Let's dive into this case to see what's it all about. Platinum | QC: CC 446, XLM 35 | r/pcmasterrace 21. Tether founder Brock Pierce launched Tether in 2014 so traders could quickly enter or leave a position without being subject to the volatility of the crypto market. Tether and Bitfinex lawsuit is still going on and January 15 holds an important date as it is the deadline given by the court to Tether to reveal its business practices and its treasury audit which the company has sighed away for a long. The stablecoin was meant to be backed 1:1 by real USD, meaning the price of the coin would be relatively stable. The stablecoin issuer at the start rubbished those claims but when the NYAG filed the lawsuit against the firm, it quietly changed the fact that only 70% of the USDT is backed by equivalent US Dollar reserve while the rest is backed by a portfolio of assets which many claimed also included Bitcoin. I hope Dai can replace Tether, it’s in my opinion the best stablecoin out there. Biden Administrations $2.3T Proposed package gets $1T Additional Expenditure Budget, Bitcoin Miners Bag $16.7M in a Day as Mining Outage Mount Backlogs, Ripple Price Prediction: XRP commences bullish comeback toward $2. Tether is the crypto version of what just happened in Washington DC... What makes 1 stablecoin better than another? - YouTube. However, the lawsuit got filed again with the addition of a new plaintiff – David Crystal. Redaction Request due … The whole crypto world is eagerly following the updates in what could potentially dethrone Tether as the market leader. Indeed, it is reckless and […] COULD THE TETHER LAWSUIT BRING DOWN THE ENTIRE BITCOIN & CRYPTOCURRENCY MARKET? Tether in the past has been accused of not maintaining a 100% treasury for the circulating USDT supply in the market. Join 10m+ users buying and selling 100+ cryptocurrencies, Earn daily interest on your crypto and EUR, GBP and USD, buy and sell the underlying asset on eToro’s Crypto Trading Platform, New to Crypto? An engineering graduate, Prashant focuses on UK and Indian markets. At this time in crypto there weren't a lot of banks willing to work with Tether and Bitfinex. https://www.coindesk.com/tether-bitfinex-market-manipulation-class-action Bitfinex and Tether have rejected allegations made in an amended consolidated class action lawsuit filed in the Southern District of New York. Bitfinex is not a direct customer of Wells Fargo, but rather a customer of four Taiwan-based banks that use Wells Fargo as an intermediate to facilitate wire transfers. But it is at least a small amount. Hopefully Tron next. Bitfinex’s parent company iFinex, suddenly had a black hole in its finances: $850 million of its funds were held up at Crypto Capital. Just curious as there are so many out there. NEW YORK – Attorney General Letitia James today announced that her office obtained a court order enjoining iFinex Inc., operator of the Bitfinex virtual asset trading platform, and Tether Limited, issuer of the “tether” virtual currency, and their related entities, from further violations of New York law in connection with an ongoing activities that may have defrauded New York investors that trade in virtual … Press J to jump to the feed. At the time of writing Tether is almost hitting a $23b Market Cap, an increase of around $18b USD since the beginning of 2020. I'm hodling USDC on Ledn to get interest. The USDT stablecoin maintains the largest market cap by far of any other such token to The latest letter from James aims to extend the above restrictions. Lol it's not going to take months to understand if it's a fraud. This is a shoe that's needs to drop, ideally sooner rather than later, regardless of the short term chaos it could cause. While the decision is certainly a set back for the attorney general’s office investigating Tether, Bitfinex and other related companies, it is not an end to the proceedings. They are distributed monthly and used to weight your vote on polls. Around November 2018 however, the rumours of Tether not being backed 1:1 reached the former state attorney general of New York, Letitia James. The Lawsuit against Bitfinex Got Revised and Refiled. Would it make sense to short USDT against another stable coin and wait for news? The plaintiffs in a class-action At this important junction Tewther which currently holds a market dominance of over 90% can lose its market lead owing to the lawsuit. More posts from the CryptoCurrency community. The revelation by its banking partner regarding the purchase of bitcoin from its investor’s money could only help NYAG in building its case against the stablecoin issuer. Join 10m+ users buying and selling 100+ cryptocurrencies at true cost. I prefer USDC over DAI because of incidents like Compound's and a few projects like JRT also switched from DAI to USDC due to the very same reason. Deltecbank’s chief investment officer Hugo Rogers in a year-end review interview with Bloomberg revealed that they have been investing their investor’s money in bitcoin ever since the top cryptocurrency was trading around $9,300 in May 2020. Personally I think this investigation will be the end of Tether and cause some serious damage to