Weekly Cryptocurrency Highlights

Key Events of the Week

Mt. Gox Extends Repayment Deadline to October 2025

Mt. Gox, the once-prominent cryptocurrency exchange, has delayed the deadline for repaying its creditors by an additional year, now set for October 31, 2025.

In an official announcement, it was noted that “many rehabilitation creditors still have not received” their repayments due to incomplete procedures on their part.

Established as one of the earliest crypto exchanges, Mt. Gox once facilitated approximately 70% of global Bitcoin transactions. However, after suffering multiple security breaches and hacks, the platform collapsed in 2014, resulting in 127,000 users losing access to their funds.

Nigerian Court Denies Bail for Binance Executive Amid Health Issues

A Nigerian court has turned down a bail request from Binance executive Tigran Gambaryan, despite his cited health concerns. The court has directed that he be sent to a hospital for necessary medical attention.

The ruling, made by Judge Emeka Nwite of Nigeria’s Federal High Court in Abuja, stated that Gambaryan should remain in custody despite his health issues, indicating that such concerns do not qualify for release.

The judge did clarify that he would consider allowing bail if the executive’s detention was deemed harmful to others and no quarantine options were available.

Ex-FTX Executive to Report to Prison After Legal Setbacks

After numerous legal maneuvers, former FTX Digital Markets co-CEO Ryan Salame is expected to begin serving his seven-and-a-half-year sentence shortly after the October 11 deadline.

In a recent court filing, Judge Lewis Kaplan denied Salame’s request to postpone his prison reporting date and considered his previous attempts to delay the process.

Despite citing medical reasons, Judge Kaplan referenced that Salame had appeared to be in good health during a prior court appearance.

Vitalik Buterin Named Unlikely Candidate for 2024 Nobel Prize in Economics

Economists Tyler Cowen and Alex Tabarrok recently suggested their choices for potential winners of the upcoming 2024 Nobel Prize in Economics, with Buterin’s name coming up as an unusual but interesting nomination.

Diving into the discussion on their Marginal Revolution podcast, Cowen noted that Buterin, co-founder of Ethereum, deserves recognition for his real-world contributions to monetary economics.

“Vitalik built a platform, created a currency, and engaged in meaningful economic discussion. It’s puzzling why he hasn’t received a Nobel Prize yet,” Cowen expressed.

Peter Todd Identified as Satoshi Nakamoto in HBO Documentary

A recent HBO documentary aimed at uncovering the identity of Bitcoin’s enigmatic creator, Satoshi Nakamoto, has identified Peter Todd, a Canadian Bitcoin core developer, as the likely figure behind the pseudonym.

The documentary’s producer confronted Todd with the evidence, leading to a controversial moment where he seemingly acknowledged being Nakamoto, albeit he has publicly denied this claim in the past.

Todd is known for advocating for the anonymity of the true creator of Bitcoin, asserting the importance of privacy for Satoshi’s identity.

Market Update: Winners and Losers

This week, Bitcoin (BTC) is priced at $62,754, while Ether (ETH) trades at $2,440. XRP is currently valued at $0.54, contributing to a total market capitalization of $2.19 trillion, as per market data sources.

Among the top altcoin performers, the gains are led by:

• First Neiro On Ethereum (NEIRO) at 65.79%
• Dogwifhat (WIF) at 20.29%
• Uniswap (UNI) at 17.92%

On the other hand, the most significant declines are observed in:

• Stacks (STX) at 10.74%
• Beam (BEAM) at 9.44%
• Aptos (APT) at 9.21%

Notable Quotes of the Week

“Looking ahead, we are poised to return 100% of bankruptcy claim amounts plus interest for non-governmental creditors through what will be the largest and most complex bankruptcy estate asset distribution in history.”

— John J. Ray III, CEO of FTX

“Without a founder at the helm, Bitcoin feels more like a discovery than a startup, which is beneficial for the perception of its value.”

— Adam Back, CEO and co-founder of Blockstream

“If you feel the need to continually promote low-cap memecoins, it may reflect a lack of strategic insight.”

— ZachXBT, blockchain investigator

Forecast of the Week

Predictions for Bitcoin’s Growth Amidst US Elections

Dan Tapiero, founder of 10T Holdings, expressed confidence that the outcome of the U.S. presidential election will not hinder Bitcoin’s growth trajectory, anticipating it could soon reach $100,000 per coin.

Tapiero stated, “Regardless of election results, the upward momentum in the crypto market is undeniable. Bitcoin will likely hit $100,000 soon, followed by other assets.”

Concerns of the Week

86-Year-Old Sentenced for Running a Crypto Ponzi Scheme

A former attorney in California, aged 86, received a sentence of probation and was ordered to pay nearly $14 million after admitting to running a crypto Ponzi scheme.

The court ruling, issued by Federal Judge Gloria Navarro, followed a guilty plea related to conspiracy to commit commodity fraud.

FBI Accused of Copyright Violation for Code Usage

The FBI faces scrutiny for allegedly not adhering to the MIT License in its use of smart contract codes. This accusation, if proven, may result in copyright infringement claims.

Alleged Crypto Fraudster on the Run

Horst Jicha, the former CEO of a crypto mining firm, reportedly escaped home confinement after tampering with his ankle bracelet. Authorities are on the lookout following his disappearance.

Editorial Commentary

This summary highlights the evolving landscape of the cryptocurrency market, including legal challenges, market movements, and technological considerations. Each week offers new developments that define this dynamic and rapidly changing sector.