On January 15th 2021 Tether is due to produce documents for the lawsuit brought forth by New York Attorney General Letitia James. This lawsuit is attacking the very legitimacy of Tether, the number #3 ranked cryptocurrency by market cap. This lawsuit could have extreme consequences for the entire cryptocurrency market so I thought it would be worthwhile to take a look . New York's top law enforcement official had been investigating the. Crypto firms Bitfinex and Tether have settled with the New York Attorney General's (NYAG's) office, ending a legal dispute that began in mid-2019. As part of the settlement, Bitfinex and Tether have agreed to pay $18.5 million in penalties to the state of New York, according to a statement from New York Attorney General Letitia James The lawsuit claimed that Bitfinex and Tether engaged in undisclosed, conflicted transactions to cover Bitfinex's losses by transferring money out of Tether reserve funds. The amount claimed to..
Tether has been in an ongoing lawsuit for 2 years, and we're about to learn the way that is going to go down. I share data from an incredible article revealing some new data on the scenario I've not seen elsewhere .4 trillion on 10/06/19 The New York prosecutor initiated the lawsuit and inquiry on the two crypto companies in April 2019 for opening an unsecured loan by Tether for covering up a loss incurred by its sister company, Bitfinex, which suffered an $850 million loss due to its defaulter payment processor, Crypto Capital. However, Bitfinex maintained its position that it. Clip taken from Digital Asset News Channel - ️ https://youtu.be/qOBlU-xc1Kg DESCRIPTION: We look at that and an update to the TETHER lawsuit DAILY STOR.. Tether is aware of an unpublished and non-peer reviewed paper falsely positing that Tether issuances are responsible for manipulating the cryptocurrency market. Tether vigorously disputes the findings and conclusions claimed by that source, which rely on flawed assumptions, incomplete and cherry-picked data, and faulty methodology
Stuart Hoegner, Bitfinex and Tether's in-house counsel, called the amended lawsuit untethered to either the facts or the law in a statement emailed to CoinDesk. Plaintiffs conflate perceived.. March 31, 2017 — Correspondent bank Wells Fargo cuts off services to Bitfinex and Tether, according to court documents in a lawsuit that Bitfinex later files. Bitfinex is not a direct customer of Wells Fargo, but rather a customer of four Taiwan-based banks that use Wells Fargo as an intermediate to facilitate wire transfers Bitfinex Targeted by Many Lawsuits. Bitfinex, who shares a parent company with Tether, is accused of using $750 million from the stablecoin reserves to cover up losses of $850 million.The crypto exchange defended itself, saying the money was deposited with a Panamanian-company called Crypto Capital but then was seized and safeguarded in several jurisdictions, including Poland, Portugal, the UK. The lawsuit additionally added extra gas to the longstanding principle that Tether created its tokens out of skinny air, manipulating the Bitcoin value. If the NYAG discovered proof that not all Tether (USDT) was backed 1:1 by U.S. greenback reserves, some worry this might have led to the fall of Tether and thus a crash of the crypto market. As a results of the settlement, Bitcoin.
The lawsuit filed in October last year, alleges that crypto exchange giant Bitfinex and its sister company Tether inflated the supply of Tether's USDT stablecoin without proper US dollar backing to drive up crypto prices during 2017's all-time high This meritless lawsuit is an insult to the ingenuity of Tether's customers, as well as the success and innovation of the industry and all who play a role in it. Bitfinex and Tether will vigorously defend themselves, their customers, their stakeholders, and the crypto community against these unfounded allegations and continue to counter fiction with facts, said Hoegner Attorney Jeremy Hogan discusses the Tether lawsuit and the difficulties of proof, the need for the Crypto world to become active lobbyists, and finally the X.. The lawsuit claims that Tether did not follow its premise of only issuing its token (USDT) for every USD in one of its company's bank accounts, but rather issued USDT to illicitly manipulate the market. Specifically, Tether would flood Bitfinex with USDT in response to falling BTC prices in order to enable users to buy BTC and drive demand and price increases for BTC. Tether and Bitfinex. NEW YORK - Attorney General Letitia James today announced that her office obtained a court order enjoining iFinex Inc., operator of the Bitfinex virtual asset trading platform, and Tether Limited, issuer of the tether virtual currency, and their related entities, from further violations of New York law in connection with an ongoing activities that may have defrauded New York investors.