Bitfinex. Tether is unaudited at the moment, meaning no one checked the bankroll of Tether if there really is $23b USD there. I have a short usdt/usdc currently just wondering if I’ll make any money. Bitfinex therefore used a Panama based payments processor called Crypto Capital Corp. Crypto Capital worked with organizations associated with financial crime, money laundering and securities fraud. This lawsuit is attacking the very legitimacy of Tether, the number #3 ranked cryptocurrency by market cap. Whether you like it or not, Tether is going to cause chaos in the crypto market at least in the short term. The allegations in the complaint are without merit or legal basis, and exhibit a fundamental lack of understanding of the market structure of cryptocurrencies. Then find another. The official announcement on 15th of January will be that the state attorney general of New York will proceed further with the case against Tether/Bitfinex after a delay of 17 months. March 31, 2017 — Correspondent bank Wells Fargo cuts off services to Bitfinex and Tether, according to court documents in a lawsuit that Bitfinex later files. @BennettTomlin @CasPiancey But great to hear tethers other assets also did well in 2020. https://t.co/xbT9bSR6wt. published January 15, 2021 | modified January 15, 2021. On the 9th of July 2020 The New York Court approved an investigation by the state's attorney general to look into numerous businesses behind Tether (stablecoin). Let's dive into this case to see what's it all about. After that date it may be obtained through PACER. People using tether unironically deserve to be liquidated. XRP and now Tether, the crypto community is shedding its bad apples. Im selling close to that date incase some big news drop. Court Reporter/Transcriber: Khristine Sellin, (212) 805-0300. Thus Deltecbank’s move might backfire. or is it its own native chain? Some DAI is backed by Tether though. Back in April 2019, Bitfinex was accused of using Tether to cover $850 million of … This will result in the conclusion that Tether isn't backed 1:1 by USD by a lot of investors and will results in more investigation by the attorney general. COULD THE TETHER LAWSUIT BRING DOWN THE ENTIRE BITCOIN & CRYPTOCURRENCY MARKET? Tether (USDT) Conspiracy Tosses Again As We Arrive at The D-Day of January 15, Institutions are Adopting Crypto, Deutsche Börse’s Bitcoin ETF Trading Volume Nears Traditional ETFs. Will take weeks if not months to make any legal conclusions from those. New to Crypto? https://news.bitcoin.com/tether-freezes-millions-of-dollars-usdt-40-addresses Deltecbank, a Tether banking partner recently revealed that they own a position in Bitcoin which under normal circumstances would be bullish news, however, given NYAG lawsuit against Tether and Bitfinex for manipulation of funds and Tether being a stablecoin issuer makes it quite a tricky situation and not a good one for Tether. This fourth case, just like the three others is a class-action lawsuit and was filed last Thursday by Joseph Ebanks. In a Sept. 17 court hearing, the New York Attorney General’s office obtained a 90-day extension on the injunction preventing Tether from loaning funds to Bitfinex. And I don't think it's 100 pages of some casual read. Source: iStock/fergregory. Would be interested to hear other opinions. Your email address is 100% safe from spam, we hate it with passion! Select Page. We use cookies on our websites for a number of purposes, including analytics and performance, functionality and advertising. Moons reward posters, commenters, and moderators for their contributions to the subreddit. She initiated an investigation in Tether and Bitfinex, but the two companies filed an appeal resulting in the halt of the investigation.With the approval of the New York Court on the 9th of July 2020 the case finally resumed against Tether and Bitfinex. In my opinion it's obviously a cover-up by Tether and Bitfinex because they worked with a 'shadow bank' to get their funds on regular banks. tether lawsuit court date. The shortfall of $850m was allegedly printed by Tether and given to Bitfinex to cover up the losses Crypto Capital created. Press question mark to learn the rest of the keyboard shortcuts, Platinum | QC: CC 76, BTC 49, ETH 47 | TraderSubs 38. 35 - 100 comment karma. At the time of writing Tether is almost hitting a $23b Market Cap, an increase of around $18b USD since the beginning of 2020. As per US banking laws for non-banking commodities dealing in issuing dollar equivalent currency or contract, the issuer must back all contracts with an equivalent reserve in either the commodity it is backed against or assets equivalent to it. 1 - 2 years account age. Crypto Capital worked like this: Set up a shell company to get a bank account and use it until it gets shut down. It is speculated Bitfinex and Tether can't submit any documents without revealing their cover-up. Mr. Ebanks alleges that Tether and Bitfinex illegally collaborated to send the price of Bitcoin rocketing into the stratosphere during the (in)famous Bitcoin bull run of 2017. The official source for CryptoCurrency News, Discussion & Analysis. 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