Daily Crypto NewsEDITION #323, 08 October 2021

Kettle meet pot. Tether meets Bloomberg

Hey Moni Maker

Today, in 1873, the first women's prison was opened in the United States. We are sure that in 10-20 years, the penalties for breaking laws will be harsher, and prison will seem like child's play. For example, they will forbid a person to go on the Internet for life or limit him in gadgets: no iPhones and androids, just an old Windows 98 on PC.

Well, as long as we're not living in such bloodthirsty times, we suggest you read the Digest. Let's go!

Tether (USDT), the largest stablecoin issuer by market capitalization, has refuted the details of a Bloomberg story on its reserves holdings.

In a Thursday report, Bloomberg journalist Zeke Faux made numerous claims against Tether, including that its chief financial officer Giancarlo Devasini has used the company’s reserves to make investments, that seem to contradict Tether’s public position that the holdings were fully backed at all times. In addition, Faux alleges that Tether has invested in Chinese firms and issued crypto-backed loans “worth billions of dollars.” According to the report, he was only able to confirm one bank in the Bahamas was working directly with Tether.

“Tether still hasn’t disclosed where it’s keeping its money,” said Faux. “If Devasini is taking enough risk to earn even a 1% return on Tether’s entire reserves, that would give him and his partners a $690 million annual profit. But if those loans fail, even a small percentage of them, one Tether would become worth less than $1.”

Tether called the report a “tired attempt” to undermine the company based on “innuendo and misinformation.” The stablecoin issuer challenged the credibility of Faux’s sources as an attempt “to discredit Giancarlo Devasini and Tether’s executives” and continued to claim its USDT tokens are “fully backed,” citing its quarterly assurance reports.

So what?

We’re tired of commenting on such type of News. Yes, also Tether Heads were deleting their Twitter accounts during the “war” time. Give your opinion on it, plz.

The U.S. Department of Justice today announced a new cryptocurrency enforcement team that will tackle financial crime.

U.S. Deputy Attorney General Lisa Monaco made the announcement at today's Aspen Cyber Summit. She said the group would "strengthen" the DOJ's capacity to disable financial markets that allow cybercriminals to "flourish."

She added that the DOJ would also launch an initiative to focus on civil cyber fraud.

"We are launching today the national cryptocurrency enforcement team," she said. "We have already made great strides in combating misuse of cryptocurrency platforms and we've shown—we won't hesitate to go after those platforms that help criminals launder or hide their criminal proceeds. It is a crowded and aggressive threat landscape."

So what?

Dear Lisa! Please, start your fight with scams with a scam rap.

Ireland is part of major cryptocurrency exchange Binance’s plans to establish a number of headquarters across the world, its CEO told Reuters on Thursday.

Regulators across the world have in recent months scrutinised Binance, the world’s largest exchange by trading volumes. Some have banned the platform from certain activities, while others have warned consumers that it was unlicensed to operate.

In response, CEO Changpeng Zhao said in July he wanted to improve relations with regulators, and would break with its “decentralised” structure and establish regional headquarters.

Last month, Binance registered three firms in Ireland, corporate registry documents show.

“Historically, we claim that we don’t have headquarters. We are actually just in the process of establishing a few headquarters in different parts of the world,” Changpeng Zhao said in an interview.

BEP-20 is token standard on BSC (Binance Smart Chain) and it's capable of smart contracts. It's safe to say that BEP-20 = ERC20 in Ethereum network. For example, CAKE token on PancakeSwap platform is BEP-20 token.

And more you can find in our Glossary!

And you...buy Bitcoin! (it's a good time!)