Bitcoin ETFs Face Significant Outflows
Bitcoin ETFs Experience Major Withdrawals
U.S.-based spot Bitcoin exchange-traded funds (ETFs) saw significant outflows recently. Data revealed that from August 30 to September 6, investors pulled out around $1.2 billion from these ETFs. This marks the longest streak of withdrawals since these ETFs were introduced in January. During this period, Bitcoin’s price struggled, dropping from a high of $64,668 on August 26 to a low of $53,491 on September 7, a decrease of 17.28%. Historically, Bitcoin has shown poor performance in September, which could explain the outflows.
Changes in Friend.tech’s Smart Contracts
Friend.tech Team Alters Smart Contract Ownership
The team behind Friend.tech has transferred control of its smart contracts to a burn address, meaning no one can alter them anymore. This move, made on September 8, aims to prevent any changes to the platform’s fees or functionality in the future. A burn address is used to intentionally destroy tokens, making them irrevocably lost. Following this transfer, the platform’s token, FRIEND, dropped by nearly 26% to $0.067. The token has seen a significant decline since its launch, where it initially had a market cap of $233.6 million, which has now fallen to $6.3 million.
Telegram’s “People Nearby” Feature Disabled
Pavel Durov Announces Telegram Changes
Telegram’s founder, Pavel Durov, announced on September 6 that the “People Nearby” feature would be disabled. This decision aims to prevent authorities from using the feature to track dissidents. It will be replaced by a “Businesses Nearby” option to help users identify local amenities. Additionally, the media uploads feature on Telegram’s “Telegraph” blog will be discontinued due to misuse by malicious actors. Durov emphasized that this year, the focus would be on improving moderation on Telegram.
Durov’s Arrest and Its Aftermath
Durov was arrested by French authorities on August 24 at Le Bourget airport. French prosecutors allege that Telegram enables organized crime and has refused to cooperate with government authorities. This arrest has raised concerns about privacy and the future of Telegram’s features.
Conclusion
The crypto world has seen significant changes recently, from major outflows in Bitcoin ETFs to shifts in Friend.tech’s smart contract control and Telegram’s feature adjustments. These events highlight the dynamic nature of the crypto and tech industries and the ongoing need for vigilance and adaptation.
