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Here’s What Happened in the Crypto Landscape in the Last Week

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Want to stay updated on the latest in the crypto world? Here’s a recap of this week’s top stories: Mt. Gox transferred BTC to an unknown address as part of its scheduled repayment to creditors, causing a drop in the BTC price. 

Donald Trump’s guilty conviction in a New York hush money trial initially caused a 16% fall in the token’s value, but it has since recovered to its pre-trial levels. Additionally, DMM Bitcoin, a Japanese crypto exchange, was hacked, resulting in the theft of over 48 billion Yen worth of cryptocurrencies.

The Defunct Exchange Mt. Gox Bitcoin Transfer Make Headline This Week

The defunct Bitcoin exchange Mt. Gox has transferred more than 140,000 bitcoins, valued at around $9 billion, to an unknown address in thirteen transactions. This transfer is speculated to be part of a plan to repay creditors by October 31, 2024.

The market reacted negatively to these movements, with Bitcoin dropping by 1.5%. It marks the first movement of assets from Mt. Gox’s cold wallets in over five years. 

According to CryptoQuant’s Head of Research, Julio Moreno, there have been ongoing outflows from Mt. Gox addresses, with a total of 42,829 Bitcoins moved in the last few hours. All coins have been transferred to a new address. The transferred Bitcoins will likely be held by creditors instead of sold on the open market.

Hackers Stole Cryptocurrencies Worth 48 Billion Yen

On May 31, Reuters reported that a Japanese crypto exchange named DMM Bitcoin had stated on Fridays that they had lost over 48.2 billion Yen worth of crypto assets in an unauthorized leak. 

However, the company assures its customers that it will replace customers’ lost Bitcoin deposits with the help of other group companies.

Moreover, Wu Blockchain also shared the news of theft on X (Twitter) and DMM Bitcoin’s plans to compensate customers in the future. 

If confirmed, this hack would be one of the biggest in crypto exchange history, joining the ranks of major breaches like Coincheck’s $534 million hack, Upbit’s $45 million hack, and KuCoin’s $204 million theft.

To effectively handle the situation, DMM Bitcoin has suspended most of its services, including new account openings, withdrawal processes, buying orders for spot trading, and leveraged trading.

TRUMP Crypto Became Rollercoaster after Donald Trump’s guilty verdict

Donald Trump has been convicted of 34 felony counts and could be facing prison or probation. Following the conviction, Trump criticized the current state of the country and decried the trial as rigged, labeling it a disgrace.

Trump suggested that the trial’s outcome was unfairly influenced and has pledged to continue fighting for his innocence.

The prices of MAGA (TRUMP) and Super Trump (STRUMP) fluctuated in response to the news, with MAGA recovering after a dip and Super Trump continuing to plunge. 

Additionally, a whale bought a large quantity of MAGA at the dip caused by the conviction and is now in profit. TRUMP Crypto Recovers from Drop after Donald Trump’s guilty verdict

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