Web3🌗Wednesday Roundup: Kraken Settles Mt. Gox, Ferrari Goes Crypto in Europe, Ethereum ETFs Surge, and Coinbase Challenges SE
1. Kraken returns Bitcoin to Mt. Gox customers a decade after the hack.
2. Ferrari expands crypto payments to Europe.
3. U.S. Ethereum ETFs see $106.7 million in net inflows on debut.
4. Coinbase accuses SEC of withholding key defense documents.
Stay tuned for more updates and insights!📢
Happy Wednesday! We’ve got a packed Web3 Roundup for you today, highlighting some significant developments in the crypto world. Stay with us as we delve deeper into these stories and explore their implications for the future of Web3 and cryptocurrency!
1. Kraken returns Bitcoin to Mt. Gox customers a decade after the hack.
Kraken has successfully distributed Bitcoin and Bitcoin Cash to Mt. Gox customers, marking a key resolution in the long-running saga from the 2014 hack. Selected by the Mt. Gox Trustee, Kraken helped return funds to affected users after nearly a decade. Despite this progress, creditors are still waiting for over $7 billion in Bitcoin and cash. Mt. Gox, which once handled over 70% of Bitcoin transactions, remains a significant case in crypto history. Currently, the Mt. Gox estate holds around $5.7 billion in Bitcoin, with some funds being moved to new wallets.
2. Ferrari expands crypto payments to Europe.
Ferrari is expanding its cryptocurrency payment options to Europe by the end of July, following its U.S. launch last October. The luxury car brand, in partnership with BitPay, will accept Bitcoin (BTC), Ether (ETH), and USD Coin (USDC) in Europe. This move aims to meet evolving client needs and will extend to other markets by the end of 2024. While crypto is rare for major payments, its acceptance for luxury items like cars may attract enthusiasts who see value in using their digital assets. Neither Ferrari nor BitPay has yet commented on the expansion.
Jamie Crawley
3. U.S. Ethereum ETFs see $106.7 million in net inflows on debut.
U.S. spot Ethereum ETFs had a strong debut, with $106.7 million in net inflows and over $1 billion in trading volume on their first day. Nine different Ethereum ETFs from eight issuers launched, with BlackRock’s ETHA leading with $266.55 million in inflows. Grayscale’s Ethereum Trust, however, saw $484.1 million in net outflows. The total trading volume for these ETFs was $1.05 billion, and they now hold over $10 billion in assets. Meanwhile, U.S. spot Bitcoin ETFs experienced $78 million in outflows, ending a 12-day positive streak.
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4. Coinbase accuses SEC of withholding key defense documents.
Coinbase has filed a motion against the SEC, requesting Chairman Gary Gensler and other SEC divisions produce critical documents for its defense. Coinbase claims the SEC is refusing to search for and provide documents related to its guidance on crypto regulation, essential for its defense. The SEC argues that searching beyond investigatory files is burdensome and refuses to log some documents as privileged. Coinbase seeks documents related to the SEC's public statements, its public offering, and communications from Gensler to challenge the SEC’s claims. The SEC has not commented, and Coinbase is awaiting a response.
Matthew Sainsbury
As we wrap up today’s Web3 Roundup, it’s clear that the world of cryptocurrency and blockchain continues to evolve rapidly. From Kraken’s resolution of the Mt. Gox saga to Ferrari’s bold move into crypto payments, and the promising debut of Ethereum ETFs, these developments are shaping the future of digital finance. The ongoing clash between Coinbase and the SEC also underscores the complex regulatory landscape facing the industry. As these stories unfold, they remind us of the dynamic and often challenging nature of the crypto world. Stay tuned for more updates and insights as we continue to track these and other important developments in Web3. Thanks for joining us, and have a great rest of your week!
