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SEC v. OpenSea, Cardano’s Chang hard fork, Telegram founder indicted | Weekly Recap

For the latest edition of our ‘Weekly Recap,’ we’re spotlighting the growing contention between OpenSea and U.S. regulators; Binance’s support of the Cardano Chang hard fork; the indictment of Telegram founder Pavel Durov; and TON’s network outage.

SEC v. OpenSea

  • Last week, OpenSea — one of the largest non-fungible token marketplaces on Ethereum — received a Wells Notice from the U.S. Securities and Exchange Commission. 
  • While the notice is not a formal charge or allegation of wrongdoing, it indicates that the agency believes there is enough evidence to pursue legal action.
  • Regulators allege that the NFTs traded on the OpenSea platform are securities. OpenSea CEO Devin Finzer plans to “stand up and fight” the SEC.

Binance in the spotlight

  • Rumors swirled that Binance seized funds belonging to Palestinian users, but the exchange clarified that it only blocked accounts linked to illicit funds from transacting.
  • Binance experienced a 30-day outflow of $3.7 billion in Bitcoin (BTC) and Ethereum (ETH), with most of the withdrawals occurring on Aug. 27 in the heat of the allegations.

Binance prepares for Chang

  • On Aug. 30, Binance declared its intentions to support the Cardano Chang hard fork. The disclosure came three days after the exchange signaled readiness for the upgrade.
  • Recall that the Chang hard fork was initially slated for Aug. 27, but Cardano founder Charles Hoskinson pushed back the date to Sept. 1 due to the lack of preparedness from Binance and other top exchanges at the time.

Telegram founder indicted in France

  • Following his arrest in France, reports suggested that Telegram founder Pavel Durov could be facing up to 12 charges in the country. Toncoin (TON) collapsed by a further 5% following these reports.
  • On Aug. 28, French authorities moved Durov to a courthouse for possible indictment. After his indictment, the court granted Durov a $5 million bail, releasing him under judicial supervision. 

DOGS triggers Ton network outage

  • The DOGS airdrop last week triggered increased activity on The Open Network, widely known as TON, as over 10 million users trooped in to claim and trade their allocations. 
  • This increased activity led to a disruption of some services on Telegram Wallet and other exchanges. Shortly after, Ton suffered an outage, halting block production for nearly seven hours before resuming.
Source crypto.news

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