R.I.P. McAfee | This Week in Crypto – Jun 28, 2021

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John McAfee reportedly found dead, $3Bn stolen from an African crypto exchange and salvadorians to receive free Bitcoins. These stories and more this week in crypto.

John McAfee—the anti-virus mogul and bitcoin bull—has allegedly committed suicide in prison. McAfee was serving time in a jail cell in Barcelona, Spain while awaiting extradition to the United States on tax evasion charges. McAfee was known for making boisterous bitcoin price predictions, including one where BTC would hit $1 million by the year 2020.

Nearly $3.6 billion in digital funds have been wiped from Africrypt, a digital currency exchange in Africa, making it the biggest crypto heist in history. The company’s founders are being blamed for the loss, as they reported a hack a few weeks ago and then told its customers not to report the hack to law enforcement, claiming it would interfere with their own investigation.

El Salvador will give each of its residents $30 in bitcoin as a means of inspiring usage. In addition, the country is creating its own digital wallet known as “Chivo,” which is slang for “cool” in the nation’s language. El Salvador’s president is confident the move will boost investments and give way to easier remittance payments.

U.S. cryptocurrency exchange Coinbase is entering the Japanese market with a subsidiary registered with the country’s Financial Services Agency. Coinbase will begin by offering five major cryptocurrencies with more to follow. The task of complying with Japan’s strict crypto regulatory regime is not without its payoffs as it is one of the largest regions for trading in the world.

South African entrepreneur Elon Musk and Square CEO Jack Dorsey will meet at an event known as “The B Word” to talk about Bitcoin. The conversation will occur on July 21 and will be one of several special features of the event that will enable a more informed discussion about the role Bitcoin can serve for institutions.

Stronghold Digital Mining in Pennsylvania has received more than $100 million in new funding to establish a more environmentally friendly crypto mining farm. The company has said it will use waste coal to power its machines. Waste coal has wreaked havoc on local environments, and the mining efforts should help with its cleanup while lowering emissions.

Disney-owned Marvel Entertainment announced that it will launch its first official NFTs. The digital collectibles will take the form of 3D models that can be viewed on a smart device, in virtual reality, or even augmented reality. NFTs serve as a deed of ownership and can be authenticated via a blockchain.

Auction house Sotheby’s is selling a 100 carat, pear-shaped diamond and people can bid on the item with cryptocurrencies like bitcoin. The diamond—which is valued at more than $10 million—marks a “truly symbolic moment” in that it will be the first physical item of that value sold with the inclusion of crypto in the event.

That’s what’s happened this week in crypto, see you next week.

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