Fed's Powell remarks from Jackson Hole:

Powell: The Time Has Come for Policy to Adjust [time has come for cut rates]

Powell: We Don’t Seek or Welcome Further Labor Market Cooling

Powell: My Confidence Has Grown That Inflation Is on Path to 2%

Powell: The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook and the balance of risks

Powell: The current level of our policy rate gives us ample room to respond to any risks we may face, including the risk of unwelcome further weakening in labor market conditions

Powell: We will do everything we can to support a strong labor market as we make further progress toward price stability

Ethereum Foundation deposited 35k ETH into kraken

Aya Miyaguchi of the Ethereum Foundation clarifies:
• The transfer is part of treasury management activities
• EF's annual budget is ~$100M, covering grants and salaries

this transaction is not equal to a sale. There will be planned and gradual sales from here on.

The Week Ahead: Aug: @infinityhedge

*Telegram CEO Durov was arrested in France on 25 #FreePavel

*Statement by France on Telegram CEO, Pavel Durov's arrest is expected on 26

Macro:
> US Q2 GDP on 29
> U.S. PCE on 30 [Fed’s preferred inflation measure]
> NVIDIA Earnings on 28

Crypto:
> Russia to start trials of crypto exchanges and the use of digital tokens for cross-border transactions from Sept. 1.

Events: Sony's L2 Event at WebX on 28.
> Speakers: Prime Minister of Japan and Minister of Economics

Token Unlocks: $533M
> OP: $48.27m, 2.64%
> DYDX: $9.50m, 3.67%
> SUI: $63.06m, 2.5%
> ZETA: $30.17m, 15.7%

Earnings/Charts/Articles 🔻

Telegram being investigated in India over extortion, gambling concerns: moneycontrol

*The messaging app could even be banned, depending on the probe findings.

*Looks like Telegram Wallet has been banned in India, Screen shows "Unsupported Region Wallet is unavailable in your country"

**Update: Telegram Wallet is now working in India: Indian source (Sarvesh): @infinityhedge

Telegram CEO, Pavel Durov's detention in France may last until August 28: @infinityhedge

Press Release by France on Telegram CEO Durov 's arrest:

This judicial investigation was opened against person unnamed, on charges of:
https://www.tribunal-de-paris.justice.fr/sites/default/files/2024-08/2024-08-26%20-%20CP%20TELEGRAM%20.pdf

Note: Telegram CEO Durov has not been not charged of any charges yet, The judicial investigation was opened against person unnamed, on charges mentioned.

Clarification on "person unnamed" confusion in Telegram founder arrest press release"

*“a person unnamed” — a classic French judicial term to imply whoever is in charge of Telegram right now: TC

Tldr: so, all 12 charges have been filed against telegram CEO.

*Durov was arrested due to a criminal investigation.

*His arrest was not related to the European Union’s Digital Services Act (DSA) or other tech-specific regulation.

*Given that Durov usually lives in Dubai, holds multiple passports and owns a private jet, they could decide there’s a substantial risk he’ll try to flee the country and decide to detain him while a case proceeds.

** If Durov is charged, a judge may impose measures, including house arrest or a ban on leaving the country.

MakerDAO rebrands to 'Sky'

*The new USDS stablecoin and SKY governance token will be available on Sept. 18 with a new DeFi application to interact with the protocol: Coindesk

*DAI and MKR will stay in circulation unchanged, with the new tokens existing in parallel. Token holders will be able to exchange DAI tokens 1:1 for USDS, while each MKR token can be swapped for 28,000 SKY tokens.

*Alert ⚠️: The upcoming USDS stablecoin will include a freezing mechanism [DAI have no such freezing function], while the new Sky website blocks VPN [makerdao doesn't block].

*TON Network Down—not produced any block in the past 2 hours.

*Withdrawals on Binance still suspended
*Just Now: Due to unstable network, Bybit has suspended all deposits and withdrawals via the Toncoin (TON) network starting from Aug 27, 2024, 10:00PM UTC.

*Update: TON Network Back online now after 7hrs of outage.

OPENSEA RECIEVES WELLS NOTICE FROM SEC

Opensea CEO:

OpenSea has received a Wells notice from the SEC threatening to sue us because they believe NFTs on our platform are securities.

TELEGRAM FOUNDER DUROV RELEASED FROM POLICE CUSTODY

Telegram Pavel Durov was released from police custody on Wednesday by a magistrate after he appeared before a Paris court to answer charges brought against him by the French authorities.

Telegram vs France Timeline:

2017: French reportedly spied on Pavel Durov and United Arab Emirates hacked his iPhone.

2018: French President Macron had lunch with Durov, proposing to set up TG's office in Paris.

2021: Durov obtains French citizenship.

2024: Durov is arrested upon arrival at a French airport, despite claiming he was expected to dine with Macron.

Midjourney officially getting into hardware

*Founder: To be clear we're not working on a headset right now (we're working on hardware related to data capture).

*TON Network Down again—not produced any block in the past 1 hour.

EU investigating Telegram over user numbers: ft

*EU legal and data experts suspect that the app has understated its presence in the EU to stay under a 45mn user threshold, above which large online platforms are subject to a swath of Brussels regulations designed to check their influence.

OpenAI in Talks for Funding Round Valuing It Above $100 Billion: WSJ

Pavel Durov, Telegram's founder indicted in France.

*He is placed under judicial supervision with the obligation to post a €5M bond, to report to the police station twice a week, and is prohibited from leaving the country.