Bitcoin News Thebittimes.Com

Tether and Bitfinex say the decision not to appeal the Freedom of Information Law request by several media outlets was made in the interests of transparency. Tether and Bitfinex have jointly agreed to drop initial opposition to a Freedom of Information Law (FOIL) request lodged in New York by a number of high-profile news publications. A statement from the USDT stablecoin issuer and cryptocurrency exchange shared with Cointelegraph notes that it is committed to transparently sharing information following a FOIL request from CoinDesk earlier this year. The companies also indicated that they would not be openly releasing documentation, claiming that the approach is not in line with its business practices: “It’s essential to clarify that transparency does not mean a wholesale release of all our documents.” Tether and Bitfinex will not appeal against the FOIL request put forward by journalists, including Zeke Faux, Shane Shifflett and Ada Hui, whom they accuse of exhibiting “certain beh...

Nepalese police have uncovered an international gang of gold smugglers that secretly moved over 33kg of gold into the country in exchange for $16 million worth of Tether ( USDT ). According to local media, Dolakha police held a press conference on Tuesday detailing how the gang moved the gold through the Lamabagar border checkpoint with China between November 2022 and September 2023. Police revealed that over the course of a year, the gang sold the gold for Rs. 2.19 billion ($16 million) worth of USDT using 12 crypto wallets. Police also reportedly revealed that the crypto might be linked to illicit activities separate from the gold smuggling. The smugglers are said to have employed children to help hide the gold inside potato and flour sacks before transporting it to Nepal’s capital, Kathmandu. Tether’s history with China goes far beyond commercial paper Read more: Brazil gang caught laundering illegal gold with crypto In return, the smugglers reportedly sent the s...

Cryptocurrency stablecoin company Tether shared on X that the plaintiff had ended the appeal in the multi-year courtroom battle. Tether initially denied allegations of misconduct via a written statement one day before the lawsuit was filed in 2019. A conclusion of legal proceedings In a blog post on the Tether website, the stablecoin issuer shares that Chief Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York has finalized the dismissal of Shawn Dolifka’s class action complaint against Tether and Bitfinex after denying his motion to amend.  You might also like: Tether to become a Bitcoin miner with a $500m investment in 2024 In light of this, Dolifka has chosen not to pursue an appeal. The court’s judgment now stands in favor of Tether and Bitfinex, concluding the legal proceedings. Judge Finalizes Dismissal of Meritless Lawsuit Against Tether and Bitfinex, Plaintiff Drops Appeal Read more ️https://t.co/fxObcUrp3Q ...

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...

Tether Profit and Earnings Details According to the details, Tether ended the first quarter of 2023 with $81.8B in consolidated total assets, the vast majority of its reserves are invested in US Treasury Bills. Remarkably, Tether’s outstanding performance is proof of clients’ trust, allowing Tether to be quite hopeful about the future. advertisement Notably, Tether’s Consolidated Reserves Report (CRR) also revealed that Tether’s consolidated assets once again exceed its consolidated liabilities. The total aggregate assets of the Group total at least $81,833.149,345, while total liabilities amount to $ 79,390,359,036 of which US$ 79,372,401,626 relates to digital tokens issued. While commenting on the update, Tether’s CTO, Paolo Ardoino highlighted that the firm’s net profit is evidence of the platform’s strength and stability. Additionally, Ardoino stated that the firm will continue to assess the risk-adjusted return on a...

BTC’s $1,420 decline in the span of 1-hour negatively impacted demand for stablecoins in Asia and it shifted futures traders into a more defensive attitude. Bitcoin (BTC) faced a 1-hour $1,420 pullback on March 3 following Silvergate Bank's 57.7% stock crash which was due to significant losses and "suboptimal capitalization." The U.S. fintech-friendly bank was a key financial infrastructure provider for exchanges, institutional investors and mining companies and some investors are worried that its potential demise could have wide-ranging negative impacts on the crypto sector. The crypto-friendly bank discontinued its digital asset payment railway — Silvergate Exchange Network (SEN) — citing excessive risks. Silvergate also reportedly borrowed $3.6 billion from the U.S. Federal Home Loan Banks System, a consortium of regional banks and lenders, to mitigate the effects of a surge in withdrawals. Among the impacted exchanges was Dubai-based Bybit, which announced the suspen...