The Bitfinex-Tether Scandal - Here's What You Need to Know
Bitfinex is a bitcoin exchange, based in Hong Kong and incorporated in the Virgin Islands. In the past, it's been the subject of hacks in which millions have been stolen.
Tether is a cryptocurrency firm, whose business is the issuance of a stablecoin (an asset-backed cryptocurrency). The Tether coin is a proxy for US dollars.
In other words, it claims to be fully backed by US dollars.
Recently, Bitfinex and Tether jointly paid an $18.5 million dollar fine to the New York Attorney General's office.
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