{"id":28023,"date":"2018-01-30T13:40:01","date_gmt":"2018-01-30T21:40:01","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=28023"},"modified":"2020-04-09T18:43:26","modified_gmt":"2020-04-09T17:43:26","slug":"crypto-markets-drop-regulators-subpoena-bitfinex-tether","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/crypto-markets-drop-regulators-subpoena-bitfinex-tether\/","title":{"rendered":"Crypto Markets Drop as Regulators Subpoena Bitfinex and Tether"},"content":{"rendered":"<p>The cryptocurrency market is <strong>down 10%<\/strong> in the past 24 hours as it was reported that the United States CTFC (Commodity Futures Trading Commission) issued a subpoena to Bitfinex and <a href=\"http:\/\/cryptoslate.com\/coins\/tether\">Tether<\/a>, a cryptocurrency exchange and &#8220;stablecoin,&#8221; respectively.<\/p>\n<figure id=\"attachment_28036\" aria-describedby=\"caption-attachment-28036\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-28036\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/jan30-2018-graph-market-cap-1024x365.jpg\" alt=\"\" width=\"1024\" height=\"365\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/jan30-2018-graph-market-cap-1024x365.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/jan30-2018-graph-market-cap-1536x548.jpg 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/jan30-2018-graph-market-cap-300x107.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/jan30-2018-graph-market-cap-768x274.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/jan30-2018-graph-market-cap.jpg 1648w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-28036\" class=\"wp-caption-text\">The markets are down from a high of $571 billion over the past 24 hours.<\/figcaption><\/figure>\n<p>According to <a href=\"https:\/\/cryptoslate.com\/people\/charlie-shrem\/\">Charlie Shrem<\/a>,\u00a0the subpoenas were originally issued on December 6, 2017:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bloomberg has updated their article to include that the subpoena was sent **December 6th** this 2 months OLD NEWS now. credit : <a href=\"https:\/\/twitter.com\/grassfedgoat?ref_src=twsrc%5Etfw\">@grassfedgoat<\/a> & <a href=\"https:\/\/twitter.com\/BTCVIX?ref_src=twsrc%5Etfw\">@BTCVIX<\/a> <a href=\"https:\/\/t.co\/15NBl7IeP7\">https:\/\/t.co\/15NBl7IeP7<\/a> \u2026<\/p>\n<p>&mdash; Charlie Shrem (@CharlieShrem) <a href=\"https:\/\/twitter.com\/CharlieShrem\/status\/958418184369070081?ref_src=twsrc%5Etfw\">January 30, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>While this action is now almost two months old, it reflects a growing governmental trend to regulate the crypto markets, which fundamentally place privacy and transparency at the heart of their platforms.<\/p>\n<p>In remarks to the Futures Section Conference in Naples, Florida last week, CFTM Chairman J. Christopher Giancarlo said,<\/p>\n<blockquote><p>\u201cVirtual currencies demand the focused attention of this group. We cannot ignore them. This is not the time or place for denial or misunderstanding or personal preference. This is a time for recognition, reflection, and wisdom.\u201d<\/p><\/blockquote>\n<h2>Tether's Reserves<\/h2>\n<p>Tether is a unique digital currency because it is pegged to the U.S. dollar. According to Tether\u2019s own <a href=\"https:\/\/tether.to\/wp-content\/uploads\/2017\/09\/Final-Tether-Consulting-Report-9-15-17_Redacted.pdf\">Proof of Funds<\/a>\u00a0report:<\/p>\n<blockquote><p>\u201cEach Tether token is backed 100% by fiat currency in Tether Limited\u2019s reserve bank account.\u201d<\/p><\/blockquote>\n<p>However, the report is crafted by their auditor, Friedman LLP, and the two companies have since dissolved their relationship.<\/p>\n<figure id=\"attachment_2201\" aria-describedby=\"caption-attachment-2201\" style=\"width: 241px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2201\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/09\/tether-small-cover.jpg\" alt=\"\" width=\"241\" height=\"110\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/09\/tether-small-cover.jpg 482w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/09\/tether-small-cover-300x137.jpg 300w\" sizes=\"(max-width: 241px) 100vw, 241px\" \/><figcaption id=\"caption-attachment-2201\" class=\"wp-caption-text\"><a href=\"http:\/\/cryptoslate.com\/coins\/tether\">Tether<\/a> converts cash into digital currency, to anchor or tether the value to the price of national currencies like the US dollar, the Euro, and the Yen.