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Ultimate Resource On Tether And Bitfinex’s Supposed Market Manipulation (#GotBitcoin?)

A New York-based legal firm has filed a lawsuit against Tether and Bitfinex, accusing them of cryptocurrency market manipulation. Ultimate Resource On Tether And Bitfinex’s Supposed Market Manipulation (#GotBitcoin?)

“Largest Bubble In History”

Roche Freedman filed a class-action suit claiming that stablecoin firm Tether and its affiliate crypto exchange Bitfinex have been involved in defrauding investors, manipulating markets and concealing illicit proceeds, the firm’s founding partner Kyle Roche tweeted on Oct. 7.

In the tweet, Roche accused Tether and Bitfinex of creating the “largest bubble in history.”

Filed on Oct. 6, the complaint document states that Bitfinex and Tether primarily accomplished a “sophisticated scheme” involving “part-fraud, part-pump-and-dump, and part-money laundering.”

Suit alleges that backing asset claims were false

In the lawsuit, Roche Freedman argued that Tether’s claim of backing the number of its Tether tokens (USDT) by equal amounts of United States dollars was a lie. Instead, the firm says that Tether “issued extraordinary amounts of unbacked USDT to manipulate cryptocurrency prices.” The document reads:

“Because the market believed the lie that one USDT equaled one U.S. dollar, Bitfinex and Tether had the power to, and did, manipulate the market on an unprecedented scale to profit from boom-and-bust cycles they created.”

Tether And Bitfinex Expected The Lawsuit

The lawsuit filing comes two days after both Tether and Bitfinex published statements claiming that they had become aware of an unreleased paper “falsely positing that Tether issuances are responsible for manipulating the cryptocurrency market.” Urging that the paper contained “baseless accusations,” Tether and Bitfinex said that they will vigorously defend themselves if lawyers use the source to launch a lawsuit.

Updated: 11-4-2019

Large Bitcoin Player Manipulated Price Sharply Higher, Study Says

‘Stablecoin’ tether, Bitfinex exchange reportedly used to drive up cryptocurrency’s price in 2017 and 2018.

A single large player manipulated the price of bitcoin as it ran up to a peak of nearly $20,000 two years ago, a new study concludes.

The study reviewed the period between March 2017 and March 2018, when the price of bitcoin soared and its total market value rose to $326 billion. About half of that increase was due to the influence of a manipulation scheme, according to the study’s authors.

They said the unknown manipulator operated from a single account at Bitfinex, the largest cryptocurrency exchange at the time. The manipulator used another cryptocurrency, called tether, to boost demand for bitcoin, leading to the price surge.

It isn’t clear by how much or if the manipulator profited. Bitcoin traded at nearly $9,200 on Sunday.

The study—written by John M. Griffin, a finance professor at the University of Texas with a background in forensics, and Ohio State University finance professor Amin Shams —was accepted for publication by the influential Journal of Finance and will be published online Monday. An earlier version of the study argued tether was being used to manipulate bitcoin prices, but didn’t connect the scheme to one entity.

The paper doesn’t definitively conclude who the manipulator was. But it strongly suggests Bitfinex executives either knew of the scheme or were aiding it.

“If it’s not Bitfinex,” Mr. Griffin said in an interview, “it’s somebody they do business with very frequently.”

Bitfinex dismissed the study’s findings. Stuart Hoegner, the company’s general counsel, said it “lacks academic rigor” and offered no proof of its claims. “It is the global rise of digital currency that has driven the market’s demand for tether,” he said.

Bitfinex and the company that controls tether, called Tether Ltd., have common ownership and are run by the same executives. Both companies are being investigated for alleged fraud by the Justice Department and the New York Attorney General’s office.

Tether is similar to bitcoin, but with key differences: Bitcoin trades freely, while tether’s value is pegged to the dollar via an asset reserve. For every tether in circulation, there purportedly is $1 in the reserve. This kind of digital currency is called a stablecoin.

If the price of bitcoin was manipulated, this would undermine a key feature of the crypto market, said Mr. Shams. “The promise of a decentralized financial system was that it would be free from the influence of banks and governments,” he said. “Ironically, there are large, new entities that have gained centralized control.”

For their study, the two professors mapped the entire transaction history of bitcoin and tether, a process that involved sifting through more than 200 gigabytes of data. They then traced the movement of the two currencies.

That enabled then to show how tethers moved across various exchanges and were traded for bitcoins. Rather than showing a random pattern that would indicate broad demand, they instead found tethers flowed through tightly clustered pathways—starting with one large account at Bitfinex—indicating control by a single entity.

