Daily Report | The probability predicted on Polymarket for "Pavel Durov will be released in October" is 72%; Celsius bankruptcy administrators have distributed over $2.53 billion to creditors
Highlights of August 27整理：Luan Peng, ChainCatcher
Important News:
- Binance adjusts leverage and margin tiers for multiple U-based perpetual contracts
- Celsius bankruptcy administrator has distributed over $2.53 billion to creditors
- Binance CEO again calls on Nigerian government to allow detained executives to return home for treatment
- Data: PayPal USD's total market capitalization has exceeded $1 billion
- QCP Capital: The market is waiting for signals on the rate cut in September, expecting no significant fluctuations this week
- New Zealand plans to implement OECD's framework for information exchange on crypto assets, with violators facing fines up to $1,000
- Polymarket predicts a 72% chance that "Pavel Durov will be released before October"
- A jobless university student in China participated in virtual currency money laundering, profiting over 5,000 yuan, sentenced to 6 months
"What important events occurred in the past 24 hours"
Binance adjusts leverage and margin tiers for multiple U-based perpetual contracts
According to an official announcement, Binance has updated the leverage and margin tiers for XRPUSDT, BNBUSDT, ORDIUSDT, NOTUSDT, BOMEUSDT, and RAREUSDT U-based perpetual contracts today at 15:30 (UTC+8), and has updated the leverage and margin tiers for MATICUSDT and MATICUSDC U-based perpetual contracts at 16:15 (UTC+8).
Celsius bankruptcy administrator has distributed over $2.53 billion to creditors
The Celsius bankruptcy administrator stated in its first payment status report that over $2.53 billion has been distributed to approximately 251,000 creditors.
These payments were made in liquid cryptocurrencies and cash at prices as of January 16. The administrator noted in court documents submitted on Monday that they covered about two-thirds of all eligible creditors of cryptocurrency lenders, accounting for approximately 93% of the eligible value. Additionally, around 121,000 eligible creditors have an average distribution amount of about $1,500 but have not successfully claimed their distribution. The document stated: "Approximately 64,000 of the remaining creditors have distribution amounts below $100, and about 41,000 have distribution amounts between $100 and $1,000." "Given the small amounts involved for many creditors, they may lack the motivation to take the necessary steps to successfully claim their distributions."
Binance CEO Richard Teng reiterated that company employee Tigran's physical and mental health has severely deteriorated after being unjustly detained in Nigeria for six months, with the Nigerian government refusing to provide adequate medical care and preventing him from meeting with legal counsel. Richard Teng urged the U.S. government to intervene and hopes that the voices of global citizens can prompt the Nigerian government to release Tigran.
Data: PayPal USD's total market capitalization has exceeded $1 billion
According to a post by Bing Ventures, CoinMarketCap data shows that PayPal's stablecoin, PayPal USD, which is pegged to the U.S. dollar, has a total market capitalization exceeding $1 billion.
Since the beginning of the third quarter, the monthly supply of PayPal USD has been growing rapidly. Its market capitalization has more than doubled from about $423 million at the end of June. This growth is partly attributed to its expansion to the Solana network in May. Since then, its issuance on Solana has quickly surpassed that on Ethereum.
QCP Capital's latest report indicates that Bitcoin spot ETFs have seen strong inflows for 12 consecutive days, while Ethereum spot ETFs have faced outflows for 8 consecutive days. The dominance of Bitcoin in the options market reflects the macro-driven characteristics of the current rate cut cycle. QCP observed moderate bullish options spread buying in the options trading desk, and recent volatility has decreased, indicating a cautiously optimistic market.
QCP suggests that for the remainder of the third quarter, as long as spot prices remain below $67,000, Bitcoin spot should be accumulated weekly at an 8.27% discount ($57,600). They expect no significant fluctuations in the market this week as investors await clear signals on the rate cut in September.
New Zealand's tax minister has proposed legislation to implement the OECD's framework for information exchange on crypto assets, with the proposed amendments expected to take effect in April 2026. New Zealand crypto service providers will be required to collect transaction information and submit it to the tax authority by 2027; otherwise, they will face a fine of $300 for each violation, while users who do not provide information will face a fine of $1,000.
Polymarket predicts a 72% chance that "Pavel Durov will be released before October"
According to Coindesk, Polymarket predicts a 72% chance that "Telegram founder Pavel Durov will be released before October."
The press release noted that if investigators find sufficient evidence during the interrogation, Durov's detention may be extended, or he may be formally charged and transferred to pre-trial detention.
Previously, Polymarket predicted a 26% chance that "Pavel Durov would be released in August."
On July 26, 2024, the People's Court of Liyang City, Jiangsu Province, ruled on a virtual currency money laundering case. A jobless man, known by the pseudonym Xiao Wu, was sentenced to six months in prison, with a one-year probation, and fined 2,000 yuan for participating in virtual currency money laundering activities.
