In a week that saw Bitcoin surging to an impressive $42,000, Tether, the company behind the world’s largest stablecoin, witnessed a substantial increase in the value of its BTC holdings, resulting in a staggering unrealized profit of over $1 billion. Since May 2023, Tether has amassed 4,083 BTC. Tether’s Bitcoin Holdings Soar According to data...Read More
In response to a New York Freedom of Information Law (FOIL) request initiated by Coindesk, Tether and Bitfinex announced dropping their opposition. According to the official blog post on November 24th, the decision underscored the companies’ “commitment to transparency” within the crypto sector, which aligns with the broader intention to maintain a balanced approach to...Read More
Tether, the world’s largest stablecoin issuer, froze $225 million worth of its dollar-pegged USDT tokens connected to a global “pig butchering” romance scam, the company announced on Monday. The freeze marks the largest in the company’s history, and applied to otherwise “external self-custodied wallets.” The action followed a joint investigation with crypto exchange OKX done...Read More
Major stablecoin issuer Tether is looking to inject $500 million into bitcoin mining operations as part of the company’s plans to become one of the largest miners in the world. With the firm currently building bitcoin mining facilities in South America and Central America, the USDT issuer also has ambitious plans to contribute one percent...Read More
A United States judge has concluded the dismissal of a class action lawsuit against stablecoin issuer Tether and its affiliate crypto exchange Bitfinex, two years after the plaintiff made a move against the firms. According to a blog post, Chief Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New...Read More
Tether, the issuer of the world’s largest stablecoin USDT, is planning to launch five new projects in 2024, further expanding its reach beyond stablecoin issuance. Tether CEO Paolo Ardoino hinted at the new projects in a recent tweet, saying the company is “quite close” to adding “another extremely powerful piece of the puzzle” to its...Read More
A wallet linked to the well-known exchange Binance has been breached, leading to a significant loss of $27 million. The incident primarily involved the theft of Tether (USDT) and was brought to light by the reputable on-chain investigator ZachXBT. ZachXBT Reveals $27M Crypto Heist on Binance-Linked Wallet According to on-chain detective ZachXBT, a cryptocurrency wallet...Read More
The market supply of the largest stablecoin, Tether (USDT), has soared to a new all-time high, surpassing the just-set milestone of 84 billion. According to data from crypto market intelligence platform IntoTheBlock, USDT’s circulating supply currently sits at 85.42 billion, representing a 22% year-over-year growth. USDT Supply Reaches New All-time High USDT supply hit and...Read More
Stablecoins are often viewed as assets that pose systematic risks to the financial market. However, these pegged tokens have become the most popular category among investors amid adverse market conditions. QuickNode’s latest on-chain report revealed a notable surge in stablecoin activity across blockchain networks. Stablecoins saw a 45% growth in active addresses and a 41%...Read More
Europe’s leading Bitcoin miner and data cloud provider – Northern Data – announced securing EUR 575 million (worth over $609 million) debt financing facility from stablecoin issuer, Tether after entering into a loan agreement. The facility, operating under standard market conditions, is unsecured and set to mature on January 1, 2030, and is expected to...Read More
Crypto exchange Kraken has confirmed that it plans to close all trading, deposits, and withdrawals for Tether USD (USDT), Wrapped Bitcoin (WBTC), and other reserve-backed assets in Canada. The suspension follows a similar stablecoin clampdown at other Canadian exchanges, amid regulatory guidance pertaining to the legal standing of such tokens. No More Value-Pegged Tokens At...Read More
Last week, the Wall Street Journal inaccurately reported that Hamas and affiliated terror groups had received tens of millions of dollars in cryptocurrency, which was allegedly being used to support the ongoing conflict in the Middle East. However, blockchain analytics firms, such as Chainalysis and Elliptic, have contradicted this claim, suggesting that the actual funding...Read More
In a surprising development, Senator Cynthia Lummis and Representative French Hill, popular pro-crypto lawmakers, have urged the U.S. Department of Justice to expedite the investigation against Binance and Tether for illicit financial activities. Binance, the largest crypto exchange, and Tether, the biggest stablecoin issuer, have been implicated in a scheme for facilitating terrorist financing. Accusations...Read More
Gabbani, a hotel company based in Lugano, Switzerland, has unveiled an initiative to mine Bitcoin using excess energy from its food production facility. The new project is set to solidify Lugano’s status as the leading European blockchain hub. According to an official announcement by stablecoin issuing company Tether, Gabbani will install a Bitcoin mining system...Read More
Following an unexpected change in leadership, Tether seems to be charting an ambitious course for USDT. Despite facing substantial criticism regarding the perceived opacity of its reserve composition backing the stablecoin, with Paolo Ardoino taking over the role of CEO, Tether is actively working towards enhancing transparency. Tether Plans for Transparency Among other plans, Tether...Read More
