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Bitcoin Plunges After Crypto Exchange Accused On Fraud

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Bitcoin plunged after cryptocurrency exchange Bitfinex drained at least $700 million from the reserves backing its digital coin, Tether. According to a lawsuit filed by the New York Attorney General, Bitfinex is trying to cover up $850 million in missing funds, The attorney general's office accused it of "ongoing fraud" and engaging in "undisclosed, conflicted transactions. Bitfinex was allegedly trying to cover losses by transferring money out of Tether reserve funds." Bitfinex said the claims were "written in bad faith and riddled with false assertions" and pledged to fight the order. Business Insider reports that crypto markets lost as much as $10 billion late Thursday.

Added on the 26/04/2019 06:59:49 - Copyright : Wochit

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