Tag: Bitfinex

Bitcoin: a history of falls

The beginning of 2018 does not turn out to be the most beneficial in the community’s perception of cryptocurrency. Bitcoin has dropped by 70% in value from an ATH of over $20,000 in December 2017. We thought we were coming out of it, but People who bought their crypto assets at ATH were not aware that the general sale had just begun. Many claim this may be the end of Bitcoin. But the end has been upon us many times. 99bitcoins estimates that Bitcoin has been proclaimed dead about two-hundred-fifty times since 2010 (the most murderous year was 2017, with as...

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Tether fires auditor, according to rumours

Reports surfaced today that controversial token-issuer Tether has fired their auditor Friedman LLP. Tether has been embroiled in scandal since last November when hackers stole over $31 million USDT. The hack revealed concerns about whether Tether actually has the funds to back all of their USDT tokens. Responding to these allegations, Tether promised to conduct a full audit and prove their solvency. Now it seems that something has gone wrong. The agreed audit To take some heat off the situation, Tether hired auditing firm Friedman LLP last September. The company announced the cooperation in their blog. “Friedman LLP has been...

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Bitfinex defends itself by threatening critics with legal action

Largest crypto exchange Bitfinex has been engulfed in drama. Tether, the US dollar-backed cryptocurrency who shares the same owners are Bitfinex, has been accused of mismanagement. The community demanded an audit to help restore faith in the USDT token. Instead, Bitfinex is suing the critics, the most vocal being anonymous blogger “Bitfinex’ed”, whose post initially started the whole debacle. The blogger brought into questions Tethers reserves and expressed lack of faith in the company’s management. Bad actors or concerned investors? Instead of addressing the criticism and using their PR department to sort the issue out, Bitfinex first maintained silence...

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Bitfinex and Tether refute allegations of manipulation and mismanagement

Bitfinex, the world’s largest crypto exchange, and Tether, a company issuing a dollar-pegged cryptocurrency, have been engulfed in controversy and accused of market manipulation and mismanagement. Until now, the companies have not yet made a statement about the situation. But it seems they have been preparing – a newly hired outside spokesman made a statement. Ronn Torossian has rebutted accusations and criticized “Bitfinex’d”, the blogger who initially made the claims. Below we provide a brief summary of the statement covering all pressing issues. Bitfinex goes on a PR offensive Ronn Torossian spoke about “questionable actors” who initially started the...

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