Tether has become primarily an asset used by crypto exchanges to facilitate trading. About 75% of all bitcoin trading is in exchange for tethers, according to data from research firm CryptoCompare.

According to Tether, it creates new units of tether whenever it gets orders from its customers. But the company has released only limited information to prove reserves exist. In April, the company revealed in a court filing that tether was only 74% backed by reserves.

If new tethers were being created in response to orders, then the price of bitcoin would reflect natural demand.

If tethers were being “printed” without backing, that could lead to artificial demand if they were used to purchase bitcoin. In some ways this is akin to central banks or governments printing money to stimulate economies, often leading to inflation.

The Griffin-Shams study set out to determine whether tethers were being printed in response to user demand. The authors laid out and tested a number of hypotheses to see if Tether’s claims of dollar backing for tethers could be proven or disproved. The study’s conclusion was tether was being printed regardless of customer orders.

One pattern was especially illustrative: The study looked at 95 nonconsecutive hours that comprised the largest percentage of tether dispersals. This showed a consistent pattern: In the three hours before those dispersals, the price of bitcoin was falling. Immediately after the dispersal, the price began rising. Those 95 hours accounted for 59% of bitcoin’s compounded returns between March 2017 and March 2018.

“Even a fairly small amount of capital can manipulate the price of bitcoin,” Prof. Griffin said.

To be sure, the data could have other interpretations: The authors, for instance, didn’t have access to Bitfinex’s and Tether’s bank accounts. That information would show definitively whether the companies were creating new units of tether in response to real customer demand.

Updated: 11-25-2019

Another Class Lawsuit Claims Bitfinex, Tether Manipulated Bitcoin Market

Crypto exchange Bitfinex and its sister firm, stablecoin issuer Tether, have again been accused of working to manipulate the bitcoin markets.

A new class-action suit, filed by Eric Young and Adam Kurtz at the district court in the Western District of Washington on Nov. 22, draws heavily from details that emerged in the case brought by the New York attorney general in April against the same two firms.

It’s also the second class action to have been brought in recent months relying on the New York case, which is still ongoing as the defendants appeal over whether they must continue to produce documentation. The attorney general claims, among other things, that that the tether (USDT) stablecoin was not fully backed by U.S. dollars.

In a lengthy list of claims, Young and Kurtz specifically allege that Bitfinex and Tether “monopolized and conspired to monopolize the Bitcoin market,” as well as manipulated the market, manipulated information or made inaccurate claims.

Further, “Defendants’ misconduct caused prices of Bitcoin futures, and the prices of Bitcoin underlying the Bitcoin futures, to be artificial during the Class Period [Oct. 1, 2014 to present],” Young and Kurtz say, adding:

“Defendants’ control of USD₮ issuances and Bitfinex permitted Defendants and their co-conspirators to coordinate purchases and sales with rising and falling Bitcoin prices. When Bitcoin prices were falling, Defendants and their co-conspirators printed USD₮s and artificially increased the price of Bitcoin. Once Defendants and their co-conspirators artificially inflated the price of Bitcoin, Defendants and their co-conspirators then converted the Bitcoin back into USD₮s to replenish Tether’s reserves.”

Both lawsuits also cite a study authored by professors at the University of Texas at Austin claiming that a single Bitfinex account used USDT to inflate the price of bitcoin in the lead up to its 2017 all-time high of around $20,000.

While the case has been brought at the federal court in Washington State, Young and Kurtz are based in Pennsylvania and New York, respectively. Both say they are bitcoin traders who traded at artificial prices due to the alleged actions of the defendants.

“At all relevant times, Defendants, including the employees that conducted Defendants’ affairs through illegal acts, knowingly and intentionally made false statements to U.S. Bitcoin investors and the public for the purpose of concealing Defendants’ scheme,” the suit states, further alleging that the defendants profited at plaintiffs’ expense.

Bitfinex took to its blog Sunday to call the Washington case “mercenary and baseless,” and suggest that such lawsuits “are a continuing affront to the efforts and dedication of Bitfinex’s customers and all participants in the digital currency ecosystem.”

“As we predicted last month, mercenary lawyers continue to try to use Bitfinex and Tether to obtain a payday. To be clear, there will be no nuisance settlements or settlements of any kind reached. Instead, all claims raised across both actions will be vigorously contested and ultimately disposed of in due course,” the exchange wrote.

The U.S. Department of Justice has reportedly looking into the allegations of market manipulation for some time, but has not yet made any conclusions public.

