Tether Admits It Invested Reserve Assets in Bitcoin
Pixabay
Main page News, Bitcoin, Tether, Crypto Market, Cryptocurrency
Hot topic
21 May
437 437

Stablecoin issuer Tether has invested "a small number" of Tether’s reserves into bitcoin (BTC), states a court filing published by The Block.

According to the court proceedings, Tether "actually did invest in instruments beyond cash and cash equivalents, including bitcoin."

One way or the other, Judge Joel M. Cohen, the Presiding Judge, eventually decided to grant the permission to invest Tether's reserves in other assets as part of its operations. However, the judge also issued a court injunction, according to which, Tether will be isolated with access to credit lines on USD reserves.

Moreover, executives and top representatives of Bitfinex shall not receive distribution or dividends from funds received from Tether, The Block cites the filing.

Let us recall that earlier, in April, NYAG's attorney general, Letitia James, said that she had received a court order against Bitfinex operator iFinex Inc. as well as against Tether, ordering them to stop violating New York law and defrauding the city's investors.

Previously, Hong-Kong-based crypto exchange Bitfinex announced the launch of its own Initial Exchange Offering (IEO) platform.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Read also:
Please describe the error
Close