Telegram founder Pavel Durov was arrested in France on charges linked to illegal activities on the messaging platform, causing a significant impact on the value of Toncoin.

Telegram founder and CEO, Pavel Durov, found himself in hot water this week as he was arrested by French authorities at Le Bourget airport near Paris. Durov, who was travelling with a woman and his bodyguard, was reportedly taken into custody based on a search warrant issued by France's National Anti-Fraud Office. This development sent shockwaves through the tech community, given that Durov, a staunch advocate for privacy and free speech, was known for his minimal travel within Europe to avoid such legal troubles. The warrant, valid only in France, was tied to allegations of Durov's involvement in enabling illegal activities on Telegram, including fraud and the distribution of child exploitation material.

The arrest has had a significant impact on the cryptocurrency market, particularly on Toncoin, a digital currency integrated with Telegram. Following the news, Toncoin experienced a sharp decline, plummeting by 20.6% in value within 24 hours. However, things changed rapidly when Durov was later released from police custody and taken to a court in Paris for further legal action. This news caused a surge in TON's price, driving it up by 12.5%. Meanwhile, the TON community has vowed to stand by Durov, underscoring their commitment to a decentralized internet.

Binance, ByBit, and BitGet Enter Solana's LST Market💥

Major crypto exchanges Binance, ByBit, and BitGet are expanding into Solana’s DeFi space by launching their own Liquid Staking Tokens.

As the dust settles on Durov's arrest, the crypto world is abuzz with another major development: the entry of Binance, ByBit, and BitGet into Solana’s Liquid Staking Token (LST) ecosystem. Binance led the charge, teasing the launch of its proprietary LST, $BNSOL, potentially powered by the innovative Sanctum model.

This move marks a significant shift for Binance, which has been increasingly involved in Solana’s DeFi space, with its venture arm recently investing in Solayer, a Solana restaking protocol. ByBit and BitGet quickly followed suit, announcing their LSTs, $bbSOL and $BGSOL, respectively, signalling a broader trend among centralized exchanges to establish stronger ties with Solana’s growing DeFi infrastructure.

The excitement surrounding these announcements has sparked speculation within the Solana community. Some believe that Binance's involvement with Sanctum could lead to the listing of $CLOUD, another Solana-based token. However, for now, the focus remains on the imminent launch of these new LSTs, which are expected to further bolster Solana’s position in the decentralized finance landscape. As Binance's Solana validator already holds a significant amount of SOL, the transition to LSTs could make Binance one of the largest players in the Solana staking ecosystem, setting the stage for even more innovation in this space.

Drift Protocol's BET Platform Surges🔺

Drift Protocol's BET platform has overtaken PolyMarket as the top prediction market, with a staggering increase in daily trading volume.

In a surprising turn of events, Drift Protocol's BET platform has overtaken PolyMarket, the leading prediction marketplace, in daily trading volume. Drift Protocol, known for its perpetual exchange on Solana, has seen a dramatic surge in activity on BET, its newly launched prediction market. In just two weeks, BET recorded an astonishing 3,398% increase in daily trade volume, reaching over $20 million. This spike has raised eyebrows across the Solana community, with some questioning the source of such sudden liquidity, especially as the number of trades on the platform has declined.

BET’s top market, speculating on Kamala Harris winning the popular vote in 2024, led the charge with $20 million in bets. The platform's meteoric rise has not only dethroned PolyMarket but also highlighted the growing demand for diverse DeFi products on the Solana network. Despite concerns about the validity of the volume, the surge coincided with the release of vested $DRIFT tokens, potentially attracting large-ticket traders or even whales to the platform. As Solana’s DeFi ecosystem continues to expand, the rise of BET underscores the network’s ability to support high-volume, innovative financial products.

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Hamster Kombat Airdrop Announced 🐹

Telegram-based game Hamster Kombat has set the date for its much-anticipated token airdrop, now scheduled for September 26.

Initially delayed due to technical challenges, the Hamster Kombat airdrop is now set for September 26, much to the excitement of its 52 million Telegram subscribers. According to the game’s whitepaper, 60% of the tokens will be allocated to players, while the rest will be used to support the game's ecosystem, partnerships, and other initiatives.

Hamster Kombat has gained a strong following, partly inspired by the success of Notcoin, another Telegram-based game that made headlines earlier this year with its massive airdrop. With the upcoming airdrop, the Hamster Kombat team hopes to replicate Notcoin's success while overcoming the technical hurdles that delayed the event. However, with such a large user base, the airdrop is expected to be a significant event in the Telegram gaming community, potentially drawing even more attention to the burgeoning sector of crypto-based games.

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