Is Bitcoin Market Manipulation Profitable? | December 4th 2019 #MarketsDaily

Updated: 12-9-2019

Large Bitcoin Player Manipulated Price Sharply Higher, Study Says

‘Stablecoin’ tether, Bitfinex exchange reportedly used to drive up cryptocurrency’s price in 2017 and 2018.

A single large player manipulated the price of bitcoin as it ran up to a peak of nearly $20,000 two years ago, a new study concludes.

The study reviewed the period between March 2017 and March 2018, when the price of bitcoin soared and its total market value rose to $326 billion. About half of that increase was due to the influence of a manipulation scheme, according to the study’s authors.

They said the unknown manipulator operated from a single account at Bitfinex, the largest cryptocurrency exchange at the time. The manipulator used another cryptocurrency, called tether, to boost demand for bitcoin, leading to the price surge.

It isn’t clear by how much or if the manipulator profited. Bitcoin traded at nearly $9,200 on Sunday.

The study—written by John M. Griffin, a finance professor at the University of Texas with a background in forensics, and Ohio State University finance professor Amin Shams —was accepted for publication by the influential Journal of Finance and will be published online Monday. An earlier version of the study argued tether was being used to manipulate bitcoin prices, but didn’t connect the scheme to one entity.

The paper doesn’t definitively conclude who the manipulator was. But it strongly suggests Bitfinex executives either knew of the scheme or were aiding it.

“If it’s not Bitfinex,” Mr. Griffin said in an interview, “it’s somebody they do business with very frequently.”

Bitfinex dismissed the study’s findings. Stuart Hoegner, the company’s general counsel, said it “lacks academic rigor” and offered no proof of its claims. “It is the global rise of digital currency that has driven the market’s demand for tether,” he said.

Bitfinex and the company that controls tether, called Tether Ltd., have common ownership and are run by the same executives. Both companies are being investigated for alleged fraud by the Justice Department and the New York Attorney General’s office.

Tether is similar to bitcoin, but with key differences: Bitcoin trades freely, while tether’s value is pegged to the dollar via an asset reserve. For every tether in circulation, there purportedly is $1 in the reserve. This kind of digital currency is called a stablecoin.

If the price of bitcoin was manipulated, this would undermine a key feature of the crypto market, said Mr. Shams. “The promise of a decentralized financial system was that it would be free from the influence of banks and governments,” he said. “Ironically, there are large, new entities that have gained centralized control.”

For their study, the two professors mapped the entire transaction history of bitcoin and tether, a process that involved sifting through more than 200 gigabytes of data. They then traced the movement of the two currencies.

That enabled then to show how tethers moved across various exchanges and were traded for bitcoins. Rather than showing a random pattern that would indicate broad demand, they instead found tethers flowed through tightly clustered pathways—starting with one large account at Bitfinex—indicating control by a single entity.

Tether has become primarily an asset used by crypto exchanges to facilitate trading. About 75% of all bitcoin trading is in exchange for tethers, according to data from research firm CryptoCompare.

According to Tether, it creates new units of tether whenever it gets orders from its customers. But the company has released only limited information to prove reserves exist. In April, the company revealed in a court filing that tether was only 74% backed by reserves.

If new tethers were being created in response to orders, then the price of bitcoin would reflect natural demand.

If tethers were being “printed” without backing, that could lead to artificial demand if they were used to purchase bitcoin. In some ways this is akin to central banks or governments printing money to stimulate economies, often leading to inflation.

The Griffin-Shams study set out to determine whether tethers were being printed in response to user demand. The authors laid out and tested a number of hypotheses to see if Tether’s claims of dollar backing for tethers could be proven or disproved. The study’s conclusion was tether was being printed regardless of customer orders.

One pattern was especially illustrative: The study looked at 95 nonconsecutive hours that comprised the largest percentage of tether dispersals. This showed a consistent pattern: In the three hours before those dispersals, the price of bitcoin was falling. Immediately after the dispersal, the price began rising. Those 95 hours accounted for 59% of bitcoin’s compounded returns between March 2017 and March 2018.

“Even a fairly small amount of capital can manipulate the price of bitcoin,” Prof. Griffin said.

To be sure, the data could have other interpretations: The authors, for instance, didn’t have access to Bitfinex’s and Tether’s bank accounts. That information would show definitively whether the companies were creating new units of tether in response to real customer demand.

Updated: 1-30-2020

Antonopoulos Writes To Judge Vouching For Law Team Suing Bitfinex For BTC Manipulation

One of the biggest names in crypto has joined in an ongoing argument about who will lead the class-action suit against Bitfinex and its affiliates over alleged market manipulation leading to Bitcoin’s 2017 bull run.

