Author: Jack Feschuk

Bitcoin is No Longer Legal Currency in El Salvador

El Salvador’s experiment with Bitcoin (BTC) as legal tender is ending as the country complies with IMF demands. President Nayib Bukele, once a strong BTC advocate, has rolled back key policies in pursuit of U.S. dollar financing.

Bitcoin’s Diminished Role

The government removed Article 4, which allowed tax payments in BTC, effectively stripping its legal tender status. Businesses are no longer required to accept BTC, and it is no longer considered a currency under law.

Limited BTC Use

Residents can’t use BTC for government fees or services, though it remains exempt from capital gains taxes. The government may still hold it as a reserve asset.

IMF Influence

These changes are part of a deal unlocking $1.4 billion in IMF loans, alongside $2.1 billion from other financial institutions. The state-backed Chivo wallet is also expected to shut down due to low adoption.

Source: https://protos.com/bitcoin-is-no-longer-legal-currency-in-el-salvador/

16/02/2025
Milei Under Fire for Crypto Endorsement Gone Wrong

Argentina’s President Javier Milei is facing backlash after endorsing the cryptocurrency $LIBRA, which spiked and then quickly crashed. His now-deleted post claimed the token would boost Argentina’s economy, but after warnings of a potential scam, he distanced himself and launched an investigation.

Opposition leaders slammed Milei, likening the fiasco to political manipulation and demanding a congressional probe. His administration insists it was routine business promotion, but investors suffered major losses.

As Argentina grapples with economic instability, this incident highlights the risks of political figures engaging with volatile financial markets.

Source: https://www.nytimes.com/2025/02/15/world/americas/argentina-milei-crypto-trump.html

16/02/2025
Central African Republic’s Memecoin Disaster: A Predictable Flop

Over the weekend, the Central African Republic (CAR) made history. The country launched its own memecoin, CAR, on the Solana blockchain, branding it as a unifying experiment for national development. However, instead of putting the nation in a positive light, the launch only reinforced skepticism.

From the start, the rollout seemed designed for international speculators rather than CAR’s own citizens. The announcement came via an English-language tweet at midnight local time—right in the middle of the U.S. Super Bowl. Within hours, the coin skyrocketed to a market cap of $900 million before plummeting 90% on its first day, eventually losing 95% of its value by Tuesday.

Technical issues further undermined the token’s credibility. The official website failed to load securely, and later disappeared entirely. Meanwhile, an AI risk assessment found that 84% of the coin’s supply was controlled by just 10 holders, raising suspicions of a pump-and-dump scheme.

This isn’t the first time CAR has fumbled a crypto initiative. The country previously claimed to adopt Bitcoin as legal tender but failed to provide infrastructure like ATMs or payment terminals before quietly abandoning the effort. The CAR memecoin debacle is just the latest chapter in its pattern of empty crypto promises.

Source: https://protos.com/central-african-republics-95-memecoin-crash-is-a-repeat-performance/

16/02/2025
Happy National Flag of Canada Day

60 years of flying!

Source: https://www.canada.ca/en/canadian-heritage/campaigns/national-flag-canada-day.html

15/02/2025
AlleyCat Crypto Developer Gambles Away Presale Funds in Alleged Rugpull

The developer of the AlleyCat cryptocurrency project on Solana allegedly misused 600 SOL (~$130,000) raised during the project’s presale, diverting it to gambling platforms like Sportsbet.io and Bitcasino instead of funding token liquidity as promised. Despite raising significant funds, only 18 SOL (~$11,000) was used for liquidity. In total, approximately $827,000 has flowed through the developer’s Sportsbet.io account over seven months. Crypto watchdog Rug Pull Finder has accused the developer of being involved in other rugpull scams as well.

Source: https://rugpullfinder.co/scams/f/alleycat—the-gambling-deployer

13/02/2025
Cybersecurity Icon Marc Rogers Faces Recovery Challenges and Insurance Shortfall

Cybersecurity Icon Marc Rogers Faces Recovery Challenges and Insurance Shortfall

Marc Rogers, a leading figure in cybersecurity and head of security at DEF CON, is facing significant medical challenges and financial strain following an accident that left him temporarily quadriplegic. Known for his impressive career—spanning roles at Vodafone, Okta, Cloudflare, and as a researcher who famously cracked Apple’s Touch ID—Rogers now faces months of recovery, including costly physical therapy.

While his insurance covers only part of his treatment, friends have set up a fundraiser to bridge the gap, reflecting the grim reality of U.S. healthcare. “GoFundMe has become the de facto standard for covering insurance shortfalls,” Rogers remarked, expressing gratitude for the community’s support.

The cybersecurity world has rallied behind him, raising over $83,000 toward a $100,000 goal. This outpouring of support highlights Rogers’ impact on the industry and the collective determination to help him return to his mission of “making bad guys cry.”

Fundraiser link: https://www.gofundme.com/f/support-marc-rogers-road-to-recovery

Source: https://www.theregister.com/2025/01/07/def_con_security_chief_injured/

09/01/2025
Airbnb’s Awful Response to California Wildfire Crisis

Airbnb’s response to California’s devastating wildfires has been nothing short of appalling. Amid a crisis displacing tens of thousands, the company’s refusal to accommodate a guest’s plea for cancellation highlights its rigid and unempathetic policies. A traveler caught in the chaos shared screenshots showing Airbnb dismissing wildfires as a valid reason for cancellations. Their tone-deaf response—offering no flexibility or compassion—is infuriating while communities burn and resources stretch thin.

Source: https://thedeepdive.ca/airbnb-under-fire-amid-cancellation-due-to-california-wildfires/

09/01/2025
Cannabis Sector Woes: Amplify Shuts Down Struggling ETF

The cannabis sector is in poor shape, highlighted by Amplify’s decision to shut down its US Alternative Harvest ETF (MJUS). With just $65.85 million in assets and a 91% decline in value since 2021, the fund will cease trading on January 27 and liquidate on January 30. Despite holdings in top companies like Green Thumb and Curaleaf, the sector’s underperformance, including a 46% drop in 2024, underscores its struggles.

Source: https://thedeepdive.ca/amplify-to-shutter-cannabis-focused-us-alternative-harvest-etf/

09/01/2025
Ontario’s “Crypto King” Charged with Intimate Partner Violence

Aiden Pleterski, Ontario’s self-proclaimed “crypto king,” has been charged with assault, forcible confinement, harassment, and death threats in an alleged intimate partner violence case. The 26-year-old, also accused of defrauding over 100 people out of $40 million, was granted bail under strict conditions. His next court appearance is set for January 28.

Source: https://www.cp24.com/local/york/2025/01/08/ontarios-so-called-crypto-king-faces-new-criminal-charges-in-intimate-partner-violence-case/

08/01/2025
Toronto Man Loses Entire Crypto Balance to Scam Site

A Toronto man, Art, lost $100,000 after unknowingly logging into a spoofed Kraken website he found via Google. Within six minutes, his cryptocurrency was drained and sent to an untraceable wallet overseas. Art, who had invested his inheritance in 2021, described the loss as devastating for his family.

Source: https://www.cp24.com/local/toronto/2025/01/07/money-we-dont-have-to-spare-spoofed-website-causes-toronto-man-to-lose-100k/

08/01/2025