Tether, a stablecoin tied to the dollar that is meant to mediate the volatility of other cryptocurrencies, is partly backed by bitcoin. As detailed in court documents obtained by The Block, Tether admitted to using some of the cash reserves meant to back its stablecoin to purchase bitcoi...
Zhao Dong, a shareholder of the embattled crypto exchange Bitfinex, disclosed details that the exchange is attempting to launch an IEO to raise $1 billion in its new native token LEO sale, in the wake of some contentious activity regarding Bitfinex’s reserves. According to Bitfinex’...
Zhao Dong, a shareholder of the embattled crypto exchange Bitfinex, confirmed that the exchange is planning to issue its native exchange token but made no comment on the rumored plan of “raising $1 billion”. “Bitfinex does have a plan to issue its exchange token, but the details have no...
Zhao Dong, a Bitfinex shareholder as well as a bitcoin influencer in China, has been reassuring the crypto community that the exchange is solvent and remains supportive for it after the $850 million Bitfinex bombshell, with his most recent comment on his Weibo (Twitter equivalent in China) b...
Despite the toll news of a fraud claim against Bitfinex exchange and Tether, the value of the top cryptocurrency bitcoin seems to be bouncing back to its recent peak. Early Friday April 26, Bitcoin price dropped by about 6% to $5189. The drop comes as the New York Attorney General’s ...
Tether (USDT), the cryptocurrency marketed as a stablecoin backed by the U.S. dollar, has minted another 640 million tokens this April, among which a fresh batch of nearly 420 million USDT was issued on Omni (300 million), Ethereum (70 million) and Tron (49.9 million) network in the l...
After the recent market rally led by Bitcoin, Chinese crypto traders have to pay an additional 3%-5% on over-the-counter (OTC) marketplaces for the stablecoin Tether USDT to avoid the ban on crypto trading. Zhao Dong, an early bitcoin adopter and one of China’s biggest OTC traders,...
Recently, an update on Tether’s official website triggers the crypto community abuzz with rumors the largest stablecoin USDT may not be backed 100% by USD. Tether had previously claimed that 1 USDT was backed by 1 USD in reserves which causes “invariable doubt” among crypto...
The number of active stablecoin projects has increased over the past 12 to 18 months. According to a new report by cryptocurrency firm - Blockchain, more than a dozen others are being planned for launch in the coming weeks/months. However, despite being two leading cryptocurrency trading locatio...
A Japanese yen-pegged stablecoin is under plan by the founding partners of the world’s largest blockchain fund backed by the government of the Chinese city Hangzhou, as reported by South China Morning Post. The stablecoin is expected to be rolled out as early as the end of this year or ...
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