Here is the top crypto news of the day curated by CoinChapter.com.
CoinShares International, a European digital asset investment company, has successfully sold its claim against the bankrupt crypto exchange FTX. The sale yielded a recovery rate of 116% net of broker fees, translating to a return of 31.32 million British pounds ($39.78 million) on a 26.6 million pound ($33.78 million) claim.
This successful sale will allow CoinShares to offer increased returns to its shareholders and enhance services for its clients. The agreement is still subject to customary closing conditions.
Hong Kong’s parliament has established a subcommittee on Web3 and virtual asset development, led by lawmaker Johnny Ng. The committee aims to gather insights from the global Web3 industry and propose policy recommendations for Hong Kong’s crypto sector.
Key focuses include enhancing crypto investor protection, ensuring financial stability without hindering stablecoin innovation, and exploring regulatory measures for professional crypto custody services. The committee also seeks policy suggestions for integrating artificial intelligence with Web3 and regulatory recommendations for DAOs.
Popular NFT project Pudgy Penguins and NFT licensing platform OverpassIP have established their parent company, Igloo Inc. The new company aims to create an end-to-end ecosystem for new people to enter the crypto space. It focuses on providing a comprehensive user experience rather than cryptocurrency prices.
Igloo plans to use Pudgy Penguins as the first point of entry, leveraging the brand’s emotional connection with users. OverpassIP will then encourage collector participation through licensing. The company has also teased a new project in the pipeline to further their vision of pushing crypto adoption to the masses.
Mt. Gox, the bankrupt crypto exchange that collapsed in 2014, has announced to begin processing repayments in bitcoin (BTC) and bitcoin cash (BCH) next month. The exchange lost 850,000 BTC and affected around 240,000 users when it collapsed.
The rehabilitation trustee has taken time to ensure safe and reliable repayments, including technical remedies, compliance with financial regulations, and discussions with cryptocurrency exchanges. Mt. Gox recently transferred over 140,000 BTC, worth roughly $9 billion, in preparation for these repayments.
Related Post: Will Mt. Gox Bitcoin Repayment Result in BTC Price Dumping to $30K
Solana-based memecoin Dogwifhat (WIF) has dropped out of the top 50 cryptocurrencies by market capitalization. It experienced a 38% decline in price over the past week and its market cap fell 9% to $1.60 billion in a 12-hour period.
Despite the decline, Dogwifhat remains the fourth largest memecoin by market cap. Now, it is below Pepe (PEPE), which has nearly three times Dogwifhat’s market cap.
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