The waters are heating up in the BitFinex Tether case!
In the Bitfinex exchange Tether case, the New York Attorney General’s Office reported that Ifinex has been collaborating to produce documents related to the Bitfinex exchange and Tether’s business relations since April 2019.
Who does the lawsuit hurt?
The New York Attorney General’s Office has ongoing legal battles between both crypto exchange Bitfinex and iFinex Inc, parent company of stablecoin Tether
On December 9, 2020, the prosecution made a written request to Judge Joel Cohen to delay the deadline until January 15, 2020.. – possibly a typo, the request was actually supposed to be a request for the same day of 2021.
The request was made after a virtual hearing on September 17.
The judge at the hearing, Bitfinex exchange gave İfinex 90 days to submit the documents regarding the business agreements concluded between April 2019 and Tether.. The prosecution accuses Ifinex of mixing funds between the two companies to make up for $850 million lost through the services of shadow bank Crypto Capital..
The Prosecutor’s Office claims that iFinex has been collaborating to deliver the requested documents since September 17, and the process will be finalized in a few weeks.
Despite everything, Tether!
Despite the ongoing controversy, Tether’s USDT has seen another record year for adoption, with its stable token expanding to run on the Omni, Ethereum, Eos, Algorand, Liquid and Solana networks.
According to CoinMarketCap, Tether’s capitalization has increased 382% from $4.1 billion at the beginning of January to over $19.76 billion today – this means Tether’s USDT in May 2019 is backed by cash and cash equivalents by just 74%.
Tether’s relative volume dominance over BTC has increased to 65.5% compared to 16.2% at the beginning of the year.. USDT currently represents 38% of the combined crypto volume.
The magic touch from Bitfinex to IOTA, Chainlink and Uniswap!
In a press release published yesterday, Bitfinex Exchange announced that it has launched new perpetual contracts on its platform that include IOTA, Chainlink (LINK), and Uniswap (UNI):
”As Bitfinex Exchange, we are pleased to announce that as of November 18, we have added 3 new cryptocurrencies to the derivatives section and offered them to our users.
- IOTA (IOTAF0:USTF0)
- Chainlink (LINKF0:USTF0)
- Uniswap (UNIF0:USTF0)”
As is customary in such contracts, users are provided with up to 100x leverage and all transactions are carried out over Tether (USDT).
After the added pairs, Bitfinex CTO Paolo Ardoino made statements:
”We are pleased to announce the addition of IOTA, Chainlink and Uniswap to our derivatives exchange. We expect great interest in these products from fund managers and professional investors who respect the values of hedging and risk management.”
Assessment
As you know, IOTA, Chainlink and Uniswap are the most popular products of the last period. Listed among popular cryptocurrencies. The successes of Chainlink and Uniswap, especially in the field of Defi, cause almost one of every two investors to add these two cryptocurrencies to their portfolio. In this context, we find the move of IOTA, Chainlink and Uniswap to be added to the leveraged trading exchange by Bitfinex very valuable.. We think that this move will make a great contribution to the valuation of these three coins in the upcoming period.
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