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Investigation Reveals El Salvador Misused One-Third of $600 Million COVID Relief for Bitcoin

Posted on 11/02/2023

Investigation Reveals El Salvador Misused One-Third of $600 Million COVID Relief for Bitcoin

El Salvador diverts over $200 million from a $600 million COVID-19 relief loan to fund its Bitcoin adoption initiative. An investigation by the Organized Crime and Corruption Reporting Project (OCCRP) reveals that the money was earmarked for small businesses but ended up financing Bitcoin infrastructure, in direct violation of loan terms.

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