Tether’s Trouble With New York Attorney General — Will Crypto Cope?

Are Bitfinex and Tether in trouble? Maybe, but the thing is, we don’t know just how much trouble, because the stablecoin issuer has challenged the New York State Office of the Attorney General’s (OAG) case against them. In claims filed in April, Attorney General Letitia James asserted that Bitfinex defrauded its customers, having lost $850 million in client and corporate funds, and then having attempted to cover up this loss by secretly helping itself to around $900 million of Tether’s cash reserves.  Serious charges, but they’re denied by Bitfinex and…

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Changes to Tether’s Terms of Reserves Raises Fresh Concerns

Controversial stablecoin Tether is in the spotlight again after changes to the details of the way in which it backs up tokens in supply. As reported on March 14, various online users noted and posted disconcerting changes to the Tether website, which have seemingly altered the way that the company is providing surety for the tokens it issues. Tether is a stablecoin backed up by the United States dollar at a 1:1 ratio, meaning the company has $1 for every USDT that is in circulation. This has long been a…

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