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01 March 2021

Bitcoin Rebounds on Tether, NY AG $18.5M Settlement | Crypto Briefing

Bitcoin Rebounds on Tether, NY AG $18.5M Settlement | Crypto Briefing


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Bitcoin Rebounds on Tether, NY AG $18.5M Settlement.

New York’s Attorney General Letitia James and iFinex Inc., the parent company of Tether and Bitfinex, have settled the $850 million lawsuit for a penalty of $18.5 million and mandatory reporting on business operations in the future.

The end to the Tether saga, which stoked fears of a massive liquidity crisis due to prohibitions on the largest stablecoin, was received positively by the market, experiencing a sharp downturn since yesterday.

NY AG had accused Tether of helping sister company Bitfinex cover up $850 million in lost funds with a loan.

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