Don’t miss anything happening in the world of crypto with U.Today’s top three news stories over the past day.
Mt. Gox started sending $2.4 billion in Bitcoin (BTC)
According to a recent post by Lookonchain, yesterday, July 16, the defunct Mt. Gox exchange transferred 44,527 BTC valued at $2.84 billion to an internal wallet. The most likely reason behind this shift by the exchange is its preparation to return funds to those who fell victim to the notorious 2014 hack. Later that day, Mt. Gox was spotted moving 48,641 BTC worth $3.1 billion to the Kraken exchange. This development confirms the aforementioned theory of an upcoming return, considering that Mt. Gox chose Kraken as one of the exchanges to help distribute lost BTC to creditors. Meanwhile, movement of such large amounts of Bitcoin sent shockwaves across the market, resulting in quick volatility surges in BTC's price. Following the transactions, Bitcoin swiftly dropped from about $65,000 to $63,315; however, the flagship crypto managed to return to the $65,000 level, where it is currently trading.
Alex DovbnyaShiba Inu's Shibarium skyrockets with 450% new users
Data from Shibariumscan demonstrates that yesterday, the number of new accounts on Shibarium, Shiba Inu's layer-2 solution, spiked by 450%; while the day before, this metric stood at only 6; within the next 24 hours, it reached the 27 mark. The surge in new users signals the network's increasing popularity. Additionally, there was a 23% rise in the total number of active accounts, from 489 to 602. The increase in new users occurred at the same time, with the surge in the amount of tokens paid as fees using BONE. Thus, transaction fees increased from 19.31 BONE to 40.14 BONE. Against the background of the influx of new accounts and higher transaction amounts, the network's transaction activity increased as well. Thus, the number of transactions has soared to 4,319 daily, which is 35.6% higher than the day before.
Ripple is doing "a lot less" hiring in U.S., Garlinghouse says
Brad Garlinghouse, Ripple CEO, made an appearance at Fortune's flagship Brainstorm Tech summit on Tuesday, July 16. Among other things, Garlinghouse spoke on the company's hiring strategy, mentioning that 75% of Ripple's hiring had been non-U.S. over the past two years. "That's a sad reality," he added. The CEO also stated that 95% of Ripple's clients are not from the U.S. According to Garlinghouse, the company saw a high level of employee turnover following the December 2020 lawsuit issued by the SEC against Ripple. However, the company managed to achieve record growth figures since it expanded outside of the U.S. "The products we are selling, the solutions we are enabling are very global," Garlinghouse explained.
Mushumir Butt
Tomiwabold Olajide