The Block
Quick Take An AI-powered VC fund called ai16z on the nascent platform Daos.fun reached a nearly $100 million market cap after a shoutout from the a16z partner after which it’s modeled, Marc Andreessen. The fund’s market cap has since declined to about $50 million, though volatility remains high. The fund’s creator says the plan is to have the AI run the fund based on input from DAO members, weighted by their token holdings and the quality of their prior recommendations.
Telegram CEO’s arrest tied to cybercrime investigation of unauthorized ‘cryptology’ services, say French authoritiesAbra settles SEC charges of unregistered sale of crypto asset securities in Abra EarnStablecoin market cap hits new all-time high, beating early 2022 recordThe following is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Quick Take The SEC alleges that Abra used customer digital assets “to generate income for itself and to fund interest payments.” In addition, the firm offered and sold securities that “did not qualify for an exemption from SEC registration,” the agency said in a Monday release.
Quick Take French authorities released a statement saying Telegram CEO Pavel Durov had been arrested as the result of a sweeping cybercrime investigation that included allegations of providing “cryptology” services and tools. Durov was arrested at the airport in Paris over the weekend. The messaging app is popular among advocates and users of cryptocurrency.
Quick Take There is an increased risk of political gridlock regarding major cryptocurrency bills, and their progress could stall next year, writes TD Cowen.
Quick Take Market hesitation could hold bitcoin within a tight range of between $62,000 to $67,000 in the near term, according to QCP Capital analysts.
Last week, bitcoin inflows totaled $543 million as Fed Chair Jerome Powell indicated the central bank may start lowering interest rates, according to CoinShares.Digital asset investment products saw weekly inflows of $533 million, the largest positive swing in five weeks.
The seven-day moving average of Ethereum’s daily trading volume has fallen by 55% in the past 30 days.Daily transactions on the network dropped to a multi-month low of 1.07 million on Sunday.
Quick Take Chainbound raised $4.6 million in seed financing in a round led by Cyber Fund, with support from Maven 11, Robot Ventures and Bankless Ventures, among others. Its first product, Bolt, will enable preconfirmations on Ethereum — allowing for sub-second transaction confirmations, significantly speeding up the average seven-second confirmation period.
The total daily transaction fees paid on the Solana blockchain have fallen to a multi-month low.The top five Solana-based memecoins have seen double-digit declines in value over the past month.
