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Julian Assange Set to Walk Free After Plea Deal

Plus Jump Crypto’s Kanav Kariya Resigns Amidst CFTC Probe

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Nathaniel Whittemore
June 25, 2024

The Breakdown First Five - Tuesday, June 25, 2024

Welcome back to The Breakdown First Five — the 5 most interesting and/or important stories in bitcoin, crypto, and markets to start your day.

Julian Assange Set to Walk Free After Plea Deal

5. Gox Effect Overblown?

Some analysts suspect that fear of a massive liquidation of Mt Gox coins is overblown as the bankrupt exchange begins to distribute around $9B worth of Bitcoin. Individual creditors have had more than a decade to sell their claims. Many of the funds that have been accumulating bankruptcy claims are able to pay out LPs in Bitcoin. Rational or not, Mt Gox panic will dictate the market over the summer.

4. Japanese Investors Want Crypto

A survey from Nomura found that over half of Japan’s investment managers plan to buy crypto within the next three years. The managers view crypto as a stabilizing force in a portfolio, able to reduce risk through diversification and protect against inflation. Only a quarter had a positive impression of cryptocurrencies, but 62% recognized the diversification opportunity. A corporate tax exemption on long term crypto holdings has recently been proposed in Japan. 

3. Riot Shifts Takeover Tactics

Riot Platforms has officially called for a shareholders meeting to appoint new board members at Bitfarms as their takeover attempt continues. Riot now owns a 14.9% stake in Bitfarms and has nominated three replacement board members. After having their takeover offer rejected, Riot has withdrawn the bid but says they are still “completely committed to pursuing a transaction.” 

2. Kanav Quits

Jump Crypto president Kanav Kariya has left the company. Kanav rapidly ascended to lead the goliath trading firm’s crypto division by the age of 25. His tenure was marred by the Wormhole hack and the Luna collapse, both of which were backed by Jump. US officials claim that Jump earned more than $1B from the Luna ecosystem before it collapsed. Kanav’s resignation comes a week after Fortune reported the firm was under investigation by the CFTC. 

1. Free Assange

Julian Assange has agreed to plead guilty to a single charge. Assuming the plea is accepted by the court on Wednesday, Assange will walk away a free man after being sentenced to time served. It seems the decades long Wikileaks saga is finally consigned to the pages of history. Press Freedom groups are still deeply concerned about the precedent being set around the handling of leaked classified material.