One of the biggest mysteries in crypto revolves around token issuer Tether. Crypto enthusiasts—and crypto journalists— have long tried to figure out exactly what hard assets comprise the massive reserves that tether, as a “stablecoin,” is required to keep its dollar for dollar ratio in backing bitcoin with American dollars. The question is not academic. Tether has more than $78 billion worth of tokens in circulation and is by far the largest stablecoin issuer, accounting for about half of all transactions against bitcoin on centralized exchanges. Press play to hear a narrated version of this story, presented by AudioHopper. If the market began to question the stability of those dollar…
Bitfinex repays $750M Tether loan, but lawsuits remain
The cryptocurrency exchange paid off the remaining $550 million it borrowed from its sister company after being robbed—a loan that led to fraud and market manipulation lawsuits
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.
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.
Bitfinex launches social network for crypto traders
Bitfinex CTO Paolo Ardoino tells Modern Consensus its Pulse platform’s goal is to foster a sense of community while providing “niche” and “high-quality” content
Embattled cryptocurrency exchange Bitfinex has launched Pulse, a new social network aimed at helping its traders exchange ideas and share their insights.