Stablecoin operator Tether has responded to allegations that its funds were used to cover an $850 million loss at the crypto exchange Bitfinex — using a statement on April 26 to claim court filings by the New York Attorney General’s office are “riddled with false assertions.” The state’s top prosecutor, Letitia James, has accused Tether, Bitfinex and associated entities of violating New York law through activities that may have defrauded crypto investors in the state. According to the court filings, the exchange took hundreds of millions of dollars from Tether’s reserves to conceal losses from investors and hide its inability …

The New York Attorney General’s office has alleged that crypto exchange Bitfinex lost $850 million and subsequently used funds from affiliated stablecoin operator Tether to secretly cover the shortfall, according to an announcement published on April 25. Attorney General Letitia James revealed that her office obtained a court filing alleging that iFinex Inc. — the operator of Bitfinex — Tether Limited, and their associated entities were in violation of New York law in connection with activities that may have defrauded New York-based crypto investors. James stated: “Our investigation has determined that the operators of the ‘Bitfinex’ trading platform, who also …

Monday, April 22 — after yesterday’s mild market teeter, almost all of the top twenty cryptocurrencies are seeing mild green on the day to press time, seeing growth of between 1 and 7%, as Coin360 data shows. Market visualization courtesy of Coin360 Bitcoin (BTC) is up 0.4% on the day and is trading at $5,315 by press time, according to CoinMarketCap. After yesterday’s dip to below $5,260, the top coin has just reclaimed ground above the $5,300 price point — but remains shy of its intra-week high of above $5,350 on April 20. Bitcoin nonetheless remains almost $300 higher than …

Major cryptocurrency exchange Poloniex will support Tether’s stablecoin USDT coin on the Tron (TRX) blockchain, according to an announcement published on April 19. United States-based digital currency exchange Poloniex has added support for deposits and withdrawals of USDT on the Tron network. The development will reportedly support Tether on both chains — USDT issued on the Omni protocol and the Tron network. Poloniex said in the announcement that its decision to support the new chain is reasoned by expanded flexibility it provides to the USDT platform. In order to support both versions, Poloniex will be converting a percentage of Tether …

Tether has started issuing its stablecoin USDT on the Tron (TRX) blockchain. The development was announced in a blog post published on April 17. The development is an upgrade from the OMNI protocol-based USDT — which is pegged to the United States dollar on a 1:1 basis — that now enables users to hold and transfer the cryptocurrency through smart contracts on Tron ensuring instant delivery. “It enables interoperability with Tron-based protocols and Decentralised Applications (DApps) while allowing users to transact and exchange fiat pegged currencies across the Tron Network,” the announcement explains. Tron will reportedly be settling the matter …

Chinese cryptocurrency exchange Gate.io saw almost $3 billion worth of orders placed during the first phase of its in-house token sale, the company confirmed in a blog post on April 14. Gate, which offers cryptocurrency-only trading, is currently raising funds to support its projects through the issuance of Gatechain Tokens (GT), which users will ultimately be able to use for trading fee payments. The tokens do not yet exist, the exchange currently offering so-called “Gate.io POINTs” in the ongoing sale, which will be exchangeable for GT at a maximum rate of 2.5:1. Trading fees for phase one totalled $64 million, …

Bitcoin’s (BTC) price surge last week has led Chinese traders not only return to trading but pay a premium for doing so, social media-based news account cnLedger reported on April 7. Reproducing price spreads from cryptocurrency exchanges Huobi and OKEx, cnLedger revealed an increasingly common practice among Chinese traders who wish to acquire Bitcoin. Since China formally banned cryptocurrency trading in 2017, investors have had few options. Purchasing stablecoins such as Tether (USDT) via over-the-counter (OTC) services and converting them to other cryptocurrencies has become the principal method, cnLedger noted. Now, in the wake of a bullish week for Bitcoin …

Tron (TRX) founder and CEO Justin Sun claimed that he thinks the Tron ecosystem will “officially collaborate” with Ethereum (ETH) this year. Sun made his comments during an interview on The Crypto Chick podcast on April 6. More precisely, Sun said that he thinks “even within this year we will see Tron even collaborate, officially collaborate, with Ethereum.” In response to a question on Ethereum co-founder Vitalik Buterin’s recent tweets about Tron, Sun stated that he thinks “competition brings a better product.” Sun also added: “I think in the future we will even collaborate with lots of Ethereum developers and …

Binance has unveiled a series of new products and features relating to stablecoins — with the world’s largest cryptocurrency exchange describing these digital assets as “an efficient fiat gateway into crypto.” Stablecoins are often pegged with a fiat currency, meaning one unit can equate directly to 1 euro or $1. With new coins emerging all the time, the industry is evolving quickly, prompting the company to launch a stablecoin market in which its consumers can benefit from pairings with other cryptocurrencies. The crypto-only exchange now supports five stablecoins in total: Paxos Standard Token (PAX), TrueUSD (TUSD), USD Coin (USDC), StableUSD …

Tether (USDT), the most used fiat-pegged stablecoin, has hit an all-time high by the number of daily transactions, according to blockchain data provider Coin Metrics. On March 31, the amount of Tether transactions hit a high of 38,150, representing a new milestone in the adoption of the major stablecoin launched in 2015. All-time transaction volume of Tether. Source: Coin Metrics At press time, Tether is ranked the second top cryptocurrency by daily trading volume at $9.4 billion, while Bitcoin’s (BTC) daily trading volume amounts to $10.2 billion, according to data from CoinMarketCap. Tether has long been the subject of controversy …

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 point of contention by the wider cryptocurrency community due to …

Friday, March 22 — All the top 20 cryptocurrencies, except Tether (USDT), are in the green, having overcome yesterday’s drop. Market visualization from Coin360 Bitcoin (BTC) is up 0.31 percent over the past 24 hours, and is trading at around $4,045 at press time. The coin started the day at $4,029, with a jump to as high as $4,053 in the middle of the day. In terms of a weekly view, Bitcoin has gained around 1.9 percent, while in terms of the month BTC has increased by just one percent. Bitcoin 7-day price chart. Source: CoinMarketCap Ethereum (ETH) is up …