As active as the blockchain and cryptocurrency spaces are on a continual basis, it may sometimes be difficult to keep up with everything that’s going on. It’s also difficult to separate the real news from the fluff – those pieces that are only designed to appear noteworthy but that are, in fact, just publicity campaigns. In an effort to provide crypto enthusiasts with an overview of what’s going on, here is a rundown on some of the top stories of the week.
Bitfinex and Tether have had another rough week. There was some good news, as well as bad, as the saga over their close relationship and questionable activities continues. On the one hand, Bitfinex has been told by a judge that it won’t have to turn over documents related to those activities for now. The New York Attorney General’s Office wants to know exactly what the two have been doing behind closed doors, and they’re fighting the office over its reported lack of jurisdiction. Until a request to have the case dismissed over those jurisdiction claims can be answered by a judge, Bitfinex can ignore the request.
On the other hand, though, neither of the two entities should think that it’s off the hook. While they have been given a brief reprieve in the fight with the New York government, they face a separate one with New York investors. A law firm in the state, Roche Freedman, has filed a class-action suit against Tether for its “fraudulent” stablecoin scheme. Tether’s USDT stablecoin is no longer pegged to the U.S. dollar, as it had been advertised, and the company is accused of using its position to manipulate the crypto market.
Alipay was forced to take a defensive stance this week after rumors started circulating that it was now accepting crypto payments.