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Embattled Crypto Exchange Bitfinex Unravels its New Billion Dollar Token LEO

Posted on May 21, 2019May 21, 2019 by Julie Williams

With exceeding joy for completing yet another milestone (and diverting some attention from its recent $850M cover-up controversy), the Hong Kong-based crypto exchange, Bitfinex, took to its blog section on Friday to announce the listing of a new token on the platform. The token, termed UNUS SED LEO, was launched on May 20 on the Bitfinex platform to help create a better customer experience for its users. While it may be just a token launch…

Unearthed Bitfinex’s Document Details $1 Billon Token Sale Dubbed “LEO”

Posted on May 6, 2019May 21, 2019 by Jodie Lauren Smith

iFinex, the parent company to Tether and the controversial cryptocurrency exchange Bitfinex, is planning an initial exchange offering (IEO) with the aim to raise $1 billion. Bitfinex has come under scrutiny recently after it was revealed the FBI is conducting an investigation into an $850 million cover-up. Bitfinex has also been criticized for its lack of clarity over how Tether is backed. Bitfinex once claimed that Tether was backed 1:1 by the US dollar, but…

Fablecoin: Tether Finally Fully Discloses that USDT Is Only 74% Backed by USD

Posted on May 2, 2019May 21, 2019 by Rehan Yousaf

Tether (USDT) is only 74% backed by cash and securities as stated in the affidavit filed with the Supreme Court of the State of New York by Stuart Hoegner, the general counsel to Tether and major bitcoin exchange Bitfinex. On April 25, New York Attorney General Letitia James accused that the companies behind the USD pegged stablecoin Tether and cryptocurrency exchange Bitfinex engaged in efforts to cover up a loss of $850 million of client…

Almost $185M in BTC and ETH Moved from Bitfinex’s Cold Wallets after Alleged $850M Fraud

Posted on April 28, 2019May 21, 2019 by Rehan Yousaf

The cryptocurrency exchange Bitfinex is in hot water after it was revealed that nearly $185 million in Bitcoin and Ethereum was withdrawn from the firm’s cold wallets. The news quickly followed the bombshell that was dropped by the New York’s attorney general who accused the owners of the prominent exchange and the stablecoin Tether of using illicit transactions to mask $850 million in missing funds. While the crypto community hopes for the bear market to…

NY Attorney General Wants Bitfinex and Tether Out of New York after $850M Cover-Up

Posted on April 28, 2019May 21, 2019 by Jodie Lauren Smith

New York’s Attorney General Letitia James has accused the cryptocurrency exchange Bitfinex of participating in a crypto cover-up. The associated legal document states how Bitfinex lost $850 million to Crypto Capital, a cryptocurrency and blockchain firm based in Panama. Bitfinex was allegedly using Crypto Capital to “process payments”; however, they were unable to retrieve these funds once the transaction had taken place. Attorney General Letitia James said: “Our investigation has determined that the operators of…

The TRON Network Welcomes Tether (USDT) to its Blockchain

Posted on April 21, 2019April 21, 2019 by Julie Williams

The TRON network is unarguably one of the world-leading crypto platforms today. The TRON blockchain was created by the China-based Justin Sun. Since its inception, the TRON network has been famed for a lot of things and a few days back, they just completed a huge project that has been in the pipeline for a while now. This new project is focused on bringing the largest stablecoin in the crypto market, Tether (USDT), to the…

Featured: The Legal Minefield of Stablecoins

Posted on April 17, 2019April 17, 2019 by Jodie Lauren Smith

Stablecoins are a relatively new form of cryptocurrency and are often regarded as a solution to the instability of other cryptocurrencies such as Bitcoin. Stablecoins such as Tether, TrueUSD, Basis, and Saga are backed by fiat currency like the dollar, euro, and others. Stabelcoins have their critics, but they were essentially born to solve some of the problems faced by cryptocurrencies – stability and usability are the major issues that stablecoins attempt to solve. Even…

Tether Confesses It Might Not Be Fully Backed By US Dollars

Posted on March 17, 2019March 17, 2019 by Jodie Lauren Smith

Tether (USDT) is a cryptocurrency that is supposedly backed by the US dollar at a 1:1 ratio. This means that every digital Tether coin is worth $1 and has the actual fiat coin. Tether was created as a way to bridge the gap between fiat currency and cryptocurrency. For many people, it is a way to hold value in a stablecoin on crypto exchanges that don’t allow fiat currencies. For example, if you hold Bitcoin,…

Tether Partners with TRON to Broaden its Blockchain Horizon

Posted on March 6, 2019March 6, 2019 by Julie Williams

Touted as the boss in the stablecoin market, Tether has enjoyed widespread attention since its launch in October 2014 (initially dubbed “Realcoin”). Until March 2018, Tether was the sole stablecoin in the market, helping to bridge the gap between digital currencies and fiat currencies. March last year saw the entrance of several alternative stablecoins into the market. Be that as it may, Tether still enjoys a certain level of dominance over them all. Tether was…

Outside Audit Confirms Circle’s Stablecoin USDC Is Fully Backed by USD as of the End of 2018

Posted on January 17, 2019May 20, 2019 by Omri Shabath

One of the fastest growing sub-industries in the crypto sphere over the past year was the world of stablecoins – digital assets that represent a traditional financial asset and that are also fully backed by it. While the prospect of acquiring a cryptocurrency that has an actual backing to it allures many investors, there is also a cloud of skepticism enveloping stablecoins; and at least in some cases these doubts are justified. For instance, the…

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