Antonopoulos’s Affidavit

Amid a flurry of filings seeking to lead the class, Andreas Antonopoulos has come out in support of the legal team of Liebowitz, filing an affidavit on Jan. 27 vouching for the expertise of the team — which Antonopoulos has seen in action on the Kleiman v. Wright case.

Liebowitz’s representation includes a laundry list of attorneys from three separate firms, but Antonopoulos specifically commended Kyle Roche of Roche Cyrulnik Freedman as the reason the firm should lead the proceedings. Before calling the firm “uniquely qualified to represent members of the class,” Antonopoulos wrote:

“In the Kleiman matter, Mr. Roche has repeatedly demonstrated an understanding of the technical and functional properties of bitcoin, cryptocurrencies, blockchain, and their underlying cryptographic principles superior to many other attorneys.”

The Fight To Lead The Class

Antonopoulos’ opinion on the matter is just one of a host of filings in recent weeks as three separate firms seek to lead the class i.e. run the legal proceedings.

In recent months, Bitfinex alongside related companies Tether and iFinex have seen four separate class-action complaints filed against them, all alleging market manipulation and all identifying the class as anyone in the United States who transacted in Bitcoin since mid-2017, or possibly earlier — potentially a huge demographic.

The first of the four plaintiffs was Liebowitz in October, followed by Young in November and Ebanks and Faubus earlier in January. Earlier this week, the presiding judge ordered those four cases to consolidate. However, the question of leadership has remained.

Karen Lerner, lead attorney for Young, argued for leadership by law firms Radice and Kirby McInerny, telling Cointelegraph that their complaint stood out based on “significant investment of resources that resulted from our rigorous market analysis.”

In turn, Kyle Roche told Cointelegraph that “Our firm brings unparalleled experience and expertise in cryptocurrency litigation,” while also promoting the complaint brought by Roche Cyrulnik Freedman on behalf of Liebowitz as “the most legally sound and well-researched.”

Regarding the stakes of the case, Lerner explained that the case seeks to give money back to those who bought Bitcoin in recent years:

“This class action seeks to compensate investors in Bitcoin and Bitcoin futures for damages from paying an artificial price compared to what they should have paid if the price had not been manipulated by the Defendants.”

The firms will have until Feb. 7 to file oppositions to each other’s motions, per a Jan. 28 order from the presiding Judge Failla. Likely this is in order to allow the firms who filed their initial complaints only in January time to respond to the flurry of filings in the past several days.

Origins Of The Allegations

Research by John Griffin and Amin Shams initially published in June 2018 initially spread the theory that a single whale trading USDT on Bitfinex successfully manipulated the Bitcoin market. The researchers updated their work near the end of 2019 to specify Bitfinex as the likely culprit.

As Cointelegraph reported, Bitfinex and Tether have publically dismissed the single-whale theory as well as the subsequent lawsuits, which they called “mercenary and baseless.”

Updated: 1-11-2021

Tether Mints Record 2B USDT In One Week

Tether printed two billion dollar-backed tokens last week, a new record for the leading stablecoin project.

Over 24.6 billion tethers now circulate across Ethereum, Tron and Bitcoin’s Omni Layer, per data from Coin Metrics, up from 4.8 billion one year ago.

The growth comes from a variety of factors, said Sam Trabucco, quantitative trader at Alameda Research. “Some [people] don’t put trust in their local banks or currencies,” he said, in which case using USDT is the “most liquid USD-like exposure the market has access to.”

Growth also comes when traders start to “aggressively sell BTC (-17.45%) into USDT” or vice versa, Trabucco noted, which can cause the dollar-pegged token to temporarily trade above or below its peg.

For nearly all of January so far, USDT has traded slightly above $1 until early Monday morning when it dropped below the mark, per market data from U.S.-based cryptocurrency exchange Kraken.

Per Tether and Bitfinex CTO Paolo Ardoino, new deep-pocketed institutional bitcoin investors like MicroStrategy or Ruffer Invest executing over-the-counter (OTC) buy orders has also cause significant USDT supply growth.

“Among Tether customers are all the major OTC desks and high frequency trading firms in the space,” Ardoino told CoinDesk in a direct message. Taking the buyer’s funds, OTC desks will routinely convert to USDT and spread the buying pressure across all possible liquid venues, creating demand for more stablecoins.

Trabucco also noted “heightened volumes” across all cryptocurrency trading venues over the past few weeks combined with “the ability to use USDT as collateral for an increasing number of derivatives products” as additional reasons for tether’s substantial supply growth.

