Quick update: New York attorney general sues Bitfinex, $850m hole in Tether reserves

I just added this paragraph to the news post I put up a couple of hours ago, and I thought I’d update the email subscribers specially:

UPDATE: The Wall Street Journal and The Block posted, two hours after I posted this newsletter — the New York Attorney General is suing Bitfinex. Here’s the document (PDF). Also, there’s an $850 million hole in the Tether reserves — Bitfinex may have taken money from the reserves to “cover up $850 million that went missing,” “According to documents provided to OAG by Respondents, by 2018, Bitfinex had paced over one billion dollars of co-mingled customer and corporate funds with Crypto Capital.” Bitcoin’s price dropped $200 as I type this, 22:03 UTC 25 April.

If I didn’t have to go to sleep shortly, I’d be spending the next few hours poring over the document …


Coinbase BTC-USD, times in BST (UTC+1). Looks like the crypto market does respond to signals after all.

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