Tether to Lost $1B of Market Cap in a Month

As reported, since the beginning of October, Tether has burned about 990 million tokens
01 November 2018   526

Against the background of active competition of stablecoins, a massive outflow of funds from Tether continues - since the beginning of October, the capitalization of the USDT token has decreased by more than $ 1 billion, CCN reportes.

On October 30, Tether Limited destroyed 100 million USDT, reducing the total volume of tokens to 1.8 billion. Another 50 million USDT were destroyed the next day.

In total, since the beginning of October, Tether has burned about 990 million tokens. It is noteworthy that at the begining of November 2017, about 450 million USDT were in circulation totally. With the current price of just under $ 1, token capitalization has decreased over the past month by more than $ 1 billion and more than 37% in history.

On October 31, Tether, which was at eighth place in the CoinMarketCap for a long time, moved down one line. At the time of publication, Monero is separated by a little more than $ 50 million.

Note that on  November 1 Tether sent 100 million USDT tokens to the Bitfinex exchange account.

While Tether is experiencing obvious difficulties, its competitors in the face of TrueUSD, USD Coin and Paxos Standard are showing rapid growth. The total capitalization of these steablcoins to date has exceeded $ 400 million. And although this doesn’t compare with Tether's loss of $ 1 billion, this fact suggests that the USDT is losing confidence due to the opacity of operations, problems with banks and dubious links with Bitfinex.

Bitfinex Won't Provide All Docs, Which Attorney Require

Bitfinex believes that the decision of the judge is "another victory in the ongoing defence of our businesses against the New York Attorney General"
23 May 2019   195

The judge of the Supreme Court of the State of New York, Joel Cohen, satisfied the demand of the lawyers of Bitfinex and Tether Limited, allowing them to submit only those documents that the State Office of Public Attorney has the right to demand within its jurisdiction.

In particular, the defendants once again stated that the jurisdiction of the State Office of Public Attorney does not apply to companies, since they do not operate in New York, and the so-called Martin Law does not regulate their business at all. In addition, this legislation may not apply to companies registered in another country.

This order is another victory in the ongoing defence of our businesses against the New York Attorney General’s overreach, and it comes on the heels of Justice Cohen’s ruling last week granting our motion to significantly narrow the injunction against our businesses obtained by the Attorney General. We look forward to continuing to challenge the New York Attorney General’s unmeritorious claims, and we will continue to vigorously protect our customers and assert our rights against those making false and unsupported claims against us.
 

Bitfinex Team

The next meeting in the high-profile case is scheduled for June 29.

Bitfinex promised users to continue the fight against those who make "false and unfounded statements" to the company.