Binance denies blame in $230M WazirX hack, urges user repayments

Binance urged the WazirX team to take accountability for the hack and compensate users for the loss of funds.

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Massive Mt. Gox Bitcoin Shift Unlikely To Disrupt Prices, Says CryptoQuant CEO

Recent developments surrounding the repayment of creditors and investors of the defunct Bitcoin (BTC) exchange, Mt. Gox, have sparked concerns about potential effects on Bitcoin’s price.  As the market retraced over 20% from its three-month high above $70,000, the movement of 47,000 BTC to repay creditors has raised questions about the market’s stability.  However, industry [...]

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Mt. Gox begins repayments in Bitcoin and Bitcoin Cash: Law Decoded

The Mt. Gox rehabilitation plan, approved in 2021, moves forward with BTC and BCH repayments, and North Carolinas CBDC ban was vetoed by the governor.

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Massive Sell-Off: Mt. Gox Bitcoin Payout Fears Wipes Out $170 Billion From Crypto Market

The cryptocurrency market experienced a substantial downturn on Friday, compounding the selling pressure witnessed over the past two weeks. The leading cryptocurrency, Bitcoin (BTC), retraced over 20% from its highs in June and May, dropping as low as $53,500.  The market decline was largely attributed to the long-awaited trustee overseeing the Mt. Gox bankruptcy, who [...]

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Bitcoin Alert: Mt. Gox Starts Repayments With Small Exchange Transfer

According to data from Arkham Intel, Mt. Gox has initiated the process of repaying creditors by transferring a nominal amount of Bitcoin to one of the designated exchanges. This development follows months of speculation and planning concerning the disbursement of approximately $8.2 billion in Bitcoin owed to creditors of the defunct exchange. Are Mt. Gox Bitcoin Repayments Beginning? Early today, three wallets historically linked to Mt. Gox executed three transactions. The most significant of these involved the transfer of $24 in Bitcoin to a wallet which then proceeded to send these funds to Bitbank’s hot wallet. Bitbank, listed as one of the exchanges authorized to facilitate repayments, alongside Kraken, Bitstamp, SBI VC Trade, and Bitgo, is set to make these funds available to its customers within a timeframe extending up to 90 days from receipt. Related Reading: Bitcoin Price Could Massively Crash Like In May 2021, Warns Fund Manager However, there is some uncertainty surrounding these transactions, as the funds were not moved directly from the primary Mt. Gox wallets. Observers speculate whether this activity could be a preliminary test ahead of larger transfers intended for creditor repayment. The Mt. Gox Rehabilitation Trustee has previously indicated that the repayment process was scheduled to commence from the beginning of July, although specific dates for the transfers have not been disclosed publicly. The other two transactions, one transfer of BTC worth $3.00 and another worth $0.32, was transferred to a new wallet. This subtle movement of funds occurs amidst a turbulent period for Bitcoin, which has seen its price plummet by more than 20% since reaching $72,000, now hovering around $57,700. What To Expect Peter Chung, Head of Research at Presto Research, recently provided insights into the broader implications of the Mt. Gox repayments. He outlined the expected dynamics between Bitcoin (BTC) and Bitcoin Cash (BCH), predicting significant trading opportunities. “The Mt. Goxs Rehabilitation Trustee plans to distribute multi-billion dollars worth of BTCs and BCHs to the Mt. Gox creditors between July 1st and October 31st, 2024. This will likely alter supply/demand dynamics in BTC and BCH during this four-month period, potentially opening up a pair trading opportunity, he stated. Related Reading: Longest Miner Capitulation Since 2022 Signals Potential Bitcoin Rally Ahead Chung emphasized the disparate impacts on BTC and BCH: “Our analysis shows that the selling pressure for BCH will be four times larger than for BTC – i.e., 24% of the daily trading value for BCH vs. 6% of the daily trading value for BTC. This differential reflects varying investor bases, with BCH’s being considerably weaker and more likely to sell off holdings.” He advised traders on potential strategies: “Long BTC perpetuals paired with short BCH perpetuals is the most efficient market-neutral way to express this view, barring funding rate risk.” For those concerned about volatile funding rates, Chung recommended exploring “other approaches, such as short-term futures or borrowing BCH in the spot market.” At press time, BTC traded at $57,727. Featured image created with DALL·E, chart from TradingView.com

