Latest Tether News and Insights | Yellow.com

Celsius Network is going after Tether. The bankrupt crypto lender filed a lawsuit demanding the return of $3.35 billion worth of Bitcoin. And beyond any doubt, this is a story that might have an unpredictable outcome with a massive influence on the market. The legal drama kicked off in New York's Southern District court. Celsius wants its Bitcoin back, pronto. Here's the lowdown: Celsius transferred 39,542.42 BTC to Tether as collateral. That's a whopping $2.31 billion at current prices. But that's not all. The lender is also after another 17,886.22 BTC, worth about $1.05 billion. Celsius claims Tether used the assets to pay off outstanding loans. They say it happened when Celsius was going belly-up. The lender's lawyers aren't pulling any punches. They're calling it a "preferential transfer" under bankruptcy law. "These transfers should be avoided and recovered," Celsius's legal team stated. They want Tether to cough up damages too. Tether's not taking this lying down, in case you wondered, as they've resolutely dismissed the lawsuit as a "meritless shakedown." That implies they are going to stand their ground. "The complaint is undermined by actual facts," Tether fired back. They're planning to duke it out in court. This legal tussle is shaping up to be a real crypto slugfest. It's anyone's guess how it'll play out. The crypto world is watching closely. This case could set some serious precedents for the industry. As the drama unfolds, one thing's clear: there's no love lost between these former crypto allies.

Tether, the firm behind USDT stablecoin, is rolling in dough. They've just posted a whopping $5.2 billion profit for the first half of 2024. That's not all. Their U.S. Treasury reserve is now massive. The company dropped this bombshell on July 31. Tether's Treasury portfolio has ballooned to $97.6 billion. This growth mirrors the surge in Tether stablecoins. These are backed 1:1 with liquid U.S. dollar assets. BDO, an independent accounting firm, checked the numbers. They seem legit. The total market cap of USDT is around $114 billion, according to Binance. Tether's total reserves exceed $118 billion. Tether's not messing around. Their Treasury reserve is now bigger than all but 17 governments worldwide. That includes heavyweights like Germany, UAE, and Australia. They're also third in buying 3-month U.S. Treasurys. The UK and Cayman Islands are still ahead. But Tether's gunning for the top spot. "Given the trajectory of USDT adoption, [Tether] sees the potential of becoming 1st in the next year," they said. The company's net equity hit $11.9 billion by June 30. That's all assets minus liabilities. Tether issued about $8.3 billion in Q2 alone. USDT keeps getting issued and redeemed. Paolo Ardoino, Tether's CEO, is pumped. He says their balance sheet lets them "continue leading the stablecoin industry in stability and liquidity." They're also branching out into AI, Biotech, and Telecommunications. Tether's not putting all its eggs in one basket. They're reinvesting profits in sustainable energy, Bitcoin mining, data, AI infrastructure, and more. They're even dabbling in neurotech and education. Stablecoins are taking off. Tether and its rival U.S. Dollar Coin are seeing rapid adoption. It's mostly due to demand for faster, safer cross-border payments. Research firm Sacra reckons stablecoins could outpace Visa, hitting $4 trillion in payment volume. Crypto's becoming a big player in the U.S. Treasury market. Along with tokenized real-world assets, it's driving demand. Tom Wan, a research strategist, thinks the tokenized U.S. Treasury market will hit $3 billion by end-2024. Looks like Tether's riding the wave.

