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Bitcoin Drops to $60,000, Mt. Gox to Reimburse Creditors in July, Riot Platforms Board Restructures

Fernanda T
Latest News
June 24 2024 3:09PM

Bitcoin drops to $60,000, lowest level in over a month

The price of Bitcoin (COIN:BTCUSD) continued its decline, reaching a low of $59,668.41 on Monday. The cryptocurrency is down 4.5% at the time of writing, trading at $60,330.90. This is about 17% below its March record. Cryptocurrency investments have seen significant outflows in the past two weeks due to pessimism over rate cuts and macroeconomic influences. Long liquidations and nervousness ahead of the personal consumption expenditures index on Friday also pressured the market, impacting other cryptocurrencies and related stocks.

Additionally, Bitcoin could be heavily impacted and is on the verge of a correction that may last up to four weeks, pressured by the imminent Mt. Gox refunds and movements of a German government wallet. Analysts like Willy Woo and Rekt Capital suggest a period of stability before any significant upward movement, while nearly $9.4 billion in payments to Mt. Gox creditors are scheduled to begin in July.

Mt. Gox to begin bitcoin and bitcoin cash refunds in July 2024

The bankrupt Japanese exchange Mt. Gox will start refunding its creditors with Bitcoin (COIN:BTCUSD) and Bitcoin Cash (COIN:BCHUSD) from July 2024. Rehabilitation trustee Nobuaki Kobayashi stated that the process includes security measures and regulatory compliance. Creditors have been awaiting these refunds since the massive 2014 hack that led to the loss of 850,000 Bitcoins. Over $9.4 billion is owed to approximately 127,000 Mt. Gox creditors.

Jump Crypto president resigns amid regulatory investigation

Kanav Kariya, president of Jump Crypto, resigned amid a CFTC investigation into the trading practices of its parent company, Jump Trading. His resignation follows a series of challenges for the company, including a $325 million hack and losses in the FTX collapse. Kariya, expressing optimism for Jump Crypto’s future, decided to step down to reflect on new opportunities and contribute to companies in his portfolio while the firm faces regulatory scrutiny.

Metaplanet raises $6.26 million in bonds for bitcoin purchases

Metaplanet (TSX:3350) announced the issuance of bonds worth 1 billion yen, or about $6.26 million, to finance additional Bitcoin acquisitions. With board approval, the funds will be used for long-term purchases. Following the announcement, the company’s shares rose 12%. Metaplanet follows a strategy similar to MicroStrategy (NASDAQ:MSTR), using Bitcoin as a strategic treasury reserve asset amid a challenging economic landscape.

Riot Platforms plans board change at Bitfarms after withdrawing acquisition proposal

Riot Platforms (NASDAQ:RIOT), after attempting to acquire Canadian miner Bitfarms (NASDAQ:BITF), announced plans to replace three board members of the company. Riot, which already owns 14.9% of Bitfarms, faced a shareholder rights plan preventing it from acquiring more than 15% of the shares. After withdrawing its purchase offer, Riot seeks to negotiate with a reconstituted board to explore a potential beneficial merger between the two companies.

Bitcoin miners leverage AI investment for infrastructure expansion

Bitcoin mining companies, like Hut 8 (NASDAQ:HUT), are capitalizing on the growing demand for artificial intelligence (AI) infrastructure. Hut 8 received a $150 million investment from Coatue Management to develop its AI infrastructure, reflecting a trend where AI and high-performance computing (HPC) firms seek Bitcoin miners for computing power and favorable energy contracts. This is opening new opportunities for mergers and acquisitions in the bitcoin mining sector.

Rise in phishing attacks on The Open Network as its popularity grows

The blockchain platform The Open Network (COIN:TONCOINUSD) is facing a surge in phishing attacks, as reported by Yu Xian, founder of the security firm SlowMist. Xian attributes this vulnerability to the network’s open and free environment, which facilitates the spread of phishing links and bots, especially via Telegram. This increase in threats coincides with significant growth in TON, which recently saw a substantial rise in total value locked and the number of active wallets.

Light Protocol and Helius Labs introduce “ZK Compression” to scale Solana

Developers Light Protocol and Helius Labs announced “ZK Compression,” a technology promising to drastically reduce data storage costs on the Solana blockchain. This innovation uses state compression and zero-knowledge proofs to enable significant savings, allowing more efficient and cheaper data storage. The technology has faced criticism from some in the Ethereum community but is defended by Solana (COIN:SOLUSD) co-founder as an effective layer 2 solution without typical complexities.

Tether ceases USDT issuance on Algorand and EOS in strategic move

Tether (COIN:USDTUSD), issuer of the world’s largest stablecoin USDT, announced it will stop minting the token on the Algorand (COIN:ALGOUSD) and EOS (COIN:EOSUSD) blockchains. The decision is part of a transition to focus on blockchains with greater community engagement and support. The move aims to balance maintainability and user interest and will be implemented immediately, though Tether will continue to redeem USDT on these platforms for another 12 months.

Kraken expands services for institutions through partnership with Copper’s ClearLoop network

Kraken MTF, the institutional derivatives trading unit of the cryptocurrency exchange Kraken, integrated with Copper’s ClearLoop settlement and collateral management network. This collaboration aims to offer greater security and efficiency in managing cryptocurrency funds and derivatives for institutional clients, improving connectivity and reducing risks.

Coinbase leads as most impersonated brand in Web3 phishing scams

Coinbase (NASDAQ:COIN) stands out as the most impersonated brand in phishing attacks within the cryptocurrency space, according to a Mailsuite report. Among all U.S. crypto companies, Coinbase was fraudulently used in 416 phishing attacks over the past four years. The report analyzed over 1.14 million scams, highlighting Coinbase’s high visibility and trust as factors attracting scammers. Among non-crypto brands, Meta Platforms (NASDAQ:META) leads with at least 10,457 incidents, while Bank of America (NYSE:BAC) and Mastercard (NYSE:MA) were used in 645 and 1,262 phishing attempts, respectively.

Hong Kong seeks global feedback on cryptocurrency and Web3 policies

Johnny Ng, a Hong Kong legislator, announced that his team is collecting feedback from the global Web3 industry following the creation of a cryptocurrency subcommittee in the Legislative Council. The subcommittee, led by Ng, aims to enhance investor protection, ensure financial stability, and explore regulations for cryptocurrency custody and DAOs. Hong Kong has adopted a welcoming approach for crypto businesses, launching a licensing regime for trading platforms and exploring new financial products like spot bitcoin and ether ETFs.