Despite warnings from global agencies regarding its adoption of Bitcoin, El Salvador's government continues to seize market opportunities.
As the Bitcoin price fell below $46,000 on Monday morning, Salvadoran President Nayib Bukele announced on Twitter that the country has “bought the dip.” With 150 new coins, the Central American government now holds 700 BTC, worth close to $32 million at the time of writing.
In an obvious nod to the “not financial advice” disclaimers shown around the crypto ecosystem, Bukele shared his “presidential advice” by reminding that “They can never beat you if you buy the dips.”
As reported by Cointelegraph, El Salvador bought another dip on the day BTC became legal tender in the country, when Bitcoin experienced a flash crash to below $43,000.
El Salvador’s move toward adoption got the crypto universe excited, especially with the possible tax exemption for Bitcoin investors. However, the government’s decision to adopt Bitcoin as legal tender is not totally free of problems.
Leading U.S. cryptocurrency exchange Coinbase has secured a contract to develop tech for the Department of Homeland Security worth as much as $1.36 million.
Under the agreement, Coinbase has been contracted to deliver “application development software as a service” for the U.S. Immigration and Customs Enforcement division (ICE).
The contract took effect on Sept. 16 and will see Coinbase receive $455,000 from the department. However, the contract could be extended to last for up to three years in total, which would see Coinbase receive up to roughly $1.36 million.
The deal is the second partnership inked between Coinbase and ICE, with the exchange having secured a $30,000 contract to provide “computer forensics services” to the agency in August.
The news has received backlash from the crypto community, with Human Rights Foundation chief strategy officer Alex Gladstein asserting the compensation is relatively low given the scale of Coinbase’s operations and the reputation risk posed to the exchange by the partnership:
“This isn’t very much money for Coinbase in the grand scheme of things. Strange that they would risk much reputationally such a relatively small sum.”
Cross-chain DeFi platform pNetwork has become the latest protocol to be targeted by hackers on Binance Smart Chain, reporting a loss of roughly $12.7 million worth of Bitcoin.
According to a Twitter thread published by pNetwork on Sept. 20, the incursion resulted in 277 pBTC being siphoned from the exchange. The hackers made off with the majority of the network’s collateral, pNetwork added.
The team noted the attack was executed by exploiting a bug in its codebase, adding that a fix is already in progress. pNetwork also offered for the hacker to keep 11.5% of the stolen funds if they return the funds.
This Daily Dose was brought to you by Cointelegraph.