As the market nears the end of a stormy year, experts and influencers are split as to whether Bitcoin will enter a bull or a bear market next year. To get a more detailed idea, What Bitcoin Did host Peter McCormack checked in with on-chain analyst Willy Woo to ask about price performance and future […]
Many heads turned to the idea that a token meant to serve as a backed stablecoin may actually be manipulating the game. In enters Tether. These were heavy considerations especially with all of the beauty going on in the crypto world. Here is quick dive into what happened during the trials earlier this year, and how things have played out for the parties involved since. A New York State Of Affairs A complaint filed earlier this year claimed that Tether (USDT) had knowledge around the volatility of crypto’s total market capitalization, including a skyrocketing $795 billion in late 2017. Five crypto traders were the plaintiffs who claim they purchased cryptocurrencies at inflated prices and suffered financial losses as a result. As a result, the suit represented anyone in the United States who inflated prices may have harmed during this period of time. The defendants’ lawyers argued that the case would fall apart, with the accusation that Tether printed its USDT stable coins without any solid backing. Related Reading \ Dog-Themed DeFi Project Mysteriously Loses Fundraised $60 Million Another lawsuit In 2019 resulted in a settlement for both parties. The New York State Attorney General Letitia James announced that the office was investigating Bitfinex. What made things sticky is that Tether also came into the spotlight due of the exchange’s affiliation with Bitfinex. The case surrounded an alleged $850 million in cover-ups for a loss. It also happened to be around the same time that Tether legal representatives admitted that the stablecoin was only around 74% backed. Tether settled the case with New York state and as result the crypto was barred from doing business in New York under the terms of the settlement agreement. Bitfinex and Tether did not admit wrongdoing, but the court fined them a nice chunk of change totaling out to around $18.5 million. The court also wanted Tether to provide quarterly reserve reports for the next two years. Since 2019, the stablecoin has been involved in more lawsuits, both major and minor. BITCOIN: USDT is an often-utilized stablecoin for swapping with BTC and other major crypto tokens. | BTC-USDT on TradingView.com Related Reading \ Refinable Launches Gaming Initiative and Sets Aside $150,000 to Support NFT Gaming Tethered Up A 127-page court document with the rest of the case can be found in Bloomberg Law’s database. Many of these came from 2017, and latest until 2019 – until recently when everything came to light after the U.S District Judge Katherine Polk Failla, who was lead of the case, ruled in the crypto’s favor. She dismissed half of the claims that the plaintiffs presented against the defendants. Tether and Bitfinex described the remaining claims as “meritless,” expressing that they were likely not willing to settle with the plaintiffs. Most of the complaints were then dismissed, but Tether was still forced to pay an $18M fine to settle the lawsuit. It’s been a journey for the notorious stablecoin as they face backlash for what has happened to date, and substantial questions still today, however within the past week, Tether has partnered with Notabene in an effort to combat money laundering and cross-boarder crypto crime.
Many heads turned to the idea that a token meant to serve as a backed stablecoin may actually be manipulating the game. In enters Tether. These were heavy considerations especially with all of the beauty going on in the crypto world. Here is quick dive into what happened during the trials earlier this year, and […]
De ene coin is de ander niet. zo zijn er zat coins die daadwerkelijk een probleem oplossen, maar er zijn ook coins die iets minder serieus zijn. Hier vallen ook de meme coins onder. Denk aan Doge coin of Shiba Inu, maar
Het bericht Elongate verwachting: Wat gaat de Elongate koers doen? verscheen eerst op Dutch Crypto Talk.
Enforcing punishments on proven tax cheats could provide benefits beyond improving compliance to tax laws. Once offenders pay up, billions lost to offshore scandals could be recouped and the tax burden more fairly shared among taxpayers. (Shutterstock) Law-abiding taxpayers look on with disappointment and disdain as details about the illicit financial arrangements of the ultra-wealthy […]
The Polkadot auction program will be a huge event according to Lark Davis. This moves in line with his previous statement that he doesn’t “mind using DOT over other top cryptos available”. Amid how the crypto community has geared up for the long-awaited Polkadot (DOT) auction, the seasoned crypto analyst Lark Davis has just mentioned that the DOT […]
Ethereum (ETH) rose by over 9% to reach a new high on Friday. This was days after the network underwent the Altair upgrade successfully. ETH, the native token of the second-largest blockchain by market cap, blasted to $4,415, ergo, crossing its previous ATH. Needless to say, different analysts have portrayed various bullish sentiments concerning this […]
Salvadorans have come out in their hundreds, claiming that their IDs have been used by supposed hackers, in order to open Chivo Bitcoin wallets. As part of efforts by the Nayib Bukele-led government to ease Bitcoin adoption in the country, a $30 dollar bonus had been placed on every new wallet opened. But now according
The post Chivo Bitcoin Wallets Setup Process Hijacked by Hackers appeared first on Coingape.
Blockchain and e-commerce firm Future FinTech Group Inc. is looking to build a new crypto mining farm in the South American nation of Paraguay. Future FinTech Brings Crypto Mining to South America The country’s minister of social development and the mayor of the city of Coronel Oviedo announced that they’ve had discussions with many of…
The post Future FinTech Picks Paraguay to Host Its New Crypto Mining Site appeared first on Live Bitcoin News.