China News by Thebittimes.Com

Tether – the issuer of the world’s largest stablecoin, USDT – is once again being pressured to demonstrate the quality of its reserves.  On Tuesday, the company was ordered by a U.S. court in New York to provide detailed financial documents for evaluating claims around the asset’s backing.  An ‘Extraordinary’ Request The order is part of an ongoing 2019 lawsuit claiming that Bitfinex and Tether conspired to inflate Bitcoin’s price by pumping the market with unbacked Tether tokens. At the time, plaintiffs alleged that both companies’ actions led to over $1.4 trillion in damages.  In a letter exchange between Tether’s attorneys and the judge, the former attempted to block the release of requested documents. These included ““general ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.” KYC & Audit Solutions! SolidProof As the attorney argued, such requests were “incredibly overboard” and “unduly burdensome” to expect ...

As the FTX crisis draws on, competitor and leading global exchange platform Binance recorded a jump in client withdrawals. Users have pulled out assets such as Bitcoin, Ethereum, and other stablecoins from the firm as tensions soar throughout the market.  CZ however dismissed any worries, describing the increased withdrawals as only ‘slight’ and ‘normal’.  Binance Users Withdraw BTC, ETH, and Others On-chain data platform CryptoQuant reports BTC withdrawals on Binance totaling 81,712 tokens. This amounts to roughly $1.35 billion at current prices. In just under a week, clients have taken out what constitutes over 15% of the platform’s entire Bitcoin volume, about 500k BTC. Users also withdrew about $155 million worth of Ethereum tokens, approximately 125,026 units of the digital asset. $1.14 billion in stablecoins also exited the exchange platform within the same time frame. Notably, the large exit volumes are not isolated to Binance. Indeed, Coinbase, ...