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Mt.Gox Creditors Reclaim 59,000 Bitcoin Via Exchanges, More Redistribution Imminent

After over a decade of suspense, creditors of the defunct Mt. Gox Bitcoin (BTC) exchange have finally begun receiving long-awaited payouts this month. Data from research firm Glassnode shows that as of Tuesday, 59,000 of Mt. Gox’s 142,000 BTC had already been distributed to creditors via the Kraken and Bitstamp exchanges, with another 79,600 BTC to [...]

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Bitstamp will begin Mt. Gox creditor repayments on July 25

After a decade of waiting, Mt. Gox customers will find their crypto assets worth much more than when the exchange collapsed.

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Mt. Gox Creditors Opt To HODL Bitcoin Rather Than Sell, CryptoQuant Data Shows

Amid the recent recovery from a significant price correction of over 25% that sent the Bitcoin price to a 6-month low of $53,500, the largest cryptocurrency on the market has since recovered to trade in the $66,000 to $68,000 range despite the start of Mt. Gox creditor repayments.  Investors, buoyed by prospects of continued price appreciation, have adopted a HODL stance, opting to retain their assets rather than selling them off following the alleged hack suffered by the Bitcoin exchange in 2011. BTC Hodlers Stand Firm Data from market intelligence platform Arkham reveals that Mt. Gox initiated a significant movement of $2.47 billion worth of BTC to new wallets, facilitating the distribution of 5,106 BTC worth $335 million to four distinct Bitstamp addresses on Wednesday.  Concurrently, creditors have commenced receiving their owed Bitcoin and Bitcoin Cash (BCH) through the US-based crypto exchange Kraken, as previously reported by NewsBTC on Thursday. Despite initial concerns of a sell-off akin to the June events, where the German police’s wallet sold over $3 billion in BTC, impacting Bitcoin’s market performance, analytics from CryptoQuant indicate a positive shift.  Related Reading: Road To $200: Crypto Pundit Reveals Key Levels To Watch For The Solana Price A notable increase in Bitcoin withdrawals from Kraken post-Mt. Gox reimbursements suggest that affected users opt to hold onto their coins, moving them from exchanges to cold wallets.  On-chain data compiled by the firm shows that in the past 24 hours alone, more than 5,000 BTC worth $329 million have been withdrawn from exchanges, contributing to the current consolidation price action and stability for the Bitcoin price over the past few days. Arkham’s data further illustrates Mt. Gox’s ongoing efforts to repay creditors, with over 50,000 BTC transferred from the exchange’s wallet out of a maximum of 142,000 BTC while retaining 90,344 BTC valued at approximately $6 billion in BTC. Echoing the sentiment of CryptoQuant’s findings, Alex Thorn from Galaxy Digital highlights that most creditors are long-term Bitcoin proponents with a profound understanding of the technology.  Thorn asserts that their preference to reclaim Bitcoin rather than opt for a USD payout signifies a strong inclination towards holding their assets rather than triggering a sell-off. Moreover, Thorn points out that the substantial capital gains implications of selling Bitcoin could dissuade creditors from liquidating their holdings. Bitcoin Price Analysis At the time of writing, the largest cryptocurrency on the market is trading at the $66,400 milestone, as it is a key support level for the Bitcoin price on its way to retesting the upper resistance walls with an eye on the all-time high of $73,700 reached on March 14th.  Adding to the bullish sentiment surrounding BTC’s price performance over the past week, the price may find notable support levels that could prevent further declines in the event of a sell-off by some Mt. Gox creditors in the coming days at $65,000.  Related Reading: Litecoin (LTC) Set To Wake Up, According To Legendary Traders Forecast Another key level for the bulls to watch is the $63,500 area, where the 200-day exponential moving average (EMA) is located, which, as seen in the daily BTC/USDT chart below, has previously accompanied the price on further gains and acted as a strong support for BTC.  Ultimately, it remains to be seen what stance creditors of the failed Mt. Gox exchange will take in the coming days and weeks as more repayments are expected to flood creditors’ wallets and what impact this may have on the price Featured image from DALL-E, chart from TradingView.com

