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Tether News

Tether Starts A New Banking Relationship With Deltec Bank In The Bahamas

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FO6E3842CAC44 - Tether Starts A New Banking Relationship With Deltec Bank In The Bahamas

Breaking crypto news about the controversial Tether are coming in since the issuer of this USD-pegged crypto stablecoin, Tether Limited, opens a new $1.8 billion bank account in the Bahamas.

Tether Limited partnered with the Deltec Bank which is a well-known financial institution based in Nassau.

In their official announcement found on the website, Tether explains that Deltec has opened its bank account a few months after a long review and evaluation included whether the company is able to maintain the USDT token’s $1.00 peg.

 “The acceptance of Tether Limited as a client of Deltec came after their due diligence review of our company. This included, notably, an analysis of our compliance processes, policies, and procedures; a full background check of the shareholders, ultimate beneficiaries and officers of our company; and assessments of our ability to maintain the USD-peg at any moment and our treasury management policies. This process of due diligence was conducted over a period of several months and garnered positive results, which led to the opening of our bank account with this institution. Deltec reviews our company on an ongoing basis.”

Also, Tether managed to publish the letter of confirmation that Deltec stands behind which approves that the company is holding $1.83 billion in the bank which is enough to cover the assets.

 “This letter is provided without any liability, however arising, on the part of Deltec Bank & Trust Limited, its officers, directors, employees, and shareholders, and is solely based on the information that is currently in our possession,’’ explained the Delta team in their confirmation letter.

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Altcoin News

Flows Of Stablecoins Dramatically Slow Down On All Exchanges

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flow of stablecoins
The flows of stablecoins between major exchanges slowed down dramatically over the past few days which shows that there are no sums prepared to boost the price action. Let’s find out more in the coming altcoin news below.Stablecoins are moving between exchanges and this has been seen as an indicator of potential trading activity. Over the past few days, there was a surge of coin movements which was followed by diminishing levels of inflows and outflows. After these events, Bitcoin was ready for the relief rally late on Sunday. Stablecoins still offer major support to BTC with several assets taking the lead beyond Tether and currently more than 70 percent of BTC trading happens in the BTC/USDT pair aided by other coins like USDC, PAX, TUSD. Token Analyst observed stablecoins’ weekly activity as sending funds to exchanges if often a proxy for upcoming rallies.The flows of stablecoins decreased and some of them started to look more appealing than others. The market share of USDT was displaced and it shrunk down to 95 percent of the entire stablecoin market. USDC doubled its supply over the past day and TUSD and PAX are close behind. PAX and TUSD are two of the coins where the supply is turned more than once each day. PAX sees a turnover of 139% while TUSD moves each coin 1.12 times per day. The turnover for USDT is 474 percent which is a drop below the peak of over 1,000%. The heightened stablecoin activity can often show wrong signs of a short-term price movement for BTC but it can also act as a precursor to an altcoin relief rally. USDT is now supporting a highly active ethereum trade and it is boosting Litecoin, XRP and EOS Volume.The movements of the stablecoins are unpredictable and the pace might increase again especially after the minting on Monday of 10 million USDT. Later, the transactions of millions of USDT were also seen moving onto some of the leading exchanges. Crypto assets are at a decisive moment right now since BTC is seeking reassurance that the recent bottom was the last one. The trading volumes of the crypto market have remained without any notable changes in the past three months with only slight spikes inactivity.
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Tether News

Tether Moved All USTD Activity To The Ethereum Network

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Tether moved
Tether moved all of the USDT activity on to the Ethereum network and the analysis shows that most of the coins are now active on ethereum with residual activity on the Bitcoin Omni layers as we are about to read further in the Tether coin news below.While Tether completed the switch, there was no minting of new coins that could significantly influence the network. Most of the newly minted assets were only a technicality to move the new coins to the Ethereum network. Right now, the network has about 2.023 billion coins with some smaller issuances on the EOS, TRON and Algorand networks. The data is the same as the earlier one from the recent discovery that the action of ERC-20 USDT had a greater effect on the BTC prices in comparison to the Omni-based USDT. This is not strange since the biggest carriers of the ERC-20 USDT are exchanges such as OKEx that have a high concentration of BTC activity.Currently, the usage of ERC-20 USDT starts to reveal a pattern of retail usage but in the summer months, the large-scale wallets belong to exchanges handled the tokens. The Tether USD smart contracts remain the second most active on the Ethereum blockchain and it burns gas for more than $450,000 per month. The Tether smart contract is leading again and with the Fair, Win FOMO stopped, the burns increased by 13 percent of all gas based on the Ethereum network. The levels are still fine since most of the coins are mostly moved between exchanges. USDT will become dependent on a network that will have to switch its block production to proof-of-stake and ironically, the crypto market will rely on the stability and activity of the Ethereum network.Tether moved all of the USDT to the ethereum blockchain and the usage of the tokens remained high but the leading coins are losing some of their market shares. USDT now takes up about 95 percent of the market for stablecoins down from the previous 99 percent a few months ago. The competitors like Paxos Standard take up to 2 percent of the market while USDC also grows its supply dramatically.
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Tether News

