- Bitcoin plunged after cryptocurrency exchange Bitfinex drained at least $700 million from the reserves backing its digital coin, Tether, to cover up $850 million in missing funds, according to a lawsuit filed by the New York Attorney General.
- The attorney general’s office accused it of “ongoing fraud” and engaging in “undisclosed, conflicted transactions to cover Bitfinex’s 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.
- Watch Bitcoin trade live.
Bitcoin plunged as much as 5% after a major cryptocurrency was accused of read more >>>