Bitfinex’s customers might suffer if it can’t access a line of credit from stablecoin issuer Tether, the exchange’s attorneys argued Sunday. In a new filing, attorneys Jason Weinstein and Charles Michael of Steptoe and Johnson, and David Miller and Zoe…
Tag: Tether
Tether Lawyer Admits Stablecoin Now 74 Percent Backed by Cash and Equivalents
The USDT stablecoin is only about 74 percent backed by fiat equivalents, says its issuer’s general counsel. Stuart Hoegner, who is general counsel to both Tether and Bitfinex, the controversial companies at the heart of cover-up allegations by the New…
The Bitfinex-Tether Allegations Explained
The New York Attorney General claims that BitFinex borrowed money from Tether to cover up an $850 million loss, but BitFinex says the money is elsewhere. Confused? We’ve got you covered. Subscribe to CoinDesk on YouTube: http://www.youtube.com/subscription_c… Site: https://www.coindesk.comFacebook: https://www.facebook.com/CoinDeskTwitter:…
Stablecoin Purchases Surged Amid Wednesday’s Crypto Market Drop
The crypto market took a turn for the worse on Wednesday when it lost nearly $30 billion in total market capitalization – but not every asset struggled to find buyers. In fact, certain stablecoins like USD-C, TUSD and DAI each witnessed…
Tether’s Price Has Stabilized, But the Stablecoin’s Supply Is Still Shrinking
In what’s become a rarity over the past month, the price of the tether (USDT) stablecoin temporarily regained parity with the U.S. dollar Wednesday. The token traded in the $1.00-$1.01 range for the better part of an hour, according to…
Tether Floods Into Kraken Exchange, Where Crypto Traders Can Get Dollars
Tether (USDT) tokens are flooding into a wallet address controlled by the Kraken exchange, one of the few places where the troubled stablecoin can be converted into U.S. dollars. The exchange’s wallet balance stands at nearly 47.8 million USDT at the…
Dutch Bank ING Says Crypto Exchange Bitfinex Is An Account Holder
ING Groep NV confirmed Tuesday that cryptocurrency exchange Bitfinex has an account with the Dutch bank. According to Bloomberg News and Reuters, a spokesperson for the financial services company acknowledged Bitfinex’s account but declined to share any other information, citing…