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Today: July 14, 2024
July 2, 2024
1 min read

Bitcoin Dampened by MtGox Disaster as Billionaire Abandons VC

TLDR:

  • MtGox announced they will be returning 140,000 bitcoins to customers, causing a drop in Bitcoin prices.
  • Billionaire Steve Cohen’s Point72 Ventures is shifting away from crypto and fintech to focus on AI and defense investments.

Bitcoin saw a drop in prices last week after failed exchange MtGox revealed plans to return 140,000 bitcoins to investors. This announcement caused the cryptocurrency to briefly fall below $60,000 before recovering slightly. The return of these coins is not expected to flood the market immediately due to potential capital gains taxes and the distribution of some coins to large claim funds and other bankruptcy proceedings.

In other news, billionaire Steve Cohen’s Point72 Ventures is moving away from crypto and fintech investments and redirecting its focus towards artificial intelligence and defense startups. The venture capital division of Point72 Ventures is said to have laid off its five investors in the crypto and fintech sectors.

Solana Foundation has found a unique way to attract more venture capital investment through hackathon competitions run by a company called Colosseum. The competition winners are eligible for early-stage financing from investment funds managed by Colosseum, offering potential for growth and innovation in the Solana blockchain ecosystem.

Lastly, Julian Assange, the former Wikileaks editor, negotiated a plea deal to leave a British prison in exchange for admission to a U.S. charge. However, the travel expenses associated with this deal amounted to half a million dollars, prompting his supporters to raise funds through Crowdfunder and BTCPay for his flight and health expenses.

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