Mt. Gox has pushed back the date for its planned repayments by another 12 months, the trustees for the firm said on Thursday. The defunct crypto exchange had earlier said the deadline for repayments would be Oct. 31, 2023. That has now been pushed back to Oct. 31, 2024. The creditors of Mt. Gox have been looking for some sort of relief for a decade. The prominent crypto exchange was hacked in 2014, which led to 850,000 bitcoin (BTC), worth nearly $23 billion at current prices, being stolen. The exchange managed to recover around 20% of the tokens after the hack.

Bitcoin struggled to gather upside traction even after defunct crypto exchange Mt. Gox pushed out its pending bankruptcy repayments by a year, delaying the return of extra supply to the market. Some analysts, including those at UBS, had warned the repayments could cause an increase in BTC's active supply, leading to price weakness. The assumption was that creditors would quickly liquidate their holdings, having waited for nearly a decade, adding to supply. The crypto market depth has deteriorated significantly since the collapse of FTX, which means a few large sell orders can have an outsized negative impact on prices.

IMX, the native token of non-fungible tokens platform ImmutableX, surged on Thursday, led by South Korean traders. The cryptocurrency rose 35% to 74 cents during Asian trading hours, CoinDesk data show. Major cryptocurrencies like bitcoin (BTC), ether (ETH), XRP and BNB traded 0.5% to 1% lower. The IMX price rally is accompanied by an over 22% increase in the 24-hour global trading volume, which rose to $556 million. The IMX-Korean won (IMX/KRW) pair listed on South Korea's Upbit exchange accounted for nearly 20% of the global activity, followed by Binance's IMX-tether (IMX/USDT) pair, which contributed 7% to the total volume, according to data source Coingecko.

A message from Phemex

The foundation behind Optimism has sold 116 million OP tokens ($157 million) to seven separate buyers, according to an announcement on the layer-2 blockchain’s governance website.

The token sale was described as a "private" and "planned" event with the tokens originating from an unallocated portion of the OP Token treasury. Optimism's treasury remains at around $1.25 billion, all of which is made up of its own token, DefiLlama data shows.

The seven buyers will be allowed to delegate the tokens to third parties in order to participate in blockchain governance.

- Omkar Godbole

Several legislators shaping the future of digital assets policy have committed to joining CoinDesk’s inaugural State of Crypto: Policy and Regulation, including Sen. Lummis, Rep. Hill, Rep. McHenry, Rep. Thompson, Rep Torres and many more.
State of Crypto is a one-day boutique event uniting key policymakers, regulators and government officials with legal, policy and compliance executives representing the largest and most influential TradFi and DeFi leaders in asset management and financial services.
The gathering provides an unprecedented opportunity to evaluate, dissect and ultimately shape crypto regulatory frameworks that support a vibrant, secure and healthy future for the digital economy.
Are you a GC, CCO, CLO, COO or head of policy or government affairs evaluating or actively investing in digital assets? Join State of Crypto: Policy and Regulation to help drive crypto policy forward collaboratively. Save 10% with code FM10. Learn more and register.