Converseer

Tag: Crypto News

  • Tether to Deploy Hashrate on OCEAN, Advancing Decentralised Bitcoin Mining Infrastructure

    Tether to Deploy Hashrate on OCEAN, Advancing Decentralised Bitcoin Mining Infrastructure

    Tether, the largest company in the digital assets industry, announced today its intention to deploy both existing and future hashrate on OCEAN, a leading Bitcoin mining pool focused on decentralisation and launched by long-time Bitcoin Core developer Luke Dashjr. This strategic move strengthens Tether’s ongoing commitment to supporting the resilience, transparency, and decentralisation of Bitcoin’s foundational infrastructure.

    OCEAN empowers miners to build their own block templates using their open source DATUM protocol, reducing dependency on centralised intermediaries and enhancing censorship resistance within the Bitcoin network. Tether’s deployment leverages OCEAN’s DATUM Gateway software, designed to deliver high-performance mining operations even in bandwidth-constrained environments.

    “As a company committed to financial freedom and open access, we see supporting decentralisation in Bitcoin mining as essential to the network’s long-term integrity,” said Paolo Ardoino, CEO of Tether. “Deploying hashrate to OCEAN aligns with both our mining investments and our broader mission to fortify Bitcoin against centralising forces.”

    Tether will roll out OCEAN’s DATUM Gateway across its mining operations worldwide, including in rural and underserved areas such as parts of Africa. By enabling on-site generation of unique block templates and aggregating thousands of rig connections with low-latency performance, DATUM ensures global competitiveness while promoting geographic and operational diversity.

    “Tether’s decision to mine on OCEAN reflects months of deep technical evaluation,” said Giv Zanganeh, VP of Mining & Energy at Tether. “We believe the DATUM protocol is the software stack most aligned with Bitcoin’s decentralisation ethos. Its architecture allows us to achieve reliable connectivity even in low-bandwidth regions, expanding the reach and resilience of our infrastructure.”

    OCEAN leadership welcomed the development. Luke Dashjr, Chairman and CTO, commented: “Tether’s involvement is a strong signal that decentralisation remains a core priority for Bitcoin’s future. Their participation underscores the value of open, censorship-resistant mining protocols.” Mark Artymko, OCEAN’s President, added: “This alignment reinforces our shared belief that financial inclusion and decentralisation go hand-in-hand.”

    This deployment also builds on Tether’s growing presence in Africa, where the company is actively investing in infrastructure and education. Most recently, Tether collaborated with Quidax on a major crypto literacy initiative across Nigeria and other African nations aimed at equipping millions with the tools to access and benefit from digital assets. By combining mining operations with educational programmes, Tether is driving financial empowerment and digital resilience throughout the continent.

  • Tether Hits $13 Billion Profits for 2024 And All-Time Highs in U.S. Treasury Holdings, USD₮ Circulation, and Reserve Buffer in Q4 2024 Attestation

    Tether Hits $13 Billion Profits for 2024 And All-Time Highs in U.S. Treasury Holdings, USD₮ Circulation, and Reserve Buffer in Q4 2024 Attestation

    Tether Holdings Limited released its assurance opinion for the fourth quarter of 2024, conducted by BDO, a leading global independent accounting firm. The most recent attestation reaffirms the accuracy of Tether’s Consolidated Reserves Report (CRR) and provides a detailed breakdown of the assets held as reserves for the issued tokens as of December 31, 2024.

    Building on the extraordinary performance of 2024, Q4 marked several all-time highs for the company, with yearly net profits exceeding $13 billion. Group equity surged past $20 billion, reflecting the company’s continued dominance and commitment to strategic investments across emerging industries such as renewable energy, Bitcoin mining, AI, telecommunications, and education.

    A highlight of the quarter is Tether’s increased exposure to U.S. Treasuries, which reached $113 billion in direct and indirect holdings—another all-time high. This positions Tether among the largest holders of U.S. Treasuries globally, underscoring the company’s commitment to liquidity and stability.

    Additionally, Tether’s excess reserve buffer exceeded $7 billion for the first time, marking a 36% yearly increase and solidifying Tether’s unparalleled financial resilience. Q4 also saw the issuance of over $23 billion in USD₮, contributing to a total issuance of $45 billion for 2024 which represents almost the entire market cap of the second largest stablecoin, a number that on its own demonstrates why USD₮ is the most widely accepted and used stablecoin globally.

    Tether achieved these milestones while recognizing the performance of its gold and Bitcoin holdings, which generated unrealized profits of approximately $5 billion during the year. Treasuries and repo agreements contributed $7 billion, while other traditional investments of the Group contributed another $1 billion.

