On July 23, Mt. Gox moved over 47,500 Bitcoin, worth nearly $3.2 billion, to two unknown addresses at 5:05 am and 6:27 am UTC, according to Arkham Intelligence data.
Although Mt. Gox was reported to hold 90,344 Bitcoin valued at $6.02 billion, its current holdings have decreased to approximately 42,744 BTC, worth $2.85 billion.
Following a statement on July 5 about repayments, Mt. Gox plans to promptly compensate creditors, and these plans appear to be well underway.
The Mt. Gox wallet labeled “Mt. Gox: Cold Wallet (1Jbez)” recently sent 5,110 BTC, worth around $340 million, to an unknown wallet and the cryptocurrency exchange Bitstamp.
Of this, 2,871 BTC, valued at around $191 million, was sent to an unknown address starting with 1JKMS, while the remaining BTC, worth $149 million, landed on Bitstamp.
Previously, 42,587 BTC, worth $2.85 billion, had been sent to another unknown address starting with 15yPU.
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On July 22, Mt. Gox began preparations to repay creditors through Bitstamp, as indicated by onchain fund movements.
Arkham Intelligence noted that Mt. Gox addresses deposited $1 to four separate Bitstamp deposit addresses, confirming Bitstamp as one of five exchanges collaborating with the Mt. Gox Trustee.
Despite finance analyst Jacob King’s speculation on July 4 that 99% of creditors would sell their coins immediately, a Reddit poll suggests otherwise.
With the latest $3.2 billion in BTC moved from the Mt. Gox address, over $12 billion has been offloaded to creditors since July 16.
On July 16, Mt. Gox witnessed outflows of over 140,000 BTC after two weeks of inactivity, marking a significant movement.
In just three hours, nearly 190,000 BTC were transferred, contributing to over $12 billion in volume movements as repayments continued as promised.
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Worldcoin has firmly denied recent accusations of allowing insiders to profit from token movements, emphasizing its “zero tolerance” policy for such activities.
On July 17, DeFi Squared, a decentralized finance insights account, published a post alleging that Worldcoin engaged in price manipulation of its Worldcoin token.
The account suggested that someone within the team might have used insider information to buy the token before the project announced a delay in its native token unlock schedule.
Alongside DeFi Squared, pseudonymous crypto investigator ZachXBT also accused Worldcoin of allowing insiders to profit from what he termed a “scam token.”
He alleged that team members and venture capitalists were involved in what he described as “the biggest scam token of the bull run.”
Worldcoin has categorically denied these allegations. A spokesperson from Worldcoin stated:
“The Worldcoin Foundation and contributor Tools for Humanity take any allegation of insider trading, even if unfounded and unsubstantiated, seriously and would have zero tolerance for such activity if it were to occur.”
The spokesperson further clarified that the organizations have not found any evidence supporting claims of insider trading or price manipulation.
READ MORE: Mt. Gox Begins Test Transactions for Creditor Repayments via Bitstamp
They maintain a strict market integrity policy to prevent such activities.
The representative also stated that individuals covered by their policies are “at all times prohibited from disclosing confidential information relevant to WLD purchasing decisions.”
During the critical periods in question, these individuals were reportedly under an active blackout, preventing them from trading WLD tokens.
The allegations surfaced amidst Worldcoin’s decision to delay the unlocking of 80% of its WLD supply by two years.
On July 16, Tools for Humanity published a blog post announcing the extension of the unlock period for tokens held by team members and investors.
Following this announcement, WLD prices surged by 68% over two days, making it one of CoinGecko’s top gainers at the time. Currently, the token is valued at $2.36.
Worldcoin remains committed to addressing these allegations and ensuring the integrity of its market practices.
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BitGo, a digital asset service provider, has introduced support for the Stacks blockchain, enhancing Bitcoin’s functionality and marking a significant step in institutional adoption of Bitcoin-native decentralized finance (DeFi).
With the integration of the Bitcoin layer-2 (L2) network, Stacks, BitGo users can now earn Bitcoin rewards through “stacking.”
