• Fake Tethers under fake bitcoins.
    Tether

    Bitfinex tells court Tether invested part of dollar reserves in Bitcoin

    The revelation came in an attempt to dismiss a fraud and securities law violation suit brought by New York State Attorney General Letitia James

    The Tether stablecoin is backed in some part by bitcoins. David Miller, an attorney for Tether’s sister firm, cryptocurrency exchange Bitfinex, revealed in court last week that Tether has invested “a small amount” of the reserve dollars backing the tethers (USDt) in bitcoins (BTC). He added that the company had also invested in other undescribed assets.

  • Photo of an actual QuadrigaCX customer standing next to a Canadian flag (via Shutterstock).
    Bitcoin,  Canada

    Ernst & Young to QuadrigaCX users: You’re screwed

    The cryptocurrency exchanges bankruptcy trustee said it may not be worth looking for the missing 90% of customers’ digital assets

    Cryptocurrency exchange QuadrigaCX has barely 10% of its depositors’ money, and it’s probably not worth looking for the rest. That is what of auditing and advisory giant Ernst & Young Inc. told the Supreme Court of Nova Scotia in its role as trustee of the firm’s bankruptcy on May 1. It will be too long and costly, and some other exchanges and payment processing firms are not cooperating, it said.