Mt. Gox creditors in trouble

July 18, 2024

Reading time: 5 minutes

Polygon network to upgrade MATIC token to POL on 4 September 2024

Key points:

  • The upgrade aligns with Polygon's 2.0 roadmap, initially proposed in July 2023.

  • POL will become the primary token for all Polygon network functionalities.

News - Polygon Labs, the developer behind the Polygon network has announced a technical upgrade scheduled for 4 September 2024. This upgrade will swap the current MATIC token for a new token called POL.

The move is part of Polygon's "Polygon 2.0" roadmap, initially proposed in July 2023. POL is designed to become the primary token for all Polygon network functionalities.

More details - The switch will occur via a technical upgrade, transforming MATIC into the native gas and staking token for Polygon's main proof-of-stake chain (Polygon PoS). Following this initial step, POL will progressively assume a security role for other blockchains within Polygon's wider network, including the AggLayer.

"POL is designed to be highly productive, offering valuable services throughout the Polygon network, including the AggLayer itself," explained Polygon in a blog post.

Fortunately, MATIC holders on the Polygon PoS chain won't need to take any action. Their MATIC tokens will automatically convert to POL after the upgrade. However, users holding MATIC on Polygon's zkEVM rollup, centralized exchanges, or the Ethereum blockchain will need to follow specific steps outlined by Polygon.

Hackers target Mt. Gox creditors amid crypto repayments

Key points:

  • Mt. Gox creditors report a surge of suspicious login attempts on their accounts.

  • The attempts raise concerns about the potential theft of recently distributed Bitcoin.

News - Security concerns have arisen surrounding Mt. Gox, the defunct cryptocurrency exchange, as creditors receive repayments for a massive 2014 hack.

Several Reddit users reported a surge of suspicious login attempts on their Mt. Gox accounts, with some experiencing as many as 22 failed login notifications.

One user, "ovkovk," expressed their worry stating, "Just received 15 notifications for account log in. Now can't get into my account. Is Mt. Gox under attack???" This sentiment was echoed by over fifteen other users who reported receiving similar login alerts.

What does it hint at? These attempts suggest that an unidentified individual might be trying to gain unauthorized access to creditor accounts, potentially with the aim of stealing any recently distributed Bitcoin. The Mt. Gox claims portal has since been taken down for maintenance, possibly in response to these security concerns.

While the situation is unsettling, some users believe the implemented two-factor authentication (2FA) may be mitigating the risk. This incident comes amidst Mt. Gox's ongoing repayment process for creditors impacted by a hack that occurred in 2014. The exchange is distributing over $9 billion worth of BTC and $73 million worth of Bitcoin Cash (BCH) to affected traders.

Charles Hoskinson disputes Vitalik Buterin’s stance on pro-crypto voting

Key points:

  • Hoskinson believes prioritizing pro-crypto candidates will be a better decision.

  • Recently, Buterin cautioned against supporting candidates solely based on their crypto stance.

News - Charles Hoskinson, co-founder of Input Output Global and Cardano, has publicly disagreed with Vitalik Buterin, co-founder of Ethereum, over how to handle political endorsements related to cryptocurrency.

Hoskinson criticized Buterin’s advice, which warned against choosing political candidates based only on their support for crypto.

Hoskinson’s strong opinion - Hoskinson suggested that voters should focus on candidates who support cryptocurrency. He believes that if pro-crypto politicians become popular, other politicians would be more careful about passing laws that could harm the crypto industry because they’d want to avoid losing votes.

Hoskinson specifically advised against voting for President Joe Biden, arguing that this could hurt the U.S. crypto sector. He thinks that making crypto a key issue in elections will force politicians to support the industry more strongly.

What did Buterin say? Buterin warned against supporting politicians who say they back cryptocurrencies without really understanding them. He had also expressed concern about forming alliances with authoritarian governments that might use crypto to their advantage while restricting personal freedoms.