Lawsuit against stablecoin company Tether dropped. crypto-valley-journal 2021-02-26. 0 Comments. By market capitalization, the cryptocurrency USDT is the largest and most widely used stablecoin. The company behind it, Tether, has come under fire several times in recent years. The prosecutor's case against the firm and exchange Bitfinex has now been dropped. Tether and Bitfinex. . This led to a long-drawn court battle and accusations against the stablecoin issuer and the crypto exchange Bitfinex. iFinex's legal counsel on January 19 filed a court document seeking a 30-day extension four days after the previous deadline was set for January 15 January 20 2021. Print this page. New York's investigation into the Tether cryptocurrency and its parent company has suffered a fresh delay, leaving investors uncertain over the outlook for one.
The latter alleges, in a lawsuit, that Bitfinex lost $850 million and then used funds from its affiliated stablecoin issuer (Tether) to cover the shortfall. Nevertheless, tweeting on the most recent developments was the General Counsel, Stuart Hoegner, for both Bitfinex and Tether, who said that they've filed a letter to the court, providing updates on the status of the document production. The Tether Lawsuit. New York Attorney General, Letitia James, accused both Bitfinex and Tether of conspiring to cover up an $850 Million loss by Bitfinex without accurately reporting it to investors. Another allegation has also been made regarding serving clients in the NY jurisdiction where they should not be allowed to. Bitfinex and Tether are closely linked, they are both owned by iFinex.
Tether (USDT) January 15th Deadline on iFinex Case: Everything You Need to Know Author: George Georgiev Last Updated Jan 14, 2021 @ 12:29. January 15th is a date that many anticipate in regard to the landmark iFinex v. NYAG case. Here's everything you need to know about it. Many in the cryptocurrency field have recently discussed the upcoming January 15th date as an important consideration. Thus, the NYAG's ongoing lawsuit against iFinex, the holding company that owns Tether, is not expected to address the issue of market manipulation. Furthermore, these allegations of Bitcoin price manipulation are now obsolete, in the sense that the original academic report that started the attempt to prove them is no longer considered particularly reliable by many. In other words, contrary. Tether, the biggest and the most widely used stablecoin in the market, may prove to be too big to fail. What will happen to the cryptocurrency marke New articles on Tether but still relatively few large media outlets covering. Domino effect of the collapse in Tether, then Bitcoin, could lead to more bubbles popping Bitfinex calls $1.4 trillion Tether lawsuit 'meritless and mercenary' iFinex, the parent company of crypto exchange Bitfinex and Tether, is facing a lawsuit accusing them of manipulating the market. 2 min read → Bitfinex must face New York attorney general in fraud lawsuit, says judge. A New York judge ruled Bitfinex must face the fraud suit and impending investigation set against it in.
Tether market cap. Source: USDT on TradingView.com Tether market cap. Source: USDT on TradingView.com The research analyst discussed the worst-case scenario for Tether and BitFinex, citing the dual lawsuits against BitMEX filed by the Commodity Futures Trading Commission and Departmnent of Justince. He stated that an active investigation against the crypto derivative exchange caused its. Each time a lawsuit or regulatory investigation peels back another layer of the Tether story, our understanding of exactly what Tether is and how it is run changes dramatically, while Tether seems comfortable to roll with the punches, revising the claims it makes for itself each time, offering whatever platitudes or falsehoods that it thinks it can get away with. But Tether can't stay ahead. Tether is also facing a major class-action lawsuit accusing it of contributing to the largest bubble in human history: In 2017, Tether printed a flurry of its currency in patterns that. Tether and its sister company Bitfinex have been accused of creating the largest bubble in human history in a lawsuit filed in New York this week. Tether Artificially Inflated Prices The class-action suit filed in the Southern District of New York alleges that the two companies, and a number of affiliated entities, manipulated the crypto market out of up to $1.4 trillion USD
Massive Bitcoin Lawsuit Involving Tether (USDT) Linked to Paradise Papers. In November 2017, 13.4M documents were published relating to offshore money and the global elites. Now, this treasure trove of information has also spurred a major Bitcoin -related lawsuit involving Tether and Bitfinex. The Paradise Papers indicted many of the world's. Crypto firms Bitfinex and Tether have settled with the New York Attorney General's (NYAG's) office, ending a legal dispute that began in mid-2019. As part of the settlement, Bitfinex and Tether have agreed to pay $18.5 million in penalties to the state of New York, according to a statement from New York Attorney General Letitia James. In April 2019, the NYAG's office alleged that Bitfinex used. Tether's market capitalization has mushroomed from $2 billion in February 2019 to $20 billion, at the time of writing. What went behind this 10x growth varies across a host of factors, namely, the increase in OI and trade volume in Bitcoin and the rise of DeFi. It is a story within which several other stories are nestled, and nearly all of the market's top-30 cryptocurrencies feature in it This meritless lawsuit is an insult to the ingenuity of Tether's customers, as well as the success and innovation of the industry and all who play a role in it. Bitfinex and Tether will vigorously defend themselves, their customers, their stakeholders, and the crypto community against these unfounded allegations and continue to counter fiction with facts, said Hoegner Tether bitfinex lawsuit The New York prosecutor initiated the lawsuit and inquiry on the two crypto companies in April 2019 for opening an tether bitfinex lawsuit unsecured loan by Tether for covering up a loss incurred by its sister company, Bitfinex, which suffered an $850 million loss due to its defaulter payment processor, Crypto Capital The company behind both the Bitfinex exchange and.
