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...

Mastercard, the payments giant, has partnered with Polygon, an Ethereum scaling platform, to introduce emerging artists into Web3 technology. Mastercard’s artist accelerator, as the program is called, will teach five different emerging artists, including singers, musicians, DJs, and producers, to use blockchain tools to grow their brand and fan engagement. Mastercard Partners With Polygon to Teach Web3 Traditional finance companies are now seeking to harness the power of blockchain for a myriad of activities in different fields. Mastercard, one of the biggest payments companies, has partnered with Polygon, an Ethereum scaling platform, to introduce five different emerging artists to the possibilities that Web3 tech can bring to their activities. The Mastercard artist accelerator program will use the Polygon network to teach the selected artists how to perform a series of activities that will allow them to cut the middleman, mint their own NFT (non-fungible tokens) collections to ...

An Ohio man has pleaded guilty to stealing over 712 bitcoin that was “seized” by the U.S. government in another criminal case. He has agreed to forfeit some bitcoin, ether, and dogecoin as part of his plea. “Due to the increase in market prices, the total value of these forfeitable properties exceeds $12 million,” said the U.S. Department of Justice (DOJ). US Man Steals Brother’s ‘Seized’ Bitcoin The U.S. Department of Justice (DOJ) announced Friday that a 31-year-old Ohio man, Gary James Harmon, has pleaded guilty to “unlawfully stealing” bitcoin that was “seized” by the federal government in his brother’s pending criminal case. The DOJ described: Harmon pleaded guilty to wire fraud and obstruction of justice for unlawfully taking more than 712 bitcoin that had been seized by law enforcement and was subject to forfeiture in the pending criminal prosecution of Larry Harmon. As part of his plea, Gary Harmon agreed to forfeit “cryptocurrencies and other properties derived from the...

Disgraced FTX founder Sam Bankman-Fried (SBF) is attempting to regain access to his Robinhood shares, worth over $460 million. The former CEO of the collapsed crypto exchange claimed that he needs them to “pay for his criminal defense,” stressing that without them the consequences would be serious and “irreparable.” FTX customers, on the other hand, “face only the possibility of economic loss,” SBF’s court filing states. Disputes Over Robinhood Shares FTX co-founder and former CEO Sam Bankman-Fried (SBF) is trying to regain control of his Robinhood shares that are currently disputed by several parties, including SBF himself, the new FTX management, and bankrupt crypto lender Blockfi. Bankman-Fried has asked the bankruptcy court to deny the motion to enforce the automatic stay (stay motion) filed by the new FTX management on 56,273,269 shares of Robinhood Markets Inc. (Nasdaq: HOOD), worth more than $460 million, a Thursday court filing shows. The court document details that the fo...

From the start of March, Nigerian public officials will be barred from withdrawing cash from government bank accounts, the head of the Nigerian Financial Intelligence Unit reportedly said. Public officials that want to be exempted from this new regulation will have to obtain a waiver from the Nigerian Presidency. Government Workers Vulnerable to Money Laundering Nigerian government workers will be prohibited from drawing cash from government accounts starting on March 1, Modibbo R. Hamman Tukur, the head of the Nigerian Financial Intelligence Unit (NFIU), has said. The new rule, which reportedly applies to federal, local and state officials, seeks to tackle the high levels of corruption and money laundering in government. In addition, a Reuters report said the new rule in is tandem with the Nigerian government’s goal of achieving a cashless economy. The report also quotes Tukur explaining the reasons behind this decision. He said: Civil servants are becoming more and more vulner...

Gold is on the rise in 2023 and in the first week of the new year alone, the precious metal has jumped 2.36% against the U.S. dollar. Over the past 65 days, gold has soared 14.55% while silver has skyrocketed 22.31% against the greenback since Nov. 3, 2022. According to the head of metals strategy at MKS Pamp Group, there is a “decent amount of bullish ‘pent-up’ demand that has been carried over from last year” for gold. Central Bank Demand and Ongoing Geopolitical Tensions Continue to Drive Gold’s Ascent The insistence for gold has continued to rise according to market prices during the past seven days. Gold jumped from $1,823 per troy ounce to $1,866 in that time frame. While gold is up 2.36% against the U.S. dollar, a troy ounce of fine silver is down roughly 0.58% since the start of the year. Over the past two months, both gold and silver have risen a great deal, with gold jumping 14.55% and silver increasing 22.31% against the greenback. With precious metals on the rise, ‘go...

Authorities in Romania have conducted more than a dozen raids against people suspected of hiding income from cryptocurrency operations. The searches took place in late 2022 following an earlier investigation which established that crypto traders had failed to report digital assets exceeding $50 million in value. Law Enforcement and Tax Authorities in Romania Go After Crypto Taxpayers Police and tax officials in Romania have carried out 17 raids in the fall of last year as part of an investigation against persons accused of evading taxation by concealing profits from transactions with cryptocurrencies, local media revealed. Addresses were searched in the capital Bucharest as well as the counties of Dâmbovița, Ilfov and Olt, according to Cristian Roman, partner at the Iordăchescu & Asociații law firm, who shared the information with Romania Journal. The lawyer was referring to data provided by the Romanian police. Law enforcement authorities in the EU country allege that, betwee...