This process allows STX holders to generate native BTC yield directly in their wallets without lending or exposing the assets to additional risks.
Kyle Ellicott, the ecosystem investor lead at Stacks, commented on the partnership: “Allowing institutions to earn native Bitcoin yield with their STX is a huge step for Bitcoin as part of Bitgo’s goal to put institutional capital to work with DeFi and staking.
Making Bitcoin a productive asset is crucial for Bitcoin to succeed long term as rails for a decentralized economy.”
This collaboration offers Bitcoin holders a new way to engage with DeFi protocols, especially those wary of the risks associated with smart contracts and proof-of-stake protocols.
Stacks is known as Bitcoin’s smart contract layer and is the fifth-largest Bitcoin layer-2 solution, with over $95 million in total value locked, representing a 7.9% market share among Bitcoin layer-2 solutions, according to DefiLlama.
As part of this partnership, BitGo will support the new Stacks token standard, sBTC, and become a “Signer” on the network.
This role involves contributing to block production and consensus after the full release of sBTC.
This non-custodial, 1:1 Bitcoin-backed asset aims to enhance the programmability of Bitcoin.
BitGo will facilitate deposits and withdrawals for sBTC and the conversion of BTC to sBTC across layers.
Other sBTC signers include Figment, Blockdaemon, Near Foundation, Luganodes, and Chorus One. The sBTC standard is designed to simplify the development of DeFi applications on the Bitcoin network.
Stacks is preparing to activate its Nakamoto Release, which will pave the way for sBTC and 100% Bitcoin finality. Initiated on April 22, the activation is expected on August 28, according to Stacks’ roadmap.
Ellicott emphasized the significance of this release: “Stacks will inherit 100% of Bitcoin’s security budget, making transactions as irreversible as Bitcoin and enabling sBTC to facilitate decentralized BTC movement into the L2.
This release will begin another renaissance of new Bitcoin builders, technical upgrades, and growth in user interest, providing a promising spotlight for the future of Bitcoin DeFi.”
Bitcoin DeFi is expanding the crypto space with innovative products like Hermetica’s Bitcoin-based synthetic dollar, USDh, which debuted in June with a 25% annual percentage yield, derived from futures funding rates.
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Web3 security firm Cyvers has detected “multiple suspicious transactions” involving WazirX’s Safe Multisig wallet on Ethereum.
According to an X post, $234.9 million of funds in the Safe Multisig wallet of the Indian crypto exchange have been moved to a new address.
Each transaction’s caller was funded by Tornado Cash, the decentralized protocol for private transactions.
The new address has already swapped the shifted funds, which comprised Tether, Pepe, and Gala (GALA), into Ether.
According to a Telegram post in the “Investigations by ZachXBT” channel, crypto sleuth ZachXBT announced that the suspected primary attacker address still holds over $104 million to dump.
The wallet was mainly composed of around $100 million Shiba Inu, $52 million ETH, and $11 million Polygon.
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It also held $4.7 million FLOKI, $3.2 million Fantom, $2.8 million Chainlink, $2.3 million Fetch.ai (FET), and the remaining funds split between a wide range of other tokens.
In response to the security breach, the Indian exchange has temporarily paused the withdrawal of cryptocurrencies and Indian rupees on the platform.
In an X post by the official exchange, the WazirX team explained that they are “actively investigating the incident” and will post updates as the situation unfolds.
Cointelegraph contacted WazirX to comment on the safety of user funds and measures to recover the stolen crypto assets.
However, the team stated that a response was “not possible at this time.”
On March 21, the Financial Intelligence Unit (FIU) of the Indian Ministry of Finance issued compliance notices to multiple foreign crypto exchanges, including OKX.
The notice sent to Indian OKX users requested they close their accounts and redeem funds before April 30, as the exchange stated it was “no longer providing services to users in India.”
Although discussions have been ongoing for almost four years by the Indian government, the regulatory framework for the crypto market in India remains uncertain.
