Telegram CEO faces Jail Time, Bitcoin Slides, Elon Hypes Dogecoin 🚀

Coinigy
3 min readSep 2, 2024

Welcome to the new month guys đŸ„‚

August was anything but exciting
 memecoin fever did catch some of us.. but it was nothing short of underwhelming.

When will the alt season start so everyone can go bananas?

Anyway, Telegram CEO Pavel Durov was finally released on bail after the French police arrested him


But he’s not done yet with the authorities though as he’s been put on “country arrest” — you know that statement detectives make in movies where they tell suspects not to leave the country.

The good part is this whole charade hasn’t affected the market — at least not directly.

Though, Bitcoin ended the month with an 8% loss.

Here are the Highlights:

  • Telegram CEO Pavel Durov faces serious charges and threat of lengthy sentence in France
  • Bitcoin loses 8.6% in August as September starts with fresh 2-week low
  • Elon Musk hints at Dogecoin’s return as Tesla merchandise payment after court win
  • Democrat lawmaker blasts SEC’s ‘blatant abuse of power’ over crypto enforcement

Out on Bail, Telegram’s Durov Faces Serious Charges and the Threat of a Lengthy Sentence

Pavel Durov, the visionary behind Telegram’s secure messaging empire, now finds himself at the center of a legal storm in France, where he’s facing serious charges linked to the very privacy features that made his platform a global sensation. Pavel Durov, the CEO and founder of messaging giant Telegram, has been released from custody after being charged by French authorities. He is now under judicial supervision after a court appearance.

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Bitcoin loses 8.6% in August as September starts with fresh 2-week low

Data from Cointelegraph Markets Pro and TradingView showed BTC price weakness producing lows of $57,230 on Bitstamp — a level last seen on Aug. 16. Coming midway through a weekend, less liquid conditions made for a grim monthly close, with buyers unable to prevent further losses later. Bitcoin thus finished August down 8.6%, below its average of 1.75% gains, per data from monitoring resource CoinGlass.

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Elon Musk Hints at Dogecoin’s Return as Tesla Merchandise Payment After Court Win

Tech billionaire Elon Musk hinted at the possible return of Dogecoin as a payment option for Tesla merchandise. It is unclear when this feature would be reinstated considering the car maker previously supported DOGE payments. This comes shortly after Musk and Tesla successfully dismissed a lawsuit accusing them of manipulating Dogecoin’s price

Read More.

Democrat lawmaker blasts SEC’s ‘blatant abuse of power’ over crypto enforcement

Congressman Wiley Nickel (D-NC) has voiced strong criticism against the US Securities and Exchange Commission (SEC), accusing the agency of undermining trust in the regulatory system because of its “regulation by enforcement” approach. In a recent social media post, Nickel called the SEC’s approach a “blatant abuse of power” that risks stifling digital innovation across the US. The Congressman has been a vocal proponent of crypto and consistently pushed for a regulatory framework for the industry to ensure customer protection.

Read More.

Other Highlights Worth Mentioning

Coinbase Completes First AI to Crypto Transaction — TradingView

Binance under scrutiny for seizing Palestinian crypto funds — Cointelegraph

Elon Musk and Tesla Win Dismissal of Dogecoin Market Manipulation Lawsuit — MilkRoad

Brazil blocks Musk’s X after company refuses to name local representative amid feud with judge — Apnews

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