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US spot Bitcoin ETFs have experienced their longest run of outflows since launching in January. The team behind Friend.tech transferred ownership of its smart contracts to a burn address. Meanwhile, Telegram founder Pavel Durov announced technical changes to the messaging app a day after breaking his silence for the first time since being arrested.
Bitcoin ETFs record combined $1.2 billion in outflows in eight days
The 11 United States-based spot Bitcoin exchange-traded funds (ETFs) have had combined net outflows of $1.2 billion in eight days.
On Sept. 9, Bloomberg data showed investors withdrew around $1.2 billion from the 11 listed spot Bitcoin
BTC $55,604 ETFs between Aug. 30 and Sept. 6 — their longest run of outflows since launching on Jan. 10.
The outflows come as the Bitcoin price struggled in the first week of September, going from a high of $64,668 on Aug. 26 to a low of $53,491 on Sept. 7 — a 17.28% drop in just two weeks. However, analysts say that BTC has historically shown poor performance in September.
Friend.tech team burns smart contract control
The team behind Friend.tech has transferred the admin and ownership of the crypto social platform’s smart contracts to a null address — permanently denying anyone any control over them.
The Sept. 8, transfer was made to “prevent any changes to their fees or functionality in the future,” Friend.tech said on X.
A null address, or burn address, is aimed at the intentional destruction of tokens. Anything sent to it becomes irrevocably lost and there is no way to recover or reuse tokens sent to the address.
The platform’s token, FRIEND, dropped by nearly 26% in the last 24 hours to $0.067 after the transfer, according to CoinGecko.
The token has plummeted since it was first launched in May, when it saw a $233.6 million market cap within the first four days — that has now fallen to $6.3 million.
Durov disables Telegram’s “People Nearby” feature
On Sept. 6, Durov announced that Telegram’s “People Nearby” feature would be disabled to prevent government authorities from being able to locate and track dissidents.
The People Nearby feature will be replaced by a “Businesses Nearby” option, which could help users identify amenities.
“This year we are committed to turning moderation on Telegram from an area of criticism into one of praise,” said Durov.
Durov also explained that media uploads to the platform’s “Telegraph” blog will be discontinued. He told followers that the media uploads feature was being “misused” by malicious actors, even though the vast majority of Telegram’s user base wasn’t abusing it.
On Aug. 24, Durov was arrested by French authorities at Le Bourget airport outside of France. French prosecutors allege that Telegram enables organized crime and has refused to cooperate with government authorities.
To read article in Arabic, please visit the website Crypto Mena
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