Hodler’s Digest, May 20–26: Top Stories, Price Movements, Quotes and FUD of the Week

Coming every Sunday, the Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link.Top Stories This WeekCopyright Registrations Do Not Recognize Craig Wright as Satoshi NakamotoAlthough self-proclaimed…

Banking, Bitfinex and the Hidden Irony of Crypto’s Newest Controversy

opinion Michael J. Casey is the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative. The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers. When I visited some early bitcoin startups in Hong Kong five years ago, they were…

Hodler’s Digest, April 29 – May 5: Top Stories, Price Movements, Quotes and FUD of the Week

Top Stories This WeekFractional Reserve Stablecoin Tether Only 74% Backed by Fiat Currency, Say LawyersAccording to documents released by USD stablecoin tether’s (USDT) lawyers, the company behind the stablecoin only has enough fiat reserves to back a little less than three-quarters of its existing supply — 74%. Tether executives had previously publicly promised that each…

Bitfinex ‘Official Doc’ Confirms Plans to Raise up to $1 Billion in IEO for Its Token LEO

Zhao Dong, a shareholder of cryptocurrency exchange Bitfinex, has released new promotional material detailing the exchange’s upcoming initial exchange offering (IEO) for up to $1 billion. The information was shared in a tweet from Dong on May 4.The document, allegedly released by iFinex — the company behind Bitfinex and Tether (USDT) — announces the availability…

NYAG Accusations ‘Filled With Inaccuracies,’ Says Bitfinex Letter to Users

Cryptocurrency exchange Bitfinex stated that the recent allegations by the New York Attorney General (NYAG) about the exchange’s insolvency are “filled with inaccuracies and false assertions.” The exchange made the claim in a letter seen by Cointelegraph, emailed to Bitfinex users today, April 27.The letter was signed by the exchange’s CEO, Jean Louis van der…

Bitfinex Covered $850 Million Loss Using Tether Funds, NY Prosecutors Allege

news The New York Attorney General’s office has alleged that crypto exchange Bitfinex lost $850 million and subsequently used funds from affiliated stablecoin operator Tether to secretly cover the shortfall. According to a press release issued Thursday, NYAG Letitia James announced that she had obtained a court order against iFinex Inc., which operates both Bitfinex…

Game of Coins: Inside the Paxos-Gemini Stablecoin Discount War

feature The rise of new stablecoins was a defining story in the second half of 2018, but the reality is that exclusive discounts partly fueled their growth. Dollar-backed stablecoins are generally supposed to be worth $1, whether it’s Gemini’s GUSD or Paxos’ PAX. But according to four sources with knowledge of these cryptocurrency exchanges, both stablecoin-issuers…

Bitfinex Crypto Exchange Launches Margin Trading for Stablecoin Tether

Hong Kong-based cryptocurrency exchange Bitfinex has introduced margin trading for stablecoin Tether (USDT), according to a blog post published Dec. 21.Bitfinex has launched margin trading for the USDT/USD pair, which would purportedly lead to more efficient price discovery and enable users to hedge the exposure taken on stablecoins. Along with a dedicated lending market, USDT…