Mt. Gox Bitcoin Asset Sale Pushed to 2024

Mt. Gox asset sale pushed to 2024

Mt. Gox has undergone another twist in its ongoing saga. Nobuaki Kobayashi, the designated rehabilitation trustee for the collapsed exchange, has formally extended the repayment deadline for its creditors. Initially set for October 31, 2023, all repayments are now slated for completion by October 31, 2024.

The adjusted schedule is due to the need for rehabilitation creditors to offer essential details and for the trustee to verify this information. Kobayashi stressed, “Please note that the schedule is subject to change depending on the circumstances, and the specific timing of repayments to each rehabilitation creditor has not yet been determined.”

Mt. Gox, one of the earliest cryptocurrency exchanges, managed over 70% of global bitcoin transactions by 2014. However, a major hack eventually forced the platform into bankruptcy in 2014. This downfall impacted around 24,000 creditors and led to a loss of approximately 850,000 BTC.

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Hong Kong ramps up JPEX probe 

The Securities and Futures Commission (SFC) has adopted a firm position against JPEX, a claimed virtual asset trading platform, in response to an escalating scandal that local media are labeling as the biggest financial fraud case in Hong Kong's history.

The alleged number of victims has now reached 2,086, with reported losses reaching HK$1.3 billion (approximately $166 million). Additional arrests have been made, bringing the total number of arrests to 11.

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Optimism sells $162 million in tokens

Optimism is currently conducting a private sale of 116 million OP tokens, with an estimated value of $162.4 million. This sale is being carried out for treasury management purposes and involves seven purchasers. The organization has stated that these tokens will be subject to a two-year lockup period. During this time, the purchasers will have the option to delegate the tokens to unaffiliated third parties for participation in governance. The funds from this sale will be transferred promptly by Optimism.

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Galaxy Digital pushing European expansion with new CEO hire

Galaxy Digital, a financial services firm specializing in cryptocurrency based in New York, has chosen a CEO for its European operations as part of its expansion plans in the continent. Leon Marshall, who currently serves as the global head of sales, has been appointed as the first European CEO. 

In addition to his new role, Marshall will continue to lead the sales team. The creation of this position reflects Galaxy's intention to significantly grow its presence in the United Kingdom and Europe. According to Mike Novogratz, the founder of Galaxy Digital, this move aligns with the region's commitment to embracing digital assets and establishing regulatory frameworks for the industry. Novogratz made this announcement via email on Thursday.

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Other breaking news

• GammaSwap is live on Arbitrum mainnet
• Quickswap introduces Liquidity Hub that provides better execution prices
• Fuji Finance will close down and end operations
• eToro secures crypto registration in Cyprus
• Australian watchdog sues Kraken

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Wrapping up

That’s all for today’s edition, folks. Today’s drop covered the long-awaited and dreaded Mt. Gox asset sale, now being pushed to next year, while some assets might still be sold off in 2023. On the other hand, Optimism sold $162 million worth of tokens, citing treasury management reasons. JPEX probe is heating up in Hong Kong, and Galaxy Digital is pushing its European expansion. Stay tuned for more updates in our rapidly evolving space.