Tether’s undisclosed loan led New York State Attorney General Letitia James to sue the companies and their parent iFinex for fraud, conflict of interest, and violation of New York’s securities laws in civil court for failing to make clear that Tether’s USDt stablecoin was no longer backed one-to-one by U.S. dollars.
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Crypto exchange Bitfinex launches Ethereum 2.0 staking service
The exchange’s users are now able to earn staking rewards on their ether holdings, supporting the fledgling proof-of-stake version of Ethereum
The transition to the Ethereum 2.0 proof-of-stake (PoS) blockchain is a long-awaited, and long-delayed, move to deal with the No. 2 blockchain’s growing congestion, which is causing delays and very high transaction costs. It will also be a much more eco-friendly version of Ethereum, which currently burns through almost as much electricity for mining as the entire country of Slovenia uses annually.
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Bitfinex launches ETH and BTC loans
The cryptocurrency exchange’s users will now be able to borrow bitcoin and ether using fiat currency or stablecoins as collateral
Bitfinex customers can now use fiat currencies such as the United States dollar, the euro or the Japanese yen, as well as the tether (USDt) stablecoin issued by Bitfinex’s sister company Tether, as collateral to obtain a loan in BTC. ETH loans, on the other hand, can only be financed by the United States dollars that the borrower holds on the platform.
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The Financial Action Task Force fears 'so-called stablecoins' could scrub its money laundering efforts (Photo: Wikimedia Commons).FATF calls for clampdown on ‘so-called stablecoins’ in new report
The Financial Action Task Force warns stablecoins have a ‘propensity for mass adoption makes them more vulnerable to be used by criminals and terrorists’
When a powerful international financial oversight body releases a report on “so-called stablecoins,” you just know it isn’t going to be comfortable reading.
