Bitmain to Launch Filecoin Token Mining Machines

Mt. Gox Extends Repayment Deadline to 2024In a development that has captured the attention of the cryptocurrency community, failed Japanese crypto exchange Mt. Gox has officially announced a one-year extension of its repayment deadline.The decision, authorized by the Tokyo District Court, represents a one-year delay from the previously stipulated date of October 31, 2023.Photo by Andre Benz on UnsplashInfamous collapseAt its height, Mt. Gox was the world’s largest cryptocurrency exchange, facilitating over 70% of all cryptocurrency trades. However, its fall from grace began in 2014 when it fell victim to a colossal hack, resulting in the loss of 850,000 Bitcoins. The collapse left approximately 24,000 creditors in its wake, each of them agonizing over a multi-year period for the return of their digital assets.In a letter dated September 21, Rehabilitation Trustee Nobuaki Kobayashi announced the extension of the repayment deadline. This extension applies to the base repayment, early lump-sum repayment, and intermediate repayment, all of which have been rescheduled to October 31, 2024.The rationale behind this delay is twofold. Firstly, to provide creditors with additional time to furnish essential information required for the repayment process. Secondly, it will allow the trustee to coordinate with associated banks, fund transfer service providers, and cryptocurrency exchanges to facilitate the repayments.Potential payout for diligent creditorsA glimmer of hope exists for creditors who have diligently provided the necessary information. Repayments may commence sequentially as early as the close of this year. That said, it should be noted that the specific timing of repayments for each creditor remains uncertain.Kobayashi emphasized that the schedule is subject to change depending on circumstances, and further adjustments are possible. The Mt. Gox Debtor has encouraged creditors who have as yet not provided required information to facilitate payments to do so.Naturally enough, long suffering creditors are frustrated by this latest update. Taking to X (formerly Twitter), one user named “Mt.Gox’ed” wrote: “People will not get their Mt.Gox money back.” . . . “I’ve been tweeting for a long time that infinite delays are coming.”The move evoked a similar response from distressed debt specialist Thomas Braziel, who wrote: “Another delay from the MtGox trustee’s office — COME ON!”Mt. Gox’s journey towards rehabilitation has been arduous and protracted since its declaration of insolvency in 2014. Legal battles, extensive delays, and the need for meticulous coordination have all contributed to this postponement. Nonetheless, creditors are holding onto the hope that, with this extension, the path to recovering their lost assets will become smoother.Crypto market impactThis latest news has drawn considerable attention within the broader crypto sector as it may have implications for the market as a whole. The repayment delay holds the potential to impact Bitcoin prices, given the sheer volume of tokens that will be released when repayments begin. The Mt. Gox estate holds 142,000 BTC, 143,000 BCH, and 69 billion JPY.As per UBS analysts, while this influx of funds could influence the market, it is unlikely to destabilize Bitcoin. Notably, the recovery of approximately 20% of the stolen tokens after the hack reflects a positive step in the ongoing rehabilitation process.