Firms say they routinely get 'legal process' from regulators. Tether has yet to verify that it holds $2.3 billion in reserve. Crypto Exchange Bitfinex, Tether Are Said Subpoenaed by CFTC. U.S. A weight has been lifted from the world of digital assets - iFinex, the parent company of Tether and Bitfinex, has settled its longstanding lawsuit levied by The Office of the Attorney General of the State of New York (OAG).. Terms of the settlement will see Bitfinex pay an $18.5 million fine, while admitting no wrong-doing.. The Details. Originally filed on April 24, 2019, by the OAG, the. This second Bitfinex/Tether lawsuit is almost a carbon copy of the first, which accuses Bitfinex of using Tether to manipulate Bitcoin price in 2017, leading to its rally. Moreover, Tether's claims that it is 100% backed by USD have been called into question. Both companies - owned by parent company iFinex - unequivocally deny these claims, calling the lawsuits and evidence. Tether Bitfinex Lawsuit. Bitfinex and sister company Tether caused more than $1 trillion in damages to the crypto market, a new lawsuit claims Bitfinex has repaid $550 million of the loan amount to Tether and closed a larger settlement After the repayment of the loan, multiple legal actions Tether and Bitfinex have weathered a legal storm brought on by the NYAG for almost two years, but accusations of manipulation have plagued the project for even longer than that. Much of it surrounds the project's relationship with Bitfinex, confusion surrounding how tethers are issued, and speculations about Tether's reserves. NYAG Letitia James in 2019 filed an order to the state Supreme.
Bitfinex responded to the latest amendments in the class-action lawsuit against Bitfinex and Tether calling the entire case ''baseless.''. Stuart Hoegner, the General Counsel for Bitfinex said that the lawsuit is based on an unproven conspiracy theory: The plaintiffs' allegations remain untethered to either the facts or the law Tether awaits clarification on the ongoing case against the New York Attorney General. Tether (USDT) has been subject of numerous rumors of fraud and other accusations. Back in April 2019. Tether Settles New York Lawsuit For $18.5 Million - Is XRP Settlement Next? Jeroen Kok Cryptocurrency News 0. Jeroen Kok. Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since. Bitfinex and Tether Lawsuit Revised After Plaintiffs Drop Action. Controversial cryptocurrency exchange Bitfinex and its sister stablecoin issuer Tether have had a lawsuit against them withdrawn by two plaintiffs and re-filed with the addition of a new plaintiff. The two companies were accused of creating the largest bubble in human history.
Tether's claims that its virtual currency was fully backed by U.S. dollars at all times was a lie, New York Attorney General Letitia James said as she shut down its trading in the state This lawsuit was supposed to be the nuclear bomb goldbugs thought would finally blow up bitcoin and return the world to their vision. Too bad that multi-megaton nuke was more like an M-80 going off in my neighbor's backyard. Tether's claims that its virtual currency was fully backed by U.S. dollars at all times was a lie, James said in a statement. Bitfinex and Tether recklessly. 2:40 Tether Lawsuit explained 4:50 Why January 15th is Important 5:52 My thoughts on the lawsuit, tether and the markets 10:18 Banks and Cryptocurrency News 11:17 6th Largest Bank Is Blocking Bitcoin Transactions 12:25 Good Bank News 13:20 Will USDC Replace USDT Soon? 15:12 Crypto News Outro. Reply . #theIKE says: February 2, 2021 at 6:54 pm. Man, my credit union is the only bank that tried. The original lawsuit filed against the closely linked Bitfinex and Tether accuses the defendants of printing USDT without fiat backing. That Tether printing, the suit alleges, contributed to the 2017 bull run crypto markets enjoyed. The plaintiffs claim unbacked USDT caused crypto asset prices: to spike far above their legitimate value in. Bitfinex and Tether have rejected allegations made in an amended consolidated class action lawsuit filed in the Southern District of New York. The lawsuit was filed on Wednesday and alleged that.
