Crypto Friday Roundup

So, what ‘s been happening this week in the Crypto Space:

Coinbase Error

Users of Coinbase in Eastern European country of Georgia, were able to take advantage of a price bug that allowed them to cash out their holdings for 100x the exchange rate, with users cashing out with some big gains

On the day on this blunder, Georgia's currency the Lari was priced at $2.90...The technical bug in Coinbase’s exchange allowed users to withdraw Lari at 290! Imagine!

Of course, to save face, Coinbase blamed the missing decimal point 290, 2.90 on "a third-party technical issue" absolving themselves from any further embarrassment.

Users with $100 in Lari on Coinbase were able to withdraw it to their bank account for $10,000 due to an error

According to Coinbase, only around 1,000 customers took advantage of the bug, accounting to around 0.001% of their total users...

Still, a blunder is a blunder...

Africa Leading the way

Back in 2021 there was a report that found Nigeria was the top country in the world for crypto use where, 32% of respondents — nearly 1 in 3 — report having used or owned one type of crypto or another in 2020. Although the reliability of those statistic may not be accurate and a more recent report published last month found Ukraine was on top of the list

Nigerian authorities and crypto exchange Binance are in talks to form a partnership that would establish a digital economic zone to help the the adoption of blockchain technology by businesses.

Nigeria plans to use the NEPZA, which is the Nigeria Export Processing Zones Authority….to create the first economic free zone in West Africa for bitcoin and other crypto.

·NEPZA tweeted out “NEPZA in discussions on partnership with Binance and Talent City for the first Virtual Free Zone in West Africa similar to the Dubai Virtual Free Zone.”

Let’s see how this partnership progresses.

Celsius Confusion

Our final story this week is about Celsius Network

Now let’s rewind and go back in time a bit. Alex Mashinsky claimed in a tweet on May 11th the Celsius Network "Notwithstanding market volatility, Celsius had not experienced any significant losses and that all funds are safe"

Which was in stark contradiction that the according to internal financial records, Celsius Network had unrealised losses of more than $454 million between May 2 and May 12.

The Vermont Department of Financial Regulation all but implied the Celsius Network is a Ponzi scheme. Stating they have detailed a number of state concerns regarding unregistered securities offerings and fraud committed by the cryptocurrency firm Celsius Network.

I didn’t invest in Celsius Network, and I hope you didn’t get caught with losses either…Stay Safe.

Thanks for joining me and do tell your friends about crypto unplugged.

Have a great Friday and a lovely weekend and see you guys’ next time!

Listen to the episode here