Bitfinex Repays Tether $100 Million of $700 Million Loan

Crypto exchange Bitfinex said Tuesday that it had begun repaying a loan from its sister company Tether. Bitfinex borrowed as much as $700 million from the stablecoin issuer through a line of credit in early 2019, according to legal filings by the New York Attorney General (NYAG)’s office. The exchange needed the cash to make […]

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NYAG: Bitfinex Should Be Made to Disclose Tether Deal Documents

New York prosecutors have struck back at cryptocurrency exchange provider Bitfinex, telling a local court that they believe the company should be made to turn over documents outlining a nearly $900 million line of credit offered by stablecoin issuer Tether. The New York Attorney General’s (NYAG) first sued Bitfinex and Tether for all documents pertaining […]

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Paxos to Issue Up to $100 Million of Stablecoins on Ontology Blockchain

Stablecoin issuer Paxos will partner with Ontology to issue up to 100 million of its PAX tokens, pegged 1:1 to the U.S. dollar, on the latter’s blockchain network starting from next month. The launch will make it easier for individuals and businesses using Ontology’s ONT token to transact in fiat-pegged tokens, Ontology announced Friday. Paxos […]

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Bitfinex Covered $850 Million Loss Using Tether Funds, NY Prosecutors Allege

The New York Attorney General’s office has alleged that crypto exchange Bitfinex lost $850 million and subsequently used funds from affiliated stablecoin operator Tether to secretly cover the shortfall. According to a press release issued Thursday, NYAG Letitia James announced that she had obtained a court order against iFinex Inc., which operates both Bitfinex and […]

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