Telegram CEO Pavel Durov was indicted on Wednesday, per Bloomberg.

The report says that a French court indicted the executive on charges including organizing or enabling illicit transactions.

A previous press release from Aug. 26 lists the charges Durov is facing, including complicity in offering and selling narcotic substances and distributing child pornography. Durov, as the CEO of Telegram, faces the accusations. 

French authorities also allege that Durov didn’t aid investigations.

The earlier press release also says that Durov has already faced interrogations from the French investigators. 

Durov, who was arrested in France last week, was placed under judicial supervision. He…

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This article is featured in Bitcoin Magazine’s “The Halving Issue”. Click here to get your copy.

If, in 2021, the identity of Satoshi Nakamoto remains a mystery, so too does the two-year period from 2008 to 2010 when Bitcoin’s creator served as the project’s principal developer and leader.

Yet, far from a lifeless period of project development, during those years Nakamoto worked with dozens if not hundreds of Bitcoin users, all of whom contributed to the effort in different ways, establishing websites, engaging in commerce and evangelizing for his invention.

Still, some users naturally emerged as more distinguished contributors.

Whether it was by helping establish core elements…

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On August 28, 2024, the U.S. Bitcoin ETF market witnessed varying degrees of net inflow and outflow among key players. BlackRock’s IBIT and Fidelity’s FBTC showed stability with zero net change in Bitcoin holdings, maintaining their positions with 357,737 and 179,268 BTC respectively.

However, notable outflows were observed in other ETFs: ARK Invest’s ARKB saw a reduction of 1,643 BTC, Bitwise’s BITB experienced a decrease of 109 BTC, and VanEck’s HODL faced a drop of 113 BTC. Conversely, Invesco Galaxy’s BTCO registered a positive net inflow, adding 14 BTC.

Grayscale’s GBTC ETF also faced a slight outflow, decreasing by 9 BTC, highlighting a minor shift in investor sentiment. Despite these fluctuations, the total Bitcoin held by these ETFs combined reached 915,963 BTC, with a net outflow of 1,860 BTC, equivalent to a decrease of approximately $108.4 million in asset value.

This snapshot offers valuable insight into the daily dynamics and investor behavior within the U.S. Bitcoin ETF market, reflecting the ongoing adjustments in investment strategies in response to broader market conditions.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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A number of private companies have made substantial investments in Bitcoin, showcasing their belief in the cryptocurrency’s value as an asset class. Leading the charge, Block dot one holds an impressive 140,000 BTC, valued at approximately $8.2 billion. This significant investment underscores the company’s commitment to Bitcoin’s future potential.

Following closely, Tether Holdings LTD has accumulated 75,354 BTC, worth around $4.4 billion. Their investment highlights the growing trend of fintech companies diversifying into cryptocurrency.

Xapo Bank and BitMEX are also notable players, holding 38,931 BTC and 36,794 BTC respectively, with their Bitcoin assets valued at $2.2 billion and $2.1 billion. These holdings demonstrate the increasing acceptance of Bitcoin as a legitimate reserve asset among private financial institutions.

Lastly, the infamous Mt. Gox, despite its turbulent history, still holds 34,164 BTC, valued at $2.0 billion. This reflects the enduring value of Bitcoin even amidst past controversies.

These investments by private companies not only illustrate the widespread corporate belief in Bitcoin as an investable asset but also highlight its role in business strategies as a store of value and a hedge against traditional financial systems.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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Company Name: Bitwise Asset Management

Founders: Hong Kim and Hunter Horsley

Date Founded: December 2016

Location of Headquarters: San Francisco, CA and New York, NY

Amount of Bitcoin Held in Treasury: Undisclosed

Number of Employees: 65

Website: https://bitwiseinvestments.com/

Public or Private? Private

In 2016, Hong Kim and his co-founder at Bitwise Asset Management (Bitwise), Hunter Horsely, were living the startup life — working from a living room in San Francisco and looking for a project that they could develop into a business.

While experimenting with various ideas, none of which were gaining much traction, their friends wouldn’t shut up about Bitcoin. Plus, by early 2016, every…

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Arthur Hayes, co-founder of the cryptocurrency exchange BitMEX, predicts a significant uptick in cryptocurrency values following recent U.S. Federal Reserve rate cuts. These decisions, he suggests, mimic a short-term economic boost but could lead to long-term benefits for digital currencies like Bitcoin. Highlighting the possibility of a Japanese yen carry trade unwind, Hayes indicates this could pressure the Fed to increase monetary supply, potentially enriching the crypto market.

In his latest insights, Hayes explains that the diminishing interest rate differentials reduce the attractiveness of yen carry trades, compelling investors to look for alternative high-yield investments. This scenario, coupled with tightened fiat liquidity, sets a favorable stage for cryptocurrencies as traditional market vulnerabilities emerge.

Echoing his analysis, industry analysts concur that the Fed’s strategy might inadvertently act as a catalyst for Bitcoin and other cryptocurrencies. As the market braces for potential global financial shifts, Hayes underscores the importance of ready liquidity, which he believes will drive Bitcoin towards the $100,000 mark by year-end.

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U.S. spot Bitcoin exchange-traded funds (ETFs) recorded $127 million in net outflows on Tuesday, marking the largest single-day withdrawal since Aug. 6. The outflow ended an eight-day streak of positive inflows totalling $756 million.

On Tuesday, the Bitcoin ETF offering from Ark Invest saw the biggest outflow, at $102 million. Grayscale’s Bitcoin Trust and Bitwise’s Bitcoin ETF also posted net outflows of $18 million and $7 million, respectively.

BlackRock’s Bitcoin ETF saw no inflows after a $224 million inflow on Monday, its largest in over a month, while Fidelity’s and other Bitcoin ETFs also saw no changes in inflows or outflows.

The largest contributor to yesterday’s outflows seems to…

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