Hey there, PoI readers! 💫 

It's your favorite quirkmeister Mochi here, fresh from devouring the latest crypto headlines welcoming you to our 150th Newsletter! This week's serving is extra spicy - we've got Telegram's founder doing the Paris waltz with justice, NFTs throwing a December party that would make Santa jealous, crypto wallets multiplying faster than rabbits, and Bitcoin casually breaking records like it's no big deal. Grab your favorite beverage and let's dive into this week's crypto carnival! 🎪

INTEL BRIEF

🟧 Telegram founder Pavel Durov faces questioning in Paris court over allegations of his platform enabling criminal activities, while remaining under travel restrictions until March 2025.

🟧 NFTs kick off December with an impressive $187M weekly sales volume, led by Ethereum blockchain and popular collections like Pudgy Penguins and CryptoPunks.

🟧 Crypto adoption hits milestone with over 400 million wallets showing positive balances, driven by stablecoin usage and institutional interest.

🟧 Crypto investment products hit record $3.85B in weekly inflows as Bitcoin surpasses $100K for the first time, while Ethereum ETPs also achieve historic milestones.

Telegram’s Founder Durov Must Face French Court as Privacy Concerns Mount

In a pivotal moment for tech leadership accountability, Telegram founder Pavel Durov made his first court appearance in Paris on December 6th, accompanied by his legal team. The questioning centers around serious allegations that his messaging platform may have facilitated illegal activities.

The stakes are particularly high, with Durov facing potential consequences of up to 10 years behind bars and a hefty 500,000 euro fine if found guilty. This legal drama kicked off with his surprising arrest at Le Bourget airport, resulting in a $6 million bail payment and travel restrictions keeping him in France until March 2025.

The timing raises eyebrows, as French authorities reveal they've been quietly investigating Telegram since February 2024, with the probe intensifying into a judicial inquiry by July. Adding another layer of intrigue, reports emerged about Durov's phone being compromised back in 2017, just before his meeting with French President Macron.

What's really got the Web3 community buzzing is the case's potential implications for privacy-focused technologies. Industry experts are drawing concerning parallels to the Tornado Cash developer case, with Vyara Savova of the European Crypto Initiative pointing out these actions represent individual member states rather than EU-wide initiatives.

As Nikolay Denisenko from Brighty aptly puts it, this case could signal a troubling precedent for government oversight of digital privacy. While Durov maintains his trust in the French justice system, his tight-lipped approach to commenting on the proceedings keeps everyone guessing about what's next in this high-stakes legal showdown.

Pavel Durov faces first court questioning in Paris with potential 10-year prison sentence and €500,000 fine

Currently under travel restrictions until March 2025 after posting $6 million bail

Case sparks serious concerns in Web3 community about privacy technology development and government oversight

December NFT Sales Explode to 187M as Penguins Take the Lead

The NFT market is showing signs of life that would make Frankenstein's monster jealous! The first week of December has blown past November's best performance, racking up a whopping $187 million in sales volume.

Remember September's NFT winter when we hit rock bottom with the worst monthly sales since 2021? Well, looks like someone found the space heater because things are heating up fast! November saw a 57% month-over-month increase, with total sales surpassing $562 million. Talk about a comeback story!

Leading the charge is our old friend Ethereum, flexing its muscles with $92 million in NFT sales last week alone. But the real stars of the show? Those adorable Pudgy Penguins waddled their way to $25 million in sales - a jaw-dropping 346% increase! Not to be outdone, CryptoPunks punked their way to $16.5 million in weekly sales.

The good news doesn't stop there, Bitcoin-based NFTs claimed second place with $43.8 million in sales, while the rest of the gang - Solana, Immutable, Mythos Chain, Polygon, Cardano, and Flow - combined for a respectable $47 million.

NFT weekly sales hit $187M in early December, outperforming November's best week

Pudgy Penguins dominated with $25M in sales (346% increase), followed by CryptoPunks at $16.5M

Ethereum leads blockchain sales at $92M, while its price breaks $4,000 barrier

Global Crypto Adoption Soars Past 400 Million Active Wallets

Chainalysis dropped a bombshell report revealing that over 400 million crypto wallets are now holding actual assets. That's more active wallets than there are people in the United States - talk about a crypto party!

The current bull market isn't just attracting the usual crypto enthusiasts; it's bringing in suit-and-tie institutions and everyday folks faster than a Black Friday sale. But here's where it gets really interesting: stablecoins are stealing the show, accounting for a whopping 50-75% of all onchain transactions since 2024 kicked off.

Speaking of stablecoins, they're becoming the cool kids in emerging economies. Take Venezuela and Latin America, where folks are using US dollar stablecoins like they're the next best thing since sliced bread. It's not just about trading anymore - people are using these digital dollars for everything from sending money home to keeping their savings safe in places where the local currency might be doing the cha-cha slide downward.

What's really turning heads is the "convergence" Chainalysis is talking about. Traditional finance and the crypto world are finally getting cozy, thanks to ETFs and similar products. Even US Federal Reserve Governor Christopher Waller has been taking notice of stablecoins' utility - now that's what you could call mainstream attention!

Over 400 million crypto wallets now contain assets, signaling massive adoption growth

Stablecoins dominate 50-75% of onchain transactions in 2024

Traditional finance integration and practical use cases in emerging markets driving growth

Crypto ETPs Break All Time Records of $3.85B inflows as Bitcoin Dominates 100K

The crypto market just had its 'hold my rings' moment, smashing records left and right like a digital Hulk! Investment products just crushed their previous record with a mind-boggling $3.85 billion in weekly inflows as reported by Coin Shares

Leading the charge is our favorite digital gold, Bitcoin, which didn't just break the $100K barrier - it moonwalked right over it, hitting an all-time high of $104,000! BTC investment products were practically printing money, raking in $2.5 billion in weekly inflows. Short sellers? They're probably somewhere crying into their keyboards with their measly $6.2 million in flows.

But wait, there's more! Ethereum decided it wasn't going to let Bitcoin have all the fun. ETH products set their own record with a whopping $1.2 billion in weekly inflows. Sorry, Solana - looks like you drew the short straw this time with $14 million in outflows.

Here's a fun fact that'll make your crypto-loving heart skip a beat: Bitcoin ETF holdings just surpassed 1.1 million BTC, which means they now hold more than the mysterious Satoshi Nakamoto themselves! And blockchain equities? They're living their best life with $124 million in inflows, thanks to those beefed-up Bitcoin miner margins.

Crypto ETPs hit record $3.85B weekly inflows as Bitcoin smashes through $100K ceiling

Bitcoin ETF holdings exceed 1.1M BTC, surpassing Satoshi Nakamoto's stash

Ethereum sets new ETP inflow record at $1.2B while Solana sees consecutive outflows

That's all the digital deliciousness for this week, PoI fam! From Durov's legal tango to Bitcoin's record-breaking dance, we've covered it all. Remember, whether you're hodling, trading, or just enjoying the show from the sidelines, you're part of this amazing crypto journey. Until next week, this is your favorite mochi-loving crypto chronicler, signing off! 🎭 ✨

P.S. Don't forget to share this newsletter faster than a validator can confirm a transaction! Your friends might thank you later (not financial advice, just friendship advice 😉). See you in next newsletter 🗣️ 💝

🍨📰 Catch you in the next issue! 📰🍨