1.Fractal Bitcoin mainnet will be launched on September 9
Fractal Bitcoin tweeted that its Fractal Bitcoin mainnet will be officially launched on September 9, 2024, and announced the native token distribution plan. According to the announcement, Fractal will allocate 80% of the tokens to the community and 20% to the team and contributors (with a lock-up period). The specific distribution is as follows: 50% for proof-of-work (PoW) mining, 15% as an ecosystem treasury, 5% for pre-sale (7-month lock-up period, linear release within 12 months), 5% for consultants, 10% for community grants, and 15% for core contributors. In addition, Fractal Bitcoin also announced several upcoming features: Fractal’s brc-20 protocol will be activated at the Fractal Bitcoin mainnet block height of 21,000; PizzaSwap (formerly known as Fractal Swap) will be launched on the Fractal Bitcoin testnet this week; in terms of cross-chain bridges, the embedded mini asset bridge and Bool Bridge will be tested; at the same time, it is working with multiple wallet providers to expand support beyond the UniSat wallet.
2. Bitcoin mining company Rhodium files for bankruptcy in Texas court
According to Cointelegraph, Bitcoin mining company Rhodium Enterprises has filed for voluntary bankruptcy under Chapter 11 of the U.S. Bankruptcy Court for the Southern District of Texas, with liabilities of up to $100 million. The document was filed on August 24 and includes six subsidiaries: Rhodium Encore, Jordan HPC, Rhodium JV, Rhodium 2.0, Rhodium 10MW, and Rhodium 30MW. According to the document, the company's debts are between $50 million and $100 million, while its total assets are estimated to be between $100 million and $500 million. https://cointelegraph.com/news/bitcoin-miner-rhodium-files-bankruptcy-texas
3. The U.S. Securities and Exchange Commission reached a settlement with digital asset management platform Abra on the sale of unregistered crypto asset securities
According to TheBlock, the U.S. Securities and Exchange Commission (SEC) reached a settlement with Plutus Lending LLC, which does business as Abra. The SEC stated, "Without admitting or denying the SEC's allegations, Abra has agreed to an injunction prohibiting it from violating the registration provisions of the Securities Act and the Investment Company Act and requiring it to pay a civil penalty in an amount determined by the court." The SEC accused Abra of failing to register the offer and sale of its retail crypto asset lending product Abra Earn and operating as an unregistered investment company. According to the SEC's lawsuit, Abra used customers' digital assets to "generate income for itself and fund interest payments." Abra Earn created nearly $600 million in crypto assets for Abra, of which $500 million came from U.S. customers.
4. Telegram founder Durov is accused of providing unauthorized "cryptography" services and tools
According to TheBlock, according to a statement released by the Paris Judicial Court, Telegram CEO Pavel Durov faces charges including providing unauthorized "cryptography" services and tools.
The statement said: "The arrest of Telegram founder Pavel Durov was carried out in the context of a judicial investigation that began on July 8, 2024, following a preliminary investigation launched by the Cybercrime Unit of the Paris Public Prosecutor's Office. The charge of the judicial investigation is the provision of cryptographic services and tools." Several other charges are listed in the document, including conspiracy to "possess pornographic images of minors" and "money laundering for the illegal proceeds of criminal organizations."
5. Insider: Russia will begin trialing cryptocurrency payments and cryptocurrency exchanges
Russia is about to begin trialing cryptocurrency exchanges and using digital tokens in cross-border transactions to help ease payment difficulties for Russian companies hit by international sanctions, Bloomberg reported, citing people familiar with the matter. People familiar with the matter said the trial will begin on September 1, and Russia will use the national payment card system to exchange between rubles and cryptocurrencies when testing payment and trading platforms.
6. Nigerian judge advances Binance money laundering case trial to September 2
According to Finance Magnates, a Nigerian judge will hear a money laundering case involving Binance and two of its executives next week. The hearing was held early at the request of the defense. Prosecutors said the hearing, which was originally scheduled for October 11, is now scheduled for September 2.
Binance has been accused of laundering more than $35 million, with the charges also implicating two of its top executives: Tigran Gambaryan, a U.S. citizen and Binance’s head of financial crime compliance, and Nadeem Anjarwalla, a British-Kenyan regional manager for Africa at Binance.
7. UAE Ministry of Foreign Affairs: has asked the French government to provide necessary consular services for Pavel Durov
The United Arab Emirates (UAE) expressed its serious concern over the arrest of Telegram founder Pavel Durov by French authorities, the UAE Ministry of Foreign Affairs said on its official website. Durov, an entrepreneur with multiple nationalities including Russia, France, the UAE, and Saint Kitts and Nevis, was detained at Paris Le Bourget Airport.
