• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Tethered Up: How Stablecoins Plan To Stay Stable

sol by sol
7 months ago
in All, Crypto
Reading Time: 3 mins read
Advertisement

Many heads turned to the idea that a token meant to serve as a backed stablecoin may actually be manipulating the game. In enters Tether. These were heavy considerations especially with all of the beauty going on in the crypto world.

Here is quick dive into what happened during the trials earlier this year, and how things have played out for the parties involved since.

A New York State Of Affairs

A complaint filed earlier this year claimed that Tether (USDT) had knowledge around the volatility of crypto’s total market capitalization, including a skyrocketing $795 billion in late 2017. Five crypto traders were the plaintiffs who claim they purchased cryptocurrencies at inflated prices and suffered financial losses as a result. As a result, the suit represented anyone in the United States who inflated prices may have harmed during this period of time.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The defendants’ lawyers argued that the case would fall apart, with the accusation that Tether printed its USDT stable coins without any solid backing.

Related Reading \ Dog-Themed DeFi Project Mysteriously Loses Fundraised $60 Million

Another lawsuit In 2019 resulted in a settlement for both parties. The New York State Attorney General Letitia James announced that the office was investigating Bitfinex. What made things sticky is that Tether also came into the spotlight due of the exchange’s affiliation with Bitfinex. The case surrounded an alleged $850 million in cover-ups for a loss. It also happened to be around the same time that Tether legal representatives admitted that the stablecoin was only around 74% backed.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Tether settled the case with New York state and as result the crypto was barred from doing business in New York under the terms of the settlement agreement. Bitfinex and Tether did not admit wrongdoing, but the court fined them a nice chunk of change totaling out to around $18.5 million. The court also wanted Tether to provide quarterly reserve reports for the next two years.

Since 2019, the stablecoin has been involved in more lawsuits, both major and minor.

                 BITCOIN: USDT is an often-utilized stablecoin for swapping with BTC and other major crypto tokens. | BTC-USDT on TradingView.com

Related Reading \ Refinable Launches Gaming Initiative and Sets Aside $150,000 to Support NFT Gaming

Tethered Up

A 127-page court document with the rest of the case can be found in Bloomberg Law’s database. Many of these came from 2017, and latest until 2019 – until recently when everything came to light after the U.S District Judge Katherine Polk Failla, who was lead of the case, ruled in the crypto’s favor. She dismissed half of the claims that the plaintiffs presented against the defendants. Tether and Bitfinex described the remaining claims as “meritless,” expressing that they were likely not willing to settle with the plaintiffs. Most of the complaints were then dismissed, but Tether was still forced to pay an $18M fine to settle the lawsuit.

It’s been a journey for the notorious stablecoin as they face backlash for what has happened to date, and substantial questions still today, however within the past week, Tether has partnered with Notabene in an effort to combat money laundering and cross-boarder crypto crime.

Tags: bitcoincryptocryptocurrencynewsbtctether
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
sol

sol

Related Posts

Extreme fear

Market Sentiment Dangerously Negative As Crypto Fear Index Drops To Two-Year Low

1 day ago
crypto products

Institutional Investors Seek Safe Haven In Crypto Products Amid Market Uncertainty

2 days ago
Bitcoin

Bitcoin Stable Near $30,000 But The Bearish Leg Is Far From Over

1 week ago
total crypto luna bitcoin

LUNA Aftermath: Total Crypto Market More Oversold Than Black Thursday

1 week ago
Crypto Analyst Predicts 1 Altcoin Will Fall Down Hard – Is It Cardano?

Crypto Analyst Predicts 1 Altcoin Will Fall Down Hard – Is It Cardano?

2 weeks ago
Bitcoin

Crypto Shorts See $240M Flush As Bitcoin Rebounds Back Above $30k

2 weeks ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Interest-free Loan, New way of Assets Increase

May 26, 2022

Hoskinsea Partners with Pavia land to Setup A Virtual Headquater On The Metaverse

May 26, 2022

The first free and equal digital country – HyperNation global theme conference was held

May 26, 2022

HyperNation’s event launch sales on HITCHHIKER OF STAR (H.O.S) went out like wildfire

May 26, 2022

Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World

May 26, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.