In a recent fund analysis conducted by Bitrace on Tron addresses involved in over-the-counter (OTC) businesses, findings indicate that more than 3.439 billion USDT, categorized as ‘at risk,’ has flowed into these addresses over the past 24 months. This figure excludes addresses linked to centralized trading platforms, compliant cryptocurrency acceptance platforms, and large money laundering...Read More
Tether announced a total of $835 million in assets primarily linked to various criminal activities, such as theft (resulting from blockchain and exchange hacks), along with smaller portions associated with other illicit activities. The stablecoin issuer has actively cooperated with 31 law enforcement agencies worldwide, assisting in investigations spanning 19 different jurisdictions. Among the countries...Read More
Conor Grogan, a director at Coinbase, recently took to X to point out that on-chain data reveals that Alameda Research minted 39.55 billion USDT tokens. This figure represents 47% of the current circulating supply of Tether. Alameda Research’s Role in USDT Minting In a recent revelation, Conor Grogan took to social media to share insights...Read More
Stablecoin issuer Tether’s Chief Technology Officer Paolo Ardoino has been promoted to the role of CEO, marking an unexpected management overhaul in one of the prominent players in the industry. Tether said Ardoino will be taking over Jean-Louis van der Velde, who will transition to an advisory role for Tether while retaining his position as...Read More
Galxe, a Web3 credentials and rewards platform, has taken measures to reassure its community in response to last week’s DNS attack. The platform announced a refund totaling slightly over $396,000 for over 980 affected users, along with an additional 10% compensation on the lost funds. The funds of impacted users will be automatically returned to...Read More
iFinex, the owner of popular cryptocurrency exchange network BitFinex and collaborator with Tether Holdings Ltd, reportedly unveiled a $150 million share buyback plan. This new announcement marks a significant milestone for the company’s growth, history, and efforts to make amends for its tainted history. The $150 Million Share Buyback Plan As per the reports, iFinex...Read More
Crypto market indicators show that the amount of Tether (USDT) currently sitting on exchanges is at the highest levels seen since March this year. According to a tweet by crypto analytics platform Santiment, exchanges have witnessed a 40% increase in available USDT since June 13, 2023. USDT Supply on Exchanges Hits Seven-Month Levels The market...Read More
With the global cryptocurrency market struggling with the bears seemingly in control, stablecoins are also facing a tough time. Over the past 18 months, the stablecoin market capitalization has experienced a consecutive decline in valuation, Binance’s research division revealed. Stablecoin Market Cap Drops to $123.8B Citing on-chain analysis on the blockchain price tracking platform DeFiLlama,...Read More
The cryptocurrency industry is transforming significantly due to heightened government regulations, particularly in the United States. Many US-based crypto companies, especially exchanges, are considering strategies to shift their operations abroad, which includes exploring new markets and contemplating relocating entirely out of the country. In contrast, Europe has become an attractive destination for crypto firms seeking...Read More
Stablecoin giant Tether has announced a strategic investment in German-listed Bitcoin miner Northern Data Group (ETR: NB2), which the former says will be “the biggest independent AI Player in Europe.” The investment follows previous attempts from Tether to expand beyond fintech, and continues a growing trend of crypto firms diversifying into artificial intelligence. Tether’s Big...Read More
In a well-coordinated attack, Remitano Crypto Exchange allegedly suffered a major security breach, resulting in a loss of about $2.7 million across various cryptocurrencies. This attack was picked up on the radar on Sept. 14, when major withdrawals and suspicious activities began to ripple across the exchange, raising the eyebrows of several blockchain analytics networks....Read More
Tether is one of the leading global purchasers of US Treasury bills. According to Paolo Ardoino, the stablecoin issuer’s chief technology officer, USDT has now amassed a substantial $72.5 billion in US Treasury bonds. This places Tether in the 22nd position worldwide, surpassing countries like the United Arab Emirates, Mexico, Australia, and Spain in terms of...Read More
Stablecoin giant Tether has published another transparency report detailing the composition of its reserves, and the blockchains on which its tokens are issued. The report confirms that Tether has $3.3 billion in excess reserves, meaning its tokens are over 100% backed. Analyzing Tether’s Reserves Per the report published on Thursday, Tether owns $86.1 billion in...Read More
Stablecoin giant Tether announced on Thursday that it has discontinued USDT support for three blockchains, on which the token “lacks significant traction.” Those chains include Bitcoin’s Omni Layer, Bitcoin Cash’s Simple Ledger Protocol (SLP), and Kusama. No Signs Of Omni Adoption As explained on Tether’s website on Thursday, community interest is a “key factor” in...Read More
Singapore Red Cross – a humanitarian aid and community services charity in the Asian city-state – allowed people to contribute to its cause via donations in digital currencies. The option became possible after a partnership between the organization and the crypto payment gateway Triple-A. ‘Coin a new Way to Give Today’ The charity entity revealed that individuals...Read More