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Mt. Gox Creditors Begin Withdrawing Owed Bitcoin And BCH Funds Via Kraken

After a decade-long wait, creditors of the now-defunct Mt. Gox Bitcoin exchange have finally begun receiving their owed Bitcoin (BTC) and Bitcoin cash (BCH) via the Kraken and Bitstamp crypto exchanges.  However, this had a notable impact on the cryptocurrency market, contributing to a nearly 4% drop in the price of Bitcoin after users confirmed the deposits to their wallets from the exchanges.  Mt. Gox Distributes Millions To Bitstamp And Kraken On an early Tuesday morning, wallet addresses linked to Mt. Gox initiated the transfer of $2.85 billion worth of BTC.  According to on-chain data from blockchain analytics platform Arkham, Mt. Gox executed the movement of $2.85 billion in BTC to new wallets with the primary purpose of distributing 5,110 BTC, equivalent to $340.1 million, to four distinct Bitstamp addresses.  Related Reading: Ethereum ETFs Witness Stellar Start As Trading Soars; Analyst Sees ETHs Price Reaching $8,000 In Q4 Bitstamp is one of the five exchanges that collaborate with the Mt. Gox Trustee to facilitate the return of funds to the exchange’s creditors, including Kraken and Japanese exchanges Bitbank and SBI VC Trade. Notably, Mt. Gox still retains possession of 85,234 BTC, valued at approximately $5.70 billion. While some users within the Reddit community have confirmed the receipt of Bitcoin returned by Mt. Gox through Kraken, Bitstamp users have reported not yet receiving their allocations.  Kraken had previously announced the successful reception of creditor funds from the Mt. Gox trustee amounting to over $3 billion or 48,641BTC, estimating a timeframe of 7-14 days for the complete deposit of funds into user accounts. Critical Support Zones For Bitcoin  In the aftermath of the Mt. Gox payouts, market data analysis platform CryptoQuant has spotted the price correction that BTC has experienced over the past few hours, with the company noting that it has impacted the line of 1-3 month BTC holders.  CryptoQuant emphasizes the importance of monitoring support levels, specifically highlighting the $63,600 area, representing the average purchase price of 3-6 month bitcoin holders. Crypto analyst Caleb Franzen, on the other hand, has observed Bitcoin returning to a familiar support zone, which has proven effective. Despite the temporary setback, Franzen contends that Bitcoin has displayed a pattern of higher highs and higher lows in the short term, indicating resilience amidst the current price volatility. Related Reading: Ethereum Price Stays Flat Despite Todays ETF Debut: QCP Explains Why Further insights provided by analyst Ali Martinez point to a potential double-bottom pattern with bullish relative strength index (RSI) divergence on lower time frames for Bitcoin. If confirmed, Bitcoin could see a rebound to $67,600, contingent upon the critical support level at $66,000 holding firm. Delving into on-chain data, Martinez underscores a crucial support zone for Bitcoin between $63,440 and $65,470. Within this range, approximately 1.89 million addresses collectively purchased 1.23 million BTC, highlighting the significance of this zone as a key area to monitor in the coming days. Featured image from DALL-E, chart from TradingView.com

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Mt. Gox prepares for repayments on Bitstamp, executes test transactions

Another wave of Bitcoin could be flooding the market as Mt. Gox prepares to continue creditor repayments. Will 99% of the Mt. Gox creditors really sell their Bitcoin?

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Mt. Gox repayments will only cause Bitcoin sell pressure among paper hands Analyst

Only the holders with the least conviction will be selling Bitcoin on the Mt. Gox repayment news, according to popular on-chain analyst ZachXBT.

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Mt. Goxs Bitcoin Dump: How Will The $9 Billion Sell-Off Affect BTCs Price?

