Cryptocurrency automated teller machine (ATMs) operator CoinFlip has postponed support for the stablecoin tether (USDT). The company announced the development in a tweet on May 1. CoinFlip initially revealed that it will start listing Tron-powered stablecoin USDT at over 180 CoinFlip’s ATMs on April 30. However, in about 24 hours CoinFlip posted an update, saying that it has postponed USDT listing “until a later time.” The company noted in the tweet that it will still work together with Tron to provide customers with the cash-to-tron option. Commenting on the company’s decision, CoinFlip CEO Daniel Polotsky told Cointelegraph: “CoinFlip's number one …

Wednesday, May 1 — after yesterday’s positive market momentum, most of the top twenty cryptocurrencies are seeing mild green on the day at press time, seeing typical growth of between 1 and 7%, as Coin360 data shows. Market visualization courtesy of Coin360 Bitcoin (BTC) is up 0.89% on the day and is trading at $5,399 by press time, according to CoinMarketCap. After bullish price points at the start of its 7-day chart — with a break above the $5,500 on April 26 — the top cryptocurrency swiftly saw a sharp correction down to below $5,200 during subsequent trading hours. Recent …

Can stablecoins achieve true decentralization? Certain providers believe they have struck a compromise. Some stablecoin advocates are concerned that pegging a cryptocurrency directly to the U.S. dollar means that it must inevitably have ties to the U.S. banking system. This means that they have to rely on a centralized infrastructure — something Satoshi Nakamoto wanted to avoid when he set out his vision more than a decade ago. Equilibrium says it has managed to address this pitfall by ensuring that its stablecoin, EOSDT, is overcollateralized above 170 percent. This is achieved by ensuring that one unit of EOSDT is equal …

The company behind USD stablecoin Tether (USDT) only has enough cash to back three-quarters of its increasing supply, its lawyers confirmed in documents released on April 30. As part of an ongoing legal process involving the New York Attorney General, Zoe Phillips of law firm Morgan Lewis said that at the time of writing, 74% of Tether’s reserves had USD and equivalent backing. The figure falls short of previous promises given by Tether executives, specifically that every USDT token had full fiat backing, something a bank statement appeared to confirm in December last year. “In fact, Tether’s reserves of cash …

Crypto exchange Bitfinex is allegedly planning to issue a native exchange token, a post from Bitfinex shareholder Zhao Dong to Chinese social media platform Weibo revealed on April 30. Zhao, who also runs a bitcoin (BTC) over-the-counter trading desk, has claimed that the exchange’s alleged token plans are still evolving. His post thus warned the public against any schemes allowing users to use a native bitfinex token as a voting stake, noting that: “Bitfinex does have a currency plan, but the details are undecided. At present, any attempt to use the name of Bitfinex to host a vote, saying that …

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision. Market data provided by HitBTC exchange. Altcoins led the rally this week from the lows with bitcoin (BTC) lagging behind. After a sharp up move, it was natural for traders to book profits on their quick gains. While altcoins have pulled back sharply from their recent highs, bitcoin has held up quite well. Its dominance has gradually inched from about 50% in …

Top stories this week Bitfinex Allegedly Covers $850 Million Loss With Tether Funds The New York attorney general’s office alleged this week that crypto exchange Bitfinex lost $850 million and subsequently used funds from affiliated stablecoin operator Tether to secretly cover the shortfall. The attorney general’s office has obtained a court filing that alleged that Bitfinex’s operator, Tether Limited and its associated entities were in violation of New York law with activities that may have defrauded New York-based crypto investors. Bitfinex has already publicly renounced the accusations, repeating in a blog post that both its platform and Tether are financially …

In what seems to be one of the greatest crypto scandals 2019 has seen so far, the United States Attorney General in New York accused Bitfinex of using Tether’s cash reserves to cover a rumored $850 million funding gap with reserves meant for backing the stablecoin. Both companies share the same owner. Now, the crypto exchange and the stablecoin have found themselves in hot water. At least $90 million worth of assets had left the Bitifinex wallets once the accusations were aired, while tether’s USDT peg remains almost unshaken. Does the New York regulator have the legal rights to prosecute …

Marcello Minenna is the director of the quantitative analysis and financial innovation unit in Consob (Italian Companies and Exchange Commission), —Italian government’s authority responsible for regulating the Italian securities market — as well as an adjunct professor of stochastic finance at the London Graduate School of Mathematical Finance and at Luigi Bocconi University of Milan. He is an economic and financial columnist featured on leading Italian and international publications. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Sixteen months after from a peak value of $19,100, bitcoin …

Cryptocurrency exchange Bitfinex stated that the recent allegations by the New York Attorney General (NYAG) about the exchange’s insolvency are “filled with inaccuracies and false assertions.” The exchange made the claim in a letter seen by Cointelegraph, emailed to Bitfinex users today, April 27. The letter was signed by the exchange’s CEO, Jean Louis van der Velde. The letter specifies that the materials brought against the exchange do not constitute a civil or criminal complaint and declares: “In particular, we want to assure you that the allegation that we have ‘lost’ $850 million is categorically false.” The exchange further explains …

Two shareholders of major cryptocurrency exchange Bitfinex said that they are not distressed by the allegations made about the exchange’s insolvency by the New York Attorney General. The news was reported by cryptocurrency news outlet Coindesk on April 26. In January last year, Zhao Dong, a shareholder of the exchange, claimed on microblogging platform Weibo that the balance of Bitfinex and tether (USDT) reserves was over $3 billion, over the current USDT circulating supply. The balances were reportedly shown to Dong by Giancarlo Devasini, chief financial officer of Tether and Bitfinex. Dong concluded at the time: “This debunks all rumors …

Cryptocurrency exchange Bitfinex has withdrawn funds worth almost $90 million from its cold wallet, blockchain data reported by cryptocurrency news outlet The Block confirmed on April 26. Bitfinex, which has the same owner as USD stablecoin Tether (USDT), has not publicly explained the reason for the withdrawals, which come as both companies face a fresh debacle over potentially missing funds. Over roughly the past 12 hours, Bitfinex has moved large amounts of bitcoin (BTC) and ether (ETH) from its wallets to unknown addresses, along with smaller amounts of other coins such as makerdao (MKR), online transaction monitoring resource Whale Alert …