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Due to human error and fat fingers, Tether accidentally printed $ 5 billion of its fiat-pegged cryptocurrency out of thin air. Oops. The mistake occurred when the Tether team was in the process of moving tokens from the Omni Layer to the Tron blockchain. What was meant to be a $ 50 million transfer became $ 5 billion […]
The post Oops! Tether ‘Accidentally’ Created $ 5 Billion in Crypto Out of Thin Air appeared first on CCN Markets
Love, hate or fear it, there’s no avoiding tether (USDT). Its shadow looms over the cryptoconomy, supplying sanctuary in times of volatility, providing fiat capital inflow and acting as a lightning rod for crypto critics who believe it’s propping up the price of bitcoin. Over the past year, a flurry of new stablecoins have entered the market, each vying to topple tether and provide a more transparent and fully audited alternative. So far, they have scarcely made a dent in tether’s dominance.
Also read: Bitcoin Cash ETP Lists on Leading Swiss Stock Exchange
Facebook’s Libra cryptocurrency whitepaper dropped this week, sending shockwaves through the Bitcoin and altcoin community. Is Libra the thing that pulls blockchain kicking and screaming into the mainstream, for the benefit of one and all? Or is it the final nail in the coffin of a cryptocurrency experiment just a decade old? Here are 10 key takeaways from the newly released Libra whitepaper. 1. Founding Members Are Finance and Tech Giants While plans for Libra involve the eventual setup of a decentralized governance model, it’s starting with several “founding members.” Those include Mastercard, Visa, Facebook, PayPal, eBay, Bitcoin exchange giant
By CCN Markets: Over the past three months, the bitcoin price has risen from $ 3,911 to $ 8,120 against the U.S. dollar on major crypto exchanges, demonstrating strong momentum supplemented with a clear rise in volume. In recent weeks, the interest towards bitcoin on Baidu, the most widely utilized search engine in China, spiked significantly to 2018 levels, which could potentially indicate an increase in the demand for the asset by retail investors. Tether volume similarly indicates a rise in interest towards bitcoin In China, it is not illegal to own or store bitcoin as said by the Bank of China’s
Tether, a stablecoin tied to the dollar that is meant to mediate the volatility of other cryptocurrencies, is partly backed by bitcoin.
As detailed in court documents obtained by The Block, Tether admitted to using some of the cash reserves meant to back its stablecoin to purchase bitcoin, among other assets.
This revelation is the latest in legal proceedings between the New York Attorney General (NYAG) and Bitfinex, a leading cryptocurrency exchange which shares management with Tether. Bitfinex and the NYAG have gone back and forth in a battle of legal letters after the NYAG petitioned the New York Supreme Court to stop the exchange from drawing on a $ 900 million line of credit it established with Tether to cover $ 850 million in losses it incurred when its fiduciary relationship with payment processor Crypto Capital went south.
Attorneys for Tether and Bitfinex are hoping to get the former access to its reserves amid a legal dispute with New York Office of the Attorney General (NYOAG).
In a letter sent to the New York County Supreme Court, attorneys representing iFinex (the parent organization of Bitfinex) and Tether took issue with the restrictions that had been placed on Tether's transactions with related parties as part of an ongoing case against them, stating that the NYOAG had no basis for disallowing tether (USDT) holders and other affiliated entities from redeeming their tokens.
The crypto community has been laser focused on the current dilemma between Bitfinex exchange and New York prosecutors over the alleged loss of $ 850 million of co-mingled customer and corporate funds. After the craziness last week, the New York Attorney General’s (NYAG) office has now demanded that Bitfinex must show transparency by turning over documents tied to the firm Tether.
Also read: Crypto Community Monitors Bitfinex Wallets and the Strange 6% BTC Premium
Antoni Trenchev, co-founder and managing partner crypto-backed lending platform Nexo (NEXO), is not worried about the ongoing scandal involving controversial stablecoin Tether (USDT) and Bitfinex. In a recent interview on Bloomberg TV, Trenchev broke down the market response to the news that the New York State Attorney General is suing Bitfinex and Tether parent iFinex. […]
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Each Sunday, we breakdown the most important crypto market news from the past week for SludgeFeed Premium members, including key events and stories you might’ve missed from a variety of news outlets. Top Headlines This Week 🔥 Bitfinex Used Tether Reserves to Mask Missing $ 850 Million, Probe Says New York State Attorney General Letitia James said Hong […]
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Cryptocurrency advocates try to get the CEO of Twitter to ban @Bitcoin and the New York Attorney General goes after the company behind Tether. This and more in the weekly video news update on Bitcoin.com’s Youtube channel.
