CRYPTO BOOM!

💥VanEck Shuts Down Ethereum Futures ETF, Eyes Solana ETFs as a Precedent Emerges VanEck's Ethereum Futures ETF is closing its doors and liquidating on September 16, 2024. The decision comes after a thorough review of the fund's performance and investor interest. Shareholders have until the market closes on September 16 to trade their shares. After that, it's delisting time. Those holding shares on the liquidation date can expect a cash payout based on the net asset value (NAV) of their holdings. Keep an eye on your brokerage accounts around September 23. Any remaining income and capital gains might be distributed before the final curtain falls. Remember to consider the tax implications of this liquidation. Capital gains or losses could impact your year-end reporting. While closing one door, VanEck is peeking through another. The company is exploring opportunities in Solana ETFs, buoyed by a precedent set in a 2018 fraud case involving My Big Coin. Matthew Sigel, VanEck's Head of Digital Assets Research, sees this ruling as a potential pathway for Solana's regulatory classification – even without an established futures market.

💣Telegram Founder Pavel Durov Arrested in France: Freedom of Speech at Stake? In a shocking turn of events, Pavel Durov, the visionary behind Telegram, has been apprehended by French authorities. On August 28, he was escorted from police custody to face court proceedings. According to CNN, the Paris prosecutor's office has indicated that Durov will undergo questioning and potential indictment. His arrest took place on August 24 at Bourget airport, leaving many wondering about the future of this tech titan. The crux of the matter lies in Telegram's alleged lack of moderation, which authorities claim has inadvertently aided criminal activities ranging from fraud to child exploitation. Even as extremist groups find solace in its encrypted corridors, President Emmanuel Macron insists this is not a political move. The battle lines are drawn, with tech mogul Elon Musk rallying behind Durov, asserting that this investigation encroaches upon our cherished freedom of speech. Meanwhile, a Russian internet censor points fingers at the U.S., suggesting ulterior motives behind the scenes. As the legal drama unfolds, the cryptocurrency market reacts with alarm. The value of Telegram's associated token Toncoin (TON) has taken a nosedive by 17.5%, while trading volume skyrockets by nearly half in just 24 hours.

💣Hong Kong's Web3 Ambitions: DAO Regulation to Attract Global Talent Hong Kong lawmaker Johnny Ng is pushing for DAO regulations to boost the city's Web3 investment landscape and entice international talent. With hopes of fostering economic growth, Ng believes that a well-regulated ecosystem will draw more industry players to develop their projects and bring in capital. Mantra DAO vs. RioDeFi: Court Orders Financial Transparency In a recent High Court ruling, Mantra DAO and infrastructure host RioDeFi were ordered to disclose financial information regarding Mantra Chain's operations. The case revolves around allegations of misappropriation by former RioDeFi employees, adding a legal twist to the project's substantial market value of HK$6b ($780m).

💣Arbitrum Orbit Chains Launch Bridged USDC as Custom Gas Token, Boosting Convenience and Stability Arbitrum Orbit chains have just leveled up their game by introducing bridged USD Coin (USDC) as a custom gas token. This integration is a game-changer, allowing users to pay their transaction fees with the stability of a stablecoin, making transactions smoother and more reliable within the Arbitrum ecosystem. With over $1.6 billion worth of native USDC already on Arbitrum, this move not only simplifies the process but also opens doors for new projects and users to join the Orbit chain revolution. Developers can now easily set up their Orbit chains using platforms like AltLayer, Caldera, Conduit, and Gelato. And that's not all – support from Ankr and Alchemy is on its way!

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💣UK Court Cracks Down on Bitcoin Money Laundering: Woman Sentenced to 7 Years A former fast-food worker, Jian Wen, has been sentenced to nearly seven years in prison by the Southwark Crown Court in London for laundering 150 Bitcoin tied to a whopping $5.6 billion fraud. Authorities seized over 61,000 Bitcoin, valued at more than $4 billion, as part of the investigation into this colossal investment scam. Wen, who holds both British and Chinese citizenship, claims innocence and portrays herself as a victim manipulated by an "expert criminal supervillain." But prosecutors argue she played a decisive role in managing the crypto wallet used for laundering. Judge Sally-Ann Hales emphasized that while there was no evidence of Wen's involvement in the underlying fraud, she knew she was dealing with dirty money. The sentence: six years and eight months behind bars. In related news, the EU recently passed new regulations to combat money laundering in the crypto world. This move aims to tighten the screws on crypto exchanges and brokers, requiring them to report suspicious activities.

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💣Jade City Sets Sights on 2024 Launch, Revolutionizing Precious Commodities Jade City, the trailblazing real-world asset (RWA) platform, is gearing up for a game-changing debut in late 2024. With an ambitious vision to transform the way we access and trade precious commodities, this venture is one to watch. Divided into two dynamic divisions, Jade Vault and Jade City, this brainchild of CEO William Ralston Saul is already making waves in the realm of digital finance and precious minerals. The future looks bright for this innovative endeavor. While Jade Vault has already secured a staggering $2.1 million to ignite a dazzling jade mine in Kazakhstan, Jade City is hot on its heels with plans to raise $1.8 million in private funding. With a total capital infusion of $2.4 million, the jade business is poised for success. Founded by James Bowater and helmed by Ralston Saul, Jade City and its Vault counterpart are attracting attention from heavyweights like Consensus Capital, known for backing Casper Labs. The allure lies not only in the potential profits but also in the ethically sourced nature of this venture. Jade's cultural significance cannot be overstated, particularly in China where it symbolizes purity, integrity, and social standing. For millennia, this gem has outshone gold with its rarity and exquisite craftsmanship that transforms raw jade into treasured artifacts. As the world embraces the trend of commodity tokenization, Jade City stands at the forefront. This cutting-edge approach democratizes investment opportunities by creating digital tokens on a blockchain that represent ownership of real-world assets. With McKinsey & Company projecting a staggering $2 trillion market for tokenized assets by 2030, the allure of fractional ownership in commodities like jade becomes undeniable. This not only breaks down barriers but also injects liquidity, transparency, and security into the market.

💣Russia Crypto Mining Bill Finally Set for Parliament After months of anticipation, Russia's State Duma committee has given the green light to a bill that could legalize Bitcoin and altcoin mining. The lower house of parliament is expected to vote on this historic legislation on July 23. Anatoly Aksakov, the chairman of the State Duma Committee on Financial Markets, is one of the key figures behind this bill. With his support, it seems likely that Russia's crypto mining industry may finally see some much-needed regulation. The industrial crypto mining sector in Russia has been tirelessly advocating for legalization. This bill could be the result of their persistent efforts, offering a chance for miners to operate within a clear legal framework and attract potential investors. Currently, mining in Russia exists in a legal "grey zone." The proposed bill aims to change that by introducing regulatory powers for both the government and the Central Bank. It also suggests a central register for mining entities while exempting smaller-scale miners who stay within energy consumption limits. In line with global trends, the bill emphasizes anti-money laundering protocols. Miners would need to report their activities and provide information about stored crypto addresses. Additionally, the government could impose mining bans in specific regions, addressing concerns raised by the Ministry of Energy and power companies.

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