Mt. Gox BTC Transfers Push Bitcoin Below $56k

Initial Mt. Gox Bitcoin Transfers Send BTC Below $56k

Collapsed cryptocurrency exchange Mt. Gox moved over 47,000 BTC to another wallet, as reported by Arkham Intelligence, ahead of its impending $9 billion Bitcoin repayment to creditors. One of Mt Gox's major wallets transferred 47,228.7 BTC (approximately $2.71 billion) to a new wallet address. Earlier that day, other Mt Gox wallets were involved in minor transactions.

In late June, Mt Gox announced plans to distribute over $9 billion in Bitcoin, bitcoin cash, and fiat currency to creditors starting in early July, which is expected to create substantial selling pressure in the market. Bitcoin's value has seen significant fluctuations since the repayment announcement, trading around $55,500, down 6.09% in the past 24 hours and 18.7% over the last 30 days.

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Justin Sun Offers to Buy All Seized BTC From Germany Gov't

Tron founder Justin Sun has offered to buy the German government's Bitcoin holdings, valued at over $2.3 billion, to mitigate the negative market impact of selling. In a July 4 post to his 3.5 million followers, Sun expressed a desire to negotiate an off-market purchase. The exact authority selling the BTC is yet unknown, a BKA spokesman verified that the criminal unit does not possess the seized BTC.

The German government-labeled wallet, which first raised suspicions on June 19 by transferring 6,500 BTC worth over $425 million, has been selling its nearly 50,000 BTC holdings—seized from the pirate movie website Movie2k—since mid-June. On July 4, it transferred $172 million worth of Bitcoin to multiple wallets, including $75 million to Coinbase, Kraken, and Bitstamp, indicating potential sales.

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Bittensor TAO Identifies Vulnerability After $8M Exploit

The Opentensor Foundation (OTF) reported that an $8 million security exploit on Bittensor wallets was caused by a malicious package uploaded to the PyPi Package Manager. The attack started on July 2, when funds were drained from affected wallets. OTF detected the abnormal activity and halted transactions by placing network validators in "safe mode."

The exploit was linked to the Bittensor PyPI package version 6.12.2, which contained code that stole private keys and sent them to the attacker’s server. Users who downloaded the package between May 22 and May 29 and performed specific operations were affected. The malicious package has been removed, and OTF continues to review the code before resuming normal operations.

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Restaking EigenLayer Rival Symbiotic Crosses $1Bn in TVL

Symbiotic, a restaking protocol competing with EigenLayer, has surpassed $1 billion in total deposits within a month. The project quickly hit its deposit cap of 210,600 wrapped stETH, worth about $800 million, pushing user deposits to over $1.02 billion. Symbiotic enables users to deposit funds to secure third-party protocols through a shared security model.

Unlike EigenLayer, which leads the market with $15.7 billion in total value locked (TVL), Symbiotic supports a wide range of ERC-20 tokens and features a customizable modular design. Recently, Symbiotic raised $5.8 million from Paradigm and cyber.Fund, and launched Mellow, a liquid restaking platform. The TVL of all restaking protocols currently sits at $17.83 billion.

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Data of the day

A scatter plot from CCData analyzes the risk/returns trade-off for various assets over the last 365 days, highlighting differences in performance and volatility. Bitcoin (BTC) stands out with the highest returns at around 90%, but it also shows substantial volatility at approximately 45%. Ethereum (ETH) follows with lower returns and volatility compared to Bitcoin, but still higher than traditional assets.

Traditional assets like the 5-Year US Treasury Note and Gold exhibit much lower returns and volatility, indicating stability. The S&P 500, NASDAQ 100, and FTSE demonstrate moderate returns with relatively lower volatility compared to cryptocurrencies. Oil shows notable returns but also high volatility, whereas Silver and the 5-Year US Treasury Note present low-risk, low-return profiles.

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More breaking news

• South Korea's Financial Supervisory Service (FSS) has developed a “continuous monitoring system” for suspicious crypto transactions.
• BitMEX has launched the MEMEMEXTUSDT Basket Index Perpetual Swap Contract offering traders exposure to the top 10 meme coins through a single contract.
• Hamster Kombat, a Telegram mini app, has racked up 239 million user registrations in just 81 days, after hitting the first 100 million in 73 days.
• A Bitcoin address with 119 BTC ($6.8 million) awoke and sent funds for the first time in more than 12 years, according to onchain data.
• Coinbase presses for access to Gary Gensler's personal emails on crypto, arguing it is an "an appropriate source of discovery" in ongoing legal battle with the SEC.

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