The UAE Ministry of Foreign Affairs revealed in a statement that it had asked the French government to urgently provide Durov with all necessary consular services. The ministry stressed that the UAE is committed to caring for its citizens and safeguarding their interests.
8. Telegram is being investigated by the Indian government for suspected extortion and gambling
According to Indian media Times of India, an Indian government official said that the government is investigating Telegram's alleged abuse of criminal activities such as extortion and gambling. Depending on the results of the investigation, Telegram may be banned in India.
9. New Zealand introduces new cryptocurrency laws, requiring domestic crypto asset service providers to collect and report user transaction information
According to Cointelegraph, New Zealand Finance Minister Simon Watts has submitted a new bill to implement the Crypto-Asset Reporting Framework (CARF) developed by the Organization for Economic Cooperation and Development (OECD).
According to the bill, crypto asset service providers in New Zealand will be required to collect and report user transaction information from April 1, 2026. Service providers that fail to comply may face fines of NZ$20,000 to NZ$100,000 (approximately US$12,000 to US$62,000). The move is intended to increase tax transparency for cryptocurrency transactions and align with global regulatory trends. The new regulations will come into effect on June 30, 2027, and relevant information will be shared with global tax authorities by September 30, 2027.
10. Kremlin: Unless the allegations are supported by evidence, the French government's actions will be considered a direct threat to the head of a large company
According to Jinshi, the Kremlin responded to France's arrest of the founder of the social platform Telegram, "We hope that Durov can organize an effective legal defense. France's charges against him need solid evidence. Unless the charges are supported by evidence, it will be an attempt to restrict freedom of communication and it will be seen as a direct threat to the head of a large company."
11. Cryptocurrency bank Xapo and Swedish investment company Hilbert Capital will jointly manage a $200 million Bitcoin hedge fund
Crypto-friendly bank Xapo Bank and Swedish investment firm Hilbert Capital will jointly manage a $200 million Bitcoin hedge fund, CoinDesk reported.
The fund will launch in September and will be open to businesses, commercial institutions and professional investors. Xapo director Joey Garcia said the move is intended to provide participants with not only exposure to Bitcoin prices, but also a structured way to grow the value of their Bitcoin investments. The fund's fees will be lower than traditional hedge funds, which charge 2% management fees and 20% performance fees.
12. Nasdaq has applied to the SEC to launch and trade Bitcoin index options
According to Reuters, Nasdaq Stock Exchange said it has applied to the U.S. Securities and Exchange Commission (SEC) to launch and trade Bitcoin index options. According to Nasdaq's proposal, this Bitcoin index option will track the CME CF Bitcoin Real-Time Index developed in cooperation with CF Benchmarks, which is used to track Bitcoin futures and options contracts offered by the Chicago Mercantile Exchange (CME Group).
13. Binance denies freezing the cryptocurrency assets of all Palestinian users on its platform
According to Cointelegraph, Ray Youssef, co-founder of cryptocurrency lending platform Paxful, tweeted, "Through multiple sources of evidence and an open letter issued by Binance to the Israeli authorities, Binance has confiscated all Palestinian cryptocurrency funds at the request of the Israel Defense Forces and refused to return them."
Binance denied this and said it only restricted the cryptocurrency assets of Palestinian users involved in illegal activities.
14. The EU is reviewing data on Telegram's European user base
The European Union is reviewing the accuracy of data provided by Telegram on the number of European users to determine whether strict rules should be imposed on how it operates in the bloc, the Financial Times reported.
Telegram told the EU in February that it had 41 million monthly active users in Europe, slightly below the 45 million monthly "very large online platform (VLOP)" threshold set by the EU Digital Services Act. The European Commission said that if it believes the data is inaccurate and Telegram does meet the user number threshold, then the agency has the right to unilaterally designate the latter as a VLOP.
15. CME plans to launch Bitcoin futures product "Bitcoin Friday futures" on September 30
The Chicago Mercantile Exchange (CME) has launched a new page on its official website, announcing that it plans to launch the Bitcoin Friday futures (BFF) product on September 30, 2024, which is currently awaiting regulatory review.
Each BFF contract will represent 1/50 of a Bitcoin to improve capital efficiency and accessibility. These short-term contracts will expire every Friday at 4 pm EST and will be settled based on the CME CF Bitcoin Reference Price New York Variant. CME said this design could make BFF closer to the spot price of Bitcoin.
