Mt. Gox repayment delays, Uniswap’s 15% surge post Unichain launch, and Binance’s exec denied bail make headlines in this week's top crypto stories. Get the full recap now.
This week in crypto news, we see the defunct Mt. Gox exchange delaying repayments until 2025, while Uniswap’s UNI token surged over 15% after launching its layer-2 network, Unichain. Meanwhile, Binance executive Tigran Gambaryan's bail request was denied by a Nigerian court. Here are the top stories from the crypto space this week.
Key Points:
Mt. Gox Delays Repayments to 2025: The defunct cryptocurrency exchange Mt. Gox, which collapsed in 2014 after handling around 70% of global Bitcoin transactions, has extended its repayment plan for creditors by another year, now setting the deadline for October 31, 2025. The delay comes as many creditors have not yet completed the required repayment procedures. The protracted legal and financial process has left over 127,000 users waiting for compensation, highlighting the long-term fallout from one of the crypto industry's earliest and most significant collapses.
Uniswap’s 15% Surge After Unichain Launch: Uniswap’s governance token (UNI) saw a significant price rally, jumping 15% on the day after the decentralized exchange launched its layer-2 blockchain, Unichain. Unichain, designed to improve transaction speeds and lower fees, is built on Optimism’s Superchain and aims to enhance interoperability across blockchain networks. The launch has boosted market confidence in Uniswap, with UNI’s trading volume surging by 418% to $583.2 million, and its market cap hitting $5 billion. The new blockchain could make Uniswap even more attractive for traders, driving adoption and increasing demand for UNI tokens.
Binance Exec Denied Bail: A Nigerian court denied bail to Binance executive Tigran Gambaryan despite his health concerns. The court ruled that while his health issues warrant medical attention, they do not justify his release from prison. Gambaryan, a high-ranking official at Binance, faces serious charges and remains incarcerated as the court continues to handle his case. This decision underscores the growing scrutiny Binance is facing in various jurisdictions, as regulatory and legal challenges mount for one of the world's largest crypto exchanges.
FTX Executive to Begin Prison Term: Ryan Salame, former co-CEO of FTX Digital Markets, has been ordered to start his seven-and-a-half-year prison sentence after several failed attempts to delay it. Salame had requested an extension, citing medical reasons, but the judge rejected his appeal, noting Salame's previous efforts to stall the sentencing. His sentence follows the collapse of FTX, a massive crypto exchange whose bankruptcy revealed widespread financial misconduct, leaving customers and investors in the lurch.
Vitalik Buterin a Contender for Nobel Prize?: Ethereum co-founder Vitalik Buterin has been floated as a surprise contender for the 2024 Nobel Prize in Economics by well-known economists Tyler Cowen and Alex Tabarrok. They argue that Buterin’s creation of Ethereum has had profound implications on monetary economics, and his work has built on the foundations laid by Bitcoin’s creator, Satoshi Nakamoto. Buterin’s contributions to decentralized finance and blockchain technology have transformed industries, making him a noteworthy candidate for such a prestigious award.
This week has brought a mix of legal challenges, technological advancements, and financial delays in the crypto world. Whether it’s Mt. Gox creditors facing more setbacks or Uniswap’s token rallying thanks to a new blockchain, the industry continues to evolve and surprise. Keep an eye on these developments as they shape the future of cryptocurrency.
Related: zerocap
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