Bitcoin News Thebittimes.Com

Tether, the world’s largest stablecoin, has announced its intention to use up to 15% of its profits to purchase additional bitcoin. As of March 31, the approximately $1.5 billion in bitcoin Tether held was approximately triple the amount of cash in its reserves. This change will presumably exacerbate that difference. Tether looks to be confident in the future of Bitcoin with chief technology officer and principal spokesperson Paolo Ardoino saying, “ Bitcoin is not only a way to enhance the performance of our portfolio, but it is also a method of aligning ourselves with a transformative technology that has the potential to reshape the way we conduct business and live our lives.” Tether attestation shows stacks of US treasury bills, more gold than bitcoin Tether’s initial and undisclosed bitcoin purchases were first revealed in a court transcript as part of the New York Attorney General’s case against the company for fraud in 2019. Early in Tether...

Join Our Telegram channel to stay up to date on breaking news coverage According to accounting and financial experts interviewed by The Wall Street Journal, Binance’s efforts to increase the openness of its reserves also revealed warning signs in the cryptocurrency exchange’s finances. Concerns include the corporate structure, Bitcoin liabilities, and internal control effectiveness According to a former investment manager and member of the Financial Accounting Standards Board (FASB), the audit firm Mazars’ report does not inspire investors with confidence regarding the exchange’s financial standing because it is devoid of details pertaining to the effectiveness of internal controls and how Binance’s systems dispose of assets to pay off margin loans. The lack of details regarding Binance’s business structure was another issue that the newspaper’s sources identified as a concern. Since Binance has been through a corporate reorganization...