Defunct Bitcoin exchange Mt. Gox has finally announced the final date to begin refunding Bitcoin and Bitcoin Cash (BCH) to affected customers, starting as early as this week.  This eagerly awaited announcement has raised concerns within the cryptocurrency community regarding the potential contribution of these customers to ongoing selling pressure in the Bitcoin market.  Experts Confident In Absorbing Potential Mt. Gox Sell-Off While some analysts express apprehensions about potential losses in Bitcoin, they generally agree that any sell-off concerns related to Mt. Gox will likely be contained and short-lived.  Lennix Lai, chief commercial officer (CCO) of crypto exchange OKX, believes that many of Mt. Gox’s early users and creditors are long-term Bitcoin enthusiasts who are less likely to sell their entire Bitcoin holdings immediately.  Drawing comparisons to previous sell-offs related to law enforcement actions, such as the Silk Road case, Lai highlights that they did not result in sustained catastrophic price drops. Related Reading: Avalanche (AVAX) Price Rallies: Can It Break Through the $30 Barrier? Experts, including Jacob Joseph, a research analyst at CCData, suggest that the markets have sufficient liquidity to absorb any possible mass-market sell-off.  Joseph explains that many of Mt. Gox’s creditors may opt to receive early repayment by accepting a 10% reduction on their holdings, which would reduce the overall selling pressure.  Recent price movements indicate that the temporary impact of Mt. Gox repayments may already be factored into the market, further supporting the view that the potential selling pressure could be mitigated. Varied Recipients And Time Element Alex Thorn, head of research at Galaxy Digital, believes that fewer coins will be distributed than anticipated, resulting in less sell pressure than expected.  However, Thorn acknowledges that even if only 10% of the distributed Bitcoin is sold, it could still have a market impact. Thorn points out that most individual creditors deposit their coins directly into trading accounts, making them easily sellable. Vijay Ayyar, head of consumer growth for Asia-Pacific at crypto exchange Gemini, suggests that the overall impact of the Mt. Gox disbursement is likely to be dissipated due to the varied recipients of the funds.  Individual holders will receive their Bitcoin immediately, while a significant amount will be disbursed to claims funds, which will then be distributed to their limited partners. Ayyar mentions that this process could take time, adding a time element to the impact on price. Bitcoin Price Predictions For July As the cryptocurrency market enters the month of July, analysts are offering insights into Bitcoin’s price prospects based on historical trends and technical analysis.  Notably, Ali Martinez suggests that Bitcoin has historically exhibited a strong rebound in July following a negative performance in June. Martinez highlights that during this month, Bitcoin has shown an average return of 7.98% and a median return of 9.60%. Martinez also emphasizes that Bitcoin currently demonstrates robust support at $61,100, which could serve as a crucial level for price stability. On the other hand, the analyst identifies $64,050 and $66,250 as the most important resistance areas.  Breaking through these resistance levels is pivotal for Bitcoin’s potential to retest its all-time high of $73,700 in March of this year. Related Reading: Ethereum Goes Budget-Friendly: Transaction Fees Drop To Lowest Since 2016 Supporting this view, another technical analyst, Rekt Capital, suggests that Bitcoin exhibits favorable price action to form a cluster at the Range Low of $60,600. This clustering effect, according to the analyst, could develop throughout July.  This cluster formation aims to prepare for a potential rally back to the Range High at $71,500. When writing, the largest cryptocurrency on the market trades at $62,630, up 2% in the 24-hour time frame.  Featured image from DALL-E, chart from TradingView.com

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Abra, CEO Barhydt settle with 25 US states over licensing violations

Other states can join in the settlement, which will see up to $82.1 million returned to customers.

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Mt. Gox trustee to start Bitcoin, Bitcoin Cash repayments in July

After a decade of anticipation, July might finally bring restitution to the users of the now-defunct Mt. Gox exchange.

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Over $122M Bitcoin longs liquidated as BTC falls below $61K

The incoming selling pressure from the Mt. Gox repayment could still cause Bitcoins price to fall below the psychological $60,000 mark.

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Curve CEO clears up UwU Lend hack, CRV burn misinformation

The Curve CEO clarifies misinformation about the UwU Lend hack and CRV token burn, outlining preventative measures and repayment of bad debt.

