The crypto community is in an uproar following the New York State’s Attorney General’s office accusation that prominent crypto exchange Bitfinex – tied closely to the controversial stablecoin Tether – had hidden a $850 million loss at the hands of a capital management company. While the news caused a steep, widespread selloff across the crypto…
Bitcoin (BTC) shed $4 billion after NY OAG sue iFinex Tether controversy force Bitcoin liquidation The OAG of New York is after iFinex, and from their documents, officials say the Hong-Kong based exchange, BitFinex are contravening NY Laws and therefore suing them. With additional evidence that the exchange “raided” Tether’s coffers and probably affecting the…
What many thought would never happen did on Thursday. Just days after Tether Limited, the company behind the USDT stablecoin, minted $300 million worth of its crypto asset, reports revealed that its operator, iFinex, may be on thin ice. It was claimed that prominent Bitcoin (BTC) exchange Bitfinex was unable to keep up with customer…
Bitcoin price declined sharply after it broke the key $5,400 and $5,380 supports against the US Dollar. The price even broke the $5,000 support level and tested the $4,900 support area. There was a break below a major bullish trend line with support at $5,410 on the hourly chart of the BTC/USD pair (data feed…
Bitcoin bulls and bears alike are watching the recent price action like a hawk ready to strike at the first sign of opportunity. Thus far, bulls have been winning the recent battles and appear to be regaining control. However, the bear market has been a long one with many surprises, twists, and downturns. History often…
A document unveiled by the New York Attorney General’s (NYAG) office on Thursday has revealed that iFinex, the company behind both Tether (USDT) and Bitcoin exchange Bitfinex, is coming under legal pressure. Bitcoin Loses 2% As Tether Debacle Comes To Light In a press release posted earlier this hour, the NYAG’s office revealed that iFinex…
What started off as a cult-like group of supporters behind a completely nascent and unproven technology has rapidly evolved into a world-wide phenomenon that has consistently grabbed headlines in mainstream news outlets and has sparked some major controversies. The crypto industry is still quite young, but is rapidly growing and is slowly infiltrating the world…
For some reason or another, many pundits, both in and out of the crypto ecosystem, have likened Bitcoin’s parabolic rally in 2017 to the Dotcom Boom and Bust at the turn of the millennia. Sure, there are similarities, like the fact that both industries were revolutionary, were initially misunderstood and hated, and were rife with…
Satoshi Nakamoto, the pseudonymous creator of the Bitcoin (BTC) project, always expressed an inkling of mistrust and cynicism towards centralized institutions, including Wall Street and the incumbent government. This theme was only accentuated when the first ever crypto diehard embedded a Financial Times headline, which pertained to 2008’s Great Recession, into the coinbase of his/her…
Bitcoin price corrected lower recently and traded below $5,500 and $5,480 against the US Dollar. The price traded close to the $5,370 level and it is currently trading with a bearish bias. There is a key bullish trend line formed with support at $5,405 on the hourly chart of the BTC/USD pair (data feed from…