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Crypto Roundup 27 Dec: Mt. Gox Repayment Hype Triggers Price Plummet

27-Dec-2023 By: Lokesh Gupta
Crypto Roundup 27 De

Cryptocurrency prices dropped in the last 24 hours.

TOP 5 Losers Coins

Indices LTP Change (%)
Bonk $0.00001565 15.60%
ORDI $67.28 12.81%
SATS $0.0007864 12.00%
Celestia $12.24 10.99%
Injective $37.59 10.69%

Crypto News Key Highlights:

  • Mt. Gox , the collapsed crypto exchange, faces Reddit claims of a payment error in creditor repayments due to a "system issue." Users share alleged official communication, prompting mixed community responses. Some see it as a legal obligation, while others suspect intentional delays, adding complexity to the decade-long Mt. Gox saga amid broader crypto market weakness.

  • Chinese authorities cracked down on a $2.2 billion underground banking operation allegedly using foreign "virtual currency trading platforms" to circumvent capital controls. The operation involved purchasing virtual currencies and selling them through overseas platforms, violating laws limiting Chinese nationals from exchanging over $50,000 yearly. Some speculate these capital controls drive China's anti-crypto stance.

  • Grayscale's revised S-3 filing aligns with the departure of CEO Barry Silbert from its board. Speculation is rife regarding heightened prospects for Grayscale's Bitcoin Trust (GBTC) to transition into a traditional Bitcoin ETF. The amended filing signals a move towards a cash creation model, deviating from the conventional in-kind method, which could impact the likelihood of SEC approval.

  • On-chain trading platform Thunder Terminal faced a $240,000 exploit, compromising 114 wallets. Thunder claims funds are safe, citing fixed issues and no compromise of private keys. However, the hacker disputes this, demanding a $110,000 ransom for user data, adding complexity to the incident.

  • In the year 2024, blockchain security companies foresee an increase in potential risks within the cryptocurrency space. Anticipated threats include AI-driven phishing schemes, exploits targeting BRC-20 tokens, and vulnerabilities in smart contracts. Although losses from scams diminished in 2023, experts caution against evolving and sophisticated attacks. They stress the importance of enhanced user awareness and the implementation of upgraded security measures.

  • Kyber Network, recovering from the Elastic exploit, launches the Zap API for convenient DeFi liquidity access. Operational changes, including workforce reduction by 50%, aim for sustainability. The Elastic Exploit Treasury Grant Program covers up to 100% of user losses, categorizing affected assets with clear consequences outlined.

  • India's Income Tax Department is reportedly increasing focus on digital asset compliance, leading to a surge in alerts for high-value transactions in the assessment year 2023–24. KoinX, specializing in cryptocurrency tax management, advises users to verify data accuracy, file revised returns if needed, and stay informed about evolving tax regulations amid the country's ongoing crypto regulatory discussions.

Also read - 24 Crypto Update, 26 Dec: Bitcoin Dips, Top Coins in Distress

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