ALSO: Riot Platforms pulls takeover bid
The biggest crypto news and ideas of the day |
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Defunct bitcoin exchange Mt. Gox said Monday it will start to distribute assets stolen from clients in a 2014 hack in the first week of July, years after continually moving deadlines. The repayments are largely considered to add selling pressure to bitcoin (BTC) markets as early investors will receive assets at a much higher value than their entries before 2013, making them inclined to sell at least a part of holding, traders said. Mt. Gox was once the world’s top crypto exchange, handling over 70% of all bitcoin transactions in its early years. In early 2014, hackers attacked the exchange, resulting in the loss of an estimated 740,000 bitcoin ($15 billion at current prices). The hack was the biggest of the many attacks on the exchange in the years 2010-13. |
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Bitcoin miner Riot Platforms (RIOT) dropped its proposal to buy peer Bitfarms (BITF) and is looking to overhaul the board before engaging in further takeover attempts. Riot, which became Bitfarms' largest shareholder and owns 14.9% of the company, called for a special meeting to remove Bitfarms' Chairman and interim CEO Nicolas Bonta, director Andrés Finkielsztain and anyone who might fill the vacancy created by the resignation of co-founder Emiliano Grodzki. Riot will also look to remove any additional director appointed by the current board of Bitfarms after today. |
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The thirst for power by artificial intelligence (AI) firms is unrelenting, and bitcoin (BTC) miners are cashing in. Bitcoin miner Hut 8 (HUT) shares outperformed most peers on Monday after the Miami-based company received a $150 million investment from Coatue Management to build artificial intelligence (AI) infrastructure. The funding will be through convertible notes with an 8% annual interest rate and a conversion rate of $16.395 per share, according to a statement. Hut 8 shares rose almost 4% in Monday morning trading. Most of the company's peers are following BTC lower. |
Donald Trump is one of only five U.S. presidents who won the electoral college, and thus the nation's highest office, despite losing the popular vote. If prediction markets are correct, he will repeat that feat this year. On Polymarket's contract asking who will win the popular vote, "yes" shares for President Joe Biden are trading at 56 cents, indicating the market sees a 56% chance of the incumbent prevailing. Each share pays out $1 (in the USDC stablecoin) if the prediction comes true, and zero if it does not. |
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Embracing Crypto Regulation and Fun For the crypto industry to advance, embracing regulation and taking a structured approach to developing the future of finance is essential. Still, the industry must retain the internet’s inherent oddities by continuing to incorporate its playful and unconventional spirit into crypto projects. CoinW is a perfect example of a company that strikes a balance between both. While the leading global exchange continues to adopt best practices and obtain regulatory licenses in key demographics, it also leans into the fun of crypto and the internet with trading competitions and memes. Continue reading |
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The Takeaway: DePIN for IOT |
The following is a guest post from Paul Brody, head of blockchain at EY: Over a decade ago, I got into the blockchain business because I wanted to fix the Internet of Things.
A decade later, both businesses are thriving and both still have big problems with their business models. It may well be that, like the original internet, we can never really escape bad business models once they take root. I am, for one, skeptical that we’ll ever be free from the our-service-is-free-because-you-are-the-product model of social media, for example. Still, I have some hope that, as the Internet of Things (IoT) is still relatively nascent, we might be able to use blockchain – specifically in this case blockchain-enabled Decentralized Physical Infrastructure (DePIn) to fix it. At heart, the problem with the Internet of Things is the business model: companies need a constant stream of revenue to maintain their products. Consumers, very understandably, don’t think it’s reasonable to pay a subscription to maintain, say, the software on their door knobs or fridge. The result is a great deal that usually comes with a nasty hangover: products that are free from subscription fees that one day get discontinued because the company selling them wants to stop maintaining the product.
Read the full op-ed here. |
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