Thursday, May 26, 2022

The 5 weirdest crypto stories of 2021

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In 2021, the market cap of cryptocurrencies skyrocketed 286% yr over yr, uplifting a $2.17 trillion trade into the stratosphere. However, with this huge creation of wealth comes the explosion of strange tales all through the sector. From the suspicious loss of life of a number of crypto-evangelists and crypto scams involving hacked Twitter accounts of heads of states to much-promoted superstar NFT drops that bombed on the public sale, 2021 was actually a wild yr for the cryptocurrency our on-line world. With out additional ado, let’s take a look at the highest strangest tales which have captivated blockchain fans this yr.

No 1. The loss of life of John McAfee

On June 23, John McAfee, crypto-evangelist and namesake founding father of antivirus software program firm McAfee, was found dead in a Spanish jail cell in an obvious suicide by hanging. America, one of many few international locations that impose a taxation-by-citizenship regime — that’s, People are taxed on their worldwide revenue every year no matter their nation of residence — had been searching for McAfee’s extradition for failing to file his revenue tax returns from 2014 to 2018 and allegedly not reporting revenue for his crypto tasks. McAfee was arrested in Spain pending U.S. tax evasion costs. Again in 2018, McAfee was allegedly charging as a lot as $105,000 per Tweet to advertise preliminary coin choices (ICOs) on social media.

In one other Tweet two years prior, McAfee said: “If I suicide myself, I did not. I used to be whacked,” resulting in conspiracy theories that the businessman’s death could have resulted from an orchestrated assault. McAfee is remembered for his pioneering ventures in programming, early adoption of Bitcoin (BTC) and his eccentric persona. He famously stated that he would “eat [his own] dick on nationwide tv” if the value of BTC didn’t attain $500,000 by 2020. In November, McAfee’s unique software program improvement firm was acquired by personal buyers for $14 billion. McAfee is survived by his widow Janice McAfee and his youngsters (of which McAfee claimed to have no less than 47).

No 2. India‘s prime minister seems to tweet out a BTC rip-off

Indian prime minister Narendra Modi‘s Twitter account was hacked once more in December, with scammers claiming that India had adopted BTC as national tender, and 500 BTC can be found for quick distribution to Indian nationals who enroll by way of a phishing hyperlink. The tweet was briefly viewable to the general public and Modi‘s 73.4 million followers earlier than it was taken down. The yr prior, a cybercrime group often known as “John Wick” hacked the prime minister‘s Twitter account and posted messages asking his followers to make crypto donations.

A number of hypotheses exist as to why Modi grew to become a goal of those Bitcoin rip-off hacks. One potential motive was revenge for the continuing Bitcoin scandal in India‘s Karnataka state. Based on Indian media retailers, Karnataka police and governmental officers allegedly obtained 12,900 BTC in bribes from hacker Srikrishna Ramesh, who was arrested for hacking three crypto exchanges and different web sites within the earlier years. When Karnataka chief minister Basavaraj Bommai requested concerning the challenge in a gathering with Modi in November, the prime minister allegedly disregarded the problem. India presently faces a chaotic regulatory environment concerning the state of crypto affairs within the nation.

Narendra Modi’s deleted Bitcoin Tweet | Supply: India Right now / Twitter

No 3. ConstitutionDAO‘s “Uno Reverse”

Again in November, a bunch of retail buyers shaped a decentralized autonomous group, or DAO, desiring to pool cash to buy the last privately-owned first-edition print copy of the US Structure at a public public sale hosted by Sotheby‘s. Structure DAO raised $49 million by way of Ether (ETH) donations from 17,437 individuals. On the day of the public sale, nonetheless, the piece of the structure was outbid by Ken Griffin, CEO of Citadel, whose agency owned hedge funds that shorted Gamestop shares to the discontent of many retail buyers selling the inventory.

The ConstitutionDAO disbanded shortly afterward and issued refunds to its stakeholders. Whereas it could be that the “proletariat” buyers don’t have anything to lose however their chains, it‘s clear that the “bourgeois” received‘t permit them to be unshackled so simply.

No 4. Elon, Tesla and Bitcoin

Cryptocurrencies have been on a wild curler coaster trip this yr, presumably partly to Tesla‘s CEO Elon Musk. Selling digital meme currencies equivalent to Dogecoin (DOGE) and apart, Musk‘s indecisive strategy when it got here to Tesla‘s Bitcoin adoption created and worn out many fortunes.

In March, Musk despatched buyers right into a shopping for frenzy after saying that Tesla would accept BTC as payment for customers to buy its electrical vehicles. Two months later, the momentum reversed and changed into a full-on market rout after Musk dropped the plans, citing environmental issues with community mining. Then in October, Tesla stated it will reconsider adding BTC as a way of fee. By means of all this, nonetheless, Musk grew to become extra in style as a helmsman, main retail buyers and crypto fans alike by the storms of capital markets. He was lately elected Particular person of the Yr by Occasions Journal.

No 5. The unsold NFTs of Tupac Shakur

For 29 years, former hip-hop journalist Lawrence “Loupy D” Dotson held on to a sequence of pictures of famed-rapper Tupac Shakur. The photographs have been taken on the rapper‘s “2Pacalypse Now” debut album launch occasion in 1992 and have been introduced for public public sale within the type of nonfungible tokens, or NFTs, in November of this yr. In an interview with Cointelegraph, Loupy D said: “I additionally thought of photograph reveals, museums, every kind of how. With NFTs, it’s not simply concerning the asset itself however the story behind the asset. I knew I wanted to get my story on the market within the public eye.”

The OpenSea public sale had notable press protection beforehand, together with from RollingStone and Fortune.com. For per week, the public sale continued. Nevertheless, not a single piece was offered out of the 18 Tupac photograph NFTs. In his disappointment, Loupy D took them off the platform and opened them up for personal inquiries. However, to be honest, the photographer could have been asking an excessive amount of, as every NFT piece had a minimal bid of 25 ETH ($100,000). Earlier this yr, one other artist asked 200 ETH ($1 million on the time) for a photograph of Tupac Shakur taken 14 days earlier than his loss of life in a drive-by taking pictures. That NFT has not offered regardless of the value dropping right down to 10 ETH. Merely asking an excessive amount of or has Tupac‘s reputation light? You be the choose.