Today's Hot Topics

Lawyers for Bitfinex & Tether Move to Dismiss Case

Both Bitfinex and Tether are hoping to get the case against the New York Attorney General dismissed, at least that’s according to new court filings published on earlier this week on 21st May. One set of the court documents show the motion to dismiss from the lawyers of Bitfinex and Tether under claims that the New York Supreme Court does not have jurisdiction over the accused in the case of the alleged criminal activity. According to the Bitfinex and Tether’s lawyers as stated in the court filings: “Neither Bitfinex nor Tether has a single headquarters or home office. Rather, the...

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Following USDT Scandal: Stablecoins Are Flocking To The PermaWeb To Increase Transparency

The cryptocurrency community can’t quite keep up with the number of scandals surrounding Tether. Whether it's the silent update of the company’s terms and conditions, murky relationship with Bitfinex, or an inability to satisfy concerns on the legitimacy of its supposed multi-billion-dollar reserves - sentiment towards the project has never been as bleak.    However, with Tether and its USDT token still regarded as the de-facto crypto stablecoin, the industry is in dire need of a more legitimate, accountable, and perhaps, most importantly, transparent alternative. In full recognition of these consumer demands, the likes of TrueUSD, NOS, and Moneyfold -...

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More Info Shared on Bitfinex’s $1 Billion Token Sale

It is believed that the Bitfinex exchange, which has been under fire recently following the Tether scandal, might be moving to raise as much as $1 billion through a token sale over the next week. A Bitfinex shareholder has recently posted on the popular WeChat platform that individuals interested in participating should reach out to either him or the DFund group that he founded. Now, there will be a minimum buy-in of $1 million with an overall supply of one billion tokens according to the shareholder, Zhao Dong. He then further claimed that $500 million has already been subscribed. “Only...

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Is Bitfinex Tethered to The Reputation of Its Sister Company?

Over recent years, Tether (USDT) has been beset by scandals, but the latest may just prove to be its undoing. The world's most traded stablecoin has long claimed that it’s fully backed by reserves of US dollars, although many have cast doubt on those claims. In a twist of irony, it turns out that at one time, there probably was one USD for each and every Tether in circulation. But not anymore. What’s happened is yet another one of the couldn’t-make-it-up stories that seem to emerge from the world of crypto with regularity. A Brief History of Tether Tether emerged...

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Tether Attorney Confirms not 100% of USDT is Backed by Fiat

The biggest stablecoin is the world, Tether has been under fire from critics recently following the Bitfinex scandal which revealed that the exchange lost $850 million and masked the whole sum with Tether. Less than a week after this news broke, Tether is yet again at the centre at another bout of controversy after it was revealed that only 74 percent of its overall circulating supply is backed by fiat. Yesterday - 30th April - Tether’s general counsel Stuart Hoegner wrote in his affidavit that the firm only holds 2.1 billion in cash and cash equivalents. Meanwhile, though, the data...

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