Kraken to Begin Distributing Mt. Gox Bitcoin and BCH

Kraken to Begin Distributing Mt. Gox Bitcoin and BCH

Kraken has received Bitcoin and Bitcoin Cash (BCH) transfers from the Mt. Gox Rehabilitation Trustee and is preparing to distribute these funds to creditors within 7-14 days. An email confirmed by Kraken detailed the receipt and upcoming distribution of funds. Earlier, a Mt. Gox wallet transferred 48,641 BTC ($3.1 billion) to an address likely associated with Kraken.

As of July 16, 2024, over 13,000 creditors have been repaid in accordance with the Rehabilitation Plan. While Bitbank and SBI VC Trade have promptly distributed their allocated funds, other firms like BitGo, Bitstamp, and Kraken are still in the process of distributing payments, each with varying deadlines up to 90 days.

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FTX Agrees to $12.7 Billion Settlement With CFTC

Bankrupt crypto exchange FTX and the US Commodity Futures Trading Commission (CFTC) have reached a $12.7 billion settlement, pending Delaware judge approval, to resolve disputes and avoid litigation costs for FTX's Chapter 11 reorganization. The CFTC initially sought $52.2 billion for FTX and former CEO Sam Bankman-Fried's alleged $8 billion in customer losses due to fraud.

The settlement stipulates that the CFTC will receive nothing if FTX follows its reorganization plan, enabling FTX to distribute up to $12.7 billion to creditors, with $8.7 billion in restitution and $4 billion in subordinated disgorgement. The agreement will be reviewed on August 6.  FTX filed for bankruptcy in late 2022, promising substantial returns to most creditors in its reorganization plan.

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Worldcoin WLD Token Jumps 21% Amid Token Unlock

Worldcoin, a human-verification crypto project co-founded by OpenAI CEO Sam Altman, announced that early contributors will begin to see their WLD tokens unlock starting next week, with the unlocking schedule extended from 3 to 5 years for 80% of the tokens held by Tools for Humanity (TFH) team members and investors. This move aligns with the long-term goals of the project.

The WLD token price rose over 21% to $2.80 following the announcement. Tools for Humanity, led by CEO Alex Blania, is the main developer behind Worldcoin, which assigns World IDs and tokens to people who verify their humanity via an eyeball scan. Verified World ID holders' grants remain unaffected, with over 211 million WLD claimed out of the 275 million in circulation.

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Stripe Enables Bitcoin, ETH and Solana Purchase in Europe

Stripe has expanded its cryptocurrency integration into Europe, allowing shoppers to purchase cryptocurrencies like Bitcoin, Ether, and Solana using credit or debit cards. This move aims to facilitate easier "normal transactions" with digital assets. Online vendors can now use Stripe's technology to add a crypto-purchasing widget to their sites, handling charges, disputes, and KYC compliance.

Stripe's Head of Crypto, John Egan, highlighted that this expansion enables crypto companies to serve European consumers more effectively, helping merchants focus on growth and customer support. This follows Stripe's April announcement of USDC stablecoin payment capabilities and its recent partnership with Coinbase to integrate its Layer 2 network, Base, into Stripe's crypto payout products.

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Data of the Day

According to CoinGecko's latest crypto industry report, Meme Coins, Real World Assets (RWA), and Artificial Intelligence (AI) were the leading narratives in Q2 2024, accounting for 35.7% of market share, similar to Q1 2024. Meme coins were particularly dominant, with four of the top 15 crypto narratives related to them.

Among blockchain ecosystems, Solana, Ethereum, Base, and TON featured in the top 15 narratives, with Solana and Base being the most popular, together capturing 22.9% of market attention.

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More Breaking News

• The competition for dominance in the NFT marketplace is intensifying once more, as OpenSea's market share has increased to 37.34%.
• Li.Fi, an API for Ethereum Virtual Machine and Solana swaps and bridging, is under attack, and over $10 million in crypto funds have already been drained.
• Uniswap Labs publicly releases a wallet browser extension that supports 11 blockchains, including Ethereum, Base, Blast, and Arbitrum.
• Craig Wright, who claimed to be Bitcoin's creator Satoshi Nakamoto, was called to the Crown Prosecution Service (CPS) for perjury charges.
• Plonky3, the most recent iteration of Polygon Labs' zero-knowledge proofing system, is now "production-ready" for developers, according to the researchers.

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