Bitcoin News and Finance: What You Need to Know

Prices in Venezuela have been rising steadily even when denominated in foreign currency. According to data collected by Ecoanalitica, a market research firm, prices marked in dollars have grown close to 54% during 2022, affecting the income and savings of Venezuelans that have been using the U.S. dollar as an inflation hedge. Prices Grow Even in Dollars in Venezuela Inflation has taken another leg up in Venezuela, with prices of products and services being marked up even when denominated in dollars. Asdrubal Oliveros, economist, and partner at Ecoanalitica, a market research firm, stated that dollar-denominated prices rose close to 54% during 2022, being affected by the inflation that is currently hitting the country. Among the most affected items are food and beverages, which registered a price increase of 66.7%. In the same way, prices in the restaurant and lodging sector, linked to national and international tourism, rose by 95%, making this the sector that registered the highe...

Hong Kong has reaffirmed its commitment to become a regional crypto hub in following the collapse of cryptocurrency exchange FTX. “As certain crypto exchanges collapsed one after another, Hong Kong became a quality standing point for digital asset corporates,” said a top government official. Hong Kong Aims to Become Regional Crypto Hub Hong Kong Financial Secretary Paul Chan Mo-po reaffirmed the city’s crypto commitment at a web3 summit in Cyberport Monday. Emphasizing that Hong Kong remains committed to becoming a regional crypto hub, the financial secretary described : As certain crypto exchanges collapsed one after another, Hong Kong became a quality standing point for digital asset corporates. He added that Hong Kong has a robust regulatory framework for crypto that “matches international norms and standards.” Joseph Chan, the undersecretary for financial services and the Treasury for the government of Hong Kong, revealed at the same event that the city is preparing to iss...

According to a report from South Korea, the Korean subsidiary of Huobi Global is planning to cut ties with the parent company. The management of the trading platform stated that they plan to “strengthen its position” as a domestic cryptocurrency exchange and change its name. Huobi Experiences Significant Withdrawals as Subsidiary Huobi Korea Looks to Go Independent There has been much speculation and many rumors surrounding the cryptocurrency exchange Huobi Global, which rebranded to simply “Huobi” at the end of November 2022. Reports indicated that Huobi laid off 20% of its staff and plans to maintain “a very lean team” going forward. Additionally, Huobi has experienced a significant amount of withdrawals recently. Cryptoquant statistics show that on November 2, 2022, Huobi held more than 20,000 BTC . As of today, the cryptocurrency exchange’s BTC reserves are approximately 16,709 BTC . Similarly, Huobi had 22 million ETH in reserves on November 2, 2022, but according to crypto...

Airtm, a Latam popular cryptocurrency exchange and wallet, has announced it is winding down cryptocurrency trading and custody in its platform. The company stated that starting Jan. 4, 2023, all cryptocurrency deposits and withdrawals would be paused due to the changes in the service offer of one of its providers. Airtm Removes Cryptocurrency Trading Options Airtm, a popular exchange used by freelancers in Latam, has announced it is winding down cryptocurrency trading and custody services. The company, which has more than 2 million customers in the region, disclosed in a message on its platform that they were retiring cryptocurrency-based services in its wallet, leaving customers unable to deposit or withdraw their cryptocurrency funds out of the exchange. The action was taken by the company supposedly due to the change of the services offered by an unidentified provider. Local sources state this provider is Wyre, a cryptocurrency-based payments firm, which has recently stated it...

Authorities in Vietnam have caught and sentenced a hacker who stole money and data from a local cryptocurrency exchange. The man, who was arrested and charged for extorting the trading platform’s owner, has been ordered to return the money he misappropriated. Vietnamese Court Jails Hacker for Attacking Crypto Exchange Website A resident of Ho Chi Minh City in Vietnam has been given 10 years in prison for stealing 300 million Vietnamese dong (close to $13,000) from a crypto entrepreneur whose coin trading site he subjected to cyberattacks. Nham Hoang Khang, the hacker, was charged with extortion and sentenced on Friday by the city’s People’s Court, the English-language edition of the VN Express daily reported. He was also ordered to return the stolen money. The crypto exchange was established by Vu Ngoc Chau in 2018 to connect potential buyers and sellers of cryptocurrencies, taking a fee for the transactions it facilitated. Users were required to open accounts and provide personal...