On Thursday, the New York Attorney General Letitia James came to the rabbit hole, uncovering $850 million missing from Bitfinex costumers money, finding more that Bitfinex tried to cover the missing funds, replacing it with money they have in the other company bank accounts, Tether Ltd, according to a Wall Street Journal report.
Bitfinex, The Hong Kong-based cryptocurrency exchange, and Tether Ltd are companies owned and operated by iFinex Inc.
Crypto Capital Corp Inc., a Panama based bank that Bitfinex uses as a payment processor and gave them $850 million for customer withdrawals failed to do such a thing … Read the rest
Three new cryptocurrencies have been listed recently on Coinbase, 0x, BAT and ZEC. All resulted in pumps and dumps as usually happens and there is no surprise to that. But it is important to point to a new thing tied to this new listing on Coinbase and it is that new listings are being paired only by USDC and this thing may raise many questions.
Stablecoins are trying to overcome Bitcoin’s dominance
USDC or USD coin is a dollar-pegged ERC20 token created from Circle and Coinbase. It has been intended to compete with Tether which has been entangled in a … Read the rest
It has been more than two weeks since Tether, the main “stablecoin” used by most popular exchanges had a fall by to 85 cents from the traditional value of $1. This event woke up again doubts whether the company tied to Tether has in their bank accounts the amounts of dollars to back up Tether or even worse the fear of an exit scam. When the event happened many exchanges prepared to delist the coin.
Today at the time of writing the price of Tether according to Coinmarketcap has gone again to 95 cents.
Tether price is down by 2.5% and is changing hands at $0.96. Tether price continues to fall as traders are selling USDT and are buying Bitcoin or other cryptocurrencies which made the prices go up for bitcoin at $7,800 and almost all the Altcoins followed by an increase of 10-15% adding to the crypto market another $20 billion capital.
What happened to Tether? Why exchanges are taking USDT down?
Kocoin has suspended USDT trading. They announced in a tweet that deposits and withdrawals are suspended.