Notably, trading volumes for markets quoted in USDT continue to surpass bitcoin-quoted pairs, which used to be where most trading volume concentrated.

For Tether, all of these combined market dynamics “have led to an increase in creation”, Trabucco said.

Concurrent with its meteoric supply growth, increased attention has been paid to questions about Tether’s backing, an issue that is even the subject of an inquiry by the New York State Attorney General’s office.

Per prior court statements, Tether reserves include cash, short-term reserves and other cryptocurrencies. But no bank statements or legal documents supporting this claim have been published since 2018, when Bahamas-based Deltec Bank published an unsigned letter affirming that Tether held $1.8 billion in reserves, matching the amount of USDT issued at the time.

In April 2019, Tether’s supply was only about 74% backed by fiat equivalents, per a statement from its general counsel. But, reiterating a later statement made in November 2019, Ardoino took to Twitter on New Year’s Eve saying, “Tether is fully backed, full stop.”

Updated: 1-20-2021

Tether And Bitfinex Seek Further 30 Days To Produce Critical Trial Documents

iFinex Inc needs another 30 days to produce trial documents for the New York Attorney General.

iFinex Inc — the parent company of crypto exchange Bitfinex and stablecoin issuer Tether (USDT) — has written to the New York Supreme Court requesting that its upcoming trial date be pushed back even further.

According to a filing submitted to the New York court system on Jan. 19, the legal counsel for iFinex Inc requested another 30 days to produce the documents demanded by the Office of the Attorney General (OAG).

The document production process was supposed to be completed by Jan. 15 — a date which itself was an extension on the original deadline of Dec. 16. Legal counsel for the defendant, Charles Michael, said in Tuesday’s court filing that a “substantial volume” of material had already been handed over to the OAG, but that there remained “supplemental agreed-upon items” that still had to be sourced.

The filing noted that, in addition to the time it will take to produce the documents in question, extra time will also have to be set aside for the OAG to analyze their importance. The filing states:

“The parties will need a few more weeks to produce the supplemental information, for OAG to review the production, and to discuss further among themselves what if any further proceedings may be necessary.”

The ongoing legal battle extends back to April 2019, when the New York Attorney General alleged that Bitfinex had attempted to cover up the loss of $850 million of customers’ funds by taking illegal loans from Tether, with which it shares executive leadership. The defendants are also alleged to have operated an illegal securities offering.

The investigation by the NYAG had previously revealed that no more than 74% of Tether stablecoins were actually backed up by real cash reserves. This hasn’t stopped over $24 billion worth of USDT being issued to date, and the stablecoin is still involved in the largest volume of crypto market spot trading on a daily basis.

Chief technology officer of Bitfinex, Paulo Ardoini, recently took to his Twitter account to remind observers that Tether was registered and regulated under the Financial Crimes Enforcement Network, and that any suggestion that USDT represented a security was just an example of fear, doubt and uncertainty, or FUD.

Given Tether’s perceived influence in driving up the price of Bitcoin (BTC), and the extent of its everyday use by cryptocurrency traders, many fear a negative outcome on behalf of iFinex Inc, however justified, may wreak havoc on the value of BTC and the rest of the cryptocurrency market.

Updated: 1-22-2021

Tether’s Bank Deltec Says Stablecoin Is Fully Backed by Reserves

“Every tether is backed by a reserve and their reserve is more than what is in circulation,” said Gregory Pepin, Deltec Bank’s deputy CEO.

Tether Ltd.’s Bahamas-based bank, Deltec, said on Friday the company’s tether (USDT) stablecoin is fully backed by reserves, downplaying resurgent fears about the cryptocurrency’s integrity.

“Every tether is backed by a reserve and their reserve is more than what is in circulation,” Gregory Pepin, Deltec Bank deputy CEO, said on the latest episode of the “Unchained” podcast hosted by journalist Laura Shin. “We can see it firsthand, so I can confirm that.”

Tether Ltd., the company behind the tether stablecoin (which has a value linked to the U.S. dollar on a 1:1 basis), has been long accused of lacking of transparency about the coin’s backing. Indeed, a Tether lawyer said in 2019 each USDT was only about 74% backed by fiat equivalents.

USDT’s market capitalization has grown from $4 billion to an astonishing $24 billion in the past 12 months. Reserves are said by Tether on its website to include “traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities.”

Fears about a shortage of backing resurfaced last week after a Medium post cited the discrepancy between the amount of tether issued during the nine months to September 2020 and the funds held at Bahamas-based domestic banks as evidence of a massive shortage of reserves at Tether.

