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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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$300 Million Worth of Tether Printed in Midst of Bitfinex Allegations

£300 million worth of Tether’s USDT token has just been printed due to the demand for the cryptocurrency just keeps on growing. Around $800 million has been added to the market cap of tether since the first of April which has sent it to an all-time high of $2.84 billion. So this means, it is the first time Tether’s market cap has increased since the summer of last year. The significant demand for USDT specifically comes from China where the Initial Exchange Offering phase seems to under full swing. As reported by Trustnodes: “To bypass the banning of centralized crypto...

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Tether To Claim USDT Is Fully Backed By $USD, Again

We write this article pretty frequently, I’d say at least three times a year, however, as the world’s most traded stablecoin, it’s important we report the news, right? Tether have once again hit the headlines regarding their US Dollar pegged stablecoin, USDT and theories about whether or not USDT fully backed by the US Dollar, meaning for each ever USDT in existence, there is $1.00 behind it, this is what gives stablecoins value and also stops them from being exposed to the volatility of regular cryptocurrencies. Stablecoins are pegged to FIAT currencies and they allow investors to make crypto to...

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