Tether, a leading stable coin issuer, has teamed up with the U.S. Department of Justice (DOJ) to seize $6 million in digital assets linked to elaborate scams. These fraudulent operations, predominantly based in Southeast Asia, involved scammers impersonating legitimate cryptocurrency exchanges, effectively duping victims out of their hard-earned money.
As the Federal Reserve (Fed) starts to change course on interest rates, Tether and four other stablecoin issuers risk seeing $625 million in annual interest income melt away. This upheaval, revealed by a recent CCData report, highlights stablecoins' reliance on U.S. Treasury bonds, a crucial pillar of their economic model.
The company behind the world's largest stablecoin by market cap says it aided US authorities in confiscating the proceeds of an overseas crypto-confidence scheme.
In collaboration with the DOJ, Tether assisted in seizing $6 million from victims of crypto scams across Southeast Asia. These schemes lured victims by imitating legitimate crypto exchanges, leading to substantial financial losses.
TL;DR Rapid Minting: Ripple Labs has minted 1.7 million RLUSD tokens in just two days, signaling an imminent launch of their USD-pegged stablecoin. Regulatory Approval: Ripple is awaiting SEC approval for RLUSD, with CEO Brad Garlinghouse expecting public availability in the coming weeks.
The stablecoin industry will have to weather significant losses in interest income following the Federal Reserve's latest rate cut, a new report from CCData shows.
Ripple is making bold moves in the stablecoin sector, rapidly minting its RLUSD stablecoin and signaling a potential market launch. This strategic leap forward raises questions about its competitive positioning against established players like Tether. With 800,000 tokens created, the race to challenge Tether heats up.
Tether, a stablecoin issuer, said it has collaborated with the U.S. Department of Justice to seize digital assets worth $6 million stolen from victims of crypto confidence schemes. Tether has assisted law enforcement in various jurisdictions, blocking over two billion dollars in USDT and recovering millions for victims.
Tether has assisted the U.S. Department of Justice in seizing $6 million in USDT linked to alleged cryptocurrency scams, marking a significant step in combating fraud.
Tether helped the U.S. Department of Justice seize over $6 million linked to a crypto scam in Southeast Asia.
The US Department of Justice intercepted another batch of confidence scam wallets, containing $6M in USDT. Tether, Inc. will once again assist the authorities in blacklisting the addresses.
Swan Bitcoin has filed suit against a group of former employees and consultants, alleging that they “hatched and executed a ‘rain and hellfire' plan” to steal its lucrative bitcoin mining business with the help of Tether, Swan Bitcoin's one-time ally and fundraising partner.
Tether, the world's largest stablecoin issuer, reportedly played a crucial role in a joint operation led by Dutch and U.S. law enforcement agencies to dismantle two cryptocurrency exchanges suspected of money laundering. The operation resulted in the seizure of €7 million ($7.8M) in crypto and the freezing of illicit wallets.
USDT's anticipated integration into the Lightning Network has been a topic of discussion among crypto enthusiasts for years. Despite the evident advantages Lightning offers—such as instant, low-cost transactions—USDT's transition to this layer has been over and again stalled.
Tether (USDT) is expanding aggressively. Stablecoin growth on TRON and Ethereum is slower, with stronger minting expansion on Celo, Solana, Toncoin, Base, and Optimism.
Tether aids Dutch FIOD, NHCTU, and U.S. Secret Service in dismantling cryptocurrency exchanges involved in money laundering.
Swan Bitcoin took legal action this week against several former employees and a competitor, Proton Management. The company accused them of a deliberate attempt to undermine and seize its Bitcoin mining operations.
A Robinhood spokesperson said that the company has “no imminent plans to launch this offering.” Tether, with a market cap of about $120 billion, dominates the $170 billion stablecoin market.
Robinhood and Revolut are considering stablecoin launches, as Markets in Crypto-Assets (MiCA) regulation may disrupt Tether's market domination in the EU.
Swan Bitcoin's mining arm is suing its former employees for allegedly stealing the “crown jewels” of its billion-dollar Bitcoin mining business to power a “copycat” firm.
Robinhood Markets Inc. (NASDAQ:HOOD) and Revolut Ltd. are reportedly exploring the possibility of entering the $170 billion stablecoin market, which could challenge the dominance of incumbent Tether (CRYPTO: USDT).
