Bitfinex used Tether reserves to cover missing $850m – April 26

📈 30 Second Price Summary

Current Bitcoin Price: $5201

The market has taken a swift turn to the downside today, with major coins falling an average of around 5% today. Bitcoin is down 4.8%, while Ethereum is down 5.9%. XRP is weathering the storm rather well — down just 2.4%.

Top Stories for 26th April 2019 🔥

👉 Bitfinex used Tether reserves to cover missing $850m

In yesterday’s newsletter we noted how a further $300 million worth of Tether had been minted. For context, we had even commented on Tether’s “shady business practices,” which have come under fire many times prior.

A probe by the New York Attorney General has found that Bitfinex — the cryptocurrency exchange behind Tether — has been using the currencies’ US Dollar reserves to cover a missing $850 million in user funds…

👉 NANO founder comments on stablecoins

Colin LeMahieu is the founder of NANO. Formerly known as RaiBlocks, the digital asset is incredibly fast and feeless. It’s also very traditional in terms of what a cryptocurrency should be — decentralized.

Colin has recently commented on the concept of stablecoins, writing that “an asset backed stablecoin defeats the entire purpose of cryptocurrency since the recipient doesn’t hold the real asset.” He’s got a point.

👉 Samsung invests $2.9 million in Ledger

Samsung is a major Korean electronics manufacturer, best known for their popular line of smartphones, while Ledger is the cryptocurrency space’s biggest hardware wallet manufacturer.

Samsung has invested $2.9 million in Ledger, giving the startup a $290 million valuation. Samsung is supposedly developing a blockchain platform and token of its own, and has recently integrated crypto storage features into its latest Galaxy smartphone.