In a significant legal victory for Tether and Bitfinex, Chief Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York dismissed a class action lawsuit brought against the stablecoin issuer. The lawsuit, filed by Matthew Anderson and Shawn Dolifka in 2021, alleged that Tether’s claims of its stablecoin, USDT,…
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The issuer of the world’s most popular USD-pegged stablecoin USDT, Tether, bought 1,529 bitcoin (BTC) worth $45.4 million in Q2, as per comments by the company’s CTO cited by Bitcoin Magazine. The purchase shows that Tether is following through on a plan announced back in May to allocate 15% of quarterly profits to bitcoin…. Read…
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Tether (USDT), the USD-pegged stablecoin issued by web3/fin tech company Tether, fell slightly below its 1:1 peg against the US dollar on Thursday on decentralized exchange (DEX) Curve Finance, pushing the DEX’s main stablecoin liquidity pool (Curve 3pool) into imbalance. USDT fell as low as 0.998 versus its competitor USD-pegged stablecoin USDC and against Maker…
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Binance CEO, Changpeng ‘CZ’ Zhao has recently provided details on a failed $20 million scam attempt in a bid to keep the crypto community on alert for future occurrences. Crypto Scammers Are “So Good Now,” Binance CEO Says In a tweet on August 2, Changpeng Zhao described a recent scam attempt as “clever,” stating that it…
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Stablecoin issuer Tether’s consolidated reserves report for the second quarter of 2023 shows that the company has around $3.3 billion in excess reserves, while profits increased 30% from last quarter to over $1 billion. The report, which was attested by accounting firm BDO, noted that the excess reserves now amount to almost 4% of the…
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The stablecoin economy continues to shrink, with more than $3 billion in value removed from today’s top stablecoin valuations in less than 40 days. The dollar-pegged tokens USDP and GUSD experienced the largest 30-day reductions, shedding 45.1% and 27.2%, respectively. Top Stablecoins Tumble: $3 Billion Evaporates in Less Than 40 Days Statistics reveal a significant…
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The Nigerian social payments platform Bundle said on July 20 it was shutting down its crypto exchange services business and will now focus on its peer-to-peer platform known as Cashlink. Bundle said users must withdraw or convert their digital assets to the stablecoin tether on or before Aug. 30. Bundle Says Transition Period Is to…
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Ilya Lichtenstein and Heather Morgan, the New York-based couple implicated in the alleged laundering of $4.5 billion in bitcoin pilfered from the 2016 Bitfinex cyber-attack, have reached a plea bargain, as revealed by recent court records. The pair is scheduled to appear before U.S. judge Colleen Kollar-Kotelly on August 3, 2023, and will be mandated…
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Authorities in China’s Shanxi Province have arrested 21 individuals allegedly involved in a major Tether (USDT) money laundering scheme. The scheme, estimated to have generated over $54 million, utilized the US dollar-backed stablecoin USDT to launder money, the country’s national broadcasting service CCTV reported on Tuesday…. Read More: 21 Arrested in China for $54M USDT Money Laundering Investigation Read more »Sign up…
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Telegram’s Wallet bot is enabling merchants to accept Bitcoin (BTC) and Tether (USDT) through the messaging app. Wallet, a Telegram bot built on The Open Network (TON) blockchain that allows users to transfer cryptocurrencies within chats, has launched a crypto payment solution. In a Thursday tweet, TON said the new payment functionality is immediately accessible…
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