Weekly Article Recap: 6/24-6/28

Recapping the Week in DeFi

As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed about the latest developments and trends. Our weekly recap provides you with a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space, helping you stay informed and up-to-date with the latest happenings.

Mt. Gox to Commence $9B+ Bitcoin Repayments to Creditors, BTC Falls 5%

The bankruptcy trustee for Mt. Gox announced on June 24, 2024, that reimbursements will commence in early July. The payouts, totaling approximately $9 billion in Bitcoin (BTC) and $50.8 million in Bitcoin Cash (BCH), will be sent to designated exchanges.

This follows a decade-long wait since Mt. Gox ceased operations on February 24, 2014. 

Read the full story.

Coinbase Sues SEC and FDIC for Attempting to Shut Down Crypto Sector

On June 27th, Coinbase filed lawsuits against the SEC and FDIC, accusing them of trying to cripple the crypto industry by cutting off Bitcoin and crypto companies from the banking system. The lawsuits claim the agencies ignored Coinbase's FOIA requests, which sought to uncover coordinated efforts to restrict crypto's access to banking services. 

Find details in the article. 

Bolivia Lifts 4-Year Ban on Bitcoin, Allowing Crypto Transactions via Banks

Bolivia's Central Bank has reversed its 2020 ban on Bitcoin and other cryptocurrencies after four years. This move aligns Bolivia with Argentina's more permissive stance on digital assets, marking a significant shift towards modernizing the country's financial system. However, the Central Bank clarified that cryptocurrencies will not be considered legal tender in Bolivia.

Find more information here.

VanEck Files for The First Solana ETF in the US

VanEck has introduced the VanEck Solana Trust, the first U.S. ETF centered on Solana, a blockchain renowned for its high speed and low transaction costs. This launch follows the SEC's positive stance on Bitcoin and Ethereum ETFs. Recently, 3iQ filed for a similar product in Canada. Matthew Sigel, VanEck's head of digital assets research, emphasized Solana's decentralized nature and economic benefits as primary motivations for the ETF.

Full story here.

Tether Halts USDT Minting on EOS and Algorand

Tether announced on June 24 it will stop minting its USDT stablecoin on the EOS and Algorand blockchains, effective immediately. This decision is part of Tether’s strategy to streamline its blockchain operations. While new USDT tokens will no longer be issued on these platforms, users can redeem existing USDT on EOS and Algorand for the next 12 months to ensure a smooth transition.

Find more information in the article.