Tether and iFinex file a motion to dismiss the market manipulation lawsuit because the plaintiffs don't prove that billions of dollars of unbacked stablecoins that enter the market as we are reading further in our Tether cryptocurrency news.. The lawyers for Tether and iFinex, the partner company of Bitfinex exchange, filed a motion to dismiss the class-action lawsuit accusing them of. Craig Wright accuses Tether, Kraken funding $10B Bitcoin lawsuit against him [Updated] Would-be Bitcoin creator claims they 'seek to shut me down' to protect their 'Ponzi' scheme. How the stablecoin issuer and the exchange benefit from Wright losing 550,000 BTC to the Kleiman estate is unclear. By Brendan Sullivan / June 15, 2020 / Not to be missed in the ongoing lawsuit between the. The lawsuit states at  that: Tether's treasury wallet is the account solely controlled by Tether in which all USDT are created or destroyed. All new USDT are first sent to the Tether Treasury after being created. Any redeemed USDT must similarly be transferred back to the Treasury to be revoked, i.e. destroy. The lawsuit claims that the leveraging of USDT by Bitfinex and Tether is. 11:07 - Tether settles lawsuit. BULL TIME! Kategorien Bitcoin. Kommentare deaktiviert. Als nächstes. 1:42:57. HERE WE GO! Crypto Market Goes Nuts LIVE Look at Bitcoin, Altcoin Market and Ripple XRP Price Chart. von admin 1 Monat vor 14 Aufrufe. 14:01 *JUST IN* Massive Regulatory Clarity Just Changed Crypto FOREVER! Ripple/XRP Will Thrive Due To This . von admin 3 Monate vor 11 Aufrufe. 16:21.
Tether, a so-called stablecoin is supposed to be backed on a one-to-one basis by the U.S. dollar, however New York attorney general Letitia James in April accused the company behind Tether of. iFinex, the parent company of crypto exchange Bitfinex and Tether —issuer of the eponymous stablecoin Tether—has provided millions of documents to the New York Attorney General in regards to its investigation. The state prosecutor's investigation is into the alleged lack of disclosures over a missing $850 million that was seized by police from its previous banking partner
Tether's undisclosed loan led New York State Attorney General Letitia James to sue the companies and their parent iFinex for fraud, conflict of interest, and violation of New York's securities laws in civil court for failing to make clear that Tether's USDt stablecoin was no longer backed one-to-one by U.S. dollars New York AG Settles Long-Standing $850M Lawsuit With Bitfinex and Tether New York Attorney General (NYAG) has finally settled charges with stablecoin issuer, Tether, and trading platform, Bitfinex. The settlement concerns long-standing allegations that the companies partnered to issue Tether stablecoins (USDT) to New York residents even though they did not have enough cash to back up the circulating supply
I think if Tether do not generate the paperwork it will definitely cause a short dip in the market as the FUD and press will be pushing this as the next major lawsuit going down. Bitcoin will recover quickly but we can't ignore the general shady behaviour of Tether I think it's clear they have to go at some point especially as the regulation belt tightens over time. Never audited and had to delay the SEC enquiry about $850m for 2 years until we get to Jan/15thnah bros u hiding skeletons. Why Tether wants a lawsuit dismissal. The company believes that there are several reasons why these cases should not be allowed to progress any further from the very early stages. One reason is the accusation that Tether is trying to manipulate Bitcoin. However, the accusation mostly draws from a draft of an unpublished academic paper The lawsuit also added more fuel to the long-held theory that Tether created its tokens out of thin air, manipulating the Bitcoin price . If the NYAG found evidence that not all Tether (USDT) were backed 1: 1 by reservess in US dollars, with some fearing that this may have led to Tether's downfall and therefore a collapse of the crypto market. As a result of the settlement, Bitcoin. The lawsuit by the NY Attorney General is far from the least of Tether's worries. Crypto experts still allege price manipulation, a point the lawsuit does not address. And then there's the $5.