In a wide-ranging interview, Tether (CRYPTO: USDT) CEO Paolo Ardoino shared insights on the company's plans for expansion and its stance on regulatory issues, particularly in Europe. What Happened: Ardoino told “The Big Whale” listeners about Tether's launch of a stablecoin pegged to the UAE's currency Dirham, first announced in August, citing its growing importance in global trade and remittances.
Memecoin giant Shiba Inu is on track to launch a new stablecoin to boost ecosystem growth.
Circle has launched Compliance Engine, a tool designed to help businesses meet regulatory requirements through customizable, automated compliance checks. The feature is integrated within Circle's infrastructure, eliminating the need for separate third-party solutions and streamlining the compliance process for companies operating in the digital asset space.
Binance Futures introduces a Trading Quest allowing users to learn new trading features and earn a share of 35,500 USDT in rewards.
Tether's recent growth is noteworthy. According to blockchain analytics firm IntoTheBlock, the stablecoin's market cap has ballooned from $84.69 billion to its current figure, showcasing its robust performance amid a fluctuating market.
After a tough September, the non-subtle moves of the Tether (USDT) stablecoin may have offered a subtle hint that October will truly live up to its nickname of ‘Uptober' for the cryptocurrency market.
Tether (USDT) is on track to achieve a significant milestone, approaching a market capitalization of $120 billion.
Tether has reached a new all time high in market cap.
In the first week of September, the number of daily active TON addresses soared to 3 million. TON has also seen a rise in the volume of on-chain trades, particularly in the stablecoin market.
Tether (USDT) nears a $120 billion market cap, solidifying its dominance as stablecoins gain unprecedented momentum in the crypto space.
Tether's USDT, the largest stablecoin, continues to grow and further solidify its dominance in the market.
Tether (USDT), the world's largest stablecoin and the third largest crypto in market cap, has asserted its dominance in the cryptocurrency market and is now close to achieving a significant milestone. Recent data shows a massive influx of money into the crypto industry in the past week, with over $1 billion going into stablecoins.
Toncoin is growing its USDT supply to more than $1B, with up to $300M in daily transfers. The Toncoin ecosystem aims to move beyond meme trading and grow DeFi apps and liquid staking protocols.
Tether, the dominant stablecoin issuer, faces increasing scrutiny over its transparency and potential risks to the broader crypto market.
There are mounting investor concerns around the issuer of the world's largest stablecoin USDT. Justin Bons, the founder and CIO of Cyber Capital recently shared his concerns in a series of texts on X over how Tether is a potentially bigger scam than FTX.
Tether, the issuer of the largest stablecoin, USDT, faces mounting scrutiny due to its lack of third-party audits and alleged financial opacity. As concerns spread about a potential collapse akin to the FTX debacle, Cyber Capital founder Justin Bons has been vocal about Tether's operations, calling it a $118 billion “scam” that could destabilize the entire crypto ecosystem.
Some market analysts think that Tether could also implode like FTX, if not audited duly by third-party agencies. This implosion would likely be tied to its banking partners.
The corporate structure of Tether: a potential threat to the market?
Tether's market share surpassed 75% of the entire stablecoin market, fueling concerns over the stablecoin giant's influencer over the crypto industry.
Tether's market share has surpassed 75% of the entire stablecoin market, fueling concerns over the stablecoin giant's influence over the crypto industry.
In the latest cryptocurrency hack news, the BingX exchange has lost more than $43 million in a major theft leading to losses of investors' altcoins, particularly stablecoins. Reportedly, the hacker swapped most of the stolen funds into ETH and BNB after the exchange breach.
The objective is to improve accessibility to cryptocurrencies in Africa and South Asia.
Stablecoins have emerged as a significant force in the global financial landscape, reaching new heights in circulation and usage, according to a recent report by Bernstein analysts. What Happened: The total supply of stablecoins has rebounded to an all-time high of $170 billion, with monthly settlement volumes tripling over the last 12 months to $1.4 trillion in July 2024.
Tether has invested $1.5 million in Sorted Wallet, a platform that helps people in emerging markets access crypto using simple mobile phones.
Tether's investment in Sorted Wallet could significantly enhance financial inclusion and economic empowerment in underserved regions. The post Tether invests $1.5 million in Sorted Wallet to boost financial access in emerging markets appeared first on Crypto Briefing.