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Blockchain Life 2021

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Bitfinex Granted Short-Term Legal Relief by New York Supreme Court

September 25, 2019 by Ashwath Balakrishnan at Altcoins

The New York Supreme Court has ruled in favor of Bitfinex for a motion to refuse document submission until the appeal for whether this is even the correct jurisdiction for the case has been decided. According to Forbes, this is merely short term relief, as if the appeal by iFinex is...

A coin looking pretty stable on some rocks

IMF Contemplates the Risks and Rewards of Stablecoins

September 20, 2019 by Osato Avan-Nomayo at Altcoins

The International Monetary Fund (IMF) published a new staff paper on September 19, saying stablecoins can cause significant disruptions to the current global payments framework. However, the organization also admits that this type of cryptocurrencies can contribute to improving financial inclusion across the world. Disintermediation of the Finance Sector According...

Tether Transactions Clogging up Ethereum Network

September 12, 2019 by Osato Avan-Nomayo at Altcoins

Tether transactions are currently clogging up the Ethereum Network reigniting the debate over gas limits. The issue might become further exacerbated with Tether’s latest stablecoin launch — a Chinese yuan-pegged ERC-20 token which will run on Ethereum’s blockchain. Complaints There are complaints on Reddit from Ethereum users about delays in...

Binance (BNB), TraveByBit Launch Crypto-Powered Debit Card for Travelers

Binance to Launch Margin Lending Services, Acting Purely as Matchmaker

August 26, 2019 by Ashwath Balakrishnan at Altcoins

Binance has announced that in two days (August 28) they will be launching lending services for Binance Coin (BNB) and Tether (USDT), August 26, 2019. Lending and borrowing have become the top crypto use case in 2019, with DeFi on smart contract platforms - especially Ethereum - popping significantly. Margin...

Tether to Launch Chinese Yuan-Pegged Stablecoin ‘CNHT’

August 21, 2019 by Ogwu Osaemezu Emmanuel at Altcoins

Tether Limited, the creators of Tether (USDT), the largest stablecoin on the market and seventh-largest cryptocurrency in the world by market capitalization, has announced plans to launch CNHT, a stablecoin the highly controversial firm claims will be backed by offshore Chinese yuan, according to reports on August 21, 2019. Tether...

Bitfinex New York Supreme Court Pointing Fingers

New York Supreme Court Dismisses Bitfinex Petition

August 20, 2019 by Ashwath Balakrishnan at Business

Earlier this month, Bitfinex filed a petition with the New York Supreme Court claiming that the New York State Attorney General (NYAG) was wrongly investigating Bitfinex as New York lacks the jurisdiction to do so. This argument was based on the fact that Bitfinex claims they have never catered to...

Massive Concentration of Tether (USDT) Spread Among 318 Accounts

August 8, 2019 by Ashwath Balakrishnan at Uncategorized

Around 300 different addresses control nearly 80 percent of the total supply of Tether. While this isn't too surprising given the shady nature of the king of stablecoins, this concentration could be explained by mass hoarding by exchanges to supply liquidity on their platforms. Without doubt Bitfinex accounts for a...

New York Extends Bitfinex Lockout Period

July 30, 2019 by Ashwath Balakrishnan at Regulation

Justice Joel Cohen of the New York Supreme Court extended the preliminary injunction against iFinex and Bitfinex for an extra 90 days. This means the company cannot access Tether's financial reserves for their own use. The lawsuit emerged after the New York State Attorney General accused iFinex, the parent company...

Moon man holding a Tether flag blockstream blue

Tether Arrives on Blockstream’s Liquid Sidechain Despite Controversies

July 30, 2019 by Edoardo Vecchio at Altcoins

According to an official statement released by Blockstream on July 29, Tether (USDT) will be now issued on Bitcoin's sidechain Liquid Network under the name Liquid USDt, which is already available to be deposited or withdrawn on the Bitfinex exchange. Tether is Spreading Despite the legal problems between iFinex Inc.,...

Man pointing to Binance report insitutional market insights Q2 2019

Binance Market Report Suggests Wall Street is in Cryptocurrency for the long Run

July 22, 2019 by Nigel Dollentas at Finance

On June 21st, Binance published the results of its first-ever survey conducted by R&D arm Binance Research. Over a hundred institutional and VIP clients were sent the study, but the data displayed on the official report only has a sample size of 41 as those that didn’t answer more than...

NYAG: Tether, Bitfinex Served New York Clients as Late as January 2019

July 9, 2019 by Aisshwarya Tiwari at Regulation

On July 8, 2019, the New York Attorney General’s Office (NYAG) submitted new court filings alleging that iFinex Inc., the parent company of cryptocurrency exchange Bitfinex and stablecoin issuing firm Tether (USDT), continued providing services to New York residents as late as January 2019. First reports on the subject came...

Crypto Exchanges Poloniex and Binance Closes Omni-based Asset Tether (USDT) Deposit

July 4, 2019 by Edoardo Vecchio at Altcoins

Major cryptocurrency exchange Binance has announced that there would be a 30-minute pause in deposit and withdrawals for Tether (USDT) on July 4, 2019, as the token will switch from the Omni Protocol to ERC20-based addresses. Exchanges Shifting to ERC20 version of Tether The announcement warned that USDT deposits and...

Cryptocurrency Exchange Bitfinex Repays $100 Million to Tether

July 3, 2019 by Aisshwarya Tiwari at Altcoins

In a blog post published on July 2, 2019, cryptocurrency exchange Bitfinex announced that it had repaid $100 million of the outstanding loan amount to closely affiliated stablecoin firm Tether (USDT). Keeping the Record Clean Bitfinex, one of the largest cryptocurrency exchanges in the world by reported trading volume has...

Tether (USDT) Market Cap Sees 65% Surge Since Bitcoin’s April Bull Rally

June 13, 2019 by Anthonia Isichei at News

Since the beginning of April 2019, Tether (USDT) market capitalization seems to be growing in tandem with the recent bitcoin price surge. The current USDT market cap which stands at $3.34 billion surged 65 percent since the bull rally on April 1, 2019. In the meantime, Tether’s current performance comes...

Scope of DAI Use Cases are Exponentially Widening

June 9, 2019 by Ashwath Balakrishnan at News, Stablecoins

A recent report from MakerDAO digs into the growing adoption of the DAI stablecoin. Issuance of DAI may be done through Maker debt contracts, but usage is being leveraged across the Ethereum dApp ecosystem, June 8, 2019. DAI Use Case Bolsters Ethereum DeFi As a landmark year for cryptocurrency development...

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