“There weren’t nearly enough dollars in all the domestic banks in the Bahamas to back the tethers that were floating around in the crypto market,” the anonymously penned post stated, citing Bahamas central bank figures.

Pepin, however, refuted that claim, stating that Deltec is not a domestic bank and doesn’t have an authorized dealer license, which is needed to hold Bahamian dollars in cash and deposits.

“We cannot take domestic customers and we cannot hold domestic Bahamian dollars. So that report is actually not relevant,” Pepin told Shin. “And actually, if [the post’s author] took a little effort to go and dig a bit about the size of the Bahamian market of banking, [that person] would have found out that the entire mass of banks have around $200 billion in assets, I believe. And we are a part of that.”

Pepin also offered clarity on the bank’s recent disclosure of bitcoin (BTC) purchases for clients, which triggered rumors it was doing so on behalf of Tether. Both the bank and Tether denied the claim last week.

“We have a very competent and well-respected investment team. And as part of their portfolio education for customers, they actually did an allocation in bitcoin on behalf of those customers,” Pepin said, noting that the 50-year-old bank’s customers range from asset managers to high-net-worth individuals.

Updated: 2-5-2021

Amid Ongoing Legal Proceedings, Bitfinex Announces Tether Loan Repayment

A half-billion dollar loan has been closed out, but multiple court cases grind on.

In a short statement today, Bitfinex — the sister company to centralized stablecoin Tether — announced that it has repaid Tether an outstanding loan balance of $550 million.

This action fully closes out a larger $750 million loan from a $900 million credit line first issued in 2018 — a credit line which has been at the center of a market manipulation lawsuit in New York and a broader lawsuit from the New York Attorney General, among other legal proceedings.

“Bitfinex is happy to announce that in January it repaid the remaining balance of $550,000,000 of the outstanding revolving loan facility to Tether,” wrote Stuart Hoegner, general counsel at Bitfinex. “Bitfinex made this payment in fiat currency wired to Tether’s bank account. All interest due on the loan has been paid. The loan has now been repaid early and in full and the line of credit has been cancelled.”

While the loan is repaid, legal action surrounding the loan continues to move forward. iFinex Inc. — the parent company of both Tether and Bitfinex — is facing multiple class-action lawsuits as a result of the loan which allege that the company issued unbacked Tether that was then used to manipulate the market.

The company is also facing scrutiny from the New York Attorney General. Last month iFinex requested that a trial date be pushed back so the company could produce documents requested by Office of the Attorney General — the second such delay the company has requested.

Despite iFinex’s legal troubles not going away anytime soon, Bitfinex and Tether CTO Paolo Ardoino seemed to take a victory lap on social media, poking fun at the community of “Tether truthers” who believe the stablecoin poses systemic risk to the crypto ecosystem:

Bitfinex did not respond to a request for comment before publication.

Updated: 2-23-2021

Tether To Report Reserves And Pay $18.5M Fine After Settlement With NYAG

New York Attorney General Letitia James

New York regulators are forcing Tether to be fully transparent about its reserves, at the cost of not serving New York residents.

Bitfinex and Tether settled with the Office of the New York Attorney General in the landmark case against Tether. New York authorities alleged that Tether misrepresented the degree to which Tether (USDT) coins were backed by fiat collateral.

The settlement requires Bitfinex and Tether to pay $18.5 million for damages to the state of New York and submit to periodic reporting of their reserves.

The terms of the settlement mandate Bitfinex and Tether to report their current reserve status and budget and any transactions between the two companies, as well as provide public reports for the specific composition of their cash and non-cash reserves. The reports will need to be submitted each quarter for the next two years.

Finally, the settlement also requires Bitfinex and Tether to stop servicing customers in the state of New York.

As previously reported by Cointelegraph, the lawsuit by the New York attorney general alleged that USDT was not fully backed by reserves at certain times. Specifically, Bitfinex is alleged to have opened a line of credit with Tether to repay an $850 million shortfall from the failure of its former partner, Crypto Capital Corp.

The line of credit has since been closed, as reported by Tether and confirmed by authorities. While the documents make specific claims as to the status of Tether’s reserves in 2017 and 2018, the regulators do not seem to have any issues with Tether’s reserve status in 2021.

The settlement fine of $18.5 million is by now a very small portion of all existing USDT, which is almost $35 billion. A Tether spokesperson told Cointelegraph that the company is “pleased to have reached a settlement of legal proceedings.” They continued:

“Under the terms of the settlement, we admit no wrongdoing. The settlement amount we have agreed to pay to the Attorney General’s Office should be viewed as a measure of our desire to put this matter behind us and focus on our business. We are pleased that our customers have shown loyalty and commitment to our businesses over the past two years, while this investigation was ongoing.”

