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Bitcoin dips as Mt. Gox repayments imminent ⛰️
Mt. Gox creditors are set to receive their repayments soon, according to crypto exchange Kraken.
Stephen Graves
July 16, 2024
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📝 What you need to know
Bitcoin dipped Tuesday morning after the trustee for defunct crypto exchange Mt. Gox moved $2.8 billion to one of its cold storage wallets.
Although that transaction appears to have only involved Mt. Gox shifting funds between its own wallets, it was enough to spook Bitcoin investors.
Soon afterwards came news that repayments to Mt. Gox creditors are set to begin imminently, with crypto exchange Kraken notifying users that some funds will be distributed in the next seven to 14 days.
From Our Partner
Decentralized oracle provider API3 has announced the launch of the OEV Network, billed as “the first on-chain solution to recapture oracle extractable value (OEV) for lending protocols.”
Now live and fully integrated with the API3 Oracle Stack, the OEV Network is a layer 2 platform that aims to establish an efficient market for oracle updates.
“Instead of competing in blockspace auctions to get your transaction included first, searchers will compete for the right to perform oracle updates that allow for liquidations, with the proceeds of these auctions being programmatically returned to dapps,” said API3 Strategy Lead Ugur Mersinlioglu, adding that it could enable dapps to recapture “multi-million dollar opportunities.”
💬 Quote of the Day
“[Bitcoin] is a legitimate financial instrument […] I believe it is an instrument you invest in when you’re more frightened, though.”
Larry Fink, CEO, BlackRock
