Blockchain
Mt. Gox To Distribute Bitcoin ($BTC) And Bitcoin Cash ($BCH) Repayments In July
Defunct cryptocurrency exchange Mt. Gox has announced that it will begin distributing $9 billion in Bitcoin (BTC) and Bitcoin Cash (BCH) to its creditors starting in July 2024. This announcement comes after nearly a decade-long wait following the exchange’s collapse in 2014 due to a major hack.
Background:
- Mt. Gox Hack (2014): Once the world’s leading Bitcoin exchange, handling over 70% of all Bitcoin transactions, Mt. Gox was hacked in early 2014, leading to the loss of 740,000 BTC, valued at approximately $15 billion today.
- Creditors’ Wait: Creditors have been awaiting compensation for nearly ten years. Various legal and logistical challenges have delayed repayments multiple times.
Announcement Details:
- Repayment Plan: In a notice by Mt. Gox Rehabilitation Trustee Nobuaki Kobayashi, the exchange confirmed that it will start the repayment process in July 2024.
- Preparation: The notice highlighted efforts to ensure safe and compliant repayments, including technical preparations, regulatory compliance, and arrangements with cryptocurrency exchanges.
Market Reaction:
- Bitcoin Price Drop: Following the announcement, Bitcoin’s price fell over 5%, dipping to $61,043.
- Bitcoin Cash Impact: BCH also experienced a decline, dropping 9% to $352.86.
- Investor Concerns: The market anticipates selling pressure as early Mt. Gox investors receive their repayments, which have significantly appreciated since their initial investments.
Future Outlook:
- Due Diligence: The repayments will be subject to rigorous due diligence and safety measures to protect creditors’ interests.
- Repayment Deadline: A Tokyo court set a deadline of October 2024 for the completion of the repayment plan.
The commencement of repayments marks a significant milestone in the long-running Mt. Gox saga. While it brings relief to creditors, the potential influx of Bitcoin and Bitcoin Cash into the market could influence prices and trading dynamics in the coming months.
Source: cryptodaily.co.uk
The post Mt. Gox To Distribute Bitcoin ($BTC) And Bitcoin Cash ($BCH) Repayments In July appeared first on HIPTHER Alerts.
The European Union’s landmark MiCA regulation is set to transform the crypto industry, establishing stringent standards that many current Virtual Asset Service Providers may find challenging to meet. As MiCA compliance becomes the standard for operating within the European Economic Area, crypto exchanges and asset companies must take prompt action to align their operations with these comprehensive regulations.
To support businesses in navigating this significant transition, an exclusive webinar “Adapt or Die: The Urgent Shift from VASP to MiCA” will be held on Tuesday, November 19th, 2024, at 5:00 PM (CET) time.
This session is designed to provide industry professionals with practical insights and strategies to ensure their software and operations comply with MiCA standards.
Key highlights of the webinar include:
● Detailed analysis of MiCA regulations and their implications for the crypto sector.
● Actionable steps for software adaptation to achieve MiCA compliance.
● Case study feature: How Kyrrex achieved MiCA readiness using solutions from Simplify Labs.
● Practical tools for Anti-Money Laundering, Know Your Customer processes, cybersecurity, and transaction monitoring.
The webinar will be useful for CEOs, COOs, Compliance Officers, Regulatory and Legal Professionals, Tech Managers, and Investors looking to enter or expand within the EEA market. Attendees will gain the knowledge and tools necessary to adapt and thrive under the new MiCA regulatory framework.
Featured speakers:
Vadim Rozov, CEO at Simplify Labs, brings over 20 years of management and software development experience. Under his leadership, the company is dedicated to simplifying crypto and blockchain technology, making it accessible for non-technical founders and management teams.
Kevin Plumpton, CEO at Kyrrex, is a warranted advocate with extensive expertise in finance, business, property, and international law. He specializes in corporate governance, risk, and compliance legislation, and is a prominent figure in the Anti-Money Laundering and Counter Financing of Terrorism fields. He is recognized for developing innovative KYC and due diligence platforms utilized by leading organizations.
“The crypto industry is at a critical juncture where understanding and adhering to MiCA regulations is essential for continued growth and market access,” said Kevin Plumpton, CEO at Kyrrex. “Events like these are vital for bringing together industry leaders to share knowledge and best practices, ensuring businesses can adapt effectively and sustain their operations.”
Franklin Cachia, Executive Director at CSB Group, is an accomplished professional who advises clients on taxation, financial services, AML compliance, and corporate law, among other areas. His broad expertise also encompasses gaming, GDPR, and property law.
The post Adapt or Die: The Urgent Shift from VASP to MiCA appeared first on .
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