    In a significant milestone, Tether International SA de C.V. obtained a stablecoin issuer and Digital Asset Service Provider (DASP) license in El Salvador, which now serves as the Group’s new headquarters, reinforcing Tether’s mission to drive financial inclusion and innovation worldwide.

    The Management of the Company asserts the following as of December 31, 2024:

    • The Group’s consolidated total assets amount to $157.6 Billion.
    • The Group’s consolidated total liabilities amount to $137.6 Billion
    • The Reserves for Tether tokens in circulation amount to $143,704,755,547.
    • The liabilities of the companies issuing Tether tokens amount to $136,617,485,006 of which $136,613,782,874 relate to digital tokens issued.
    • The value of the assets composing the Reserves as of 31 December 2024 exceeded the value of the liabilities of the companies issuing Tether tokens by $7,087,270,541.
    • The Group’s proprietary investments in renewable energy, Bitcoin mining, AI, telecommunications, education, and other sectors are not counted as part of the reserves backing the issued token.

    As Tether concludes a record-breaking year, Paolo Ardoino, CEO of Tether, remarked, “Tether’s Q4 2024 attestation reinforces our position as a global leader in financial transparency, liquidity, and innovation. With U.S. Treasury holdings surpassing $113 billion, a reserve buffer exceeding $7 billion, and $45 billion in new token issuance for the year, Tether continues to set the gold standard for stability and trust in the digital assets space. The Group Equity surpassed $20 billion. Our licensing milestone in El Salvador and investments in transformative sectors further highlight our unwavering commitment to driving financial inclusion and resilience.”

  • Fraudulent Job Offers Scheme Defrauds New Yorkers of $2.2 Million in Cryptocurrency

    Fraudulent Job Offers Scheme Defrauds New Yorkers of $2.2 Million in Cryptocurrency

    New York, U.S. – A team of tech-savvy scam artists stole millions in a nation-wide cryptocurrency con that duped unsuspecting victims, including some in New York, searching for remote work into transferring money in the fraudsters’ digital wallets, New York Attorney General Letitia James announced Thursday.

    The network of scammers cold-texted their victims, duping them into thinking they could earn money from working from home, only to steal their funds in the form of cryptocurrency — a type of digital money that can be harder to trace than traditional cash. Victims received the messages from phony recruiters at various fake companies claiming they could make money by reviewing products online for legitimate brands, according to James.

    In order to partake in the remote opportunity, new hires would have to open a cryptocurrency account, buy “stablecoins” — a type of digital currency — and deposit them into a digital wallet controlled by the scammers.

    The scammers promised the victims they would get their initial investment back, plus a commission, once they started working. They were told to purchase stablecoins through well-known cryptocurrency platforms, like Coinbase or Crypto.com, and send them to unregistered digital wallets. But instead of making money, the victims’ cryptocurrency was siphoned off into the con artists’ wallets.

    One New Yorker bamboozled in the scheme lost more than $100,000 thinking they were setting up a legitimate online job with “numerous benefits and flexible requirements,” according to the New York attorney general’s office. With the promise of remote work and high commissions, a scammer posing as a trainer led the victim to a fake website and convinced them to buy stablecoins, which were ultimately stolen by the scammers.

    “Deceiving New Yorkers looking to take on remote work and earn money to support their families is cruel and unacceptable,” James said in a statement. “The cryptocurrency that has been frozen thanks to my office will be available to help New Yorkers defrauded by this scam.”

    James urged New Yorkers to be wary of unsolicited text messages from unknown senders and to report any suspected scams to the New York State attorney general’s office.

    ___

    © 2025 New York Daily News

    Distributed by Tribune Content Agency, LLC.

  • Trends: Bitcoin blasts toward $90K and Telegram Pavel Durov offers free IVF for future heirs and more

    Trends: Bitcoin blasts toward $90K and Telegram Pavel Durov offers free IVF for future heirs and more

    As we near the close of the week, let’s look at the trending stories from Amazon, Apple, YouTube, as Bitcoin blasts toward $90K and Telegram Pavel Durov offers free IVF for future heirs and more.

    Stocks hit the brakes on Tuesday, stepping back from their postelection rally. The Dow shed 382.15 points (0.86%), settling at 43,910.98, while the S&P 500 dipped 0.29% to close at 5,983.99. The Nasdaq Composite barely budged, slipping 0.09% to 19,281.40. Both the S&P 500 and the tech-heavy Nasdaq ended their five-day winning streaks—proof that even Wall Street needs a breather.

    Bitcoin blasts toward $90K

    Bitcoin nearly hit $90,000 on Tuesday, driven by hopes that Trump’s incoming administration will ease crypto regulations. Though Bitcoin’s momentum is strong, experts urge caution due to its natural volatility. The path to $100,000 will depend heavily on how government actions and market forces play out.

