What happened this week in the world of blockchain and cryptocurrencies? The most relevant local and international events as well as appealing background reports in a concise and compact weekly review.
Selected articles of the week:
The crypto exchange Mt. Gox was once the most dominant trading venue for cryptocurrencies. Founded in 2010 as the first exchange, at times over 70% of the Bitcoin volume was transacted via Mt Gox. The sudden declaration of insolvency in 2014 therefore hit the then young crypto industry hard. The exchange stated that an attacker stole around 850,000 Bitcoin (BTC). The exchange recovered 150,000 Bitcoin – today nine billion USD. Investors who had a Bitcoin balance at the time Mt. Gox was shut down were able to submit their claims to the responsible trustee. After a decade, Bitcoin claims could be paid out to creditors for the first time this July. The first tranches amount to between three and four billion USD.
Customers of the crypto exchange Mt. Gox could finally receive compensation for their lost Bitcoin (BTC) and Bitcoin Cash (BCH) this July.
Richard Olsen on the Lykke incident
Lykke was one of the first blockchain companies in Crypto Valley. Originally developed from a forex broker, the trading platform tackled the then young crypto market in Zug in 2015. The plan: a comprehensive platform for everything to do with blockchain-based assets. The already successful entrepreneur Richard Olsen wanted to bring trading, custody, staking and other services under one roof with Lykke. After a few bumpy years, the business finally took off. Preparations were made for new product launches. The recent public incident that led to the loss of USD 22 million in cryptocurrencies made waves in Zug’s crypto valley. Now Olsen wants to turn the incident into a textbook example of how to get out of a difficult situation.
At the beginning of June, a USD 22 million hack of the crypto exchange Lykke shook Crypto Valley – founder Richard Olsen wants to rebuild.
CVJ.CH Academy: DeFi
Decentralized finance (DeFi) applications use smart contracts on blockchains such as Ethereum and Solana to provide peer-to-peer financial services without central authority, reaching unbanked people. By democratizing finance and commerce, the sector is ushering in a new era in which users have unrestricted access to financial services – including those previously reserved for established institutions. An overview of the history and the individual subcategories of the DeFi sector.
What is DeFi and what is it used for? Basics and explanations, as well as additional resources, in the CVJ.CH Academy.
Will a Solana ETF follow?
In January, the US Securities and Exchange Commission (SEC) approved the first spot-based Bitcoin ETFs. The products immediately broke all records and raised over USD 10 billion in assets within two months. A spot ETF on Ether (ETH) will also be launched in a few weeks. VanEck, one of the providers of these products, would like to replicate this success immediately with a Solana ETF. However, the chances are slim. VanEck probably wants to build up a crypto-friendly image to score points with industry representatives.
Fund provider VanEck has filed an application with the Securities and Exchange Commission (SEC) for the first spot Solana ETF in the US.
Options in the crypto markets
In addition: While some derivatives such as futures are widely used on the crypto markets, options have a more niche existence, partly due to their increased complexity for retail investors. In an interview with CVJ.CH, Chantal Bradford talks about her view of the market and where she sees crypto derivatives heading. Chantal is responsible for institutional sales in the EMEA region at Deribit, a crypto derivatives exchange with over 80% market dominance in the options space.
In an interview with CVJ.CH, Deribit’s Chantal Bradford talks about her view on the market and where she sees crypto derivatives going.
