Mt.Gox Payouts, Ethereum’s $5000 Prospect, and Bitcoin’s TON Bridge
“Should Have Bought” is a news podcast by the ForkLog editorial team covering the week’s main industry events and the hottest tokens.
Topics: the impact of the Mt.Gox factor, German “bears,” anticipation of an Ethereum ETF, and glimpses of fairness in the crypto industry.
Participants: ForkLog authors Lena Jess, Alex K., Vasily Smirnov.
How Serious is the Mt.Gox Factor?
The bankrupt exchange Mt.Gox transferred 47,229 BTC ($2.99 billion) and 48,641 BTC ($3.1 billion) to unidentified addresses. Among the major recipients was the American exchange Kraken.
Following the exchange’s movement of coins, the price of Bitcoin fell below $63,000. A similar scenario occurred in late June when the Mt.Gox trustee announced the start of compensation payments.
However, some experts believe the Mt.Gox factor is exaggerated. For instance, CryptoQuant CEO Ki Young Ju noted that since 2023, $224 billion worth of digital gold has been sold during the current bull phase, yet its price has risen by 350%.
Germany Sold 50,000 BTC
After an “emergency sale” of 49,858 BTC, the German government managed to raise an “unprecedented” €2.6 billion ($2.88 billion).
The assets were confiscated from the pirate portal Movie2k in January. At that time, their value was approximately $2.17 billion.
The agencies responsible for the funds were prohibited from waiting for price increases due to “unsuitable” market conditions, so the transactions were conducted “as quickly as possible.”
Will Ethereum Reach $5000?
The SEC approved applications for the launch of a mini-ETF based on Ethereum by Grayscale and a spot exchange-traded fund by ProShares, with trading expected to begin on July 23. The products do not provide for staking, although the situation may change in the future.
The Grayscale Ether Mini Trust will charge a fee of 0.25%, while the senior counterpart will charge 2.5%. Analysts believe the launch of these funds will help mitigate potential outflows from ETHE and attract a wide range of investors.
Analysts at Bitwise are confident that the Ethereum ETF will push the cryptocurrency’s prices to historical highs above $5000. However, the company’s Chief Investment Officer Matt Hougan noted that price dynamics may initially be unstable due to outflows from the Grayscale Ethereum Trust.
A $235 Million Hack
On July 18, Cyvers Alerts reported a hack of the Indian cryptocurrency exchange WazirX. Experts discovered a series of suspicious transactions from the platform’s multisig wallet on the Ethereum network, leading to the transfer of $234.9 million worth of assets to a new address.
The perpetrator exchanged PEPE, GALA, and USDT for ETH and stole over $100 million in Shiba Inu tokens, 15,290 ETH ($52 million), and 20 million MATIC ($11 million). The exchange suspended all withdrawals and launched an investigation, confirming a private key leak as the cause of the hack.
Elliptic analysts tracked the movement of the stolen funds and stated that North Korean hackers were behind the cyberattack.
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