The New York attorney general’s office settled Tuesday a nearly two-year investigation into the finances and corporate practices of the companies that operates the Bitfinex cryptocurrency exchange and the stablecoin tether.

Hong Kong-based iFinex Inc., which operates the Bitfinex exchange, and Tether Ltd. agreed to pay $18.5 million to the attorney general’s office. Additionally, Tether agreed to publicly release quarterly statements detailing its reserves.

The attorney general’s office said the companies made several public misrepresentations, regarding the dollar reserves backing for tether in 2017 and a situation in 2018 when Bitfinex lost access to about $850 million of its customers’ funds that it had placed with an outside company.

When Bitfinex lost those customer funds, it borrowed money from the tether reserves to cover the loss, something it didn’t disclose publicly. That money has since been paid back, though Bitfinex is still trying to recover the original $850 million.

Updated: 5-2-2021

Tether Surges Past Deposits of Most U.S. Banks

Tether, the crypto stablecoin backed one-for-one by fiat currencies, surpassed $50 billion in circulation, a sum that’s more than the insured deposits at all but 44 of the thousands of U.S. banks.

It’s a remarkable milestone for a token that enjoys wide use as a method of payment in the crypto ecosystem, even as the eponymous private company behind it has endured regulatory scrutiny for its opacity on where it holds the enormous sum of reserves that back the token.

Tether is set to release the first quarterly statement on its reserves to the New York Attorney General this month. The disclosure is part of a settlement of a long-running dispute with state regulators over whether it actually has the reserves, but it is unclear whether investors will get a glimpse at it.

Not that Tether investors seem to care either way. The token’s popularity has only grown amid the legal hubbub, as it became the most traded cryptocurrency in the world, exceeding even the volume of market leader Bitcoin. Traders and speculators use it as a conduit to conduct transactions on crypto-only exchanges such as Binance and to park assets to avoid the sector’s extreme price volatility.

“At those offshore exchanges Tether is the main collateral and margin type,” said Nic Carter, co-founder of researcher Coin Metrics. “Exchange volumes are way up and Binance volume is way up. For traders to get access to these crypto-only exchanges they often prefer a stablecoin like Tether. You can think of the supply of Tether as a transparent proxy for the balance sheet of both the crypto-only exchanges as well as the funds trading crypto on those exchanges.”

About 66% of Bitcoin is bought using Tether, according to data tracker CryptoCompare. And Tether’s use is likely to expand since Coinbase Global Inc., the largest U.S. crypto exchange, is planning to allow trading of the stablecoin on its Coinbase Pro platform.

The quarterly report will be released to New York in May, according to Stuart Hoegner, general counsel for the crypto exchange Bitfinex and Tether. The companies, which are based primarily in the British Virgin Islands, settled without admitting or denying any wrongdoing.

When the settlement was announced, New York Attorney General Letitia James said “Bitfinex and Tether recklessly and unlawfully covered-up massive financial losses to keep their scheme going and protect their bottom lines. Tether’s claims that its virtual currency as fully backed by U.S. dollars at all times was a lie.”

The cryptosphere saw few ripples in the wake of the settlement, with the amount of Tether created continuing to surge after the announcement. Market participants anticipate a similar reaction no matter what that quarterly report reveals.

“The fact that Coinbase added it tells you everything you need to know,” said Kyle Samani, co-founder of Multicoin Capital.

Tether’s Reserves Are Fully Backed, According To Latest Report

“The group’s consolidated assets exceed its consolidated liabilities,” Moore Cayman wrote of Tether Holdings Limited.

Moore Cayman, a Cayman Islands-based accounting network, has again affirmed that Tether Holdings Limited’s USDT stablecoin tokens are fully backed by its reserves.

In the latest report, signed on March 31 and released Thursday, Moore Cayman confirmed that Tether’s consolidated assets exceeded its liabilities.

“In our opinion, the [Consolidated Reserves Report] by the management of Tether Holdings Limited group as of 31 March 2021 at 11:59 PM UTC, is presented in accordance with the criteria set out therein and is, in all material respects, fairly stated,” the report read.

The independent evaluation found that Tether’s total consolidated assets were valued at $41,017,565,708. Total liabilities amounted to $40,868,295,798, with $40,855,204,950 related to digital tokens issued.