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The United States Securities Exchange and Securities Commission (SEC) has approved the VanEck Ethereum exchange-traded fund (ETF), marking a significant milestone for the market.
The Notice of Effectiveness of the ETF was filed on July 22, providing investors with a regulated means of gaining exposure to Ether in the US.
This approval follows a series of filings and amendments submitted to the SEC, reflecting an extended period of regulatory scrutiny.
VanEck initially pushed for a spot Ether ETF with its first registration filing on May 7, 2021. The firm faced prolonged efforts and delays to meet the regulatory standards required for approval.
Key filings leading to the approval include the Prospectus under Rule 424(b)(3) and multiple amendments to Form S-1 as the firm adjusted to SEC compliance requirements.
The SEC requires S-1s for companies planning their first public securities offering, while Rule 424(b)(3) provides final offering details after the S-1 is effective.
On July 8, VanEck amended its S-1 registration with the SEC to secure the listing and trading of spot ETF shares.
This was a critical step in the SEC ETF approval process.
READ MORE: NYSE Arca Approves Listing of Grayscale and Bitwise Spot Ether ETFs, Awaiting SEC Authorization
Additionally, the crypto investments firm 21Shares made amendments to receive final approval from the SEC.
Both firms’ filings did not specify launch dates for US exchanges but indicated that the Ethereum ETFs would be launched as soon as practicably possible “after the effective date.”
Amid the SEC’s Ether ETF approvals, digital asset manager Grayscale confirmed that its two spot Ether ETFs officially began trading on July 23 on the NYSE Arca.
The launch of the Grayscale ETFs followed the SEC’s decision to sign off on the final approval on July 22, allowing several issuers to launch their products for trading.
On July 22, Grayscale transferred over $1 billion worth of ETH to Coinbase in preparation for the launch of its ETFs, moving 292,263 ETH, according to its Ethereum Mini Trust July 18 filing.
The approval of these ETFs represents a major development in the cryptocurrency market, providing investors with new opportunities for regulated exposure to Ethereum.
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On July 23, Hong Kong will launch Asia’s first Bitcoin futures inverse product, the CSOP Bitcoin Future Daily (-1x) Inverse Product (7376.HK).
This new exchange-traded fund (ETF) by CSOP Asset Management, one of China’s largest asset managers, aims to provide investors a way to profit from declines in Bitcoin’s price.
The introduction of this inverse ETF follows the successful launch of the CSOP Bitcoin Futures ETF (3066.HK) in December 2022, marking another step in the firm’s expansion in the Asia-Pacific region.
The CSOP Bitcoin Futures Daily (-1x) Inverse Product is crafted to offer investment results that closely mirror the inverse daily performance of the S&P Bitcoin Futures Index.
This is achieved through a futures-based replication strategy, which involves direct investment in spot-month Chicago Mercantile Exchange Bitcoin Futures.
As per a CSOP announcement on July 22, the product will be listed on the Hong Kong Stock Exchange (HKEX) at approximately 7.8 Hong Kong dollars per unit.
Tristan Frizza, Founder of Zeta Markets, told Cointelegraph that the launch of the inverse Bitcoin ETF underscores the “increasing sophistication of crypto financial products” globally.
“By enabling bets against the market, financial instruments like this have the potential to balance speculative activities and contribute to long-term market stability, which is crucial for the maturation of the crypto sector and the acceptance of crypto as established investment assets.”
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Since late 2022, HKEX has been trading spot crypto ETFs, starting with CSOP’s Bitcoin Futures ETF and Ether Futures ETF.
Both products track BTC futures and Ether futures cash-settled contracts traded on the CME, and were followed by Samsung Asset Management Hong Kong’s Bitcoin future ETF in January 2023.
Together, these three futures products have garnered HK$1.3 billion ($170 million) in assets under management as of April 29.
On July 5, the Hong Kong Securities and Futures Commission (SFC) issued warnings about seven crypto exchanges operating illegally in the region.
These exchanges were flagged for providing services without operational licenses and listed under “Suspicious virtual asset trading platforms” on the SFC’s alert list.
