Month: August 2024

The notorious Mt. Gox exchange has made its first major Bitcoin transaction in weeks, shifting over $700 million worth of BTC to unknown wallets.

According to data tracked by Arkham Intelligence, Mt. Gox moved 12,000 BTC worth $709 million to one address and 1,265 BTC worth $75 million to another early Wednesday. The recipient addresses are unknown, sparking speculation that Mt. Gox could distribute more coins to creditors from its remaining Bitcoin hoard.

Mt. Gox owes billions to depositors affected by its massive 2014 hack. The exchange has been slowly reimbursing victims, putting selling pressure on markets this summer.  They have returned about 68% of lost user funds so far. But the defunct exchange still holds around 34,000 BTC worth nearly $2 billion even after this week’s transfers. 

The market remained unfazed by Mt. Gox’s latest Bitcoin movement, with BTC holding above $59,000. Some analysts think the selling pressure from reimbursements is fading as creditors opt to hodl coins.

Mt. Gox victims have defied expectations by seemingly holding rather than instantly selling their returned bitcoin. Many early adopters view Bitcoin as a long-term investment and are reluctant to sell.

While it is unclear if the latest transfer will be sold, it marks Mt. Gox’s first major BTC shift since late July. Such on-chain movements often precede distributions to creditors.

Miami-based Bitcoin startup TMRW has raised $1.3 million in pre-seed Funding to develop its social payments app powered by the Bitcoin Lightning Network. Maple VC led the funding round, and Bitcoin angel investors like Brad Mills joined the round.

TMRW aims to leverage the Lightning Network’s speed and low costs to enable cross-border peer-to-peer payments via Lightspark and ZeroHash. The app uses Universal Money Addresses, an open payment standard built on Lightning, to send fiat and Bitcoin instantly across borders.

This allows TMRW to facilitate fast, affordable remittances to regions like the Caribbean, where traditional providers charge high fees. Remittances are a major use case for Bitcoin and Lightning as they offer significant cost savings compared to legacy finance.

TMRW co-founder Alexandra Lutchman said the app shows how Bitcoin can unlock borderless payments for family and friends worldwide. The startup wants to illustrate Bitcoin’s everyday utility and make payments social.

The app includes features like adding messages, emojis and images to payments. TMRW also helps onboard new users by allowing them to earn Bitcoin rewards and see how their contacts use Bitcoin.

TMRW is running pilots in the Caribbean and has opened its iOS beta to U.S. users. The Funding will help expand into the American market and make Bitcoin and fiat transfers available globally.

Bitcoin lightning has seen growing adoption for remittances and cross-border transfers, as it offers significant cost savings compared to traditional providers. Remittances are a major early use case for Bitcoin and Lightning, making sending money abroad cheaper and faster.