Moore Cayman completed a similar review one month earlier and came to the same conclusion regarding Tether’s reserves. At the time, the company’s total assets were $35.3 billion versus liabilities of $35.2 billion.

Although many have questioned the validity of Tether’s one-for-one peg with the U.S. dollar, the latest assurance reports suggest the firm is meeting its obligations. Tether agreed to submit periodic reports about its reserves in February after concluding an $18.5 million settlement with the Office of the New York Attorney General. At the time, New York authorities alleged that Tether’s parent company misrepresented the degree to which USDT was backed by collateral.

Tether achieved a major milestone earlier this week as its market capitalization eclipsed $50 billion for the first time, underscoring the continued growth of stablecoins during the bull market. A $50 billion market cap implies more than 50 billion USDT in circulation.

As of Thursday, Tether’s market cap had reached $51 billion, according to Coingecko.

USDT remains the dominant stablecoin for cryptocurrency traders, accounting for around 65% of the overall market capitalization. USDC, the second-largest stablecoin by market cap, accounts for just 14%.

Updated: 5-13-2021

Tether Discloses Full Reserve Breakdown For The First Time

Cash, cash equivalents, other short-term deposits and commercial paper make up 75.85% of Tether’s proven reserves as of March 31.

Tether Holdings Limited, the company behind the popular USDT stablecoin, released a full breakdown of its reserve composition on Thursday, offering more transparency about the composition of its assets.

More than three-quarters of Tether’s reserves are held in cash, cash equivalents and other short-term deposits and commercial paper as of March 31, 2021. Within this category, commercial paper accounts for 65.39%, fiduciary deposits 24.20%,cash 3.87%, reserve repo notes 3.6% and Treasury bills 2.94%.

Beyond this category, secured loans accounted for 12.55% of Tether’s reserves. Corporate bonds, funds and precious metals represented 9.96% and “other investments,” including digital tokens, were 1.64%.

“Today’s publication reflects our continued dedication to making this information public as part of our ongoing commitment to transparency and setting the standard in our industry,” the company said.

Tether has been submitting periodic reports about the status of its reserves since reaching a settlement with the New York Attorney General’s Office in February. The latest disclosure, however, was the first time that Tether provided a full breakdown of its assets.

As Cointelegraph recently reported, Tether has already passed multiple assurance tests from Moore Cayman, a Cayman Islands-based accounting network, which has confirmed that the company’s consolidated assets exceed its liabilities.

The stablecoin issuer reached a major milestone late last month after it minted its 50 billionth USDT token. As a U.S. dollar-backed stablecoin, that means company assets exceed $50 billion.

The market capitalization of USDT now stands at roughly $57.8 billion, according to Coingecko. As a comparison, Tether’s market cap first reached $40 billion in late March.

Updated: 9-3-2021

Bitfinex Pay To Integrate U2F Authentication For Online Merchant Payments

Cryptocurrency exchange Bitfinex launches a new authentication standard for online payments service Bitfinex Pay.

In an effort to increase customers’ security and privacy on its platform, cryptocurrency exchange Bitfinex has announced the adoption of open authentication standard universal second factor (U2F) within its merchant payments service, Bitfinex Pay.

The move enables the capacity for online stores and merchants adopting the Bitfinex Pay widget to receive payments for goods and services in a range of crypto assets, including Bitcoin (BTC), Ether (ETH), Lightning Network BTC (LN-BTC) and Tether (USDT) on the Ethereum and Tron blockchains.

Customers of a registered merchant can choose the “Pay with Bitfinex” option upon checkout. After a brief detour through the Bitfinex payment gateway, the customer will be returned to the merchant’s website. Once confirmed, payment will be sent directly to the merchant’s connected Bitfinex wallet address.

With this introduction, Bitfinex is positioning the U2F key — a physical USB device — as an alternative to traditional two-factor authentication methods such as text-message or app notifications. The devices can be used across laptops and mobile devices and require a six-digit passcode to grant payment approval.

The Chief Technology Officer Of Bitfinex, Paolo Ardoino, Shared His Comments On The Feature:

“As a trailblazer in digital payments, Bitfinex Pay has already become a popular payment tool and with the addition of U2F, we are providing our users with further means of protecting themselves.”

He continued to say: “These security keys make it almost impossible for a hacker to intercept both your password and the two-factor code.”

In November 2020, payments giant PayPal debuted cryptocurrency payments on its United States platform, granting customers the ability to buy, hold and sell a selection of popular digital assets. More recently, this feature branched out into its United Kingdom market.

In time, Paypal plans to facilitate the transaction of crypto payments across its established network of 26 million online and physical merchants.

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