Altcoin News
New York Supreme Court Grants Bitfinex’s Motion For Modified Injunction
In the latest cryptocurrency news, we have the New York Supreme Court and Justice Joel Cohen granting Bitfinex’s motion to modify an injunction. The announcement was officially published on Bitfinex’s blog on May 16.
As the announcement says, the court order by the New York Supreme Court will allow the Bitfinex exchange as well as its stablecoin operator Tether to continue doing normal business. Furthermore, it states that the original injunction by the New York Attorney General (NYAG) will expire in 90 days, stating that any motion to review it will be the responsibility of the NYAG itself.
“Today, the Hon. Joel M. Cohen of the New York Supreme Court (Commercial Division) granted our motion to modify the injunction obtained by the New York Attorney General against our business because the original injunction was vague, overbroad, and not time-limited. The court’s order allows Bitfinex and Tether to continue their normal business activities,” was the statement from Bitfinex.
As Cohen wrote in the decision which made the altcoin news:
“…the Court finds that the preliminary injunction should be tailored to address OAG’s legitimate law enforcement concerns while not unnecessarily interfering with Respondents’ legitimate business activities.”
The New York Supreme Court and the NYAG alleged that Bitfinex lost $850 million already and used funds from Tether to secretly cover the shortfall. The exchange also responded to the allegations and said that they were “filled with inaccuracies and false assertions,” as many best cryptocurrency news sites reported.
Even though this motion will still allow Bitfinex to operate with its business, it will also require the exchange to turn over information regarding a loan and line of credit. The New York Supreme Court’s decision, however, forbids Tether from loaning any assets to Bitfinex as well as other parties, distributing reserve funds to its employees or modifying any of the documents that are subpoenaed by the NYAG.
“This order is a victory in the ongoing defence of our business against the New York Attorney General’s office,” Bitfinex concluded, maintaining its optimism regarding the decision.
The exchange also said that they will remain committed despite the New York Supreme Court action, “to protecting our customers, our business, and our community against the meritless claims.”
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Altcoin News
Iran Revealed The Plan Of Launching Its Own Gold-Backed Cryptocurrency
“The Iranian cryptocurrency is backed by gold but its function is similar to foreign rivals. The domestically encrypted money is to ease optimal use of Iranian banks’ frozen resources.”Iran revealed the plan but it still far from clear. The multiple authorities in the different agencies issued contradictory statements so they seem confused and uncertain how to approach the new crypto currency and how to regulate it as the financial authorities in the United States do. The FANAP CEO urged the government to continue with the clampdown on bitcoin in the country since the authorities seized more than 1,000 bitcoin mining rigs in the Yazd province. The Iranian government could lose the battle against bitcoin mining in the country since the petrol nation is a paradise for those who make good money out of it mainly because of the low electricity costs. As of this year, more than 70 percent of the central banks around the world started working on digital currency and Iran’s central bank joined in. In Venezuela, President Maduro launched a state-backed cryptocurrency by oil in 2018 and he later ordered the central bank of the country open trading desks for the Petro cryptocurrency. Singapore’s bank didn’t launch a full-blown cryptocurrency but did however issue tokens of its national fiat currency which is based on the Ethereum private blockchain as noted in the latest cryptocurrency news before.
Altcoin News
New Crash Of $35 Billion Makes BTC Revisit Four Figures
“And there’s the dump right before the daily close. Typical price action for $BTC near important levels is a pump or dump right before or after the daily/weekly close. This certainly sets up the daily and weekly to close bearish. And will likely focus on shorting any rally,” he said in a tweet.The weekly candle closed heavy and ignited the new crash further. As BTC tested the 50 day moving average which is currently serving as a level of support, all signals are indicating a continuation of this correction. So, Bitcoin visiting the $8,000 region is definitely a possibility - but Rager added that even like this, four figure BTC is a gift.
“Said it once and will say it again, 4 digit Bitcoin is a gift, whether it hits $9ks or even $8ks," he concluded.In the coming altcoin news, we can see that the new crash and Bitcoin retreat has hurt the altcoins even more, with some of them losing as much as 20% of their value.
Altcoin News
Tether Minted 5 Billion USDT By Mistake – And Immediately Burned Them
"Official news is that the amount printed should be have been 50M as part of a swap from Omni to Tron Tether. This was corrected by burning the full amount in two subsequent transactions," the Twitter profile of Whale Alert added later on.In a tweet, the CTO of Tether Paolo Ardoino explained that Tether meant to perform a swap of 50 million Omni-based USDT tokens to the Tron blockchain. However, a mistake was made with the decimals which is how Tether minted something extra and why they burned these coins.
"While preparing the issuance for Omni to Tron swap there have been an issue with the token decimals. Please check the burn transactions below," he noted.https://twitter.com/paoloardoino/status/1150164876138037249 The cryptocurrency exchange Poloniex confirmed this in a tweet, stating:
“Paolo is correct - this occurred while Poloniex was conducting a USDT chain swap with the help of Tether. An incorrect amount of USDT was accidentally minted, and this has since been resolved to the intended value.”As many best cryptocurrency news sites reported earlier this week, the New York based Metropolitan Commercial Bank shut down the accounts associated with Tether. The bank reportedly closed the accounts after a request last year. The altcoin news today show a lot of red on the market and a market cap that lost more than $30 billion overnight, dropping to a new point at $278 billion.
Altcoin News
Dogecoin Surged 40% After Binance Exchange Listing
‘’This one is an exception, as there isn't much new tech development (I guess it was never about the tech for this one). The users/community is large, and a famous "ex-CEO" (cough @elonmusk) helps!’’Right after Musk’s famous comment, Coinbase added Dogecoin and made it accessible for all crypto newbies and experienced traders which further validated the coin’s legitimacy. The price did, however, drop from its high of $0.045 to $0.0035 but the Google searches for the coin spiked and news erupted in almost every crypto media outlet out there. The real question is whether this media attention helped dogecoin or injured the cryptocurrency and the entire economy. The crypto universe is still relatively small so any media attention is deemed useful for gaining traction for new users. This is why Dogecoin’s history behind it should not make a difference in terms of the current value. Cryptokitties for example also showed that the blockchain technology can be used to create games and apps so no matter the reason for its creation, it still has a huge impact on developers and investors and increased the drive towards mass crypto adoption. Despite the current use of Dogecoin in tipping and micropayments, it is still relatively hard for the cryptocurrency to grow out of the name it created for itself. The coin is still perceived as a joke and this doesn’t really help it become the worthy leader for the greater crypto economy. The current listing is still not enough for some investors to be reassured of the fears that burden cryptocurrencies such as volatility, security and headline risks. As noted in the altcoin news previously, some speculated that dogecoin and other projects will help the crypto economy in the long run towards mass adoption.
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