Bitcoin News and Finance: What You Need to Know

Meta, the company that owns Facebook, Instagram, and Whatsapp, has shared its fourth quarter results, reporting better numbers than expected. While the company beat revenue estimates, CEO Mark Zuckerberg declared 2023 a “Year of Efficiency,” hinting at a further restructuration of the company to focus on its AI (artificial intelligence) and metaverse projects in the longer term Meta Reports Better Than Expected Q4 2022 Results Meta, the social company, reported mild positive results for Q4 2022, beating revenue expectations, and giving a deeper explanation of the direction that the company will take during 2023. The company received revenues of $32.17 billion, higher than the $31.53 billion estimated, giving hope to investors about the recovery of the company in the future. The company, which has been criticized for the pivot of its business model to the metaverse, a digital representation of the real world, is now trying to refocus after the heavy losses that R&D in this tech...

Binance has announced that Indian crypto exchange Wazirx can no longer use Binance wallet services. Zanmai, the operator of Wazirx, has until Feb. 3 “to remove the funds from the accounts that they used for Wazirx’s operations.” The move followed a public dispute regarding the relationship between Binance and Wazirx. Binance Ends Wallet Services to Wazirx Cryptocurrency exchange Binance said Friday that Indian crypto exchange Wazirx “can no longer use Binance wallet services.” Noting that it “has no control over Wazirx user funds or any aspect of the Wazirx exchange’s operations,” Binance explained: We provided wallet and related technology services to the exchange’s operator, Zanmai Labs (Zanmai), – a service we are terminating. While Zanmai has conveyed its intention to withdraw funds from relevant accounts, Binance noted that at the time of its announcement, the Indian company “has not fully withdrawn assets held in the Binance wallets that it uses for Wazirx’s operations.” ...

Blockchain analytics firm Chainalysis says 2022 was “the biggest year ever for crypto hacking,” with $3.8 billion stolen from cryptocurrency businesses. The firm added that decentralized finance (defi) protocol hacks accounted for 82.1% of all cryptocurrency stolen by hackers during the year. Crypto Hacking Hit Record High in 2022 Blockchain analytics firm Chainalysis published a section of its upcoming 2023 Crypto Crime Report on Wednesday, stating: 2022 was the biggest year ever for crypto hacking, with $3.8 billion stolen from cryptocurrency businesses. The firm explained that crypto hacking activity significantly increased in March and peaked in October — the month which “became the biggest single month ever for cryptocurrency hacking, as $775.7 million was stolen in 32 separate attacks,” Chainalysis described. The firm added that “82.1% of all cryptocurrency stolen by hackers — a total of $3.1 billion” came from decentralized finance (defi) hacks. Noting that this percent...

Binance has returned to the South Korean cryptocurrency market after two years with a “meaningful” investment in a local, licensed crypto exchange. Gopax fell into trouble following the collapse of crypto exchange FTX and the bankruptcy filing of crypto lender Genesis Global. Binance Invests in Troubled Korean Crypto Exchange Cryptocurrency exchange Binance announced Friday that it has invested in Gopax, a licensed crypto exchange in South Korea. The investment marks Binance’s return to the Korean crypto market, which the company exited two years ago, citing low usage and trading volume. Gopax halted withdrawals of both principal and interest payments from its decentralized finance (defi) service “Gofi” in November last year “as a consequence of the upstream challenges experienced by Genesis Global Capital LLC,” Binance detailed. “Since then, Gopax has been working closely with local regulators and industry partners in an effort to raise funds to make affected users whole.” The glo...

While operations with digital assets are not taxed in Uzbekistan, the government is receiving a growing amount of revenues from the industry. The increase in budget receipts has been attributed to the licensing regime and the introduction of fees for crypto companies. Crypto Exchange in Uzbekistan Pays Over $10,000 a Month to the State Coffer Licensed crypto firms have paid 3.5 billion Uzbekistani som (more than $310,000) to the budget in the course of 2022, Uzbekistan’s regulatory authority responsible for the oversight in the sector revealed during a press conference, quoted by the crypto news outlet Forklog. At the briefing , the National Agency of Perspective Projects ( NAPP ), a body subordinated to the president, announced the results of its activities. Officials said that the government has been able to collect the money thanks to the revamped licensing system and the imposing of fees for businesses working with digital assets. Five crypto platforms are currently authorized...

Egyptian lawmakers recently hailed the parliament’s endorsement of a pact that allows the country to join the New Development Bank, a report has said. According to the report, the lawmakers believe joining this BRICS-backed institution will help Egypt reduce its demand for dollars and enable it to preserve its forex reserves. Joining BRICS Following the Egyptian parliament’s recent endorsement of an agreement that paves the way for the country to join the New Development Bank, lawmaker Mohamed Abdel-Hamid, reportedly said the move helps reduce demand for U.S. dollars. Set up by Brazil, Russia, India, China and South Africa or BRICS nation states, the New Development Bank seeks to support “public or private projects through loans, guarantees, equity participation and other financial instruments.” In addition to helping Egypt preserve its foreign currency reserves, Abdel-Hamid, who is the deputy chairman of the parliament’s economic committee, said joining the institution enables the...

Russian banks may be the main losers from the introduction of a digital ruble while retailers will save on acquiring fees, analysts have predicted. The benefits for consumers using the new digital currency are not that obvious as they may not be paid any interest or cashback. Launch of Russia’s Digital Ruble Said to Result in Losses for Banking Institutions Commercial banks may lose up to 50 billion rubles annually (almost $715 million) when a digital version of the ruble is introduced, according to a forecast produced by financial experts at Yakov and Partners, the former Russian division of management consultancy McKinsey. Meanwhile, retail chains could potentially increase their income by up to 80 billion rubles each year, believe the authors of the research, quoted by the Russian edition of Forbes. At the same time, consumers may receive no interest on their balances or cashback for their transactions. The specialists see the digital ruble occupying a niche in the domestic ret...