France has to adopt a licensing regime for crypto service providers, the head of the country’s central bank has suggested. According to the executive, the need to tighten regulatory oversight stems from the “disorder” in the industry throughout the past year. Licensing Should Replace Registration for Crypto Firms in France, Governor Galhau Says Banque de France Governor Francois Villeroy de Galhau has urged for subjecting crypto businesses to stricter regulatory requirements. Licensing must be introduced instead of the current registration in response to the recent volatility in the sector, he insisted. De Galhau also thinks that Paris should not hesitate but act even before the upcoming EU regulations take effect and make it obligatory for Digital Asset Service Providers (DASPs) to obtain licenses from the French government, Bloomberg reported. Around 60 platforms working with cryptocurrencies have so far registered with the Autorité des Marchés Financiers ( AMF ), France’s finan...

The U.S. Department of Justice (DOJ) has asked victims of former FTX CEO Sam Bankman-Fried (SBF)’s fraud to come forward. The former FTX executive has been charged with “defrauding customers of FTX.com, investors in FTX.com, and lenders to Alameda Research,” the Justice Department noted. DOJ Urges Victims of SBF Fraud to Come Forward The U.S. Department of Justice (DOJ) reached out to victims of Sam Bankman-Fried (SBF)’s fraud via its website Friday, explaining their rights and asking them to come forward. Bankman-Fried co-founded FTX and served as its CEO when the crypto exchange filed for bankruptcy in November last year. The DOJ wrote: If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a/k/a ‘SBF,’ please contact the victim/witness coordinator at the United States Attorney’s Office … for assistance in verifying whether you are a victim in this case. The Justice Department explained that on Dec. 13, 2022, “an eight-count indictment was unsealed ...

Mark Cuban, a Shark Tank star and the owner of the NBA team Dallas Mavericks, has warned that the next crypto implosion could come from “the discovery and removal of wash trades” on centralized exchanges. The billionaire’s comments followed the collapse of crypto exchange FTX which wiped out billions of dollars of customer funds. Mark Cuban on the Next Crypto Implosion Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, shared his thoughts on the next crypto implosion with The Street, published Friday. The billionaire said: I think the next possible implosion is the discovery and removal of wash trades on central exchanges. “There are supposedly tens of millions of dollars in trades and liquidity for tokens that have very little utilization,” Cuban emphasized. “I don’t see how they can be that liquid.” However, the Shark Tank star admitted: “I don’t have any specifics to offer to support my guess.” Wash trading has long been a concern with cryptocurrenc...

Former Federal Reserve Chairman Alan Greenspan says crypto is “too dependent on the ‘greater fool theory’ to be a desirable investment.” However, he noted that the collapse of crypto exchange FTX was “purely fraud,” rather than the result of a feature inherent to crypto. He does not expect the FTX contagion to spread far beyond the crypto space. Alan Greenspan on Crypto, FTX, and US Economy Former Federal Reserve Chairman Alan Greenspan shared his views on cryptocurrency, the collapsed crypto exchange FTX, and the U.S. economy in a year-end Q&A published by Advisors Capital Management this week. Greenspan served five terms as chairman of the Board of Governors of the Federal Reserve System from 1987 to 2006. He was appointed chairman by four different U.S. presidents. He joined Advisors Capital Management in September 2016 as Economic Advisor to the asset management firm. The former Fed chair was asked to comment on the FTX meltdown and whether he expects contagion from it. “I...

The host of Mad Money, Jim Cramer, says he expects the U.S. Securities and Exchange Commission (SEC) to do a roundup of crypto firms that are not compliant with regulation. Expecting the SEC “to sweep everything,” Cramer urges investors to “get out” of crypto now. Jim Cramer’s Latest Crypto Warnings The host of CNBC’s Mad Money show, Jim Cramer, is back with more warnings for crypto investors. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. Following a joint statement about crypto risks by the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), Cramer said on CNBC Wednesday: I think these statements are the beginning of what I have been calling for, which is that the SEC is going to do a roundup of all of the ones [crypto firms] who are not compliant. Citing John Stark, who served as an attorney for over 18 years in the SEC’s Enforcement Division, ...

Since the beginning of 2023, cryptocurrency miners operating in Kazakhstan are obliged to pay new fees for the power they need to mint digital coins. A surcharge introduced in 2021 now depends on the price of electricity consumed by bitcoin farms and can be much higher than the original levy. New Year Brings Higher Costs for Companies Mining Crypto in Kazakhstan Starting from Jan. 1, an electricity fee imposed on crypto miners in Kazakhstan is being calculated according to a progressive scale. The initial universal surcharge of 1 Kazakhstani tenge ($0.002) per kilowatt-hour ( kWh ), first adopted in the summer of 2021, can now reach 25 tenge (over $0.05). The rate in each case depends on the source and price of electrical energy used to extract digital currencies. The new mechanism to determine the tariff was introduced with a bill amending the country’s Tax Code which President Kassym-Jomart Tokayev signed into law in July 2022. The base for the levy is the average price of ele...

