Bitcoin jumps $4,000 as Bitfinex and Tether settle with New York court
The crypto market cap is $1.44T, a 9.88% decrease over the last day.
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Author: Shaurya Malwa
A long-running case regarding Tether’s alleged fake dollars and Bitfinex’s involvement in covering up parts of the former’s business have drawn to a close today.
$18.5 million fine
Stablecoin issuer Tether and Bitfinex, a prominent crypto exchange and its parent company, have today settled with New York courts on a long-running case that saw the latter alleged Tether’s questionable reserves.
Bitfinex and Tether agree to pay over $18.5 million in a fine that effectively shut the case for good. The market, in turn, responded with positive sentiment to the landmark outcome and sent Bitcoin (and other cryptocurrencies) surging upwards.
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