Blockchain
Bitcoin dips below $68k as Mt. Gox moves billions to unknown address
Mt. Gox, which once handled over 70% of global Bitcoin transactions, recently transferred approximately $3 billion in Bitcoin (BTC) to an unknown address.
Blockchain analytics firm Lookonchain reported that the exchange moved over $2.9 billion worth of BTC to address 1Jbez…LAPs6, where the funds have since remained unmoved.
Following the transfer, Mt. Gox’s wallets now hold around 137,892 BTC, valued at approximately $9.3 billion according to Arkham Intelligence.
Mark Karpeles, the former owner of Mt. Gox, reassured, “As far as I know, everything is fine with Mt. Gox. The trustee is moving coins to a different wallet in preparation for the distribution that will likely happen this year. There is no imminent sale of bitcoins happening.”
In response to the news, Bitcoin’s price dropped below $68,000, currently trading at $67,790 as per CoinGecko.
Will Mt. Gox Payouts Spark a Bitcoin Crash?
Founded in 2010 in Japan, Mt. Gox quickly became the world’s largest Bitcoin exchange. However, in early 2014, the Tokyo-based platform halted trading, shut down its website, and filed for bankruptcy protection, revealing the loss of approximately 850,000 BTC, worth about $450 million at the time. Investigations found that most of these Bitcoins had been stolen from the exchange’s hot wallets over several years, starting as early as late 2011.
The bankruptcy proceedings have been long and complicated. However, a resolution seems near, with Mt. Gox potentially starting payouts to creditors as early as the second half of 2024. Estimates suggest repayments might reach up to $2 billion.
Source: crypto.news
The post Bitcoin dips below $68k as Mt. Gox moves billions to unknown address appeared first on HIPTHER Alerts.
Blockchain
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Blockchain
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2024-DNA Fund, the Financial Institution of the future in high-ticket emerging tech and web3 investments, has announced its acquisition of Coral Capital Holdings LLC, an established investment management firm that has previously managed millions in the DNA founders’ personal funds.
As early-stage investors in established Web3 brands and founders of some of the sector’s most notable projects, DNA and its founders have invested in or founded projects such as Tether, EOS, Mastercoin, Bancor, and Hedera Hashgraph. The acquisition will see the DNA Fund manage an additional AUM of over $50 million, which includes Coral’s high-yielde hedge funds and venture funds focused on DeFi, Al, blockchain, and other emerging technology sectors. Some of Coral’s top-performing investments include Near Protocol and Atmos Labs.
Thomas L. McLaughlin, Coral’s Chief Investment Officer, will continue in his role, managing the funds with a unique focus and strategy aimed at maximizing investor returns.
Regarding the acquisition, Christopher Miglino, CEO of DNA Fund, said. “By bringing Coral Capital under our umbrella, we are not only expanding our investment capabilities but also enhancing our ability to offer unique, high-growth opportunities to our clients. Our combined expertise allows us to navigate the complexities of the digital asset landscape and continue delivering value to our investors.”
Thomas L. McLaughlin, CIO of Coral Capital Holdings, added, “Joining forces with DNA Fund is an exciting new chapter for Coral. Our shared vision for leveraging technology to drive financial growth is perfectly aligned. Together, we are set to redefine what’s possible in digital asset investments and deliver superior results for our investors.”
Since its inception in 2021, Coral has delivered consistent returns with innovative strategies, delivering high multiples on the benchmark of the overall market cap of digital assets. Coral’s Flagship fund, initially started as a market-neutral vehicle, was rebranded in 2023 as a discretionary liquid token, surviving a number of high-volatility events, including FTX and Terra.
With a 61.6% return (net of fees) and a maximum annual drawdown of only 11.6% in FY 2022. these funds have outperformed the broader digital asset market. Over a similar period, Bitcoin returned 36.7%.
Through this acquisition, DNA Fund also aims to capitalize on the growing interest from institutional investors and expand into several new verticals over the coming year, including a Bitcoin & Ether Yield Fund, as well as more speculative funds focused on Al, memecoins and microcaps.
The post DNA Fund Acquires Coral Capital; Adds $50M AUM in Web3 & Emerging Tech appeared first on HIPTHER Alerts.
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