Crypto Weekly Roundup: Mt Gox Moves Billions, ZKasino Shenanigans & More

Table of Contents

• Bitcoin
• Ethereum
• Technology
• Business
• Security
• Regulation

This week, significant amounts of Bitcoin were moved from Mt.Gox wallets as preparations for disbursement to creditors got underway. The news gave the crypto markets the jitters, with the Bitcoin price dropping below $68,000.

Bitcoin

A recent poll on the role of crypto and its influence on the 2024 Presidential election saw nearly half the voters stating they expected to include crypto in their portfolios, highlighting just how important crypto is for American voters.

Mt.Gox wallets saw significant activity as large amounts of Bitcoin were moved in anticipation of disbursements to creditors. The development considerably impacted the price of Bitcoin, which slipped below $68,000.

Officials from Argentina and El Salvador met to discuss Bitcoin adoption and regulation. Argentine authorities want to leverage El Salavdor’s experience to develop a regulatory framework for Argentina’s growing cryptocurrency industry.

Long-term Bitcoin holders have begun reaccumulating for the first time since December 2023, with selling pressure from these holders having eased significantly. The Bitcoin price has now entered a phase in which long-term holders are again increasing their holdings.

Ethereum

ENS Labs has proposed the ENSv2 upgrade to facilitate the protocol’s migration into a Layer2 network. Layer2 networks have seen a significant increase in adoption, with the total value locked (TVL) on these networks increasing to $47 billion.

Analysts have also predicted an imminent Ethereum bull run. According to Kaiko Research, the approval of spot Ethereum ETFs is a positive sign for ETH’s long-term growth despite potential short-term struggles due to anticipated outflows.

Ethereum co-founder Vitalik Buterin has highlighted the unique role played by Layer2s within the Ethereum ecosystem. According to Buterin, Layer2s help foster the co-creation of independent sub-ecosystems that contribute to the broader Ethereum Network.

JPMorgan has predicted lower demand for spot Ethereum ETFs than spot Bitcoin ETFs due to several factors. The bank has also stated that additional crypto ETFs could face hurdles given the SEC’s insistence on classifying most cryptocurrencies as securities.

Technology

PayPal has launched its PYUSD stablecoin on Solana. The move marks the first expansion of PYUSD beyond the Ethereum ecosystem and highlights PayPal’s commitment to broadening its crypto offerings.

Business

Polygon, Polyhedra, and StarkWare have challenged xkSync’s use of the “ZK” ticker and demanded that Matter Labs withdraw its trademark application for “zero knowledge.” However, Matter Labs has defended its actions, calling its trademarks, including ZK-related ones, “defensive.”

Security

Gambling platform ZKasino has announced a 72-hour window for investors to claim refunds after accusations of a $33 million rug pull. Despite the announcement, several doubts regarding the legitimacy of the refund process.

On-chain investigator ZachXBT has claimed the team behind Solana-based meme coin CAT is responsible for hacking crypto influencer GCR’s account. According to ZachXBT’s investigation, the hack was carried out to manipulate the price of specific tokens.

Popular meme token Normie Coin suffered a crippling exploit, leading to the token losing 99% of its value and leaving the community rattled.

Regulation

Reports have claimed that Elon Musk will advise Republican presidential candidate Donald Trump on crypto during his election campaign. The reports also claim that discussions between the two's representatives are ongoing, and campaign strategists are contemplating inviting Musk to speak at the Republican convention.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.