China News by Thebittimes.Com

Five weeks ago, Tether, the most profitable company in the crypto industry partnered with its subsidiaries Moon Gold and Moon Gold El Salvador to launch a new token, Alloy (aUSDT). The stablecoin giant, which manages over $114 billion in assets and posted an annualized profit of $18 billion, says it “aims to redefine stability in the digital space” with aUSDT . It also claims that its “innovative approach provides consistent value and stability between the reference asset and its Tether ed counterpart.” However, according to current statistics, just five wallets have opened aUSDT positions and only 32 wallets hold the token. And the embarrassing statistics don’t end there. Despite its claim of a “very useful and innovative combination for users who want to engage in digital transactions, payments, and remittances with a currency that feels as familiar as the US dollar,” CoinGecko and CoinMarketCap agree that over the last 24 hours, a mere $34 of aUSDT has transacted . ...

According to a letter from the SEC’s enforcement division shared with Fortune, the agency’s investigation into Paxos regarding its Binance -branded stablecoin BUSD has concluded. Following a legal setback in the US District Court for the District of Columbia regarding the SEC’s claim that Binance conducted unregistered securities offerings of BUSD, Paxos has claimed victory. “The SEC staff determined it will not bring enforcement action against Paxos in connection with BUSD,” said Paxos in a press release. The SEC followed its customary Glomar response to media questions, telling Fortune simply that “the SEC does not comment on the existence or nonexistence of a possible investigation.” If the SEC chooses to not sue Paxos over its BUSD relationship with Binance, which seems likely, that victory was foreseeable since June 28, 2024. On that date, a senior judge of the US District Court for the District of Columbia dismissed the SEC’s complaint that Binance sold BUSD as an unregister...

Tether ( USDT ) is at the heart of a “parallel banking system” created by organized Crime and making use of new technologies, according to a new United Nations (UN) report . As reported by the Financial Times, the report, published on Monday by the UN’s Office on Drugs and Crime, details how USDT has become a popular payment method for criminal gangs, particularly those in the gambling industry, operating in Southeast Asia. According to the report, “Online gambling platforms, and especially those that are operating illegally, have emerged as among the most popular vehicles for cryptocurrency-based money launderers, particularly for those using Tether or USDT on the TRON25 blockchain, while also fueling the intensification of Southeast Asia’s rapidly growing illicit digital economy, and particularly the regional cyberfraud industry.” USDT is also among the currencies of choice for criminals operating so-called ‘ pig butchering ’ or romance scams. These scams involve criminals gai...

Tether and Bitfinex have chosen not to challenge the Freedom of Information Law (FOIL) request initiated by journalists, including Zeke Faux, Shane Shifflett and Ada Hui, whom they accuse of displaying “certain behaviors.”  The companies allege that Faux’s prior reports on Tether and Bitfinex exceeded the boundaries of professional journalism.  FOIL request in action In the Nov. 24 announcement, the two firms claim that media outlets, such as The Wall Street Journal and Bloomberg, have journalists involved in the ongoing FOIL request , have presented “one-sided and inaccurate” information. Tether and Bitfinex share that, in contrast their goal is to set a higher moral standard and “lead by example.” The current FOIL request is linked to the agreement between Tether, Bitfinex and the New York Attorney General (NYAG) in February 2021. Initially reported by CNBC, the agreement included a payment of an $18.5 million fine t...

Kaiko, a crypto analytics platform, claims that the largest stablecoin by market cap, USDT, has been depegging in August. A stablecoin depeg s when it trades below the fiat currency or asset it’s meant to mirror. USDT has been depeg ging all month. Why hasn't anyone noticed? In this week's Deep Dive we propose a novel method of rating stablecoin depeg s, check it out below ️https://t.co/o8LuiTMSqW — Kaiko (@KaikoData) August 31, 2023 Kaiko data shows that on Aug. 7 at 8 am UTC, USDT hit a 98% depeg severity, meaning that stablecoin traded at a discount on almost every platform. However, the depeg didn’t receive much attention since it wasn’t as significant or dramatic as previous events. USDT Depeg Severity in August 2023 | Source: Kaiko Depeg Data Kaiko says the depeg in August follows rapid net selling of USDT worth $500 million across Binance, Huobi, and Uniswap within a few days. Historically, recurring USDT depeg ging has been attributed ...

