Also today, it took seven months for Crypto.com to realize they'd sent a customer $10.5 million instead of $100.
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El Salvador's Bitcoin bonds suffer setback 😑
El Salvador's Bitcoin bonds have suffered yet another setback — with a top Tether executive confirming that its launch has been pushed back until later this year. The Central American nation is hoping to raise $1 billion through the so-called "Volcano bonds." Half would be invested into Bitcoin, with the remainder spent on infrastructure. The bonds were meant to go on sale in March, but the rollout was delayed because of weak market conditions. According to Fortune, there is speculation over whether the volcano bonds will ever launch at all — potentially affecting President Nayib Bukele's plans to build "Bitcoin City" at the base of a volcano. Next week marks one year since El Salvador adopted BTC as legal tender.
Crypto.com made a huuuuuuuge mistake 👀
A woman who was owed a $100 refund from Crypto.com ended up receiving $10.5 million by accident — and went on a huge spending spree. Clearly emboldened by the mantra "fortune favors the brave," she sent cash to her family and friends... and bought a five-bedroom house in Melbourne. It took the exchange seven months to realize that a colossal error had been made — and for most of this year, Crypto.com's been battling to get the funds back. A court in Australia has now ruled the mansion must be sold and the cash must be repaid with interest. But the exchange's lawyers are facing an uphill struggle to get all of the money back. A large chunk was sent to her sister in Malaysia, and she isn't replying to emails from solicitors.
Briton faces extradition over OneCoin scam 🚨
A British man is set to be extradited to the U.S. — where he's wanted in connection with the OneCoin scam. Christopher Hamilton's accused of laundering $105 million that was linked to "one of the largest Ponzi schemes in history." Overall, $4 billion was lost by investors around the world. A judge ruled another suspect, Robert McDonald, should not be extradited because he's caring for his extremely ill wife. OneCoin launched back in 2014 — and wooed investors around the world with bold promises of being a "Bitcoin killer." The woman who allegedly operated the pyramid scheme, Ruja Ignatova, has been on the run since 2017. She's one of the FBI's 10 most-wanted fugitives — and a $100,000 reward is being offered for information.
Tether slams Wall Street Journal 😬
The Wall Street Journal has written an article about Tether — and the stablecoin issuer is furious. Reporters claim that USDT is in real danger of becoming technically insolvent. The newspaper cited figures from the stablecoin issuer's own website that showed it had $67.7 billion in reported assets — and $67.5 billion in liabilities. This means that — if the value of these assets fell by just 0.3% — it wouldn't have enough cash to back all of the USDT in circulation. Responding to the report, Tether accused the newspaper of making "a series of unsubstantiated conclusions" — and claimed it has "an agenda" to hurt its reputation. "Tether's disclosures have been the most honest and transparent in the market," the statement added.
Vitalik Buterin's written a book! 📖
Ethereum co-founder Vitalik Buterin has announced that he's written a book — and it's going to be released in four weeks. It's imaginatively titled Proof of Stake — bringing together essays that Buterin wrote "before and during the rise of Ethereum." There are signs he may criticize the blockchain's other co-founders, as a website promoting the book says: "While many around him were focused on seeing the value of their tokens rise, he was working through the problems and possibilities of crafting an Internet-native world." It'll be available in physical form, and signed digital copies are also on offer. Proceeds from the sale are going "to support open-source public goods through Gitcoin grants."