    MicroStrategy’s biggest Bitcoin buy

    MicroStrategy just made its biggest Bitcoin purchase since 2020, snapping up 27,200 BTC for $2.03 billion. This massive buy brings the company’s total holdings to 279,420 BTC and pushed its stock to a new high, breaking a record set back in March 2000.

    Steve Madden cuts China production to dodge Trump tariffs

    Steve Madden is planning to cut back on importing goods from China, aiming to dodge potential Trump tariffs. Instead, the company will shift production to other countries, hoping to avoid passing added costs on to shoppers. Steve Madden shared with analysts that this shift has been in the works for a while, ensuring they’re ready for any tariff changes.

    Wall Street’s cash splash: fat bonuses are back

    For the first time in three years, Wall Street bonuses are on the upswing! Bankers and traders can expect a serious boost, with bond sales teams set for the biggest jump—up to 35%, says pay consultant Johnson Associates. Those in stock sales could see bonuses rise by 15-25%, and stock traders may get up to 20% more. It’s a good year to be on Wall Street.

    Telegram’s Pavel Durov offers free IVF for future heirs

    Telegram founder Pavel Durov, with a net worth of $15.5 billion, is offering free IVF for women willing to use his sperm at Moscow’s Altra Vita clinic, the exclusive keeper of his “biomaterial.” Durov, who reportedly already has over 100 children across 12 countries from prior donations, recently shared plans to “open-source” his DNA, aiming to make it easier for his biological kids to connect worldwide. Apparently, sharing files wasn’t enough—now he’s ready to share his genes.

    Meet Haggis: Edinburgh Zoo’s new hippo star

    Edinburgh Zoo just welcomed an “incredibly rare” pygmy hippo calf named Haggis. Born on October 30, this tiny endangered cutie is already stealing hearts.

    First baby ferrets born from a clone

    Black-footed ferrets, once thought extinct, are back. A cloned ferret named Antonia just gave birth to two pups, boosting the species’ genetic diversity. Thanks to her rare genes from a ferret that passed away in 1988, Antonia’s babies are helping the endangered population bounce back.

    Amazon’s Smart Glasses to Speed Up Deliveries

    Amazon is reportedly working on a pair of smart glasses called “Amelia” to help delivery drivers make quicker drops. According to sources at Amazon, these upgraded Echo Frames would feature an embedded display, giving drivers turn-by-turn directions—even down to which way to turn after exiting an elevator.

    YouTube tests swipe-up for full videos

    YouTube is testing a TikTok-style swipe-up gesture for full-length videos, making it easier to jump to the next video with a simple swipe. Spotted by Digital Trends contributor, this new feature gives the standard video player a fresh, scroll-friendly vibe.

    AI takes over, but soft skills still rule

    AI is reshaping jobs, but LinkedIn’s survey shows 63% of U.S. workers say soft skills—like teamwork and communication—matter more than ever. Those with top-notch people skills are getting promoted faster, even as AI skills rise in demand.

    Apple’s new feature helps airlines find your stuff

    Apple just launched a super handy iOS feature called “Share Item Location” that lets you share the real-time location of lost items—yes, even with airlines. Now, if your luggage or AirTag-equipped items go missing, you can grant third parties, like airline staff, access to track down exactly where it’s hiding.

    First look at Zoox Robotaxi

    Amazon’s Zoox robotaxi finally launched in San Francisco and Vegas.

  • Memefi secret code today, October 17, 2024

    Memefi secret code today, October 17, 2024

    The Memefi secret code today, October 17, 2024, is 1-3-4-2-3-2.

    This means you should tap the head once, the belly once, the legs once, the neck once, the belly once, and the neck once.

    Remember, this code changes daily, so be sure to check back tomorrow for the new memefi code.

    The Memefi secret code is a daily sequence of numbers that corresponds to a specific sequence of taps on a Memefi toy.

    Each number represents a different body part to tap:

    1 = Head
    2 = Neck
    3 = Belly
    4 = Legs

    So, for today’s code of 1-3-4-2-3-2, you would tap the head once, the belly once, the legs once, the neck once, the belly once, and the neck once.

    This memefi code is used to unlock special features or content within the Memefi app or toy.

    The MEMEfi (MEME Finance) code typically refers to smart contracts or decentralised applications (dApps) built on blockchain platforms. MEMEfi platforms often involve memes, NFTs, and gamified finance, leveraging decentralised finance (DeFi) principles.

    Here’s a simple example of a Solidity smart contract that could serve as a basic foundation for an NFT-based MEMEfi project. This is a basic ERC-721 contract for minting NFTs, which could represent meme tokens.

