Bitfinex Repays Tether $750 Million Loan, Ending Crypto Market FUD

2021-2-6 21:52

Bitfinex exchange’s parent company iFinex Inc. made full payment of the $750 million loan it had taken from Tether, putting an end to speculation of wrongdoing that threatened to wind up the company. 

An End to Tether FUD

The two companies, iFinex Inc. and Tether, have ended the $900 million credit line, which allowed iFinex to borrow from the latter. The press release by Bitfinex noted: 

“The loan has now been repaid early and in full and the line of credit has been cancelled.”

Bitfinex had borrowed $750 million from Tether in 2018. In the last two years, the exchange repaid $200 million of the amount and cleared the remaining $550 million, plus interest today. The loan formed the basis of New York justice department’s case against the companies.

In 2018, New York’s attorney general (NYAG) Letitia James filed a case against Tether and iFinex for cooking their books to cover losses of $850 million at the Bitfinex exchange. 

Under James, the Department of Justice (DoJ) accused iFinex of using a $750 million credit to cover lost funds. It also insinuated that Tether had been printing its stablecoin USDT without sufficient backing. 

At the time, $850 million accounted for one-third of the total USDT supply. 

In the latest court proceedings, Tether and iFinex were asked to hand over financial documents to the NYAG by Jan. 15. The process went smoothly, according to the company. More importantly, it also marked the end of the stablecoin providers’s injunctive restrictions for providing loans to Bitfinex.

Today, the company has resolved its largest obstacle. 

74% of Tether FUDers be like this now https://t.co/0keEDAJjMZ pic.twitter.com/8F54Xe2HoF

— Paolo Ardoino (@paoloardoino) February 5, 2021

Tether FUD became popular recently after the stablecoin issuer had allegedly invested its USDT reserves in Bitcoin. Since Tether is one of the most liquid exchange pairs with BTC, a crypto reserve at the firm created a lot of risk for the industry.

The DoJ’s quiet concerning the case suggests that Tether is in the clear.

Disclosure: The author held Bitcoin at the time of press. 

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Lendoit (LOAN) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 LOAN

ending crypto market fud loan million repays

Источник: cryptobriefing.com

ending crypto → Результатов: 79


EXCLUSIVE: Alex Mashinsky Says Take Whatever Spare Cash You Have And Buy Some Bitcoin

Full transcript: Jessica Walker (JW): We’re ending the year on another hugely positive note. We’re seeing bitcoin (BTC) as the best performing asset, over the past ten years. How are you reviewing this year’s performance in crypto? Alex Mashinsky (AM): Well, we were obviously tested a few times — once with COVID, and again, with … Continued The post EXCLUSIVE: Alex Mashinsky Says Take Whatever Spare Cash You Have And Buy Some Bitcoin appeared first on BeInCrypto.

2020-12-31 14:57


Фото:

Bitcoin Funds Attracted $4 Bln in Inflows in 2020, CoinShares AUM Surges to a Record $15 Bln: Report

Digital asset manager CoinShares saw its assets under management (AUM) rising to an all-time peak of $15 billion, which were standing at just $2.57 billion at the end of 2019. This surge is the result of institutional investors pumping the second-highest amount on record, $429 million, into the company’s crypto funds, for the week ending […] The post Bitcoin Funds Attracted Bln in Inflows in 2020, CoinShares AUM Surges to a Record Bln: Report first appeared on BitcoinExchangeGuide.

2020-12-9 21:59


Фото:

Analyst: Ethereum is About to Follow Bitcoin and See a Parabolic Move

Following a prolonged period of Ethereum severely underperforming Bitcoin and the rest of the crypto market, it is finally reversing this trend ETH has been able to post massive gains throughout the past 24-hours, surging beyond multiple key resistance zones as bulls aim at breaking above $450 This has revitalized the aggregated altcoin market, with DeFi tokens being particularly impacted by Ethereum’s strength These digital assets are now seeing their first signs of ending their […]

2020-11-7 23:00


Фото:

Here’s Why Ethereum Might Plunge to $340 Before Ending Its Bear Trend

Ethereum’s price action has largely been in sync with that of Bitcoin and the entire crypto market Bulls and bears have both attempted to control its mid-term trend, but this has just resulted in a prolonged bout of sideways trading One analyst believes that the market might see some slightly further selling pressure in the near-term, which could slow its ascent and cause it to reel lower He is specifically setting his sights on a […]

