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Exchange Bitfinex to be investigated

The New York State General Attorney’s office is investigating exchange Bitfinex for fraud. The allegation being that the exchange used its stablecoin, Tether, to mask an $850million loss. Bitfinex and Tether (USDT) have long been a point of interest and contention as regulators and skeptics claim that the exchange can ‘print’ as many USDT as they wish thus essentially running a fractional reserve system against the bitcoins on deposit. Understanding Tether was the topic of CoinCorner November 2018 issue.

image courtesy of @tether_to

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