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News of the week: currency reconversion in Venezuela and hack to Coinbase

Among the outstanding news of the week is the implementation of the third currency conversion in Venezuela, through which 6 zeros are subtracted from the local currency: the bolivar. It also highlights the information recently released about the hack of the Coinbase exchange in the first quarter of the year, where the cryptocurrencies of some 6,000 clients were stolen taking advantage of a flaw in the two-factor verification system.

Meanwhile , the price of bitcoin began a new period of growth, again approaching $ 50,000 over the course of the last seven days. On average BTC advanced 10.5% in the week . At the time of this writing, it is listed at USD 47,942, as reflected in the market price of Latin America and Spain, according to the CriptoNoticias price calculator.

With CriptoNoticias, interested parties they can keep up to date on the price changes in the bitcoin and ether market relative to their local currency. To do this, you can visit the BTC and ETH Prices section, which has a calculator to make conversions quickly and easily to your national currency.

These are the most outstanding news:

  • Last Friday, October 1, the third monetary reconversion that has been implemented since 2008 in Venezuela came into effect , whose economy has been mired in hyperinflation for the past few years. There are 6 zeros that are subtracted from the bolivar this time, adding 14 digits that have been removed between the three reconversions of the last 13 years. As part of the process, several businesses rejected payments in bolivars since Thursday, September 30. Even the Binance exchange, popular in the South American country, suspended P2P trading with bolivars until October 2.
  • A sophisticated massive social engineering attack targeted Coinbase users between March and May this year, as revealed in a letter recently sent by the exchange to its clients . By exploiting a flaw in the multi-factor authentication system, a hacker or group of them managed to infiltrate the accounts and steal cryptocurrencies of around 6,000 users of the platform. As the Coinbase bug allowed attackers to access what were believed to be secure accounts, the exchange said it is replenishing funds from the affected accounts.
  • Since last September 28 it is not possible to enter portals related to bitcoin and other crypto assets in China, since these are blocked by a firewall that prevents access . It is a new step by the Chinese authorities aimed at blocking all activities related to the ecosystem in the Asian country. In the province of Inner Mongolia, 10,000 unregistered cryptocurrency mining equipment was confiscated, while the exchange Huobi withdrew 100,000 bitcoin from the funds generated and destined to the maintenance of its activity in China.
  • For next October 27, the first update of the Beacon Chain network , called Altair, is scheduled . According to a publication by the developer Danny Ryan, this update is part of phase 1, the consolidation of the fragments or sharding of Ethereum 2.0 that will later be incorporated into the main blockchain . For this Monday, October 4, date from which it will be possible to start updating the nodes, it is expected that all the details on the subject will be published.
  • The United States government does not intend to ban bitcoin, according to the statements of the Chairman of the Federal Reserve, Jerome Powell . The official is part of a working group that the United States Presidency formed to make recommendations on the use of stable cryptocurrencies, based on a report that will be published next December. On the other hand, representatives Maggie Hassan (senator for the state of New Hampshire) and Joni Ernst (senator for the state of Iowa) presented before the Senate a proposal to evaluate how other countries are using and mining bitcoin.
  • In El Salvador, President Nayib Bukele shared a video showing the installation of a container with dozens of ASIC equipment in the Berlin geothermal field, in Usulután. With this, the country started mining bitcoin using geothermal energy from volcanoes . Meanwhile, Spain’s CaixaBank bank established alliances with seven fintechs as part of its financial innovation program. Onyze, one of the 7 companies, specializes in custody of bitcoin, ether (ETH) and tokens of the Ethereum network.

If you want to know the meaning of several words in the crypto world terminology, you can consult them in the extensive CryptoNews Glossary.

ISO (Initial Scam Offering): can be translated as “Initial Scam Offering”. It is a play on words associated with the fact that many ICOs turn out to be scams ..

CryptoNews Glossary

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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