As of November 2022, Kenyan fintechs accounted for 30.2% or 93 out of the 308 tracked tech startups, a Disrupt Africa study recently found. In addition, the study findings show that the fintech sub-sector alone accounted for 3,100 or 27% of the 11,462 people that were employed by tech startups during the same period. Fintechs Solving Fundamental Problems According to the findings of a study on Kenya’s startup space, fintech ventures alone accounted for just over 30% or 93 out of the 308 tracked startups. This figure is almost three times more than that of the nearest challengers, namely agri-tech and e-health, which both accounted for 10.1% of Kenya’s tech startups that were tracked between January and November 2022. However, as explained in Disrupt Africa’s study report on the Kenyan startup ecosystem, the dominance of fintechs is not unusual. “Fintech takes the top spot in most African countries as it solves fundamental problems for the populace, is an area in which novel tech ...

Animoca Brands, a Web3 gaming-focused company, has announced it is now targeting a raise of $1 billion for a fund directed to inject help for already established blockchain projects. The number is significantly lower than the $2 billion the company announced back in November as an upper limit for this same fund. Animoca Brands Announces Lower Numbers for Web3 and Metaverse Fund Animoca Brands, one of the most popular Web3 gaming and blockchain companies, has made a new announcement regarding its fundraising goals for Q1 2023. Yat Siu, a co-founder of the company, recently stated in a Twitter Spaces chat it was looking to raise $1 billion from various parties for a fund provisionally called Animoca Capital, which would focus its activities on supporting already established Web3 projects. This number is significantly lower than the goal Siu established back in November when he first revealed plans to launch this fund, declaring that Animoca Brands expected to raise up to $2 billion...

The Thai Securities and Exchange Commission (SEC) has launched a crypto academy where investors can learn about digital assets free of charge before investing. “The more you know your investments, the less risk you will have,” the Thai regulator emphasized. Thai SEC’s Crypto Academy Launched The Thai Securities and Exchange Commission (SEC) announced Wednesday that it has launched “Crypto Academy” to provide free online resources and courses on digital assets. The initiative aims to equip the public with in-depth knowledge of digital assets and blockchain technology before they invest, the regulator described, adding: The more you know your investments, the less risk you will have. The SEC Crypto Academy currently offers four courses. The first aims to provide new investors with a basic understanding of the crypto market, including the definition of cryptocurrency and the principles of blockchain technology. The second course focuses on the key features of cryptocurrencies and ...

The U.S. Securities and Exchange Commission (SEC) has charged the team behind Coindeal, a $45 million fraudulent crypto investment scheme. The regulator explained that the defendants falsely claimed that Coindeal “would generate investment returns of more than 500,000 times for investors.” SEC Takes Action Against Coindeal Crypto Fraud The U.S. Securities and Exchange Commission (SEC) announced Wednesday that it has charged the creator of crypto investment scheme Coindeal and seven others in connection with the $45 million fraud. Describing Coindeal as “a brazen and far-reaching unregistered offering fraud conducted between at least 2018 and 2022,” the securities regulator detailed: Coindeal … raised more than $45 million from sales of unregistered securities to tens of thousands of investors worldwide. The SEC explained that creator Neil Chandran and promoters Garry Davidson, Michael Glaspie, Amy Mossel, and Linda Knott “falsely claimed that investors could generate extravaga...

A top Internal Revenue Service (IRS) official says, “Cryptocurrency is here to stay,” and “it’s becoming more legitimate.” The official added that the U.S. tax authority is looking to partner with crypto companies, noting: “I don’t see how we can operate in this space without it.” Top IRS Official Says Crypto Is Here to Stay Thomas Fattorusso, acting special agent-in-charge of the Internal Revenue Service-Criminal Investigation (IRS-CI)’s New York office, talked about cryptocurrency in an interview with The Wall Street Journal earlier this week. “We can’t be hostile to the technology. We have to embrace it,” the IRS official emphasized, elaborating: Cryptocurrency is here to stay. As far as I’m concerned, it isn’t going anywhere anytime soon and it’s becoming more legitimate. As the years roll on, it becomes more sophisticated. Fattorusso explained that the IRS is looking to partner with crypto companies. “My thought is that those relationships will develop as the years go on a...

Fabio Panetta, part of the Executive Committee of the European Central Bank (ECB), believes that unbacked cryptocurrency assets are vehicles for gambling without intrinsic value, which need to be regulated. In an opinion piece, Panetta states that while cryptocurrency regulation is a good answer to the problem, it must also touch on decentralized finance structures. ECB Executive Member Fabio Panetta Believes Crypto Should Face Gambling-Like Regulation The subject of cryptocurrency regulation and how it should be applied continues to be an essential issue across regulators worldwide. Fabio Panetta, a member of the executive committee of the European Central Bank (ECB), believes that cryptocurrencies, posing as investment assets, are more like gambling vehicles. As part of an opinion piece published on Jan. 4, Panetta argues that unbacked cryptos should be regulated more like gambling instruments than as currencies. About crypto, he stated: They are speculative assets. Investors ...