500 BTC RECEIVED BY TETHER AS RANSOM NOTE

500 BTC RECEIVED BY TETHER AS RANSOM NOTE

500 BTC RECEIVED BY TETHER AS RANSOM NOTE

500 BTC RECEIVED BY TETHER AS RANSOM NOTE.. The issuers of the USDT (-0.03%) Stablecoin, Tether alleged that in possession of a ransom note demanding for 500 Bitcoin, which worth is at United States Dollars $22 Million.

Tether was further threatened that failure to comply with the threat, that some essential and vital documents will be publicised and which will cause irreparable harm to the ecosystem of Bitcoin.

Tether further opined that they take the threat very serious, though they believe is an attempt to shake them and that they have taken steps to complain to the appropriate law enforcement and have stated their commitment towards ensuring that the extortion plans are investigated.

The role of Tether in the Crypto-currency market is both controversial and important one, because the USDT token, which is fastened to the United States of American Dollar is utilized by exchanges and traders in the whole of the crypto community, which accords Tether a structured importance in the Crypto world.

Tether’s market cap has snowballed from $2 billion dollars to $34 billion dollars, and which is in tandem with the gradual rise of the price of Bitcoin.

Every USSDT issued according to Tether is supported by dollars or its equivalence and which have become a point disagreement among the New York Attorney General , academics and Crypto skeptics .

Currently, there are vdocuments that are online revealing an email conversation between a representative of Deltec, a bank in Bahamas and a Tether employee revealing USDT reserves and which raise pertinent questions about support of Tether. However, Tether has denied same and also the Email thread is yet to be verified.

In recent days, documents have circulated online, purportedly showing an email thread between a Tether employee and representatives for Deltec, a bank in the Bahamas said to hold USDT reserves that reignite questions about Tether’s backing.

The emails have not been verified. Tether denied their legitimacy in the same Twitter thread announcing the extortion attempt. A company representative didn’t respond to a request for comment by press time.

As regards to a mutli million dollars investigation involving Tether, where they $850 Million loan was given to Bitfinex a sister exchange, Tether has settled with the New York Attorney General, though Tether made no admission  in the settlement.

According to the Attorney General of New York, in the person of Leticia James, opined that’ it is a huge lie for Tether to claim that their virtual currency has the backing of the United States Dollars’  Under terms of the agreement, Tether will provide quarterly reports on its reserves for the next two years.

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