A Legal Tug-of-War
The New York Attorney General’s office (OAG) is pulling out all the stops in its legal confrontation with iFinex Inc, the parent company of cryptocurrency exchange Bitfinex and stablecoin powerhouse Tether. In a recent twist, the OAG sought a deadline extension for iFinex to comply with document requests, aiming for a new submission date of January 15, 2021 – a date likely miswritten as 2020. It’s already a confusing scenario; let’s not add more time-traveling mishaps to the mix!
A Snapshot of Events
The drama unfolded after a virtual hearing held on September 17, 2020, where Judge Joel Cohen granted a 90-day extension for iFinex to present crucial documents linked to the companies’ business dealings. This is no small matter, as allegations suggest that a whopping $850 million was siphoned from Bitfinex, supposedly in a clandestine fund-swirling operation involving Tether, all to compensate for losses incurred with the infamous shadow bank, Crypto Capital.
Document Drama: The OAG’s Perspective
The OAG is claiming that iFinex has been cooperative regarding document production since that fateful September day. They anticipate wrapping up this paperwork pandemonium shortly. One wonders if “finalizing” documents has become the official pastime of legal teams, right alongside brunching on conference calls.
Tether’s Triumph Amidst Troubling Times
Despite the legal fracas swirling around, Tether’s USDT is enjoying a staggering surge in adoption. The stablecoin has diversified its digital footprint, now functioning on networks like Omni, Ethereum, Eos, and even the trendy Solana. It’s like Tether pulled out a vacation checklist for blockchain networks!
Capitalization Climb: Tether’s Unstoppable Rise
Tether’s market capitalization has soared an eye-popping 382% this year, vaulting from $4.1 billion at the dawn of January to a staggering $19.76 billion today. This leap raises eyebrows, especially considering Tether’s own admission back in May 2019 that USDT was only 74% backed by cash and cash equivalents. Apparently, people are more excited about the stable asset’s usage than the nitty-gritty of its backing.
Volume Dominance: A Crypto Hotcake
In terms of trading, Tether has seized an impressive 65.5% of volume dominance over Bitcoin! At the start of the year, Bitcoin led at 16.2%, but it appears Tether has taken the driver’s seat now, holding a solid 38% of combined crypto volume. Who knew a stablecoin could stir up such runaway success in a volatile market?
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