Tether Prints 100 Million USDT In Past 24 Hours

In the last 24 hours, Tether has printed nearly 100 million USDT. According to news portal CryptoHodl, the creation of USDT tokens is often correlated with a rise in the price of Bitcoin, as Tether moves the coins to crypto exchanges like Bitfinex.However, Bitfinex has long denied that USDT has been used to manipulate the price of Bitcoin, but in the past there has been damning evidence, to the contrary.Earlier this year, the New York Attorney General, had accused the exchange of an alleged cover up which amounts to nearly $850 million. The company issued a statement regarding this, refuting the allegations.News portal, Bitcoinist had reported that according to the Attorney General’s claims, Bitfinex had reportedly lost $850 million of customer money. This had been sent to, and seized by payment processing firm, Crypto Capital Corp. The allegation goes on to say that Bitfinex used cash reserves from affiliated stablecoin, Tether, to cover the shortfall.At the time, the Chief Executive Officer (CEO) of Bitfinex had published an open letter saying, “The New York Attorney General’s court filings were written in bad faith and are riddled with false assertions, including as to a purported $850 million “loss” at Crypto Capital. On the contrary, we have been informed that these Crypto Capital amounts are not lost but have been, in fact, seized and safeguarded. We are and have been actively working to exercise our rights and remedies and get those funds released. Sadly, the New York Attorney General’s office seems to be intent on undermining those efforts to the detriment of our customers.”CryptoHodl reported that Bitcoin whales were also surfacing en masse, moving 14,501 BTC worth $168.6 million in the past 24 hours. Three of the transactions were between unknown wallets, with the fourth involving BTC moving off of the crypto exchange OKEx to an unknown wallet.Liked what you read? Join us on Telegram