An Interest In:
Web News this Week
- March 19, 2024
- March 18, 2024
- March 17, 2024
- March 16, 2024
- March 15, 2024
- March 14, 2024
- March 13, 2024
October 15, 2021 04:32 pm
Original Link: https://www.theverge.com/2021/10/15/22728253/tether-41-million-misleading-statements-fiat-currency-bitfinex-cftc
Tether will pay $41 million over misleading claims it was fully backed by US dollars
Tether will pay $41 million to settle allegations by the US Commodity Futures Trading Commission (CFTC) that it made untrue or misleading statements when it claimed its stablecoins were fully backed by fiat currencies.
The CFTC said in a statement Friday that between June 2016 and February 2019, Tether misrepresented to customers and the cryptocurrencies markets that it had “sufficient US dollar reserves” to back every token when, in fact, its reserves were not fully backed the majority of the time.
In addition, the CFTC said, Tether failed to disclose that it included unsecured receivables and non-fiat assets as part of its reserves, falsely telling investors it would conduct routine audits to show it maintained 100 percent of...
Original Link: https://www.theverge.com/2021/10/15/22728253/tether-41-million-misleading-statements-fiat-currency-bitfinex-cftc
Share this article:
Tweet
View Full Article
The Verge
The Verge is an ambitious multimedia effort founded in 2011More About this Source Visit The Verge