Tether has been caught once again mishandling huge amounts of money, leaving the crypto community baffled.
If there was any doubt over whether or not Tether knew what it was doing, that doubt has now been removed and it is apparent that it doesn’t.
Tether, which is owned by parent company iFinex, will reportedly issue the Chinese yuan-pegged stablecoin, known as CNHT, in the coming weeks.
Tether issued a statement in response to Monday’s New York State Supreme Court ruling, saying that they are “disappointed” but will file an appeal.
80% of all USDT Is held by just over 300 people, and that can cause a lot of havoc on the dark coin markets.
Cryptocurrency exchange Bitfinex and stablecoin issuer Tether thought they could convince a judge in New York that the state had no jurisdiction over the entities.
Tether and Bitfinex have argued that the customers indicated by the NYAG were foreign eligible contract participants (ECP) that are allowed to be serviced by the exchange.
Tether admitted to accidentally creating billions in USDT, but the question is if its always an accident.
Metropolitan Commercial Bank based in New York has contacted Tether and requested that it close its accounts.
Tether and Bitfinex have tried to argue for the dismissal of the case because they don’t have anything to do with New York.
Troubled crypto exchange Bitfinex has confirmed it has repaid $100 million of the money it borrowed from sister company Tether.