Starbucks Korea implements NFT initiative to boost sustainability effortsStarbucks Korea is set to take on several eco-friendly initiatives in the new year to promote the use of personal reusable cups, including an NFT wallet and a new tumbler coupon policy, according to local news outlet Newsis on Thursday (KST).Photo by Battlecreek Coffee Roasters on UnsplashNFTs and eco-friendly effortsIn a newfound development, the brand also said that it would start issuing NFTs through a new NFT wallet on its mobile app next month as part of its eco-friendly consumption campaign. Until now, NFTs have been widely utilized in fields like art, music and entertainment due to their ability to prove individual ownership of digital assets. Starbucks’ adoption of the technology is a significant step in its implementation into daily life, which will lead to an increase in the number of real-world use cases and an acceleration in the transition to the era of Web3.To celebrate the launch of the NFT wallet, Starbucks plans to hold a promotional event where customers who use a reusable cup for one beverage ordered via the Siren Order function will receive one Eco Stamp. Up to three stamps can be collected per day. These can be exchanged for various types of NFTs, which are categorized as Basic, Creative and Artist, and each customer can only own one.Starbucks’ NFTs will be minted in collaboration with Seoul-based art platform and gallery Print Bakery (PBG) and PBG exclusive artist DADAZ, featuring images of unique cups, tumblers and more.The franchise plans to hold an offline exhibition to showcase images of the NFTs as well as its achievements in corporate sustainability at the Starbucks Jongno R store located in Jongno-gu, central Seoul, early next month.Sustainable sipsThe coffee franchise is also known for offering a complimentary beverage voucher to customers who purchase a reusable cup or tumbler. Next month, this voucher will be renamed the Eco Tumbler Beverage Coupon, which customers can exchange for a tall-sized beverage of their choice. This policy is aimed at encouraging the use of personal cups and providing tailored benefits to customers who embrace sustainable options.This new introduction was partially driven by the steady increase in the number of personal cups used at Starbucks stores around the country over the past three years. The annual number of cases has risen from 17.39 million in 2020 to 21.9 million in 2021, then 25.3 million last year.This figure has spiked significantly this year in particular, with the cumulative yearly number reaching 26.7 million last month, surpassing last year’s total. If this trend continues until the end of the year, the estimated figure is expected to be around 29.6 million, representing a 17% increase compared to 2022.This upward trend is attributed to the immediate KRW 400 discount offered to customers who participate, as well as an alternative benefit where customers can earn one “Star”, or reward point, for each purchase that they make. Until last month, the total value of benefits that were distributed via these two systems — with one Star valued at KRW 500 — exceeded KRW 12 billion. The ratio of immediate discount and Star rewards in this value stands at 30% and 70%, respectively.Green commitmentStarbucks also plans to continue its No Single-Use Cup Day campaign, a collaboration with the Korea Zero Waste Movement Network that has been ongoing for the past five years. The brand dedicates the tenth of every month as a day without single-use disposable cups, giving out merchandise like mugs, tumblers, coffee ground planting kits and stickers. Since last year, various events have been organized to celebrate the day, such as coupons gifted to customers who use reusable cups the most. Approximately one million people have participated in these promotions since the campaign’s inception in 2018.Starbucks expressed its hopes that these initiatives would act as a catalyst for positive changes in local communities by encouraging the reduction of waste.

Bullish Market Analysis Finding as Asia Doubles Crypto UsersComing off the back of the last bull run, the crypto sector has been challenged with cooling price levels also affected by global macroeconomic headwinds. Despite that, a recent crypto market study by financial news platform Finbold has found encouragement with a significant increase in crypto users, most notably in Asia.Photo by Jéan Béller on Unsplash37% increase in global usersAccording to the market data presented by Finbold on Thursday, the number of global crypto users has reached 417.5 million as of 2023, representing a year-over-year growth of 36.88%. This translates to an increase of 112.5 million users compared to the 2022 count of 305 million.Several factors contribute to the growth in crypto user numbers. The fear of missing out (FOMO) phenomenon plays a significant role, as individuals see market downturns as an opportunity to enter the market and potentially benefit from their investments.Mainstream adoption and awareness of cryptocurrencies have also attracted new users, aided by the accessibility and convenience of crypto platforms and exchanges. Additionally, the acceptance of cryptocurrencies as a form of payment by businesses has further fueled user growth.In emerging markets with unstable economies and limited access to traditional banking services, cryptocurrencies have been embraced as an alternative and inclusive financial solution, driving adoption in those regions.Standout growth in AsiaAsia leads the way with 260 million users as of May 2023, marking an astonishing 100% growth from the previous year’s figure of 130 million. North America follows with 54 million users, witnessing an addition of 3 million compared to the 2022 count of 51 million.When examining crypto ownership in relation to the population of each country, Thailand claims the top spot in 2023 with a share of 9.32%. India comes in second with 7.23%, followed by Brazil at 6.98%. Pakistan ranks fourth with 6.4%, while France rounds out the top five with 5.9%.Observers believe that regional crypto user trends will be influenced by regulations. Asia dominates the market, driven by the increasing adoption of blockchain-based payment solutions in countries like India, China, Singapore, South Korea, and Japan, particularly within the banking, financial services, and insurance sectors.African & European user declineAfrica experienced a decline of 28%, going from 53 million to 38 million users. Similarly, European users dropped from 43 million to 31 million. Notably, Europe has witnessed a drop in usage, coinciding with the enactment of the Markets in Crypto Assets (MiCA) law, which aims to create a legal framework for the crypto asset market.The growth in global user numbers is remarkable, considering the challenging phase the crypto sector has been going through. High-profile incidents, including the FTX crypto exchange collapse and the Terra (LUNA) ecosystem crash, have eroded trust within the sector. Moreover, the crypto market has had to navigate an uncertain regulatory landscape, with jurisdictions like the United States cracking down on the sector.Lawsuits filed by the US Securities and Exchange Commission (SEC) against Ripple, Binance, and Coinbase for alleged securities laws violations are likely to discourage investor involvement. Regions with stricter regulations, such as North America and Europe, are expected to lose crypto business to the Asia-Pacific region.