Today in crypto, Telegram founder Pavel Durov provides update on court case, criticizes French government, Ethereum gaming network Xai claims Elon Musk’s AI firm xAI has caused market confusion and reputational harm, Meanwhile, rising socia…
Today in crypto, Telegram founder Pavel Durov provides update on court case, criticizes French government, Ethereum gaming network Xai claims Elon Musk’s AI firm xAI has caused market confusion and reputational harm, Meanwhile, rising social media attention on the Federal Reserve could signal a warning for the crypto market.
Telegram founder Pavel Durov provides an update, criticizes the French government
Telegram founder Pavel Durov said that the ongoing investigation by French law enforcement authorities has yielded no evidence of wrongdoing on behalf of Telegram or himself, yet continues.
Durov was critical of the French government, saying that despite the lack of any basis for the investigation, the authorities continue to drag it on. In a Telegram post on Sunday, Durov wrote:
“One year ago, the French police detained me for four days because some people I’d never heard of used Telegram to coordinate crimes. Arresting a CEO of a major platform over the actions of its users was not only unprecedented — it was legally and logically absurd.
A year later, the ‘criminal investigation’ against me is still struggling to find anything that I or Telegram did wrong,” he continued.
The case against Durov has attracted international attention and widespread condemnation of his arrest, which has been characterized as politically motivated and an attempt to force online censorship.
Ethereum gaming network Xai sues Musk’s xAI for trademark infringement
Ethereum-based gaming network Xai has filed a lawsuit against Elon Musk’s artificial intelligence company xAI, accusing it of trademark infringement and unfair competition.
The complaint, lodged in the Northern District of California on Thursday, claims Musk’s xAI company has created widespread market confusion, damaging Xai’s brand.
Ex Populus, the Delaware corporation behind Xai, said it has used the XAI trademark in US commerce since June 2023, including through its blockchain gaming ecosystem and the $XAI token. “This is a classic case of trademark infringement that requires the Court’s intervention to remedy,” the filing said.
Ex Populus operates the Xai ecosystem, which includes a blockchain-powered network designed for video gaming and digital transactions, offering infrastructure to support game logic, AI-driven decisions, rewards and data management across multiple applications, per the filing.
Rising Fed rate chatter may be a red flag for crypto: Santiment
The surge in social media chatter around the highly anticipated US Federal Reserve September interest rate decision could be a warning sign for crypto, says sentiment platform Santiment.
It comes after the crypto market rallied on Friday and market sentiment returned to greed following Fed Chair Jerome Powell’s dovish remarks at the annual Jackson Hole economic symposium. He hinted that the first rate cut of 2025 could come in September.
“Historically, such a massive spike in discussion around a single bullish narrative can indicate that euphoria is getting too high and may signal a local top,” Santiment said in a report on Saturday.
The firm said that social media mentions of keywords tied to the Fed and interest rate cuts have jumped to their highest level in 11 months.
“While optimism about a rate cut is fueling the market, social data suggests caution is warranted,” Santiment said.
