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A report from The Guardian has detailed how Christopher Harborne, a shareholder in DigFinex, the parent company of Bitfinex and Tether, and a large donor to Boris Johnson, traveled with Johnson on a trip to Ukraine. This report was based on the “Boris Files,” a collection of files purportedly hacked from Johnson’s office and shared by Distributed Denial of Secrets. Harborne, who also uses the Thai name Chakrit Sakunkrit, has become an increasingly important political donor in the UK over the last several years, supporting Brexit, Johnson, Nigel Farage, and the Reform party. Brexit’s top donor outed as Bitfinex, Tether parent shareholder Read more: Scoop: Bitfinex, Tether shareholder Harborne is Nigel Farage’s top donor Reportedly, Harborne traveled with Johnson in September 2023 to Ukraine, and Harborne was registered during this journey as an “ adviser, Office of Boris Johnson .” Apparently, the itinerary for this journey includ...

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Swan Bitcoin has filed a lawsuit against Proton Management, a bitcoin mining firm made up of former Swan consultants, claiming that these executives “hatched and executed a ‘rain and hellfire’ plan to steal Swan’s” mining business.  Specifically, the suit alleges that several consultants who were a part of Swan’s Bitcoin mining operation allegedly planned to misappropriate Swan’s intellectual property to operate a “copycat company” that was also funded by Tether. The lawsuit includes an email that appears to show a discussion about how best to execute the exit and says, “Tether needs to send default notice.” Screenshot from the lawsuit . The Timeline According to the lawsuit, in June 2023, Swan Bitcoin CEO Cory Klippsten learned of a bitcoin mine in Australia that was trying to raise funding. He apparently discussed this opportunity with Giancarlo Devasini, the CFO of both Bitfinex and Tether, and the two agreed to ...

In what is a testament to its dominance, stablecoin issuer Tether generated more profit than BlackRock in 2023. Indeed, the $10 trillion asset manager earned $5.5 billion last year. Alternatively, the USDT issuer generated a remarkable $6.2 billion. The output shows that the crypto company edged out the traditional finance giant by $700 million last year. Tether recently saw its USDT stablecoin reach a market cap of $119 billion. Moreover, the asset dominates an impressive 75% of the market share, easily leading the sector ahead of firms like Cirlce and even PayPal. The performance shows the growing interest in stablecoins, and Tether’s position atop the growing industry. Tether generated more profit than BlackRock $BLK in 2023. Tether: $6.2 billion BlackRock: $5.5 billion pic.twitter.com/QqonDFfWL9 — Watcher.Guru (@WatcherGuru) September 20, 2024 Also Read: Stablecoin Issuers are 18th Largest US Treasury Holder: Bernstein Tether Out Earned BlackRock by $700 Million in 2023 ...

Thanks to strange corporate rules and regulations in California and Colorado, a Chinese pig-butchering scammer and a US-based swindler of the elderly combined forces to pretend they were working directly with Tether and its executives, corporate filings show. Convicted criminal Mohammad Alam and Chinese national Sun Yunfeng — who is currently being sued by Google — were able to get away with including the names of all Tether executives in one company and naming another company ‘USDT Bank LLC.’ Sun Yunfeng leads the charge(s) Currently facing civil RICO charges from Google, Sun Yunfeng has managed to escape being served by one of the most massive corporations on Earth by simply hiding in China . The alleged serial Scam mer, who created dozens of Google Store apps to steal money from uns US pecting US ers to fund ongoing pig-butchering Scam s in Myanmar, Cambodia, and other parts of Southeast Asia, is the chairperson for a California-based company called Cryptocurr...

The Federal Court of Australia has found that Block Earner (the company name for Web3 Ventures Pty Ltd) offered its ‘Earner’ cryptocurrency lending product without obtaining the appropriate Australian Financial Services License. However, the court also found that the firm can continue to offer its ‘Access’ product, which wrapped DeFi yields from AAVE and Compound, because the Australian Securities & Investment Commission failed to adequately prove its case. Shuttered in November 2022, Earner was a straightforward crypto lending product via which user deposits were converted to cryptocurrency and then directed to third-party firms. These firms would then deploy the funds to earn the yields. Block Earner specifically lent to Stablehouse and XBTO Strategies Limited. Stablehouse is advised by Tether’s former chief strategy officer Phil Potter, and the firm is meant to act as a “clearinghouse for stablecoins.” Finder Wallet sued by Australi...

Tether’s USDT stablecoin is fueling a surge in scams in Asia, a recent report from the UN’s office on drugs and crime says. According to a report seen by the Financial Times, USDT has become a key tool among criminal gangs in Southeast Asia, many of whom are using the stablecoin for money laundering and to operate illegal online gambling platforms. “Online gambling platforms, especially those operating illegally, have emerged as among the most popular vehicles for cryptocurrency-based money launderers, particularly for those using Tether.” The United Nations Office on Drugs and Crime While the scale of USDT’s involvement in illegal cases is not explicitly addressed, the UN’s office on drugs and crime noted a “rapidly growing use of sophisticated, high-speed money laundering […] teams specializing in underground tether” in recent years. You might also like: DoJ captures $9m in Tether’s USDT from “pig butchering” operation ...

Tether , the world’s largest stablecoin, has published its newest attestation, which claims that it’s making nearly $1 billion each quarter in returns from its reserves. This is apparently driven by the increase in rates for its large treasury holdings, with a claimed $56.6 billion in exposure to US treasuries. These claimed profits have allowed the company to perform the accounting trick of moving its secured loans to ‘excess reserves’ which Tether seemingly believes are not part of the reserves, despite the name. In December of last year, Tether stated that “throughout 2023, it will reduce secured loans in Tether ’s reserves to zero.” Read more: Tether executives have brushed shoulders with crime since its inception Tether’s description of its reserves now attempts to exclude secured loans it’s still engaged in by reclassifying them as ‘excess reserves,’ allowing it to maintain billions in secured loans while...

Binance Futures, a prominent player in the cryptocurrency sector, is poised to enhance its offerings with the introduction of a new product. As of Oct. 15, Binance Futures has enabled crypto traders to tap into a new financial instrument, which allows for trading leverage up to a reported 50 times. According to Binance, the BOND/USDT Perpetual Contract, backed by the BarnBridge (BOND) token as its underlying asset and having Tether (USDT) as its settlement asset, presents a new opportunity for crypto enthusiasts. It operates 24/7, ensuring continuous trading availability for its users. The contract also comes with a tick size of 0.001 and a capped funding rate of +2.00% or -2.00%, with funding fee settlements set to occur every four hours. News of the new offering comes only days after Binance launched U-based BIGTIME perpetual contract s with up to 20 times leverage . You might also like: Binance CEO, colleagues face potential indictment in Brazil Additionally, Binan...

Persistent worries about Binance’s solvency, increased regulation of the crypto sector and questionable use cases are chipping away at BUSD’s market capitalization. Stablecoins in the cryptocurrency market help provide USD pegged tokens within the volatile industry. In bull markets, the market capitalization of stablecoins tends to decrease as investors flock to more volatile assets and in bear markets, investors seek shelter in low volatility stablecoins thus increasing their market caps. On Jan. 26, the total market capitalization for stablecoins like Tether (USDT), USD Coin (USDC), Binance USD (BUSD) and Dai (DAI) is over $131 billion. Stablecoin supply dominance. Source: Glassnode Stablecoins are so crucial to the future of crypto, that Moody’s, a well-respected analytics agency, is planning to develop a scoring system. The scoring system may help reduce the speculation and fear that some investors have with stablecoins. Such fear amid a lack of stablecoin transparency has led o...