Technology
The New York Attorney General’s (NYAG) Office allege that Bitfinex and associated stablecoin firm Tether covered up an $850 million loss and in doing so, misled investors in the state of New York. Instead, Bitfinex, once the world’s largest exchange, claims to have borrowed this money from Tether after it claimed it was having problems with its banking partners. Bitfinex has purported that its payment processor, the Panama-based Crypto Capital Corp., froze $850 million of its assets. To ensure solvency, Bitfinex borrowed $700 million from Tether. Or so their story goes. This move received tremendous criticism and prompted an investigation by New York Attorney General Letitia James. And this lady is no pushover. She is quoted as saying, “It is particularly perverse for respondents to criticize the adequacy of [the Office of the Attorney General’s] potential legal claims when respondents are the ones who have refused to disclose documents and information that would be directly relevant to their liability.” So, she has made it public she is not a fan, and for good reason. Furthermore, Bitfinex and Tether have been accused of manipulating the price of Bitcoin and the whole market. In late 2019, the entities were sued over a study claiming to have proven the manipulation. The applicants in a lawsuit claim that USDT was used to purchase Bitcoin and consequently inflate the crypto market, fuelling the bull market run in late 2017 and the subsequent fall of the price of BTC. And for the best roundup, I have seen yet, although it now has a time gap is this one https://amycastor.com/2019/01/17/the-curious-case-of-tether-a-complete-timeline-of-events/. It is a must-read. I only wish she, or someone else, would finish it! Join me, host Aviva Õunap and lawyer Jonathan Dunsmoor from Dunsmoor Law as we explore this topic and see just what Tether, Binance, and iFinex (the parent company of the latter two) have done to draw ire from the NYAG. Tune into CryptoAndBlockchainTalk.com, the podcast that makes you smarter about the worlds of blockchain and cryptocurrency, and everything in between. It is our mission to interview the brightest stars in this space, bringing them straight to your ears for your listening pleasure, and best of all, for free! In addition, all interviews are streamed on Crypto24Radio.com, bringing you the latest news on all things blockchain and crypto-related all day, every day - plus music! So stay tuned and enjoy. We LOVE having you as our listener, and friend! SUBSCRIBE to our social channels and never miss an episode: SPOTIFY iTunes Stitcher Soundcloud Google Play Music Tunein Castbox Podchaser Pocket Casts Overcast iHeartRadio PlayerFM YouTube acast podnews Castbox poddtoppen Feedspot kimcoin PodBean Chartable LISTEN NOTES ____________________________ Do you want us to talk about your project or company? Email us: education@saviidigital.com