow as more chains and networks embrace its technology. Justin Sun’s Tron, the most recent chain to use its oracles, has switched from WINKLink to Chainlink.
Chainlink has also formed major partnerships in the Real World Asset tokenization industry, including by companies like Coinbase, Emirates NBD, SWIFT, and UBS.
Chainlink price formed a double-bottom pattern
LINK, like other cryptocurrencies, has dropped sharply in the past few days as concerns about the Federal Reserve remained.
The token has remained above the 50-day moving average on the daily chart. Most importantly, it has formed a double-bottom chart pattern at $20.12. This pattern happens when an asset fails to move below a specific price two times. It is one of the most bullish reversal patterns in the market.
LINK has also formed an inverse hammer pattern, a popular reversal sign. Therefore, the coin is likely to bounce back in the next few days as investors target the key psychological at $30, which is about 35% above the current level.
On the flip side, the bullish view will become invalid if the coin drops below the double-bottom point at $20.12.
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Markets
Dog Memecoins Rebound as Bitcoin Reaches $98,000
Published
2 days agoon
December 21, 2024By
adminSolana-based bonk (BONK) led growth among dog-themed memes Saturday as bitcoin staged a recovery rally to above $98,000, a day after Friday’s bloodbath that pushed it near $93,000.
BONK surged 30%, CoinGecko data shows, with dogecoin (DOGE), shiba inu (SHIB), dogwifhat (WIF) and floki (FLOKI) surging as much as 20%. The dog-themed token category gained 8% on average in the past 24 hours, beating a market-wide jump of 4.5% as tracked by the broad-based CoinDesk 20 (CD20) index.
Memecoins are known for their high volatility and tend to outperform major tokens during price rallies, serving as a leveraged bet on the overall crypto market sentiment.
However, in this case, fundamentals are helping back gains and sentiment among some memecoins. FLOKI was named alongside ether (ETH) and Avalanche’s AVAX as a utility token in a Commodity Futures Trading Commission (CFTC) meeting last month.
The derivatives regulator proposed in a Global Markets Advisory Committee (GMAC) a new class of assets termed utility tokens, which fulfill six criteria that include providing their holder “immediately available, non-incidental consumptive use” in a crypto platform without including “governance and voting abilities.”
“FLOKI was recently highlighted by the CFTC’s Global Markets Advisory Committee as a case study of a utility token, which is a big deal and validates Floki’s utility-first approach,” Floki lead developer B told CoinDesk in a Telegram message. “Floki’s Valhalla metaverse game will go live in early Q1 2024, and the recently released Floki Trading Bot has generated over a million dollars in fees.
“This puts Floki on an entirely different level from other memecoins, especially when the market turns and people start to pay attention to fundamentals again,” B added.
Elsewhere, interest in BONK comes as a host of activities intend to deflate token supply gain traction among users — a move that has historically contributed to higher prices.
BonkDAO, a decentralized group of bonk believers that maintain the token, burned 100 billion tokens from the circulating supply in November and targeted a trillion token burn in December. This could increase the token’s value due to scarcity.
The feat could meet its target in the weeks ahead, observers say.
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