Also Read: How to Start Cloud Mining Bitcoin Cash
This week’s show covers the latest attempts by BTC maximalists to deplatform @Bitcoin from Twitter over the account owner’s pro-BCH stance. One of them shared a private message sent to to the social media company’s CEO, Jack Dorsey, about getting the @Bitcoin account banned, to which he replied: “What do you recommend we do with it?” This might be a prelude to a new round of censorship on the platform.
Tether just updated its website to clarify that each of its USDT tokens, which it used to claim were “always backed 1-to-1 with traditional currency,” are backed by assets other than fiat currency.
Now, the website instead reassures its patrons that it’s always “100% backed by [its] reserves.” It clarifies this vague language, even legalistic language, by saying these reserves “include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities.”
Tether (USDT), the seventh most valuable crypto asset by market cap, has shrugged off attempts by newer stablecoins to usurp it. Now, a new version of tether is coming to the Tron network.
Also Read: Gibraltar Exchange to List Bitcoin Cash Fiat Trading Pairs
Tron is officially partnering with Tether to launch a TRC20-based version of the USDT stablecoin, according to a statement from both ventures. Adding the dollar-pegged coin to its blockchain is meant to elevate Tron’s existing ecosystem of decentralized applications (dapps), improve overall value storage, and increase its decentralized dxchange (DEX) liquidity. It is also said to make the network more accessible to enterprise-level partners and institutional investors. The companies expect to implement USDT on Tron by early Q2 2019.
The world’s largest stablecoin, Tether (USDT), is expanding beyond the Bitcoin-based Omni protocol and Ethereum (ETH) blockchain to join the TRON (TRX) network. Today we take the next step in our journey towards stablecoin mass adoption though the introduction of USDT on the @Tronfoundation blockchain. Read more about how Tron has become the latest blockchain […]
SludgeFeed
Huobi US, Huobi Global’s San Francisco-based crypto exchange that was formerly branded as HBUS, has announced the launch of U.S. dollar trading pairs. USD #Fiat Trading Pairs are now available on the Huobi marketplace! Set up a USD wallet and receive 20 USDT. Trade USD/ETH, USD/BTC and USD/USDT! Sign up for the Huobi marketplace now: https://t.co/vHDjChNfKh […]
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With a roughly 10% increase to its market capitalization, Tether (USDT) has shifted to the fourth slot in the crypto market cap rankings. The repositioning can be attributed more to the downfall of other cryptocurrencies than it can to increased demand for Tether or expansion of its market cap. At $ 2 billion, it is about 20% of third-place Ethereum. Combined, the top three (Bitcoin, Ripple/XRP, and Ethereum) make up $ 70 billion of the current $ 112 billion cryptocurrency market capitalization. Former number four EOS dropped by over $ 200 million, or 10%, over the past 7 days. 24-hour trading charts showed EOS
Back in October news.Bitcoin.com reported on the influx of development tied to Drivechain, a project initiated by software developer Paul Sztorc. At the time we also covered the project’s extension applications coded by the programmer Andreas Brekken. One of those applications Brekken conceived allowed any Drivenet coins to be swapped between any blockchain protocol. On Friday, an application called Sideshift.ai was used to demonstrate a bitcoin core (BTC) to tether (USDT) swap using the Lightning Network.
Also Read: A Look at Some of the ‘Next Generation’ Bitcoin Mining Rigs Available Today
Bitfinex, one of the world’s most popular cryptocurrency exchanges, announced Friday that it would be adding margin trading for Tether (USDT/USD), to allow investors to hedge their stablecoin position. Margin trading for USDT/USD pair on Bitfinex is now open. Read our announcement for more on what this means for our traders: https://t.co/kYZP6R1Yzq pic.twitter.com/wc5zsN4sh2 — Bitfinex […]
SludgeFeed
Crypto trading platform Bitfinex has announced the opening of a margin trading service for the USDT/USD trading pair. According to the platform, the aim of the new service is to improve its stablecoin offering so as to remain consistent with market evolution and user demand. With immediate effect, traders will be able to carry out leveraged
The post Bearish on Tether? Bitfinex Adds USDT Margin Trading appeared first on CCN
For a short time yesterday, the Tether stablecoin (USDT) hit 4th place by market capitalization in the cryptocurrency charts. Today Bitcoin (BTC) and other altcoins are showing green. EOS is back in 4th place with a sudden 21% hike, and Stellar (XLM) is now in 5th place with a near 9% price increase. At one
The post Tether Briefly Enters Top Four Cryptocurrencies, EOS Spikes by 21% appeared first on CCN
Tether (USDT), the world’s largest stablecoin, has officially passed Stellar (XLM) in market cap to become the fourth-largest digital asset with a market cap of $ 1.86 billion. USDT has risen in the rankings throughout the 2018 bear market that caused the majority of non-price-pegged cryptocurrencies and tokens to lose around 90% of their value. Back in October, […]
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