<\/figcaption><\/figure>\n<p>In the past year, many have expressed their doubts about the efficacy and reliability of Tether\u2019s claims. <a href=\"v\">In public statements<\/a> on their relationship with their auditor, <a href=\"http:\/\/cryptoslate.com\/coins\/tether\">Tether<\/a> claims that they severed ties with the company because \u201can audit would be unattainable in a reasonable timeframe.\u201d<\/p>\n<p>Despite its claims of transparency, including a section of its website intended to portray its holdings in real-time, <a href=\"https:\/\/cryptoslate.com\/warnings-another-giant-bitcoin-exchange\/\">several suspicious events in 2017<\/a> brought increased scrutiny to the platform. It\u2019s possible that the subpoenas will provide clarity to the financial well-being of both <a href=\"http:\/\/cryptoslate.com\/coins\/tether\">Tether<\/a> and Bitfinex.<\/p>\n<p>This type of forced transparency is relatively unprecedented, but it aligns with actions by government agencies in China and <a href=\"https:\/\/cryptoslate.com\/south-korea-battleground-regulation\/\">South Korea<\/a> to more formally and successfully scrutinize crypto markets, which have roared to life since the beginning of 2017.<\/p>\n<p>Wells Fargo, a mainstream financial institution associated with Bitfinex, formally ended its relationship with the exchange in 2017. <a href=\"http:\/\/cryptoslate.com\/coins\/tether\">Tether<\/a> and Bitfinex do not disclose their banks, so it\u2019s incredibly difficult to verify their claims.<\/p>\n<h2>Market Impact<\/h2>\n<p>In comments emailed to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-01-30\/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc\">Bloomberg<\/a>, Tether notes,<\/p>\n<blockquote><p>\u201cWe routinely receive legal process from law enforcement agents and regulators conducting investigations\u2026it is our policy not to comment on any such requests.\u201d<\/p><\/blockquote>\n<p>Although no information has been reported based on the subpoenas, the price of <a href=\"http:\/\/cryptoslate.com\/coins\/bitcoin\">Bitcoin<\/a> and other cryptocurrencies took a significant plunge when the news became public. On the day, <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin is down<\/a> almost 10%.<\/p>\n<p>According to Twitter user <a href=\"https:\/\/twitter.com\/whalepanda\">@WhalePanda<\/a>, China's biggest OTC Bitcoin trader, Zhao Dong, stands by Tether's reserves and makes claims of its legitimacy.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">According to Zhao Dong, China&#39;s biggest <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&ref_src=twsrc%5Etfw\">#Bitcoin<\/a> OTC trader and investor in Bitfinex, Tether has $1.8 billion in a USD bank account. At this moment 1.6 billion <a href=\"https:\/\/twitter.com\/search?q=%24USDT&src=ctag&ref_src=twsrc%5Etfw\">$USDT<\/a> have been printed. An additional $1.1 billion is held in a Bitfinex USD bank account. <a href=\"https:\/\/t.co\/ceOwin0BSb\">https:\/\/t.co\/ceOwin0BSb<\/a> <a href=\"https:\/\/t.co\/LTbXE9rKhQ\">pic.twitter.com\/LTbXE9rKhQ<\/a><\/p>\n<p>&mdash; WhalePanda (@WhalePanda) <a href=\"https:\/\/twitter.com\/WhalePanda\/status\/955428513229754368?ref_src=twsrc%5Etfw\">January 22, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>We will be updating the story as it develops.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency market is down 10% in the past 24 hours as it was reported that the United States CTFC (Commodity Futures Trading Commission) issued a subpoena to Bitfinex and Tether, a cryptocurrency exchange and &#8220;stablecoin,&#8221; respectively. According to Charlie Shrem,\u00a0the subpoenas were originally issued on December 6, 2017: Bloomberg has updated their article to [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":28041,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,61045,11,32631],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto Markets Drop as Regulators Subpoena Bitfinex and Tether<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/crypto-markets-drop-regulators-subpoena-bitfinex-tether\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto Markets Drop as Regulators Subpoena Bitfinex and Tether\" \/>\n<meta property=\"og:description\" content=\"The cryptocurrency market is down 10% in the past 24 hours as it was reported that the United States CTFC (Commodity Futures Trading Commission) issued a subpoena to Bitfinex and Tether, a cryptocurrency exchange and &#8220;stablecoin,&#8221; respectively. 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