2020-10-2 23:00


Фото:

This Silver Fractal Suggests Bitcoin Could Soon See a Parabolic Rally

Bitcoin’s well-established consolidation trend is showing no signs of ending anytime soon, as the crypto is still hovering within the mid-$9,000 region Each attempt to break above or below the upper and lower boundaries of its current trading range have been unsuccessful There is, however, one fractal pattern that bodes well for the crypto’s bulls One analyst is pointing to similarities between previous silver price action and Bitcoin for insights into where the benchmark digital […]

2020-6-18 21:00


Фото:

Facebook Plans to Redesign Project Libra Due to Regulatory Hurdles 

Facebook and the Libra Association are making plans to redesign project Libra in a bid to scale the ending regulatory hurdles that have plagued the global crypto project. Sources say the proposed Libra network may function as a payments network, supporting other cryptocurrencies including central bank digital currencies (CBDCs), reports Bloomberg on March 4, 2020.

2020-3-4 18:00


Bitcoin Dominance Could Cause Catastrophic Ending to Current Altcoin Season

Bitcoin is the first-ever cryptocurrency that all other altcoins were designed after, with many providing additional benefits above and beyond what the original crypto has to offer. Altcoins have recently been vastly outperforming Bitcoin in what crypto analysts refer to as an “alt season,” but it all may come to a surprise end leading to... The post appeared first on NewsBTC.

2020-2-10 22:00


Could Trudeau’s Victory in Canada Propel Crypto Adoption, New Zealand Style?

Justin Trudeau has narrowly won the 2019 Canadian election, edging out his conservative opponent to form what is likely to be a minority government. If the legacy of Trudeau’s first term – apart from ending the decade-long brutishly pro-business policies of the Stephen Harper government – is the legalization of cannabis in the country, Canada […] The post Could Trudeau’s Victory in Canada Propel Crypto Adoption, New Zealand Style? appeared first on Crypto Briefing.

2019-10-23 15:26


Фото:

Bitcoin Price Struggles As Crypto Market Cap Nears $100 Billion Support

Bitcoin price fell 3 percent to lose support at $3500 January 28, abruptly ending a week in which volatility hit its lowest levels in over two months. Bitcoin Price Struggling Amid Low Volatility Data from Coinmarketcap showed the knock-on effect of Bitcoin (BTC) aiming downwards Monday, with altcoins in the top twenty cryptocurrencies by market cap repeating the losses.

2019-1-28 12:00


дальше еще 30 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Crypto firms on alert after Tether CEO Paolo Ardoino warns of email list breach

Paolo Ardoino, the CEO of stablecoin issuer Tether, warned on June 5 about a potential security breach involving an unnamed crypto mailing list provider. In a post on the social media platform X (formerly Twitter), Ardoino stated that his firm had received two independent confirmations suggesting a prominent vendor responsible for managing mailing lists for […] The post Crypto firms on alert after Tether CEO Paolo Ardoino warns of email list breach appeared first on CryptoSlate.

Russia’s top metal producers reportedly turn to Tether for trades with China

Russia’s two largest unsanctioned metal producers have reportedly begun using Tether’s USDT stablecoin for cross-border transactions with Chinese clients and suppliers. Russian commodities giants have reportedly started using stablecoins to settle cross-border transactions with China as the U.S. Treasury Department…

Kraken reaffirms commitment to Tether (USDT) amid EU regulatory concerns

In a rapidly evolving regulatory landscape, Kraken, a prominent US-based cryptocurrency exchange, has firmly stated that it has no plans to delist Tether (USDT) from its European platforms. This announcement comes in response to Bloomberg reports that Kraken was “actively reviewing” supporting Tether’s USDT stablecoin on its European platform because of the regulatory scrutiny surrounding […]

Sichuan police uncover underground finance scheme involving $2b in USDT

Chinese police in Sichuan reportedly intensified crackdowns on underground banking networks, with a particular focus on USDT transactions totaling billions of U.S. dollars. Chinese police in the Sichuan province reportedly uncovered a wide-scale underground banking scheme, with operations reportedly involving…