Market Shakeup: How Mt.Gox and Government Sales Rocked Crypto

4 min readJul 5, 2024


Bitcoin and other cryptocurrencies faced a steep decline this week, influenced by key events like the Mt.Gox exchange repayments and several governments offloading recovered bitcoin. In our weekly recap, we take a look at these major headlines.

Mt. Gox Begins Repayments to Customers After Nearly 10 Years

Mt. Gox announced on Friday that it has started repaying customers, ending a nearly decade-long wait for some users to get their crypto back. Once the world’s leading crypto exchange, handling over 70% of all Bitcoin (BTC) transactions, Mt. Gox went bankrupt following a hack in early 2014 that resulted in the loss of approximately 740,000 BTC. This milestone marks a significant step in resolving one of the largest crypto exchange collapses in history.

Polymarket Reaches $100M in Monthly Trading Volume Amid U.S. Election Bets

Decentralized predictions platform Polymarket saw a significant surge in activity, hitting $100 million in monthly trading volume in June. This spike comes as participants increased their stakes on the outcome of the U.S. presidential election.

Currently, there are $203.3 million worth of bets in the “Presidential Election Winner 2024” market, which features individual “Yes” or “No” bets across 17 prediction markets.

Sony Enters Crypto Market with Amber Japan Acquisition

Sony Group has entered the crypto exchange market by acquiring Amber Japan, according to crypto reporter Wu Blockchain. Amber Japan, formerly DeCurret, is the Japanese arm of the global Amber Group, offering regulated digital asset trading services.

Sydney Sweeney’s X Hacked for Memecoin Promo

On Tuesday, Sydney Sweeney’s X account was hacked, with deleted posts promoting a crypto token in a suspected pump-and-dump scheme. The Solana token SWEENEY hit over $10 million in trading volume within two hours, boosted by promotional posts from Sydney Sweeney’s hacked X account.

Spot Bitcoin ETFs See $790 Million Net Inflows in June Despite 7% BTC Price Drop

Data from Bloomberg Intelligence reveals that spot funds experienced net inflows of $790 million in the month of June,even as Bitcoin’s price tumbled 7%. BlackRock’s iShares Bitcoin Trust (IBIT) led the way with over $1 billion in inflows, counterbalancing significant outflows from the high-fee Grayscale Bitcoin Trust (GBTC). This trend contrasts sharply with April, when spot funds saw large outflows amid a 15% decline in Bitcoin’s price.

Hamster Kombat Reaches 239M Users in 81 Days: Durov

Hamster Kombat, the viral clicker game, is set to revolutionize Web3 adoption with its upcoming token launch on the TON blockchain, according to Telegram founder Pavel Durov.

In a post to his 2.7 million Telegram subscribers, Durov celebrated the game’s remarkable success. Since its March 2024 launch, Hamster Kombat has attracted over 200 million players, reaching 100 million monthly users in just 73 days. With 4–5 million new users joining daily, this Telegram mini app is one of the fastest-growing digital services globally, promising to bring hundreds of millions into the Web3 space.

Crypto Market Sees Over $590 Million in Liquidations in 24 Hours

Over $154 million in Bitcoin long positions were liquidated across centralized exchanges in the past 24 hours, out of a total of $192 million in liquidated BTC positions, according to Coinglass data. The broader cryptocurrency market experienced over $590 million in liquidations on centralized exchanges, with approximately $511 million in long positions.

German Government Begins Sales of 2,700 BTC on Major Crypto Exchanges

According to data from onchain analytics platform Arkham Intelligence, the German government has transferred 2,700 BTC to multiple exchanges, including Bitstamp, Coinbase, and Kraken, over the past two weeks.

The German government currently holds 44,692 BTC, valued at approximately $2.82 billion. In the latest transfers, 400 of the 1,500 BTC were sent to these major exchanges, with 750 BTC transferred on June 26, including 250 BTC to Bitstamp and Kraken.

On friday, German lawmaker and Bitcoin activist Joana Cotar called on the government to cease its rapid Bitcoin selling spree and consider adopting Bitcoin as a “strategic reserve currency” to protect against risks in the traditional financial system.




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