Lawsuit Against Tether And Bitfinex: NY Firm Accuses Them Of Market Manipulation

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lawsuit against tether
A New York based legal firm recently filed a lawsuit against Tether (USDT) and the Bitfinex exchange which issues the stablecoin, accusing them both of cryptocurrency market manipulation.Roche Freedman is the name of the legal firm which recently filed a class action lawsuit alleging that the firm behind the stablecoin and the affiliated exchange have been defrauding investors, manipulating markets and concealing illicit proceeds. The suit is in the cryptocurrency news today, after the firm's founding partner Kyle Roche took everything to Twitter yesterday.As we can see from the tweet, Roche explained the lawsuit against Tether and Bitfinex and accused them of creating the "largest bubble in history." Filed on October 6, this complaint document states that both Bitfinex and Tether primarily accomplished a "sophisticated scheme" involving "part-fraud, part pump and dump, and part money laundering."The lawsuit against Roche Frieedman is in the Tether coin news, showing that Roche Freedman argues that Tether's claim of backing the number of its Tether tokens (USDT) by equal amounts of US dollars was a lie. Instead, the company said that Tether "issued extraordinary amounts of unbacked USDT to manipulate cryptocurrency prices." The document reads:
“Because the market believed the lie that one USDT equaled one U.S. dollar, Bitfinex and Tether had the power to, and did, manipulate the market on an unprecedented scale to profit from boom-and-bust cycles they created.”
The lawsuit against Tether and Bitfinex is in the Tether crypto news and comes two days after both Tether and Bitfinex published statements confirming that they had become aware of an unreleased paper which was “falsely positing that Tether issuances are responsible for manipulating the cryptocurrency market.”Alleging that their paper contained "baseless accusations," the lawsuit against Tether and Bitfinex said that they might vigorously defend themselves if lawyers use the source to launch a new lawsuit.Meanwhile, the price of Tether is not an issue because as a stablecoin, it is pegged to the US dollar. Currently, USDT is at $1.01 and its daily volume is at $22.13 billion which is a solid indicator that a new increase (and influx of money) might be coming on the market.
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Tether News

Tether Expects Another Lawsuit Based On Market Manipulation

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Tether moved
Tether expects another lawsuit according to the website of the platform saying that the research ‘’Mertiless and Mercenary’’ shows how the company manipulated the markets and we are about to read further in the latest news on altcoin.Tether was under an investigation by the New York Attorney General for more than six months and had a deadline to hand over documents until October 14th. The controversial platform has been subject to scrutiny for more than a few years and it still continues to print millions of their USD pegged digital coins. in less than two years, the circulating supply of USDT increased more than 10 times and that is one of the reasons why Tether expects another lawsuit.The study was done by the University of Texas which was published last year, claims that the price of the benchmark cryptocurrency was mostly affected by the issuance of new USDT tokens. Only recently, the research performed by TokenAnalyst.io shows that when new Tether coins are issued, the price of Bitcoin rises as much as 70 percent of the time. Tether claims that the business model of the platform is to receive money from institutional investors and mint an equivalent number of tokens which are later handed over to their clients. However, Tether makes it very clear in their terms of service as you can read on their website, that they will not reimburse USDT for dollars.The NY State Attorney General in April 2018, launched an investigation for Tether and their parent company iFinex who now owns one of the most popular exchanges Biftinex. The investigation was mostly focused on cover-ups to hide the lost funds and clients altogether. As per the cryptocurrency news, around the same time in April that year, Tether’s attorneys revealed that USDT was only backed by 74 percent by their reserves. For each tether that is in circulation, the company had $0.74 to back I up. Tether still has to produce some documents for the New York Attorney General’s office and on top of that, after many years of operation, the company still fails to deliver an audit on their finances despite the many promises they made.
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