Tether, Bitfinex, summary

Back in April 2019, New York accused Bitfinex of using Tethers’s funds to cover up $850 million in losses. [5]

The New York attorney general’s office settled Tuesday a nearly two-year investigation into the finances and corporate practices of the companies that operate the Bitfinex cryptocurrency exchange and the stablecoin tether. [1]

New York Attorney General Letitia James said Bitfinex claimed its so-called ‘stablecoin’, Tether, was backed by one-for-one holdings in U.S. dollars. [3]

The State of New York shut down the the digital currency trading platform Bitfinex Tuesday, accusing it of hiding losses and deceiving clients, in a move that could have significant implications for bitcoin prices. [3]

The attorney general’s office said the companies made several public misrepresentations, regarding the dollar reserves backing for tether in 2017 and a situation in 2018 when Bitfinex lost access to about $850 million of its customers’ funds that it had placed with an outside company. [2]

Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie,” New York Attorney General Letitia James said as she shut down its trading in the state. [3]

When Bitfinex lost those customer funds, it borrowed money from the tether reserves to cover the loss, something it didn’t disclose publicly. [1]

The allegations say Tether is minted without the one-to-one- U.S. dollar backing, and then used to buy bitcoins on platforms such as Bitfinex. [3]

The owner of the Tether cryptocurrency and Bitfinex trading platform will pay an $18.5 million fine to settle charges it commingled client and corporate funds to cover up $850 million that went missing, New York Attorney General Letitia James said on Tuesday. [4]

Hong Kong-based iFinex Inc., which operates the Bitfinex exchange, and Tether Ltd. agreed to pay [the] $18.5 million to the attorney general’s office. [2]

The settlement ends a long-running saga that had been keenly followed in the crypto industry. [1]

So what could be behind this turnaround? One theory is that in the next few days, a new settlement out of New York will restore the crypto bull run.[5] 

| CryptoPress
tether bitfinex

Back in April 2019, New York accused Bitfinex of using Tethers’s funds to cover up $850 million in losses. [5]

The New York attorney general’s office settled Tuesday a nearly two-year investigation into the finances and corporate practices of the companies that operate the Bitfinex cryptocurrency exchange and the stablecoin tether. [1]

New York Attorney General Letitia James said Bitfinex claimed its so-called ‘stablecoin’, Tether, was backed by one-for-one holdings in U.S. dollars. [3]

The State of New York shut down the the digital currency trading platform Bitfinex Tuesday, accusing it of hiding losses and deceiving clients, in a move that could have significant implications for bitcoin prices. [3]

The attorney general’s office said the companies made several public misrepresentations, regarding the dollar reserves backing for tether in 2017 and a situation in 2018 when Bitfinex lost access to about $850 million of its customers’ funds that it had placed with an outside company. [2]

Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie,” New York Attorney General Letitia James said as she shut down its trading in the state. [3]

When Bitfinex lost those customer funds, it borrowed money from the tether reserves to cover the loss, something it didn’t disclose publicly. [1]

The allegations say Tether is minted without the one-to-one- U.S. dollar backing, and then used to buy bitcoins on platforms such as Bitfinex. [3]

The owner of the Tether cryptocurrency and Bitfinex trading platform will pay an $18.5 million fine to settle charges it commingled client and corporate funds to cover up $850 million that went missing, New York Attorney General Letitia James said on Tuesday. [4]

Hong Kong-based iFinex Inc., which operates the Bitfinex exchange, and Tether Ltd. agreed to pay [the] $18.5 million to the attorney general’s office. [2]

The settlement ends a long-running saga that had been keenly followed in the crypto industry. [1]

So what could be behind this turnaround? One theory is that in the next few days, a new settlement out of New York will restore the crypto bull run.[5] 

Related articles


More Articles

Lido proposes 'dual-governance' to prevent Ethereum centralization

Lido proposes ‘dual-governance’ to prevent Ethereum centralization

Lido project members are concerned about “cartelization” and have lobbied for changes to the protocol’s governance, which would prevent validators…
Is there any value left in crypto

Is there any value left in crypto? 

The market has plummeted and the bottom of the fall is not in sight. But the markets, especially the cryptocurrency market, have always been ver…
moneygram

MoneyGram officially launches its new USDC remittance service

MoneyGram, a global remittance firm, announced last Saturday 11th the introduction of its new payment channel connected to the USD Coin (USDC) sta…
(Visited 15 times, 1 visits today)
© Cryptopress. All rights reserved.