Ethereum Core Developer Federio Carrone Freed From Detention In Türkiye

Federio Carrone, an Ethereum core developer known as “Fede’s Intern” on X (formerly Twitter), has confirmed that authorities in Türkiye have released him from detention. Turkish authorities had held him for over 24 hours on allegations of having links to an Ethereum privacy protocol. 

Carrone believes the detention may be connected to a research paper from January 2022, which studied user privacy on Ethereum and Tornado Cash. He stressed that the work was purely academic. Türkiye’s Minister of Internal Affairs has also accused Carrone of “helping others misuse Ethereum” in relation to the privacy protocol. 

Carrone wrote on X: “I’m finally out, safe and free. There was a small moment where things looked very bad but thanks to help from many I got released. We never helped anyone engage in illegal activity, it was purely research on mixers and their properties.” 

This incident adds to a growing number of cases in which developers of open-source privacy tools have been detained or arrested. Tornado Cash co-creators Alexey Pertsev and Roman Storm are among the most notable examples, with Storm awaiting a final verdict in a high-profile trial in New York, according to CoinTelegraph.

Do Kwon May Change Plea "Not Guilty" In Fraud Case

A federal judge in New York has scheduled a court conference for August 12 in the case against Do Kwon, the co-founder of Terraform Labs. The court order stated that Kwon “may enter a change of plea” during the hearing.

In a filing on Monday, Judge Paul Engelmayer of the US District Court for the Southern District of New York directed both sides to appear in court on Tuesday. This move has led to speculation that Kwon could change his plea for some or all of the charges against him.

Kwon was indicted in March 2023 on multiple charges, including securities fraud, market manipulation, money laundering, and wire fraud. The accusations relate to his role in the collapse of the Terra ecosystem, which erased an estimated $40 billion in investor assets.

For months after the 2022 crash, his whereabouts were unknown. Authorities in Montenegro eventually arrested him for using falsified travel documents. His legal team fought extradition requests from both the US and South Korea in Montenegro’s courts for over a year before he was handed over to US officials in December 2024.

In January, Kwon pleaded not guilty to all US charges. He has been held without bail for about seven months. After this week’s plea conference, his trial was expected to begin in January 2026.

Genius Act Stablecoin Ban May Boost Tokenised Asset Growth

The GENIUS Act has introduced a ban on Stablecoins offering yield or interest, which industry experts believe could drive more institutional investors towards tokenised real-world assets, such as US Treasuries and money market funds. 

Will Beeson, former Standard Chartered executive and CEO of Uniform Labs, has said that institutions are unlikely to let Stablecoins that do not generate returns, remain idle. Instead, they may move capital into regulated and yield-generating options.

Uniform Labs is developing Multiliquid, a platform that will allow real-time conversion between Stablecoins and tokenised assets without the need for traditional agreements. This would make it easier for institutions to access liquid, yield-bearing instruments in a compliant manner.

Tokenisation, currently valued at about $26 billion, is mostly concentrated in private credit and government bonds. However, the scope is expected to expand into corporate debt, commodities, equities, real estate funds and private equity. Beeson believes that regulatory clarity from the GENIUS Act could speed up this growth.