Cryptocurrency

The global market cap has shrunk below $1 trillion to $977 billion, around 12 % fall since yesterday. The global cryptocurrency market cap has fallen by around $1 trillion this year while almost every top coin is now worth half or even less than their all-time highs. 

The Bank of England has said that bitcoin could be “worthless” and people investing in the digital currency should be prepared to lose everything.

In a warning over the potential risks for investors, the central bank questioned whether there was any inherent worth in the most prominent digital currency, which has soared in value this year to close to $50,000 (£37,786) a piece.

Now, the founder is making a plea — and issuing a few threats — to incentivize the voluntary return of the platform’s crypto tokens.

“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.

“Keep 10% as a white-hat. Otherwise, it’s being reported as income to the IRS, and most of you are doxxed,” continued the tweet.

But the remaining members have insisted it’s full steam ahead.

The 21 founding companies in the Libra Association - down from 28 when the project was first announced - met for the first time in Geneva on Monday.

A spokesman told the BBC he believed the currency was still on track to launch next year.

But, he added, it would only do so if suitable regulatory approval had been granted.

It comes after a stern warning from the G7 group of nations that Libra risked disrupting the global financial order.

The country is developing the legal tender currency Sovereign (SOV) to serve alongside the US dollar there.

Last week, the government unveiled the SOV development fund, which will hold 30 percent of the currency's initial supply.

David Paul, the Minister-in-Assistance to the President, said the fund would be independent.