It was another busy week in the crypto world, from El Salvador adopting bitcoin as legal tender to a CryptoPunk NFT selling for a record amount.
In case you missed it, here are seven things worth knowing about what happened in crypto over the last week.
1. FBI recovers $2.3 million in bitcoin paid in the Colonial Pipeline ransom
The Justice Department reported on June 7 it successfully retrieved $2.3 million in bitcoin paid by Colonial Pipeline to ransomware hackers in April.
The news caused a stir of confusion online — some speculated that bitcoin was “hacked,” and a day after the announcement, the price of bitcoin seemed to slide due to concerns over security of the cryptocurrency.
Though it isn’t exactly clear how it was done, experts say the FBI’s ability to retrieve the bitcoin ransom was due to the criminals’ storage of their private keys, rather than any vulnerability with the cryptocurrency itself.
2. El Salvador passes legislation to adopt bitcoin as legal tender
El Salvador passed a new law to adopt bitcoin as legal tender on Wednesday, becoming the first country to do so.
This allows bitcoin, the largest cryptocurrency by market value, to be used as payment for goods and taxes. Businesses can price their goods in bitcoin, and exchanges will not be subject to capital gains tax, CNBC reported.
Following the news, bitcoin’s price jumped 6% to over $37,000 on Thursday.