The SFC’s goal is to mitigate fraud and scams by maintaining public records of registered, unregistered, and illegal crypto trading entities.
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The NYSE Arca has confirmed its approval to list and trade spot Ether exchange-traded funds (ETFs) from asset managers Grayscale and Bitwise.
According to documents filed with the United States Securities and Exchange Commission on July 22, the exchange has certified “its approval for listing and registration of the common units” of Grayscale Ethereum Trust and Bitwise Ethereum ETF.
These funds are still awaiting authorization from the securities regulator before they can debut, with analysts predicting a launch date of July 23.
Bloomberg ETF analyst James Seyffart commented on X, “We expect them to begin trading tomorrow.
That means we should see a bunch of filings on SEC site today that say the ETFs’ prospectuses have gone ‘effective.’”
On July 19, the Chicago Board Options Exchange confirmed the launch of five additional Ethereum-focused funds: 21Shares Core Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and Franklin Ethereum ETF.
These funds also require “regulatory effectiveness” from regulators before trading can commence.
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The SEC must approve the funds’ initial securities registration S-1 forms, which is the final step before trading can begin. Previously, on May 23, the SEC approved the issuers’ 19-b form proposing rule changes.
Retail users interested in purchasing Ether ETFs can do so through brokerages that list the funds, such as Robinhood or Fidelity.
This process is similar to buying and trading other ETFs and stocks. Management fees for most Ether ETFs are expected to range from 0.15% to 0.25%.
The approval and launch of these ETFs could pave the way for other altcoin ETFs, including those based on Solana’s native token, SOL.
Bloomberg ETF analyst Eric Balchunas noted, “Keep in mind after launch there are flows and then add’l ETH products I’m sure, then Solana, and then.. it’s probably never going to end. The dam has broken.”
Institutional demand for ETH might lead to a supply shortage.
A recent report from Kaiko highlighted that Ether’s 1% market depth is low, indicating reduced liquidity.
This could lead to increased price volatility and drive ETH’s price higher amid rising demand. Currently, the cryptocurrency is trading at $3,457, down 1.4% over the past 24 hours.
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Real Bedford Football Club, known for its strong support of cryptocurrency, has recently boosted its Bitcoin holdings significantly.
As per a post on X by club chairman Peter McCormack, the club acquired 66.9 Bitcoin at an average price of $67,220 per coin, totaling $4,500,420.69.
With this new acquisition, Real Bedford’s total Bitcoin holdings have reached 82.7 BTC, bought at a cumulative cost of around $5.37 million.
The club’s average purchase price now stands at approximately $64,925 per coin.
McCormack shared that out of the total Bitcoin holdings, 15.8 BTC is allocated for football-related operational purposes.
The remaining balance is securely stored in the club’s treasury, emphasizing Real Bedford’s strategy of integrating Bitcoin into both its financial and operational frameworks.
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Real Bedford FC is a non-league football club based in Bedford, UK. McCormack took over the team in 2021 and aimed to propel it into the football league.
This recent Bitcoin acquisition is in line with the club’s broader vision of leveraging cryptocurrency for stability and growth.
The proactive approach of Real Bedford FC towards cryptocurrency mirrors a broader trend among various organizations looking to diversify their assets and explore innovative financial strategies.
The club’s adoption of Bitcoin sets an example for other clubs and businesses contemplating similar financial avenues.
In the broader crypto landscape, businesses are also “stacking” Bitcoin in recent purchases, and sellers are increasingly hesitant to part with their holdings.
For instance, the Bitcoin investment firm Metaplanet recently bought 21.88 BTC on July 16.
According to analysts, Bitcoin’s price is currently only 8% below its all-time high, buoyed by the news of United States President Joe Biden stepping down as the Democratic party nominee for the 2024 election.
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Mt. Gox is gearing up to repay creditors through the Bitstamp cryptocurrency exchange, as indicated by recent onchain fund movements.
The Mt. Gox address has initiated test transactions to Bitstamp’s cold wallets.
