🎧 Thriller Rundown - S4EP19: Tether Bomb is Dismantled

  
0:00
-35:50

NY AG’s $850M Probe of Bitfinex, Tether Ends in an $18.5M Settlement

In a closely watched case with wide-ranging implications for the crypto market, Tether has admitted no wrongdoing and will provide reports on USDT’s reserve composition for two years.

news coming from Nikhilesh De via CoinDesk

In a statement, New York Attorney General Letitia James said, “Bitfinex and Tether recklessly and unlawfully covered up massive financial losses to keep their scheme going and protect their bottom lines. Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie.”

The settlement may help resolve, one way or another, a question that has long bedeviled the entire $1.6 trillion global cryptocurrency market. By requiring Tether to provide a greater level of transparency than ever about the backing of its USDT stablecoin – a foundational piece of crypto’s plumbing – the arrangement could replace whispers and conjecture with regular data. 

  • New York’s attorney general sued Bitfinex and Tether nearly two years ago.

  • Today, they settled for $18.5 million. Tether and Bitfinex have to pay $18.5 million in fines and, perhaps more damaging, cease all trading activities in New York State. 

  • For the next two years, they’ll also be required to submit quarterly reports about how much money they have in their reserves, as well as how they’re working to exclude New Yorkers from their services.

  • The Attorney General has also mandated that Tether and Bitfinex include information about transfers of funds, along with “verification that Bitfinex and Tether have appropriately segregated client, reserve, and operational accounts.”

Bitcoin Completed a -20% Correction. Buy the Dip?

chart coming from TradingShot via TradingView

What is Behind the Bitcoin Sell Off?



“Thriller Podcast” has been around since early 2017 with over 400 bitcoin & crypto episodes broadcasting to over 160 countries. You can listen to all 4 Seasons with all the latest episodes at ThrillerX.com


The release of Thriller Podcast's first audiobook is released. It is called, One Satoshi at a Time: How Bitcoin Will Change The World. Total runtime is just about 3hrs 54min. Please make sure to share with everyone you know.

That’s right head over to BitcoinAudioBook.com to get your copy or listen to it there and please share with the world.

Want a behind the scenes look into Thriller Premium and/or would you like to hear Car rant on about the Bitcoin & Crypto industry? Check out our new show Birth Crypto Death.


Roll the Disclaimer: Nothing in this email is intended to serve as individual financial advice. DYOR - (Do your own research.) This is strictly informational content for subscribers of Thriller Premium.

Journalism's codes of ethics are intended to ensure reliability of reported information by defining acceptable practices; and provide guidelines about circumstances to avoid that could interfere with, or appear to interfere with, the reliability of reported information. Read ours here: Ethics Statement