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Hot Topics on Crypto Twitter – El Salvador President Hires Bitcoin Expert

Posted on June 5, 2023

Most of the leading cryptocurrencies experienced small gains last week. That’s because there wasn’t enough news to cause a significant rally. As the market turned green, a lot was also happening on Twitter. Here are the hot topics that were discussed.

The week started with some good news from US lawmaker Warren Davidson. He tweeted that the new debt ceiling agreement had stopped any further discussion on the White House 30% excise tax proposal that was to be imposed on crypto mining companies. The proposal, titled Digital Asset Mining Energy, had previously attracted criticism, with many Bitcoin maximalists claiming that the US government was trying to force mining firms out of the country.

On Tuesday, a Twitter account that shares on-chain data (@DegenerateNews) announced that the Bitcoin-based Ordinals project had now facilitated over 10 million inscriptions since January.

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That day, El Salvador’s Bitcoin Office tweeted that Saifedean Ammous, a Bitcoin consultant, had been hired by the country’s President Nayib Bukele. Ammous is the brain behind the famous book within the crypto space, The Bitcoin Standard. A day after the news broke, he told news outlet Diario El Salvador that he would render consultancy services for free. Ammous believes that El Salvador will soon become a crypto hub, pointing to Bukele’s recent initiatives aimed at attracting technological firms. A few weeks ago, the President approved a bill that excluded these companies from paying taxes.

Bukele, who is also a Bitcoin maximalist, established Bitcoin Office last year in collaboration with Bitcoiners Max Keiser and Stacy Herbert. This office handles all matters related to crypto.

On Wednesday, Alex Svanevik, the head of blockchain analytics firm Nansen, shared sad news on his Twitter account. He wrote that his company had laid off 30% of its employees. The CEO, however, promised to offer a smooth transition for the outgoing workers. Svanevik blamed the current bear market as the major factor leading to layoffs.

Blockchain Analyst Exposes an NFT Scam

Later that day, popular Blockchain analyst ZachXBT called out crypto influencer @AndrewWang for supporting a scam NFT project Pixel Penguin created by a pseudonymous Twitter user, @HopeExist. ZachXBT tweeted that the project creator began transferring investors’ funds to multiple wallets immediately after the collection had sold out. Over 60 ETH was lost.

On Thursday, the founder of NFT platform NotLarvaLabs, PaulyOX, shared a wallet address asking his followers to send some ETH in exchange for nothing. Surprisingly, within 24 hours, he had received over $1 million in ETH, according to data from blockchain analytics firm Arkham.

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That day, blockchain security firm PeckShield revealed that over $2.9 million worth of NFTs were stolen in May. The report indicated that 70% of the illegally obtained NFTs were sold on the Blur marketplace and 25% on OpenSea. On the positive side, Peckshield reported that NFT theft had declined massively since the start of the year.

Solana Records Growth in New Users

On Friday, Messari researcher, Ally Zach, shared data indicating that the Solana blockchain had seen a significant surge in new users last month. Zach said the newly built NFT-powered games and Decentralized Finance Protocols could be the reason causing the traffic.

On Saturday, the team behind Atomic crypto wallet informed users that hackers had targeted numerous wallets. ZachXBT tweeted that one user lost over $3.5 million in ETH.


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