Monat: Oktober 2024

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Mt. Gox delays repayment deadline, pushes it to October 2025

  • The defunct exchange had an original repayment deadline of October 31, 2024
  • Mt. Gox said the delay was down to creditors not completing the repayment steps and issues arising from the repayment process
  • In 2024, Mt. Gox collapsed following a security breach, resulting in the loss of 850,000 Bitcoin

Defunct crypto exchange Mt. Gox has pushed its repayment deadline to October 2025, adding another year from its original date.

According to a statement from the exchange, it will now repay creditors on October 31, 2025.

“As it is desirable to make the Repayments to such rehabilitation creditors to the extent reasonably practicable, the Rehabilitation Trustee, with the permission of the court, has changed the deadline for the Repayments from October 31, 2024 (Japan Standard Time) to October 31, 2025 (Japan Standard Time),” Mt. Gox said.

This marks the second time the platform has moved its deadline. In a 2023 statement, the platform announced that it was moving its repayment deadline from October 31, 2023, to October 31, 2024.

Launched in 2010, Mt. Gox was the biggest crypto exchange, handling around 70% of Bitcoin transactions, before a hack in 2014 caused its collapse. As a result of its security breach, the exchange lost around 850,000 Bitcoin.

In July, it began repaying creditors around $9 billion in recovered assets; however, according to data from Arkham Intelligence, Mt. Gox still holds 44,905 Bitcoin worth around $2.8 billion.

In the latest statement from the defunct exchange, the delay is down to two things: creditors haven’t completed the necessary steps for repayment and because of issues arising from the repayment process.

The post Mt. Gox delays repayment deadline, pushes it to October 2025 appeared first on CoinJournal.

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Tap-to-earn Games Comes to TikTok

  • Sonic SVM, a layer-2 gaming chain on Solana, launched a tap-to-earn game on TikTok and is partnering with influencers to publicise it.
  • While not a mini app like those on Telegram, users will be able to open a web page using TikTok’s in-app browser to access the game.

Tap-to-earn games have made their way to TikTok with the launch of SonicX, a game similar to Notcoin that involves tapping to earn rings that allow players to upgrade and progress through the game, gathering points for an eventual token launch.

The game includes a social login that allows users to sign up/in with their TikTok accounts to track their points and ultimately claim tokens.

SonicX stands out from other tap-to-earn games on TON by registering each tap as a transaction on the Solana network, a feature which, if executed, could dramatically increase transaction volume on Solana and propel Sonic SVM into popularity as a scalable gaming layer.

The rise of  tap-to-earn games

While SonicX is the first tap-to-earn game on TikTok, it is just another in a series of games that have come to market. Heralded by Notcoin on TON, tap-to-earn games leverage their ease of access and promise of monetary reward.

These games do not require users to possess in-depth blockchain knowledge to play, and are engaging enough to gamify the pursuit of monetary reward via tokens.

Moving beyond Telegram

Telegram proved to be an excellent ecosystem for tap-to-earn games with over 900 million monthly active users and ample crypto support; the tap-to-earn movement brought 300 million players to Telegram.

While most other tap-to-earn games have stuck to Telegram and TON, SonicX intends to leverage TikTok’s 1+ billion monthly active users. Sonic SVM aims to capture 1% of TikTok’s user base, which is roughly 10 million monthly users.

Despite its name and theme, SonicX is not affiliated with the Sonic the Hedgehog brand.

The post Tap-to-earn Games Comes to TikTok appeared first on CoinJournal.