Venezuela Sets New Bitcoin Volume Record Thanks to 10,000,000% Inflation

More bolivar traffic appeared on P2P exchange Localbitcoins than any time in history last week. Venezuelans traded more bolivars for Bitcoin (BTC) than ever before last week, but the statistics say more about fiat than cryptocurrency. Yet another Bitcoin volumes record for VenezuelaData from Coin Dance, which tracks trading activity on P2P exchanges Localbitcoins, Paxful and Bisq, confirmed the seven days to July 20 were Venezuela’s biggest on record.During that period, users on Localbitcoins alone generated volumes of over 57 billion bolivars, beating the previous all-time high of 49 billion, which appeared in the previous week. As Cointelegraph reported, Venezuela’s currency continues to suffer from runaway inflation, which estimates claim has reached 10,000,000%, leading citizens to resort to alternative means of storing value. The country’s official alternative, state-issued digital currency Petro, was declared a failure by a United States nonprofit this month. But there’s a catchYet as the bolivar count on Localbitcoins keeps growing, in Bitcoin terms, the number is falling.…

Venezuelan Investors File Lawsuit With US Court in Connection With $30M Crypto Fraud

Seven Venezuelans claim to have been lured into a $30 million Ponzi scheme with a cryptocurrency pegged to diamonds A group of Venezuelans has filed a lawsuit with a Florida Federal Court in connection with a Ponzi scheme involving $30 million in cryptocurrency promoted by Canadian investment radio host Harold Seigel.Payment and commerce news outlet Pymnts.com reported today, July 16, that seven Venezuelans claim to have been lured into a $30 million worth digital currency Ponzi scheme conducted by companies such as Eagle Financial Diamond Group Inc.…