Crypto News Digest by U.Today

Top Crypto News from the Past Day

Stay informed about the latest happenings in the cryptocurrency world with these significant stories from the past day.

Mt. Gox Begins Distribution of $2.4 Billion in Bitcoin

Recent reports reveal that the now-defunct Mt. Gox exchange transferred 44,527 BTC, valued at approximately $2.84 billion, to an internal wallet on July 16. This movement is likely a preparatory step for returning funds to victims of the infamous 2014 hack. Later that same day, Mt. Gox moved an additional 48,641 BTC, worth about $3.1 billion, to the Kraken exchange. This action supports the theory that a return of assets to creditors is imminent, especially since Kraken has been selected as one of the platforms to facilitate this distribution. The substantial Bitcoin transfers caused significant market fluctuations, with Bitcoin’s price briefly dropping from around $65,000 to $63,315 before recovering to the $65,000 mark.

Surge in New Users on Shibarium

Recent data indicates that Shibarium, the layer-2 solution for Shiba Inu, experienced a remarkable 450% increase in new accounts yesterday, rising from just 6 to 27 within 24 hours. This dramatic influx points to the growing popularity of the network. Additionally, the total number of active accounts climbed 23%, from 489 to 602. This surge coincided with a rise in transaction fees using BONE tokens, which increased from 19.31 BONE to 40.14 BONE. The heightened activity also led to a notable spike in total daily transactions, which reached 4,319—an increase of 35.6% compared to the previous day.

Ripple’s Hiring Strategy Under Scrutiny

Brad Garlinghouse, CEO of Ripple, addressed the issue of the company’s hiring strategy at Fortune’s Brainstorm Tech summit on July 16. He noted that 75% of Ripple’s hiring over the past two years has occurred outside the U.S., a situation he described as "a sad reality." Garlinghouse pointed out that 95% of Ripple’s clients are based internationally. He also mentioned a significant turnover rate following the SEC’s lawsuit against the company in December 2020. Despite these challenges, Ripple has reportedly achieved impressive growth since shifting its focus beyond the U.S. market, emphasizing that their products and solutions have a global reach.