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<p class="is-style-lead">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.</p> 
<h2 class="wp-block-heading" id="sec-v-opensea">SEC v. OpenSea</h2> 
<ul class="wp-block-list"> 
 <li>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.&nbsp;</li> 
 <li>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.</li> 
 <li>Regulators allege that the NFTs traded on the OpenSea platform are securities. OpenSea CEO Devin Finzer <a href="https://crypto.news/opensea-ceo-vows-to-fight-sec-wells-notice/" target="_blank" rel="noreferrer noopener">plans</a> to “stand up and fight” the SEC.</li> 
</ul> 
<h2 class="wp-block-heading" id="binance-in-the-spotlight">Binance in the spotlight</h2> 
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 <li>Rumors swirled that Binance seized funds belonging to Palestinian users, but the exchange <a href="https://crypto.news/binance-denies-allegations-of-seizing-mass-palestinian-funds/" target="_blank" rel="noreferrer noopener">clarified</a> that it only blocked accounts linked to illicit funds from transacting.</li> 
 <li>Binance <a href="https://crypto.news/binance-saw-3-7b-worth-of-btc-eth-leave-in-30-days/" target="_blank" rel="noreferrer noopener">experienced</a> a 30-day outflow of $3.7 billion in Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) and Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>), with most of the withdrawals occurring on Aug. 27 in the heat of the allegations.</li> 
</ul> 
<h2 class="wp-block-heading" id="binance-prepares-for-chang">Binance prepares for Chang</h2> 
<ul class="wp-block-list"> 
 <li>On Aug. 30, Binance <a href="https://crypto.news/binance-to-support-cardanos-chang-hard-fork/" target="_blank" rel="noreferrer noopener">declared</a> its intentions to support the Cardano Chang hard fork. The disclosure came three days after the exchange signaled readiness for the upgrade.</li> 
 <li>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.</li> 
</ul> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">The magic of deadlines is that people who aren't taking upgrades seriously suddenly say damn we got to get moving. When they get moving, we converge quickly. <br><br>It looks like Binance and a few others need more time to get their houses in order, so the rocket is going to wait on…</p>— Charles Hoskinson (@IOHK_Charles) <a href="https://twitter.com/IOHK_Charles/status/1827011621455294743?ref_src=twsrc%5Etfw" target="_blank" rel="">August 23, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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</figure> 
<h2 class="wp-block-heading" id="telegram-founder-indicted-in-france">Telegram founder indicted in France</h2> 
<ul class="wp-block-list"> 
 <li>Following his arrest in France, reports <a href="https://crypto.news/toncoin-slides-5-as-telegram-ceo-rumored-to-face-12-charges/" target="_blank" rel="noreferrer noopener">suggested</a> that Telegram founder Pavel Durov could be facing up to 12 charges in the country. Toncoin (<a href="https://crypto.news/price/toncoin/" target="_blank" rel="noreferrer noopener">TON</a>) collapsed by a further 5% following these reports.</li> 
 <li>On Aug. 28, French authorities <a href="https://crypto.news/telegrams-pavel-durov-freed-from-custody-awaits-court-ruling/" target="_blank" rel="noreferrer noopener">moved</a> Durov to a courthouse for possible indictment. After his indictment, the court granted Durov a $5 million bail, <a href="https://crypto.news/telegram-ceo-pavel-durov-indicted-placed-under-judicial-supervision-in-france/" target="_blank" rel="noreferrer noopener">releasing</a> him under judicial supervision.&nbsp;</li> 
</ul> 
<h2 class="wp-block-heading" id="dogs-triggers-ton-network-outage">DOGS triggers Ton network outage</h2> 
<ul class="wp-block-list"> 
 <li>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.&nbsp;</li> 
 <li>This increased activity <a href="https://crypto.news/dogs-airdrop-disrupted-telegram-wallet-and-exchange-services/" target="_blank" rel="noreferrer noopener">led</a> 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 <a href="https://crypto.news/ton-blockchain-resumes-operations-following-dogs-fuelled-outage/" target="_blank" rel="noreferrer noopener">resuming</a>.</li> 
</ul> 
<p> Read more: <a href="https://crypto.news/sonys-soneium-could-set-the-blockchain-pace/"> Sony’s Soneium could set the blockchain pace — is BlackRock preparing to follow? </a> </p>

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

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