From El Salvador accepting bitcoin as legal tender to a CryptoPunk NFT selling for a record price, it was another hectic week in the crypto industry. Here are four key things you should know about what happened in crypto last week, in case you missed it.
- Senator Elizabeth Warren Wants Crypto to Be Regulated
Sen. Elizabeth Warren, D-Massachusetts, urged for cryptocurrency regulation in the United States during a Senate banking committee hearing on central bank digital currencies on Wednesday. She said;
“Cryptocurrency has created opportunities to scam investors, assist criminals and worsen the climate crisis,” she said. “The threats posted by crypto show that Congress and federal regulators can’t continue to hide out, hoping that crypto will go away. It won’t. It’s time to confront these issues head on.”
2. The FBI Has Recovered $2.3 Million In Bitcoin Paid as Ransom for The Colonial Pipeline.
On June 7, the Justice Department said that it had successfully recovered $2.3 million in bitcoin paid to ransomware hackers by Colonial Pipeline in April. The statement sparked outrage online, with some speculating that bitcoin had been “hacked,” and the price of bitcoin dropping a day following the announcement due to fears about the cryptocurrency’s security.
Though it is unclear how the FBI was able to recover the bitcoin ransom, experts believe it was due to the criminals’ safekeeping of their private keys rather than any vulnerability in the cryptocurrency itself.
3. Kim Kardashian West Was Paid to Advertise a Digital Coin on Instagram
Influencers such as the D’Amelio family and Tana Mongeau have begun to publish paid adverts for various digital currency and exchanges on their social media platforms. Kim Kardashian West made news on June 13 when she posted an ad for the altcoin Ethereummax to her 228 million Instagram followers.
Kardashian West tweeted text after a short film of her chatting to her camera about Ethereummax with ”#ad” displayed at the bottom of the screen: “Are you guys into crypto???”
“This is not financial advice but sharing what my friends told me about the Ethereum max token!” the post read. She used a number of hashtags, including #ad, which is needed to identify that her post is sponsored.
4. The World Bank Refused to Help El Salvador Adopt Bitcoin as Legal Currency.
El Salvador became the first country to embrace bitcoin as legal currency when it passed a new law on June 9. According to Reuters, the World Bank would not aid El Salvador in putting the plan into action.
“We are committed to helping El Salvador in numerous ways, including for currency transparency and regulatory processes,” a World Bank spokesperson told Reuters. “While the government did approach us for assistance on bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings.”
El Salvador’s finance minister, Alejandro Zelaya, announced earlier on Wednesday that the country had sought technical assistance from the World Bank.
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Final Thoughts
These are a few of the news that made the rounds in the cryptocurrency market last week. The crypto world is a vast and dynamic one that is seeing changes, sometimes significant, every day. It is no news that delving into the cryptocurrency space means you agree to the level of risk it comes with, owing to its volatility, regulations from government bodies, and all.
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