Tether’s Bitcoin (BTC) holdings have come under scrutiny from CryptoQuant. It deciphers whale behavior while emphasizing the need for meticulous Analysis . In a recent Twitter post, the on-chain data provider addressed the growing skepticism around Tether’s BTC holdings. 1-3/ Can we verify @Tether_to being the 11th largest #Bitcoin holder with the on-chain data? 4-6/ What is the blind spot of on-chain data when monitoring #Whales' behavior? Let's BUST this week's FUDs with our on-chain data. Thread — CryptoQuant.com (@cryptoquant_com) August 10, 2023 In its quarterly report, Tether disclosed its possession of around $1.67 billion in Bitcoin. This revelation ranks Tether as the 11th largest holder of the asset. However, CryptoQuant’s analysis reveals discrepancies that deviate from Tether’s official report. Moreover, Tether’s Bitcoin accumulation journey further underscores the intricacies of on-chain data interpretation. The company...

The world’s largest stablecoin Tether recently confirmed that a significant portion of its reserves were in commercial paper and other securities connected to banks and entities in China. But Tether’s connections to China run far deeper than this commercial paper. Since the very beginnning, China has been an important part of Tether’s history — from the experiences of its executives to the assets which make up the reserves, and to the real world use-cases that Tether has found. Tether founders and China Brock Pierce is a founder of Tether. Before that, he ran a company called Internet Gaming Entertainment (IGE) which sold virtual goods for Everquest, World of Warcraft, and other online games. IGE relied on workers across China who would mine digital gold and then sell it to IGE who would then re-sell it into the primarily Western market. This business was run (with various legal disputes) together with Jonathan Yantis, another Tether co-founder. William Quig...

Strike Integrates Tether’s USDT According to the official announcement, the integration of Tether into the Strike app unlocks a range of possibilities, enabling users to seamlessly access USDT on-ramps, off-ramps, and settlements. This development comes just two days after Strike ’s successful expansion into 65 new countries, significantly broadening its reach from its initial base in the United States, Argentina, and El Salvador. With the app’s Lightning Network technology, users can now instantly send and receive Bitcoin, making transactions even more faster. advertisement Read More: STEPN Secures Landmark Integration With Apple, GMT Price Explodes Over 8% USDT, which is a stablecoin pegged to the US dollar, offers users a reliable and predictable value for their transactions. By incorporating Tether into the Strike app, users gain access to the stability of a traditional currency while enjoying the benefits of instant Bitcoin transactions. ...

Stablecoins, including Tether , were under scrutiny following the demise of Terra UST in 2022. The issues of reliability, sturdiness, and trust began to rise as questions began popping up regarding how sturdy these stablecoin s are. However, Tether has fully stood by its statement that USDT is overcollateralized. The stablecoin issuer also released its Q1 assurance report, in which it unveiled a $1.5 billion BTC reserve. As a part of its new investment strategy, Tether is planning to ramp up Bitcoin purchases. Also read: European Union Passes Law Requiring Identification for All Crypto Transactions JUST IN: Tether to allocate up to 15% of its profits towards purchasing #Bitcoin. — Watcher.Guru (@WatcherGuru) May 17, 2023 Tether to allocate up to 15% of profits to purchase Bitcoin According to the latest announcement by Tether , the firm will allocate up to 15% of its net realized operating profits to purchasing Bitcoin. It also ensured that the future and current BTC r...

In the tug-of-war between the US regulators over control of crypto assets, the CFTC chair has triple-downed his stance — that Ether and stablecoins are commodities. Stablecoins and Ether (ETH) are commodities and should come under the purview of the United States Commodity Futures Trading Commission (CFTC), its chairman has again asserted at a recent Senate hearing. At the Mar. 8 Senate Agricultural hearing, CFTC chair, Rostin Behnam, was asked by Senator Kirsten Gillibrand about the differing views held by the regulator and the Securities and Exchange Commission (SEC) following the CFTC’s 2021 settlement with stablecoin issuer Tether, Behnam said: “Notwithstanding a regulatory framework around stablecoins, they’re going to be commodities in my view.” “It was clear to our enforcement team and the commission that Tether, a stablecoin, was a commodity,” he added. In the past, the CFTC has asserted that certain digital assets such as Ether, Bitcoin (BTC) and Tether (USDT) were commoditie...

The cryptocurrency industry intends to forget the 2022 massacre instigated by the bears. Yet, Tether noted how it thrived in the last quarter of the year. The stablecoin issuer revealed that it ended 2022 on a rather good note through its latest attestation report. The world’s largest stablecoin issuer bagged $700 million in profit in the fourth quarter of 2022. It should be noted that Tether ’s reserves have been boosted by the profit. This is additional capital that can be employed to boost the firm. According to the statement, Tether’s consolidated total assets as of the date were at least $67.04 billion, while its consolidated total liabilities were at least $66.08 billion, depicting surplus reserves of at least $960 million. Source Further detailing the same, Tether wrote in its blog post, “Tether’s reserves remain extremely liquid, with the majority of its investments being held in cash, cash equivalents, and other short-term deposits....