Grayscale Announces Board Reshuffle, Tether Mints More USDT, Mt. Gox Begins Fiat Repayments
Summary:
Grayscale Investments has seen a reshuffling of its board members, with the CEO and president stepping down. Tether Treasury has minted another billion USDT, leading to community skepticism. Reports have also suggested that creditors of the defunct Mt. Gox crypto exchange have started to receive fiat repayments.
Announcements from Grayscale Investments reveal a reshuffling among the company's board of directors, with the CEO and president electing to vacate their positions. In another development, Tether Treasury released another billion sanctioned yet unissued USDT on the holiday, resulting in community skepticism. Reports have also surfaced indicating that fiat repayments have been doled out to creditors of the extinct crypto exchange Mt. Gox.
The management shift in the crypto investment company Grayscale Investments came with the departure of two top-tier executives from their board of directors and the ushering in of three fresh faces, effective from the 1st of January, 2024. A document filed with the United States Securities and Exchange Commission (SEC) on December 26th confirmed that CEO of Digital Currency Group, Barry Silbert, and president Mark Murphy will be quitting their roles. In their stead, Mark Shifke, Matthew Kummell, and Edward McGee have been brought in.
Barry Silbert is relinquishing his seat on the board of Grayscale Investments, which some are interpreting as an indication of an emerging Bitcoin ETF.
Operating as a branch of the Digital Currency Group (DCG), along with Genesis, Digital Foundry, and Luno, Grayscale's board will be constituted of Mr. Shifke, Mr. Kummell, Michael Sonnenshein, and Mr. McGee as of January 1, 2024. This board lineup maintains the powers bestowed upon them as company officers. As a leading asset manager, Grayscale is in competition to secure a Bitcoin spot exchange-traded fund, experiencing a legal triumph in August when it was ruled that the SEC's denial of the company's Bitcoin ETF application was unjustified.
In related news, Tether, the company behind the world's largest stablecoin, minted an extra billion USDT that is sanctioned but is yet to be issued, as per CEO Paolo Ardoino. Whale Alert, a blockchain monitoring platform, alerted users via formerly known Twitter that Tether Treasury produced one billion USDT. In reply to the alert on Whale Alert’s thread, Tether CEO Ardoino clarified that the transaction was part of an “inventory restocking” on the Ethereum blockchain.
In the context of Tether, inventory restocking involves the creation of new USDT that are stored under “sanctioned but not issued” status. These tokens don't contribute to the overall market capitalization of USDT as they are yet to be released or circulated. As per details on the Tether Transparency page, there was an “authorized but not issued” sum of $925 million in USDT on Ethereum as of December 26, 2023.
Unverified reports circulating on social media propose that creditors of the bankrupted Bitcoin exchange Mt. Gox are receiving fiat reimbursements for their Bitcoin, which has been held on the exchange since February 2014. Claims posted to the Reddit page r/mtgoxinsolvency point out that repayments in Japanese yen are being transferred to users via PayPal, almost a decade after their funds were frozen on the exchange in 2014.
These news come one month after the trustee overseeing Mt. Gox's estate, Nobuaki Kobayashi, began emailing rehabilitation creditors regarding the initiation of repayments in November 2021. Kobayashi's message relayed plans to start the first leg of cash repayments to creditors in 2023, with continued repayment expected in 2024. The trustee refrained from providing specifics about the repayment schedule for individual rehabilitation creditors. Please note that this article neither recommends nor offers investment advice, as every investment poses risk. It's advised that readers conduct thorough research before making any financial decisions.
Published At
12/26/2023 9:21:10 PM
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