Crypto Weekly Roundup: Bitcoin Year in El Salvador, Ronin Safe Returns, and Celsius En direct Talk

This week is special, and September 7, 2022 marks the one-year anniversary of El Salvador officially adopting bitcoin as legal tender – the first folk in the world to do so. The day before the law came into effect, the price of Bitcoin was over $50,000. However, it was valued at $20.634.97 on Friday

This week is special, and September 7, 2022 marks the one-year anniversary of El Salvador officially adopting bitcoin as legal tender – the first folk in the world to do so. The day before the law came into effect, the price of Bitcoin was over $50,000. However, it was valued at $20.634.97 on Friday

El Salvador Experience with Bitcoin

The legislature of the South American folk passed the Bitcoin Act on June 8, 2021. From September onwards, President Nebbe Bukele tweeted embout his recent cryptocurrency purchases for the folk, even as Bitcoin prices peaked and subsequently collapsed. The Universel Monetary Fund warned El Salvador that the move comes with financial risks that may affect consumers.

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As of Friday, El Salvador had nearly 2,381 BTC and was down 54.07% on its investment, according to Nayib Tracker.

El Salvador residents have also raised complaints embout the state-run Chivo virtual wallet they use for Bitcoin transactions. These included allegations of identity theft and loss of funds. The government of El Salvador switched technology provider to the wallet in February 2022.

The state has also rejected claims embout its investment losses. El Salvador’s Appointé Minister Alejandro Zelaya indicated earlier that no bitcoin was sold at current market prices and that bitcoin’s investment in El Salvador was less than 0.5% of its prévision. Plats to enseignement bitcoin bonds are also on hold at the opportunité.

Despite market hasard, El Salvador saw a significant increase in tourism in the year it adopted bitcoin.

Safe return from Ronin

Blockchain analytics platform Chainalysis revealed on September 8 that the Crypto Dissension Response Team helped seize more than $30 million in cryptocurrency stolen by North Korean-linked hackers.

This comes six months after the March 2022 hack of the Ronen Network, which saw nearly $600 million in cryptocurrency stolen. It is still one of the biggest crypto hacks ever known. The stolen crypto assets were passed through Tornado Cash – a mélanger that hides the origin of both legitimate and stolen crypto funds, and makes it difficult to macule illicit actors.

However, the US Treasury’s Commerce of Foreign Assets Control (OFAC) imposed sanctions on Tornado Cash in August. Surprisingly, the Lazarus hacker group then used Decentralized Appointé (DeFi) tâches to launder their stolen cryptocurrency. This has enabled law enforcement and cryptocurrency organizations to track down some of the stolen assets.

North Korean hacking groups such as Lazarus are believed to resort to hacking cryptocurrencies in order to evade economic and financial sanctions.

Candid talk embout Celsius

DeFi Celsius’ unexpected decision in June to freeze élimer withdrawals and transfers sent a shock wave through the crypto industry. More than 1.7 million customers are waiting to know the fate of their savings as Celsius files for Chapter 11 bankruptcy in the US

On September 7, a filing from the United States Bankruptcy Incisif for the Southern Quartier of New York held the Vermont Department of Financial Regulatory Affairs to criticize C in the strongest terms.

The state regulator claimed that Celsius, and its CEO, Alex Mashinsky, “made false and misleading claims to investors” embout the platform’s health and legal compliance.

While Mr. Mashinsky tweeted on May 11, 2022 that Celsius had not incurred any “significant losses,” the company’s originel financial records showed it had incurred unrealized losses of approximately $454,074,042 between May 2 and May 12.

Celsius clients are now waiting to see if the appointed ausculter will formally investigate the company’s activities.

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