Europol, the EU's law enforcement agency, claims that criminal cases involving Bitcoin are now on par with those involving altcoins. This sounds surprising, given the widespread belief that Bitcoin is utterly dominating the crypto market. Yet, it is time to say goodbye to the old prejudices. Altcoins are on the rise, whether you like it or not. Criminal world has spoken. This revelation comes from Europol latest Internet Organised Crime Threat Assessment (IOCTA). The report, released on Monday, highlights a surge in crypto use for illegal activities. Altcoins, in particular, are gaining traction among criminals. Ransomware attackers still prefer Bitcoin for payoffs. It's easier to get hold of than other tokens. But some crooks are branching out. They're now demanding payments in coins like Monero. Europol tweeted about the report's findings. "In 2023, millions of victims across the EU were attacked and exploited online on a daily basis," they said. The crypto market's evolution is opening new doors for scammers. Europol warns that the growing number of crypto ETFs could be ripe for exploitation. Investment fraudsters are getting savvy. They're increasingly converting Bitcoin to stablecoins like Tether's USDT. Why? Stablecoins are less of a rollercoaster ride when it comes to price. Investigators have noticed something interesting about Tether. It's popping up more on the Tron blockchain than Ethereum. The likely reason? Lower transaction fees on Tron. Non-compliant services continue to be a thorn in the side of crypto investigators. Some companies are playing ball with law enforcement. But offshore services? They're still a headache, often leading to drawn-out legal procedures. Crypto laundering got a facelift in 2023. Swapping services are all the rage among criminals now. They're using these to cover their tracks, swapping to privacy coins for anonymity and stablecoins for stability. Last month, Europol raised another red flag. Crypto mining could be a new frontier for money laundering. Criminals can use it to hide dirty money and even turn a profit. The BitClub Network case is a prime example. It showed how mining pools can fuel Ponzi schemes, robbing victims of hundreds of millions of euros.

The stablecoin market cap has recently flipped positive. This could be bullish for Bitcoin. CryptoQuant's CEO, Ki Young Ju, highlighted this trend on X. The stablecoin market cap just hit a new all-time high. USDT's 30-day change had turned negative earlier. But it didn't stay down for long. The metric has now edged back into positive territory. It's a small increase, but it could signal a turnaround. Historically, rising stablecoin market caps have been good for Bitcoin. Ju's chart shows this pattern over the past year. Why do stablecoins matter for Bitcoin? It's all about their role in the market. Investors use these tokens to park cash. They avoid crypto volatility but stay ready to jump back in. So, stablecoin market cap can show potential Bitcoin buying power. When it goes up, there's more dry powder for BTC and others. This Tether uptick comes as Bitcoin itself is rallying. It suggests fresh capital inflows, not just rotation from BTC. That's a potent combo. It means there's capital waiting on the sidelines and direct inflows into Bitcoin. Tether now makes up about 70% of the total stablecoin market cap. That's a big chunk of the pie. The total stablecoin market cap has hit a new record. It's a sign of renewed investor interest. What's next? Keep an eye on these trends. They could signal more upside for Bitcoin and the broader crypto market. Remember, though: crypto's a wild ride. Don't bet the farm on any one indicator.

Tether and Bitfinex are in hot water again. The stablecoin issuer and crypto exchange are targets of a fresh class action lawsuit. The suit alleges market manipulation and antitrust violations. The case was filed in New York. It's a slimmed-down version of an ongoing legal battle. The plaintiffs are five individuals. They claim Tether and Bitfinex broke the law. The lawsuit is no joke. It accuses the firms of violating the Commodities Exchange Act. The allegations are serious. Market manipulation, monopolization, and trade restraint are on the list. Tether's alleged scheme was clever. The company supposedly pumped unbacked USDT into the market. This created fake demand for crypto. It's a bit like printing money out of thin air. The result? Crypto prices went through the roof. Tether allegedly facilitated trading on credit and loaned funds. It's a recipe for a market bubble. This isn't the first rodeo for Tether and Bitfinex. Previous complaints were filed in 2019 and 2020. The current suit is a trimmed-down version. It's got fewer causes of action. The case has had its share of drama. The original law firm, Roche Freedman, got the boot. Their founder, Kyle Roche, was caught on tape. He admitted to filing bogus lawsuits. Not a good look for a lawyer. The new complaint has some juicy details. It claims to have chat logs and deposition records. These allegedly show the companies' operators admitting to manipulation. If true, it's a smoking gun. Tether isn't taking this lying down. A spokesperson dismissed the claims. They say the lawsuit has no merit. It's a classic "he said, she said" situation. The stakes are high. Tether's USDT is a $83 billion behemoth. But what's even more important, stablecoins are gaining momentum, and - led by Tether - are now the lifeblood of the crypto market. That's to sat the least. If these allegations stick, it could shake the entire industry to its core. This case is far from over. It's a slow-moving train wreck that the crypto world can't look away from. Grab your popcorn, folks. This legal drama is just getting started.