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“# Mashinsky says USDT is minted for crypto as $1M bounty offered to unpick reserves ” A bounty of up to $1 million has been offered up to anyone who can cast light on the precise backing of Tether’s reserves. That backing just got a little bit murker, after Celsius Network CEO Alex Mashinsky reportedly…
“# CFTC slaps Tether and Bitfinex with a combined $42.5 million fine ” On Oct. 15, the Commodity Futures Trading Commission, or CFTC, handed sister crypto companies Tether and Bitfinex fines totaling $41 million and $1.5 million, respectively, citing violations of the Commodity Exchange Act, or CEA, and of a prior CFTC order. The regulator has…
“# Tether fires back against report it is using reserves for investments and making crypto-backed loans ” Tether (USDT), the largest stablecoin issuer by market capitalization, has refuted the details of a Bloomberg story on its reserves holdings. In a Thursday report, Bloomberg journalist Zeke Faux made numerous claims against Tether, including that its chief…
“# Tether scores win in class action case as court dismisses RICO claims ” The judge in the class-action lawsuit filed in the Southern District of New York against stablecoin issuer Tether and crypto exchange Bitfinex has granted motions to dismiss many of the claims in the case. According to court documents filed Tuesday in…
“# Bitfinex paid a colossal $23M fee to send $100K of USDT ” Crypto exchange Bitfinex completed a highly consequential transaction today when sending $100,000 of the stablecoin Tether (USDT) to the layer-2 subsidiary platform DeversiFi. For reasons unknown, the exchange paid 7,676 ETH, equivalent to $23.7 million, marking quite possibly the largest gas fee ever-recorded…
“# Evergrande crisis: Buy the dip or bail? Pundits weigh in ” As the prospect of Chinese property giant Evergrande defaulting on $305 billion worth of debt looms, pundits are weighing in on how the firm’s bankruptcy could impact the legacy and crypto markets. Speculation as to whether the real estate investment giant will default…
“# Treasury plots stablecoin crackdown even as Tether’s dominance wanes ” The U.S. Treasury Department is reportedly preparing a review highlighting challenges posed by stablecoin redemptions and the effect of a possible run on the crypto asset market. According to a Sept.16 report from Bloomberg citing anonymous sources, Treasury officials are readying policy recommendations designed…
“# Does Evergrande’s $300B debt crisis pose systemic risk to crypto industry? ” Amid speculation as to whether China’s second-largest property developer, Evergrande Group, will default on its $300 billion in debts, analysts are wondering whether the firm’s collapse could pose contagion risks for the crypto industry. On Sept. 8, Fitch Ratings asserted it “appears…
“# Which stablecoins were actually ‘stable’ during this week’s sudden Bitcoin price crash? ” A sharp sell-off across the cryptocurrency market on Tuesday — that saw top tokens Bitcoin (BTC), Ether (ETH), Cardano (ADA) and Solana (SOL) fall by double-digital percentages — created a venue for stablecoins to prove their worth. The fixed-price cryptocurrencies offered…
“# Sen. Elizabeth Warren calls crypto the ‘new shadow bank‘ ” United States Senator Elizabeth Warren, one of the most vocal cryptocurrency skeptics in the U.S. government, has called the cryptocurrency industry the “new shadow bank.” In a Sept. 5 interview with the New York Times, Warren said that the cryptocurrency industry offers “many of…