Bitfinex Settles N Y Probe Into Tether, Hiding of Losses msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Bitfinex Announces Loan Repayment To Tether Date
Bitfinex has confirmed its loan repayment to Tether. Stuart Hoegner, General Counsel at Bitfinex, said: 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. Bitfinex made this payment in fiat currency wired to Tether s bank account. The loan has now been repaid early and in full and the line of credit has been cancelled.
UK Insurer Walks Away From High-Profile Litigation Against Bitfinex Date
29/01/2021
A UK-based cyber insurer has walked away from high-profile litigation against Bitfinex. The insurer was seeking to recover a bitcoin ransom it paid out under a cyber-policy, and argued that Bitfinex should be liable to pay damages despite bitcoin being innocently received onto its exchange. The discontinuance confirmed today by the High Court means the insurer will not receive any compensation from Bitfinex but instead will reimburse Bitfinex for its attorney costs, which once fully assessed will be considerably more than GBP 100,000.
Stuart Hoegner, General Counsel at Bitfinex said:
“Bitfinex stood firm against baseless claims – now abandoned – not grounded in fact or law, but a desire for compensation. Legal systems should never be used as a blatant attempt to extort settlements. This sends an important message that Bitfinex will stand by the facts and truth, and will not bend
What Tether Means When It Says It’s ‘Regulated’
Tether, regulated or not?
regulated stablecoins and
unregulated stablecoins. But what is the difference? Tether, the largest of the stablecoins, is often described as unregulated. But Tether executives and supporters disagree with this claim. Who is right?
J.P. Koning, a CoinDesk columnist, worked as an equity researcher at a Canadian brokerage firm and a financial writer at a large Canadian bank. He runs the popular Moneyness blog.
Tether is the most popular medium of exchange in the crypto economy. With almost $25 billion worth of U.S. dollar tether stablecoins in existence, it has become one of the world’s largest non-bank issuers of dollars. For context, there are around $32.5 billion worth of PayPal balances outstanding. It took PayPal 20+ years to get to this level. Tether did it in just six!