Markets Update: Crypto Bulls Lose Footing After Stablecoin Controversy
Cryptocurrencies dropped in value yesterday after the New York Attorney Generals court filings against Bitfinex and Tether were published. Currently, the entire market capitalization is roughly $170 billion and most cryptocurrencies have lost 2-10% of their value since the announcement.
NYAG Announcement Creates Crypto Market Uncertainties
On April 25, the New York Attorney Generals (NYAG) office published a court order that alleged the cryptocurrency exchange Bitfinex lost $850 million and used Tether to cover the loss. NYAG Letitia James said her department found discrepancies and the parent company of both Bitfinex and Tether engaged in a cover-up to hide the apparent loss of $850 million of co-mingled client and corporate funds. Bitfinex has responded to the allegations stating: The New York Attorney Generals court filings were written in bad faith and are riddled with false assertions, including as to a purported $850 million loss at Crypto Capital. Armchair sleuths also noticed that 550 BTC ($1.6M)............
Read More on bitcoin news app:
https://play.google.com/store/apps/details?id=xyz.clevertech.www.bitcoinvalue&rdid=xyz.clevertech.www.bitcoinvalue&pli=;1