The case shows that in November 2023, Xiao Wu contacted a "money laundering company" through Telegram to repay credit card debts incurred during his university years due to investments in foreign exchange and virtual currencies. He purchased U coins on exchanges and then transferred and sold them through the "U-MATOU" app, profiting from the price difference. Despite being warned that this was illegal, Xiao Wu continued to operate due to repayment pressure.
On December 22, 2023, the Liyang Public Security Bureau received a fraud report involving Xiao Wu's bank card. Investigations revealed that Xiao Wu's bank account had a total flow of 13 transactions, amounting to over 25,000 yuan, with personal illegal profits exceeding 5,000 yuan.
After his arrest, Xiao Wu expressed remorse and admitted that if he had not been caught, he might have gone further down the path of crime.
The Web3 trusted account framework protocol OneBalance has completed $5 million in angel and community round financing, led by Konstantin Lomashuk and Vasiliy Shapovalov from Cyber Fund. Independent investors including Yearn Finance developer Banteg, crypto KOL cobie, Across founder Hart Lambort, Wintermute chief researcher Igor Igamberdiev, WalletConnect founder Pedro Gomes, and Li.Fi founder Philipp Zentner also participated.
OneBalance stated: "It believes that transitioning to a better Web3 user experience requires an inclusive, collaborative, and community-oriented approach. Therefore, it invited the best builders and community members in the field for the first round of fundraising."
According to RootData, OneBalance is a new framework for trusted accounts—combining chain abstraction, gas abstraction, and permission management to address the fragmented Web3 user experience.
SEC charges Adam brothers with a $60 million crypto Ponzi scheme
The U.S. SEC announced emergency asset freeze measures against Jonathan Adam and Tanner Adam and their company, accusing them of running a $60 million Ponzi scheme from January 2023 to June 2024, involving over 80 investors.
The SEC stated that the Adam brothers fabricated a "robot" for trading crypto assets and a lending pool, promising monthly returns of up to 13.5%. In reality, they used investor funds to pay fake returns and for personal luxury expenses, including purchasing a $30 million apartment and luxury cars. The SEC has filed a lawsuit in court seeking a permanent injunction, recovery of illegal gains, and civil penalties.
According to Cointelegraph, multiple French government websites went offline due to DDoS attacks, suspected to be linked to a Russian hacker group. Affected websites include the Paris Administrative Court, the French health department, and the French Supreme Court website.
Preliminary reports from Entropia Intel suggest that the attack is believed to be a response to the arrest of Telegram founder Pavel Durov in France.
On August 24, Durov was detained by French authorities on charges of conspiracy to engage in illegal activities. French President Macron later stated that Durov's arrest was not politically motivated and reiterated France's commitment to freedom of speech. As of now, Durov has not been formally charged with a crime. French authorities can detain him until August 28 for further investigation.
According to Bitcoinist, Yang Bin, who was once the second richest person in China, was sentenced to six years in prison in Singapore for running a Ponzi scheme disguised as a cryptocurrency investment business, involving millions of dollars.
On August 26, the 61-year-old Dutch-Chinese man admitted to eight charges, including conspiracy to participate in a fraudulent scheme and operating without a valid work permit, and was fined 16,000 Singapore dollars (12,200 USD).
Local media reported that Yang Bin conducted fraudulent activities under the name A&A Blockchain Innovation, attracting over 700 investors who invested 6.7 million Singapore dollars between May 2021 and February 2022, but lost about 1.1 million Singapore dollars.
The company claimed to own 300,000 cryptocurrency mining machines, promising investors a daily return of 0.5%. However, such machines did not exist. Instead, Yang Bin used funds from new investors to pay returns to earlier investors, a hallmark of a Ponzi scheme.
It is reported that in 2001, Yang Bin was ranked as the second richest person in China by Forbes magazine and was seen as a model of rapid wealth accumulation during China's economic boom. In 2003, he was sentenced to 18 years in prison for tax evasion by a Chinese court and was released in 2016 after serving his sentence.
According to TheBlock, Telegram CEO Pavel Durov faces charges including providing unauthorized "cryptographic" services and tools, according to a statement from the Paris judicial court.
The statement said: "The arrest of Telegram founder Pavel Durov was carried out in the context of a judicial investigation that began on July 8, 2024, following a preliminary investigation initiated by the cybercrime department of the Paris prosecutor's office. The charges of the judicial investigation include providing cryptographic services and tools." The document also listed several other charges, including conspiracy to "possess child pornography" and "launder proceeds of crime for criminal organizations." As part of the cybercrime investigation, Durov is being questioned and may be detained until August 28.
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