At the point Bitfinex/Tether lost access to high-quality banking, there were about $55 million of Tethers in circulation. Tether claims there are now more than $4 billion. Tether's claim about reserves was a lie. Tether has routinely not had actual control of hundreds of millions of dollars of their purported reserves The official lawsuit accused Tether and Bitfinex of carrying out a sophisticated scheme for defrauding investors, manipulating markets, and concealing illicit proceeds. Going against the decentralized nature of the crypto-ecosystem, the lawsuit also claimed that Bitfinex and Tether concealed their extensive cooperation in a way that enabled them to manipulate the cryptocurrency market part-fraud, part-pump-and-dump, and part-money laundering BitFinex and Tether have officially spoken out against what they are describing as a baseless lawsuit, designed to undermine the cryptocurrency ecosystem. Roche Freedman, New York-based legal firm, filed a class-action lawsuit on behalf of those who own cryptocurrency against Bitfinex and Tether and others for crypto market manipulation and creating the largest bubble in history The lawsuit that involves Ifinex, the parent company of Bitfinex and Tether, alleges that the stablecoin and exchange violated Sherman Antitrust Act laws. The Ifinex lawsuit filed by Roche's law firm seeks a whopping $1.4 trillion before punitive or treble damages. In that class-action lawsuit, Roche and his litigation team represent David Leibowitz, Benjamin Leibowitz, Jason Leibowitz, Aaron Leibowitz, and Pinchas Goldshtein, on behalf of all others similarly situated. The Ifinex. Thus, as the lawsuit contends, Tether operators allegedly benefited from a Bitcoin (BTC) pump and dump that reached its final stages in late 2018. If this were true, this manipulation may have affected every participant in the cryptocurrencies market. That fact allows the plaintiffs to claim that they represent the U.S. citizens
Tether and Bitfinex denounce baseless lawsuit designed to undermine the cryptocurrency community. June 4, 2020 - Bitfinex, Tether, and their related entities today rejected blatantly false allegations made in an amended consolidated class action lawsuit filed in the Southern District of New tether.t Tether and Bitfinex Denounce Amended Price Manipulation Lawsuit Tether and Bitfinex denounce the latest lawsuit against them as baseless. The lawsuit claims the two companies manipulated Bitcoin's price. It has also been amended to include Bittrex and Poloniex. promo Want to learn how to trade? Get.
As they have stated all along, Tether and Bitfinex deny any wrongdoing and they call the lawsuit meritless. After the case was refiled in New York, general counsel for Bitfinex Stuart Hoegner reiterated their stance, adding, Apparently the plaintiffs have determined that their action should be filed in the Southern District of New York, which raises the question of why it was filed in Washington State in the first place. Whether this complaint is filed in Washington State or the. Allegation #1: The 2017 Bitcoin Bubble was market manipulation, and Tether was how they did it. Allegation #2: Tether became a systemically important, money laundering conduit for the crypto ecosystem. Allegation #3: They might've gotten away with it, too, if they hadn't gotten robbed while busy scammin In November, Tether issued a letter of intent saying the cryptocurrency company plans to file a motion to dismiss the lawsuit which claims Tether manipulated the bitcoin price. The letter was published about a month after the lawsuit was originally filed, and in it, Tether said that plaintiffs couldn't prove the allegations regarding them and Bitfinex. Tags: Tether Bitfinex Fraud lawsuit. In re Tether and Bitfinex Crypto Asset Litigation (1:19-cv-09236) Docket alerts are an advanced feature of CourtListener. Monthly donors can create unlimited docket alerts. If you are not a monthly donor, we allow five alerts and give a bonus of 10 alerts to anybody with the RECAP Extension installed
Oct 7, 2019. pinterest-pin-it. The suit claims that the Bitfinex and Tether parent company engaged in market manipulation, among other accusations. A group of individuals is lobbing a $1.4 trillion class action lawsuit against the company behind Bitfinex and Tether, the latest in the company's looming legal battles Tether and Bitfinex's role in the rampant rise of crypto during 2017, and in particular the price of Bitcoin, has always been suspect, in particular after a report from the Department of Finance at the University of Texas, Austin in June 2018 found that purchases with Tether are timed following market downturns and result in sizable increases in Bitcoin prices. The lawsuit alleges that. Tether USDT and BitFinex reach settlement in US lawsuit. As the Bitcoin price is falling, this is news that will reassure the entire crypto community who feared this threatening sword of Damocles regarding the lawsuit between BitFinex and its Tether USDT against the dreaded New York prosecutor Related Stories. Tether, Bitfinex File Motion to Dismiss Market Manipulation Lawsuit. Tether, Bitfinex File Motion to Dismiss Market Manipulation Lawsuit Tether, the stablecoin that has endured a good share of challenges, has issued a statement on pending lawsuits targeting the company.According to a release, the plaintiffs in three class action.
