Compound DeFi bug, Elon Musk on regulation, TikTok NFTs

Many of the top cryptocurrencies by market value, like bitcoin and ether, are up over the last seven days.

Bitcoin, up over 14.8% in the last week, is currently trading at around $49,365, as of 2:51 p.m. EST according to CoinMarketCap, and ether, up 14%, is trading at around $3,425.

And it’s been a busy week in the crypto space.

Along with price movement, here are six key things that happened, from Elon Musk sharing his thoughts on regulation to a massive decentralized finance, or DeFi, bug.

1. Coinbase will let users deposit paychecks into their accounts

2. Elon Musk says the U.S. government should avoid regulating crypto

On Tuesday, Tesla and SpaceX CEO Elon Musk said the U.S. government should avoid trying to regulate the crypto market.

“It is not possible to destroy crypto, but it is possible for governments to slow down its advancement,” Musk said at the Code Conference in Beverly Hills, responding to a question from New York Times columnist Kara Swisher about whether the U.S. government should be involved in regulating the crypto space.

“I would say, ‘Do nothing,'” Musk said.

3. TikTok launches its first NFT collection

4. Jerome Powell says he has “no intention to ban” cryptocurrencies

5. El Salvador has started mining bitcoin using energy from volcanoes

On Friday, El Salvador president Nayib Bukele tweeted that the country mined 0.00599179 bitcoin, or about $269, with power harnessed from a volcano.

This came after Bukele tweeted that he had instructed state-owned geothermal electric company LaGeo SA de CV to “put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos” in June.

Bukele said in his tweet Friday that the volcano mining project was still a work in progress and that the country was still “testing and installing” new mining equipment.

6. Bug allows for up to $162 million to be claimed after DeFi upgrade gone wrong

In what some deem the biggest-ever fund loss in a smart contract incident, about $162 million was accidentally distributed to users of decentralized finance, or DeFi, protocol Compound. Late last week, an upgrade with a bug in its code allowed Compound’s pool of funds to be claimed by users accidentally.

“If you received a large, incorrect amount of COMP from the Compound protocol error: Please return it,” Robert Leshner, founder of Compound Labs, tweeted late Thursday.

Leshner offered for users to “keep 10% as a white-hat” in his tweet, but added that “otherwise, it’s being reported as income to the IRS, and most of you are doxxed.”

While Compound works to fix the bug, some users have returned claimed funds. In addition, no user funds are or were at risk, as the bug impacted the protocol’s pool rather than supplied or borrowed funds.

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