NFT sales plummet in Q2 2024, but web3 experts predict a comeback

Key points:

  • NFT sales volume dropped significantly in Q2 2024.

  • Web3 leaders remain optimistic about NFTs' long-term potential.

News - The NFT market witnessed a significant decline in sales volume during the second quarter of 2024. However, industry leaders remain optimistic about the future of non-fungible tokens.

Data from CryptoSlam revealed a 45% drop in digital collectibles' sales volume compared to the first three months of this year. This decline comes after a period of growth fueled by the popularity of Solana-based collections and Bitcoin Ordinals in late 2023.

What’s more? Despite the slump, the Web3 community continues to express confidence in NFTs' potential for resurgence. Web3 gaming platform Senet's CEO, Mohsin Waqar, believes wider industry adoption of the technology will reignite interest. He emphasizes that user-friendly applications will be crucial for sustained engagement, suggesting a shift from speculation-driven hype to genuine utility.

Anoir Houmou, CEO of video platform RECRD built on the Sui blockchain, argues that NFTs are already experiencing healthy adoption, particularly in the gaming sector. He proposes integrating NFT minting and trading into loyalty programs to attract brands and advertisers. This, Houmou believes, would enhance NFT visibility, establish credibility, and foster a more transparent trading environment.

Interesting facts

  • The Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain. It can be considered an on-chain alternative to the Domain Name System (DNS) on the internet.

  • In 2014, the GHash.io (GigaHash) pool achieved 51% of total hashrate. Any miner or pool with a majority of hashrate is in a position to attack the network through various means, such as censoring or double-spending transactions. This is known as a 51% attack and is one of Bitcoin’s known vulnerabilities.

  • In April 2018, Cory Fields, a Bitcoin Core developer since 2013, discovered a potentially critical flaw in the Bitcoin Cash code. He privately alerted the Bitcoin Cash developers about this issue, which, if exploited, could have led to a chain split within the Bitcoin Cash network. Instead of claiming the $100,000 bug bounty reward offered, Fields requested that it be donated to charity.

Top 3 coins of the day

Worldcoin (WLD)

Key points:

  • Worldcoin bulls have taken over after months of rest.

  • There was an increase in the number of short positions on WLD.

What you should know - WLD is finally showing signs of life after a rough five months. The price surged over 50% in the past week, breaking out of a prolonged downtrend. However, this isn't the first bullish attempt this year. A previous May rally was short-lived, leading to an overall 89% drop from its March highs. The RSI indicator is currently at 59, suggesting the rally might be overbought and a pullback could be imminent. Resistance lies around $4.92-$5.72, but a decline seems more likely in the near-term.

Cardano (ADA)

Key points:

  • ADA has risen to $0.4404, marking a 41% increase year-to-date.

  • The overall big-player engagement has tapered off slightly.

What you should know - Cardano is up 11.6% over the past week, reaching $0.441. This price increase is surprising given the strong bearish sentiment among traders. Santiment's analysis shows ADA is experiencing its highest level of bearishness in over a year. Despite the rally, a potential reversal could be brewing. The MACD indicator suggests a bearish divergence, which could signal a decline. If bears overpower the bulls, ADA could fall to its support zone of $0.3844-$0.3520 soon. On the other hand, $0.4900 seems to be a strong resistance level.

Tron (TRX)

Key points:

  • TRX has reversed its recent gains, but bulls still have an edge.

  • Technical indicators have been highlighting short-term sell pressure.

What you should know - Tron (TRX) snapped a month-long downtrend, surging 28.2% between 30 May and 13 July to reach a high of $0.14154. However, the bulls lost momentum and bears took control, initiating a decline. Currently, TRX is eyeing its near-term support level of $0.12641. A breach of this level could lead to a further drop to $0.12619 soon. The Awesome Oscillator indicator is flashing red bars above the neutral line, signaling a potential bearish trend.

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