Crypto Morning News: Telegram founder Durov granted bail, OpenAI in talks for new funding round at over $100 billion valuation

2024.08.29

Crypto Morning News: Telegram founder Durov granted bail, OpenAI in talks for new funding round at over $100 billion valuation

OKX will launch pre-market trading for EIGEN.

2024.08.29 - 01:34:22

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OKX will launch pre-market trading for EIGEN.

Author: TechFlow

Yesterday's Market Update

Yesterday, 10 Bitcoin ETFs saw net outflows of 1,861 BTC; 9 Ethereum ETFs saw net outflows of 1,526 ETH

According to Lookonchain data, 10 Bitcoin ETFs experienced net outflows of 1,861 BTC (approximately $109.18 million), with ARK21Shares accounting for outflows of 1,643 BTC (around $96.41 million) and currently holding 46,366 BTC (worth about $2.72 billion). Meanwhile, 9 Ethereum ETFs recorded net outflows of 1,526 ETH (approximately $3.79 million), with Grayscale (ETHE) seeing outflows of 3,676 ETH (about $9.14 million) and now holding 1,814,925 ETH (valued at around $4.51 billion).

Telegram founder Durov charged, released on bail, banned from leaving France

The Paris prosecutor’s office announced on the 28th that Pavel Durov, CEO and founder of the messaging platform Telegram, who was previously arrested in France, has been formally charged and released on bail under judicial supervision but is prohibited from leaving the country. In a press release, Paris prosecutor Laure Beccuau stated that Durov was charged on the evening of the 28th and granted bail under judicial monitoring, requiring him to post a €5 million bond, report to the police twice weekly, and remain within French territory. Earlier reports indicate French authorities are investigating illegal activities on the Telegram platform, including fraud, drug trafficking, organized crime, child pornography, and terrorism promotion. Durov is accused of failing to implement adequate measures to prevent these crimes. On August 26, the Paris prosecutor revealed that a judicial investigation involving 12 charges—initially not targeting any individual—was launched on July 8, leading to Durov’s arrest.

Hamster Kombat to launch HMSTR token on TON blockchain on September 26, with simultaneous airdrop

Popular Telegram "tap-to-earn" game Hamster Kombat announced it will launch its highly anticipated HMSTR token on The Open Network (TON) on September 26, accompanied by an airdrop. The token was initially expected to launch in July but was delayed due to additional planning for the large-scale airdrop. Since its launch earlier this spring, Hamster Kombat has attracted over 300 million players, with more than 80 million active users in the past month alone.

OKX to launch EIGEN pre-market trading

According to an official announcement, OKX will officially launch EIGEN/USDT pre-market trading (USDT-margined delivery contracts) on August 29, 2024, at 06:00 PM (UTC+8) across its website, mobile app, and API platforms. Pre-market trading on OKX allows users to trade futures contracts for tokens before their official listing. These contracts are essentially USDT-settled derivatives, typically settled before the new token is listed on spot markets.

Mantle PR lead: Alameda-held BIT restricted from migrating to MNT

In response to chain analyst Yujin’s claim that “Bybit and FTX swapped exchange tokens in early November 2021,” Mantle’s public relations lead Igneus Terrenus clarified that Bybit has never had an exchange token. BIT is the governance token of BitDAO. Alameda’s holdings of BIT are restricted from being migrated to MNT. Legal proceedings are currently underway. Previous reports noted that the lock-up period for 100 million BIT and 3.36 million FTT exchanged between Bybit and FTX is nearing expiration.

Communication giants Kakao and LINE unveil Layer 1 blockchain Kaia, mainnet launching today at 10:00 AM

Kaia, the Layer 1 blockchain jointly developed by messaging giants Kakao and LINE, announced its mainnet will go live at 10:00 AM Beijing time today. Launched in April, Kaia was formed by merging Klaytn (from Kakao) and Finschia (from LINE). Kakao operates a messaging app used by 96% of South Koreans, while LINE is a dominant messaging platform in Japan, Taiwan, and Thailand. The two apps collectively serve over 250 million users, according to the press release.

Kaia aims to address challenges in Web3 user experience and distribution through deep integration with Kakao and LINE messaging apps. Its long-term goal is to build an ecosystem supporting DeFi, gaming, real-world assets, and Web3-based messaging applications.

NVIDIA Q2 revenue hits $30 billion, surpassing expectations with 122% YoY growth

NVIDIA reported its second-quarter financial results for the period ending July 28, 2024. Revenue reached a record $30.04 billion, exceeding market expectations of $28.7 billion and rising 122% year-over-year. Under GAAP, net income surged 168% to $16.6 billion, or $0.67 per share, also beating forecasts. Data center revenue for the quarter hit $26.3 billion, up 154% from the same period last year and above the expected $25.24 billion. NVIDIA forecasted third-quarter revenue of approximately $32.5 billion, representing an 80% YoY increase and surpassing the average analyst estimate of $31.7 billion. However, the highest market expectation stood at $37.9 billion, sparking concerns that NVIDIA’s explosive growth may be slowing. Additionally, NVIDIA announced a $50 billion stock buyback program. Shares closed down over 2% during regular trading, then fluctuated in after-hours trading, briefly dropping more than 8%.

OpenAI in talks for new funding round at over $100 billion valuation

According to CNBC, OpenAI is in discussions for a new funding round at a valuation exceeding $100 billion. Sources indicate Thrive Capital will lead the round with a $1 billion investment. Microsoft, OpenAI’s largest backer, is also participating. Since 2019, Microsoft has invested $13 billion in OpenAI and currently holds 49% of the company’s profit share. OpenAI CFO Sarah Friar confirmed in a memo that the fundraising talks are still in early stages and that the funds will support compute infrastructure and operational needs.

ParaFi Capital raises $120 million to acquire stakes in other crypto funds

Bloomberg reports that ParaFi Capital, a New York-based digital asset management firm, has raised $120 million from investors including Theta Capital Management and Accolade Partners. Henry Kravis, co-founder of KKR & Co., is among the firm’s supporters. Under a new strategy, the capital will be partially used to acquire stakes in other crypto funds focused on specific niches, strategies, or regions. In an interview, ParaFi founder Ben Forman said the firm plans to build a portfolio investing in 30 to 50 such fund stakes over the next three to five years. In recent years, ParaFi has already invested in nine different cryptocurrency management firms. As the number of crypto funds grows again, the firm is expanding this strategy to include external investors. ParaFi is one of the largest crypto-focused funds, operating hedge fund and venture capital strategies for about six years with a 22-person team. Other investors in ParaFi include Bain Capital Ventures, alongside KKR and Kravis.

OpenSea receives SEC Wells notice, vows to fight for the industry and pledges $5 million to support creators

NFT marketplace OpenSea announced it has received a Wells notice from the U.S. Securities and Exchange Commission (SEC), indicating the regulator intends to sue the company over claims that NFTs on its platform may qualify as securities. OpenSea co-founder and CEO Devin Finzer strongly responded on social media, expressing shock at the SEC’s action and affirming the company’s readiness to stand up and fight for the entire industry. To support ecosystem development, OpenSea pledged $5 million to help NFT creators and developers facing Wells notices cover legal expenses.

Crypto Morning News: Telegram founder Durov granted bail, OpenAI in talks for new funding round at over $100 billion valuation

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