Blockchain intelligence firm Arkham Intelligence identified these transactions in a July 22 X post.
“Mt. Gox addresses deposited $1 to 4 separate Bitstamp deposit addresses. Bitstamp is 1 of 5 exchanges working with the Mt. Gox Trustee to facilitate creditor repayments […] These transfers are likely to represent test transactions.”
More than $9.4 billion worth of Bitcoin is owed to approximately 127,000 Mt. Gox creditors who have been waiting for over 10 years to recover their funds.
Some crypto investors worry about the sell pressure that Mt. Gox repayments might introduce, potentially driving Bitcoin’s price down.
Many Mt. Gox creditors may sell their Bitcoin, which has appreciated by over 8,500% in the decade since the exchange collapsed.
Finance analyst Jacob King suggested on July 4 that up to 99% of creditors might sell their BTC. He stated in an X post:
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“99% of those on Mt. Gox are going to sell their coins the moment they get it.
“Imagine billions worth of Bitcoin all being dumped gradually over the next several weeks.
“There is no way to spin this to be bullish, or news that could offset this.”
Contrary to this, a Reddit poll indicates that 56% of Mt. Gox creditors plan to hold their Bitcoin, while about 20% intend to sell.
As of July 17, over 36% of the Bitcoin owed to Mt. Gox creditors had been distributed. Despite concerns about sell pressure, large Bitcoin holders — called whales — continued buying. On July 17, a whale purchased 245 BTC, worth nearly $16 million.
This address has traded Bitcoin only twice this year, profiting over $30 million from these trades.
According to Arkham Intelligence, the Mt. Gox-labelled wallet currently holds over 90,300 BTC worth $6.12 billion.
While the exact timing of the repayments is unclear, today’s test transactions suggest final preparations before repaying creditors on Bitstamp.
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The Ethereum ecosystem might be entering its most bullish phase with the upcoming launch of the first spot Ether exchange-traded funds (ETFs).
This launch is expected to mitigate most of the risks associated with Ether, as noted by Raman in a July 22 post on X:
“In hindsight, the second half of 2024 will be the most obvious bullish setup for the Ethereum ecosystem in recent history. Three headwinds that have held ETH back will become tailwinds, starting this week.”
ETFs can significantly enhance the value of the underlying crypto asset.
For instance, by February 15, Bitcoin ETFs had accounted for about 75% of new investment in Bitcoin, helping it surpass the $50,000 mark.
The introduction of Ether ETFs is anticipated to bring new capital to the crypto industry from both institutional and retail investors. Raman highlights this:
“Retail only wants to invest passively, and institutions only want to invest after regulatory clarity. The ETH ETF will unlock new inflows from both in one fell swoop.”
The launch of these ETFs will likely end the current “regulatory purgatory,” providing much-needed regulatory clarity for Ether.
Charles d’Haussy, CEO of the dYdX Foundation, suggests that Ether ETFs could capture around 25% of the assets under management (AUM) of existing spot Bitcoin ETFs.
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Additionally, Raman believes the launch could mark the end of the United States Securities and Exchange Commission’s (SEC) “regulatory witch hunt against ETH,” fostering more innovation within the Ethereum ecosystem.
Moreover, Ether’s price could benefit from a broader macroeconomic shift towards risk-on assets during the latter half of 2024, driven by potential interest rate cuts in the United States.
Over the past two years, investor capital has moved towards safer, large market-cap companies like Nvidia due to interest rate hikes and monetary tightening. Raman indicates this trend is poised to reverse:
“The political view of crypto – which has been unabashedly hostile for years – is changing.
“The largest capital markets in the world are finally embracing crypto, and new institutional + retail capital will flow into ETH + BTC, with the ETFs as the safest on-ramps.”
Despite Ether’s current struggle to breach the $3,500 resistance line, it is up over 4.5% on the weekly chart, according to CoinMarketCap data.
Other analysts, like Matt Hougan, chief investment officer of Bitwise, are also optimistic, predicting Ether will reach a new all-time high shortly after the ETF launches.
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