El Salvador Buys Bitcoin as price Drops
El Salvador President Nayib Bukele said on Twitter Monday (Sept. 20) that the country has bought the bitcoin “price dip” to exchange dollars for bitcoin, Bitcoin Magazine reported.
We just bought the dip.
150 new coins!
— Nayib Bukele 🇸🇻 (@nayibbukele) September 20, 2021
The move will help at a time when is undervalued by the global market, according to Bukele, per the report.
The country bought its first 400 BTC on Sept. 6 and declared bitcoin a legal tender Sept. 7, according to the report. Afterward, the price of bitcoin declined, going from roughly $51,000 to around $43,000.
The Twitter announcement comes as international figures, including Edward Snowden, have urged bitcoin’s acceptance, and after El Salvador’s announcement, Snowden said that the coin favors those who adopt it early, which puts pressure on other nations, the report stated.
In other news, a hacker has stolen almost 277 pBTC, worth over $12 million, from cross-chain decentralized finance pNetwork, The Block reported.
pBTC is a version of wrapped bitcoin on the pNetwork ecosystem, which refers to a token on a smart contract blockchain backed by an equal amount in bitcoin, according to the report. That is made so that bitcoin can be used on decentralized finance (DeFi) protocols to generate yield.
pBTC existing on blockchains, including ethereum and Binance Smart Chain (BSC), the report stated.
pBTC didn’t give details on how the attack happened, except to say that a hacker was able to put a bug in the codebase, sucking pBTC out of the BSC blockchain, according to the report. The platform said other bridges had not been affected and were safe, and that the bug had been identified and a fix was proposed.
According to pNetwork, the bridges will be back up in around 12 hours, per the report. The platform said it plans to offer a $1.5 million bounty for the attacker if the stolen funds are returned.
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