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FTX Unveils Billions Repayment Plan to Compensate Creditors

FTX has announced a repayment plan to repay creditors and compensate for time value of investments, but valuation concerns remain over its effectiveness. (Read More)

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Market Analysis: How Will Mt. Goxs Bitcoin Distribution Affect Crypto Prices?

As the defunct cryptocurrency exchange Mt. Gox prepares to distribute around $9 billion worth of Bitcoin, some investors are worried about the potential impact on prices. However, industry experts and major creditors believe that any short-term volatility will be outweighed by BTC’s long-term bullish prospects.  With the approval of US spot Bitcoin exchange-traded funds (ETFs), many market experts anticipate that the market will absorb the newly available tokens.  Bitcoin Optimism Among Market Participants As reported by our sister website, Bitcoinist, Mt. Gox’s Japanese trustee, Nobuaki Kobayashi, recently announced plans to start distributing Bitcoin and Bitcoin Cash to creditors.  The process is expected to commence shortly, with most claimants set to receive their tokens before the end of October. However, concerns have emerged regarding the impact of this large-scale distribution on Bitcoin’s price. According to Bloomberg, significant creditors and long-time market participants remain confident in Bitcoin’s resilience despite concerns. Many intend to retain the distributed coins, anticipating continued price appreciation.  Related Reading: Ethereum Bloodbath: Over $55 Million In Longs Liquidated As Price Plummets Adam Back, CEO of blockchain technology company Blockstream and a creditor himself, emphasizes the illogicality of selling at the beginning of a potential bull market. Back suggests that waiting further, after a decade-long wait, could yield even greater returns.  According to the firm’s CEO Brian Dixon, other creditors, such as Off the Chain Capital, plan to sell Bitcoin only when better investment opportunities arise, recognizing Bitcoin’s historical performance as the best-performing asset in recent years. Dixon further highlights the significant maturation of the Bitcoin market since Mt. Gox’s bankruptcy. He argues that the potential impact of the distribution, although substantial in volume, is unlikely to have a lasting effect on prices.  Cosmo Jiang, a portfolio manager at Pantera Capital, notes that while the amount is significant, the distribution will occur over an extended period, making it less actionable regarding market impact. With around $26.6 billion in daily Bitcoin trading, the distributed tokens are expected to be absorbed without major disruption. BCH Sales In Mt. Gox Distribution? Creditors do not anticipate a simultaneous distribution of tokens to all claimants. Instead, they expect the trustee to distribute the coins in tranches, potentially prioritizing earlier-filed claims. This approach may mitigate any immediate market pressure.  Moreover, Galaxy Research estimates that credit funds, holding approximately 20,000 BTC, are unlikely to engage in significant selling. Instead, they are expected to distribute the Bitcoin to their limited partners (LPs) in kind. While BTC is anticipated to weather the distribution without major consequences, Bitcoin Cash (BCH) may face more pressure due to its lower ideological commitment from holders.  Alex Thorn, head of research at Galaxy, suggests that individual creditors owed the majority of tokens to be distributed this year, will likely be the primary source of sales, with some opting to sell their Bitcoin Cash. Related Reading: Near Protocol Breaks Out From Wedge Pattern: Why This Could Trigger A 37% Crash In summary, as Mt. Gox prepares to distribute billions of dollars worth of BTC, industry experts and major creditors remain optimistic, citing the maturity of the Bitcoin market, the potential for continued price appreciation, and the availability of newly approved ETFs.  While short-term volatility is possible, most stakeholders are confident that Bitcoin’s long-term prospects will outweigh any immediate market impact.  As of press time, the largest cryptocurrency on the market is trading at $67,900, representing a 1.3% price drop over the past 24 hours.  Featured image from Shutterstock, chart from TradingView.com

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FTX is Set to Begin $5 Billion Payouts to Users on May 30

FTX is preparing to return over $5 billion to its users and creditors. The repayments will begin on May 30 as part of its bankruptcy process. This step marks the next step in the bankrupt exchanges plan to return money to those who are owed. After three years of FTX bankruptcy, the collapsed exchange is […]

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Genesis Global secures court approval for $3B payout

According to Judge Lane, any available funds for distribution by Genesis are being exhausted by creditor claims, which take priority over DCGs equity stake.

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