This week brought notable updates in the crypto and political arenas. Bitcoin surged by 7.89% over the past seven days, lifting many altcoins with it.
Former Binance CEO Changpeng “CZ” Zhao is now listed as an inmate at the Long Beach field office, with 38 days left until his expected release. He has been moved to an administrative facility in Greater Los Angeles
As that happened, Binance and Zhao are facing a class-action lawsuit from three investors who claim the exchange failed to prevent money laundering, resulting in the theft of their crypto assets.
In political news, Robert F. Kennedy Jr. withdrew from the 2024 presidential race on August 22. Meanwhile, Donald Trump, the Republican nominee, hinted he might appoint Elon Musk to a Cabinet position if he wins against Vice President Kamala Harris.
Here are six key crypto stories from the past week to keep you informed.
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TOP CRYPTO NEWS RECAP (August 18-24, 2024)
● Grayscale Launches AVAX Investment Fund
● Pavel Durov, Telegram CEO, Reportedly Arrested in France
● Sun Pump Overtakes Pump.fun in Memecoin Revenue
● Kamala Harris Signals Potential Support for Crypto Policies
● Tether Partners with UAE Firms to Launch Dirham-Backed Stablecoin
● El Salvador Launches Bitcoin Certification for 80,000 Civil Servants
Grayscale Launches AVAX Investment Fund
Grayscale Investments has introduced a new fund, the Grayscale Avalanche Trust, allowing investors to gain exposure to Avalanche’s native token, AVAX. Launched on August 22, this fund highlights Avalanche's focus on real-world asset tokenization, turning physical assets like real estate into digital tokens.
This move adds to Grayscale’s suite of over 20 crypto investment products. Grayscale is the largest crypto fund manager, managing $25 billion in assets, and its product lineup includes Bitcoin and Ethereum-focused funds.
Pavel Durov, Telegram CEO, Reportedly Arrested in France
Pavel Durov, Telegram's CEO, was arrested at Le Bourget airport after arriving from Azerbaijan. A French search warrant accused him of complicity in drug trafficking, fraud, and other severe crimes due to Telegram's lack of moderation and cooperation with law enforcement.
Durov is expected to face multiple charges, including terrorism and money laundering, and is likely to be placed in pretrial detention. Investigators aim to deter criminal activity on Telegram, which has been linked to organized crime and illegal content.
Sun Pump Overtakes Pump.fun in Memecoin Revenue
Sun Pump, a new memecoin deployer on the Tron network, has outperformed its Solana-based rival, Pump.fun, in daily revenue and activity. According to data from blockchain researcher Adam, Sun Pump generated $585,000 in revenue and launched 7,351 new tokens on Aug. 21, surpassing Pump.fun’s $366,000 and 6,701 tokens.
This surge comes just 12 days after Sun Pump's launch on Aug. 9. Notable memecoins like SunWukong and SunDog have rallied to impressive valuations, boosting the Tron network's revenue to record highs.
Kamala Harris Signals Potential Support for Crypto Policies
An aide to Kamala Harris indicated that the Democratic presidential candidate would back policies to foster growth in the crypto industry if she wins the 2024 election. Senior campaign adviser Brian Nelson mentioned Harris’s support for clear "rules of the road" to aid emerging technologies, referencing the collapse of firms like FTX.
Harris’s campaign has been relatively quiet on digital assets, but her stance contrasts with Republican nominee Donald Trump, who has actively supported Bitcoin and opposed central bank digital currencies.
Tether Partners with UAE Firms to Launch Dirham-Backed Stablecoin
Tether, the leading stablecoin provider, is set to launch a new stablecoin pegged to the United Arab Emirates dirham (AED). Liquid UAE-based reserves will fully support this stablecoin in partnership with UAE-based Phoenix Group and Green Acorn Investments.
The goal is to enhance international trade and remittances by providing a cost-effective, stable digital representation of the AED. Tether’s CEO, Paolo Ardoino, emphasized that the new coin will benefit businesses and individuals, reducing transaction costs and offering a hedge against currency fluctuations.
El Salvador Launches Bitcoin Certification for 80,000 Civil Servants
El Salvador's National Bitcoin Office (ONBTC) has introduced a Bitcoin certification program to train 80,000 government employees. The 160-hour virtual course, "Certification in Public Administration 1," covers strategic management, public policy, and using Bitcoin as legal tender.
ONBTC’s director, Stacy Herbert, believes this training will bolster El Salvador's Bitcoin-driven economy and expects long-term benefits. The initiative, led by the Higher School of Innovation in Public Administration, reflects the country's commitment to enhancing its workforce’s expertise in Bitcoin and related technologies.
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