Bitfinex and Tether lawyers file to dismiss an ongoing case versus the New York Attorney General, arguing New York jurisdiction does not apply here.
Tether News
Tether is a cryptocurrency token that claims be backed by 1 dollar for each token issued. Tether may be explained as a hybrid between a cryptocurrency and fiat money, as its “tethered” to the value of fiat currencies. Tether usually uses a USDT currency, which is supposed to be worth exactly what USD is worth at the same period of time.
Tether can’t be an investment because the US dollar’s price is decreasing over time due to inflation, but neither it can be a speculative interest, because it most certainly would be around the same price for a long time.
Still, there are a few things about Tether that make it very suitable for crypto investors to use. Tether transactions mostly take a few minutes to complete, Tether charges no transaction fees for moving funds between Tether wallets, and it is a stable and fast resource to cash out and cash in when there is a difficult situation in the market.
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New court filings revealed that stablecoin issuer Tether had invested some of its reserves in bitcoin.
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After a week of deep green and bullish price performance, crypto markets today are seeing a major correction.
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TokenAnalyst estimates that capital outflows from major crypto exchanges have exceeded inflows by ~$622 million over the past 5 days.
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The letter comes after a judge had noted that the scope of the OAG court order was too broad.
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Paolo Ardoino made fresh comments prior to an official announcement, with a public token purchase phase now unlikely to go ahead.
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Bitfinex shareholder Zhao Dong has reportedly revealed that the exchange has allegedly sealed $1 billion in both hard and soft commitments.
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Joseph Lubin, founder of blockchain tech company ConsenSys, said that the situation with cryptocurrency trading platform Bitfinex will not likely get better.
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Bitcoin has broken above the $6,000 mark for the first time in almost six months, showing marked resilience.
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The IEO will begin as a private token sale lasting through May 11, with a public phase to follow at Bitfinex’s discretion.
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Crypto markets have evidently tipped into red in the wake of yesterday’s $40 million hack of major exchange Binance.
- Analysis
Tether, Bitfinex fight back against New York attorney general’s legal claims, as the stablecoin maintains stability.
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Judge Joel M. Cohen refused to dismiss the court order entirely, but took aim at the “amorphous and endless” nature of its accusations.
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A legal document says the case against the companies lacks basis and uses an incorrect legal standard.
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by Thomas Simms
CoinMarketCap’s website explains that prices can be manually excluded from its bitcoin average if it “does not seem indicative of a free market price.”
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