A leading digital currency exchange, Bitfinex and the people behind Tether have been called up to court again following an amended crypto manipulation lawsuit filed against them on Wednesday.This time, the plaintiffs included two popular crypto exchanges, Poloniex and Bittrex, as being faulty as well Bitfinex and Tether Lawsuit Analysis: The Severity of Roche Freedman's Case. Stablecoin firm Tether and its associate exchange Bitfinex have received a suit filed by a New York-based legal firm Roche Freedman against Tether token (USDT, stating that it is engaged with market manipulation as the consequence of an unpublished paper The plaintiffs behind the lawsuit alleges that crypto exchange giant Bitfinex and its sister company Tether inflated the supply of Tether's USDT stablecoin without proper US dollar backing to drive up crypto prices during 2017's all-time high. The lawsuit is on behalf of investors who purchased cryptocurrencies at what they believe are artificially inflated prices On October 6th a group filed a class-action lawsuit in New York, accusing Tether of being part-fraud, part-pump-and-dump, and part-money laundering. They call for truly startling damages. iFinex agrees to pay $18.5M to settle New York Tether lawsuit. iFinex Inc., the parent company of cryptocurrency exchange Bitfinex and the Tether stablecoin, has settled a long-running lawsuit filed by the New York Attorney General's office in April 2019. The lawsuit claimed that Bitfinex and Tether engaged in undisclosed, conflicted transactions to cover Bit February 23, 2021.
Tether bitfinex lawsuit. The sister companies will pay $18.5 million in penalties to the state for violations of the Martin tether bitfinex lawsuit Act, according to a statement issued by the NY attorney general. February 24, 2021 cryptheory. James 1 bitcoin is equal to how many satosh Tether posted a press release on their website today saying that they're expecting lawsuits based on research they call Meritless and Mercenary.. Tether has been under investigation by the New York Attorney's General office for nearly six months now, with a deadline for the firm and Bitfinex to hand over documents come October 14th The lawsuit claims that Tether issued billions of its USDT stablecoins without backing them with the US dollar and bought Bitcoin from the spot market, therefore pushing the demand of the leading cryptocurrency. The lawsuit reports that Tether and Bitfinex manipulated the prices of Bitcoin all the way to its an all-time high of $20,000 in December 2017. The plaintiffs claim that Tether issued. what fundamentally changed in the entire bitcoin and crypto market? only the tether lawsuit
The NY lawsuit also contends that Bitfinex withdrew roughly $850 million from USDT reserves to cover up a funding problem of its own. In late April, lawyers for Tether Limited confirmed that only $0.74 of USDT were backed by cash and cash equivalents. Presumably, a note from Bitfinex covered the shortfall Plaintiffs have filed a class action lawsuit seeking damages worth more than $1.4 trillion USD against the backers of tether (USDT) and multiple affiliates of the stablecoin project.. Launched by five cryptocurrency traders and all others similar situated, the suit alleges that Bitfinex, Tether, and others used USDT issuances to artificially [inflate] demand for cryptocurrencies. Tether hasn't provided substantial proof that all of the $12.4 billion USDT in circulation is backed by USD in the bank. This list could go on but it isn't the topic of this article. Yes, although NYAG is already dealing with Tether via a lawsuit, SEC might bring in more charges. Judging by how XRP has reacted, we might see a similar exodus. Tether is a controversial cryptocurrency with tokens issued by Tether Limited. It formerly falsely claimed that each token was backed by one United States dollar, but on 14 March 2019 changed the backing to include loans to affiliate companies. The Bitfinex exchange was the subject of a lawsuit by the New York Attorney General of using Tether's funds to cover up $850 million in funds missing.