    // SPDX-License-Identifier: MIT
    pragma solidity ^0.8.0;

    import “@openzeppelin/contracts/token/ERC721/extensions/ERC721URIStorage.sol”;
    import “@openzeppelin/contracts/access/Ownable.sol”;

    contract MemeToken is ERC721URIStorage, Ownable {
    uint256 public tokenCounter;

    constructor() ERC721(“MemeToken”, “MEME”) {
    tokenCounter = 0;
    }

    function createMeme(string memory tokenURI) public onlyOwner returns (uint256) {
    uint256 newTokenId = tokenCounter;
    _safeMint(msg.sender, newTokenId);
    _setTokenURI(newTokenId, tokenURI);
    tokenCounter += 1;
    return newTokenId;
    }
    }

    Explanation

    ERC721URIStorage: This extension allows each token to have a unique URI, which can link to meme metadata, such as image URLs, descriptions, etc.

    Ownable: This restricts certain functions to only the owner of the contract, such as the createMeme function in this example.

    tokenCounter: Keeps track of the number of memes (NFTs) created, which also serves as the token ID.

    Key Functions

    createMeme: Allows the contract owner to mint a new meme NFT by providing a unique URI (e.g., linking to an IPFS file or a URL).

    For a more complex MEMEfi system, you could extend this with features like staking, rewards, or integration with other DeFi protocols.

    This is the most legit website for memefi codes for today and all memefi video codes list.

  • Tether Celebrates 10 Years of Global Adoption and Stablecoin Dominance with Over 350 Million Users Worldwide

    Tether Celebrates 10 Years of Global Adoption and Stablecoin Dominance with Over 350 Million Users Worldwide

    Tether, the largest company in the digital assets industry, celebrates a decade of pioneering advancements and innovation that have shaped the ever-evolving landscape of digital assets. Since its inception in 2014, Tether has revolutionised finance by introducing the world’s first stablecoin, bridging traditional currencies and the rapidly growing digital asset market. Over the last decade, Tit pioneered stablecoins and expanded into a diversified technology powerhouse, setting new standards for financial accessibility, innovation, and stability.

    From its creation, Tether introduced the groundbreaking concept of a digital currency pegged to the U.S. dollar (USD₮), offering an unprecedented solution to volatility in the cryptocurrency market. Today, USD₮ is the most widely used stablecoin with a market capitalisation nearing $120 billion, making it an indispensable pillar of the global digital economy.

    Remarkable Growth

    USD₮ has seen remarkable growth in active users, especially when looking at year-over-year trends. The number of Users across blockchains and centralised exchanges, especially in the emerging markets surged in 2024, to hundreds of millions, reflecting a dramatic increase in USD₮’s utility and popularity. Weekly, Monthly, and Daily Active Users show a consistent upward trend as well, reinforcing USD₮ as the go-to stablecoin for everyday transactions and institutional use cases.

    The year-over-year growth has been particularly notable, with new users growing 24% in the last 12 months and 50% in the prior 12 months, as USD₮ adoption accelerated during key periods of market volatility and growing interest in decentralised finance. Its multi-chain support, seen across blockchains such as Tron, TON, and Ethereum, has further contributed to its expanding user base, making it easier for retail and institutional users to access and use the stablecoin on their preferred platforms with low fees. This year-over-year surge reflects the increasing demand for USD₮ in digital finance and its growing role as a backbone of liquidity across crypto markets.

    Driving the Global Dominance of U.S. Dollars

    It has been pivotal in reinforcing the U.S. dollar’s dominance abroad. It offers reliable, dollar-backed transactions in markets where access to traditional banking systems is limited or nonexistent. With over 350 million users worldwide, It provides financial tools and digital currencies that foster financial inclusion, particularly in emerging markets.

    Its substantial holdings of U.S. Treasuries further strengthen the dollar’s global influence, solidifying USD₮ as a trusted digital representation of the world’s reserve currency. As of its Q2 2024 Attestation, It had direct and indirect exposure to over $97 billion in U.S. Treasuries. This makes it one of the top 20 largest buyers of U.S. Treasury bills, surpassing the holdings of countries like Germany, the United Arab Emirates, and Australia. By backing its stablecoins with these high-quality assets, it not only ensures the security of USD₮ but also reinforces the dollar’s stability and prominence in global markets.

    Expanding Beyond Stablecoins: From USD to Global Token Adoption

    While it began with the U.S. dollar, it has expanded to other fiat-pegged tokens. This diversification strengthens its ability to cater to a broader range of global users and use cases, further cementing its leadership in the stablecoin category.

    Setting the Standard in Stablecoin Payments

    Stablecoins have become the preferred method of transacting digitally, and Tether continues to lead the charge in driving adoption, outpacing leading tech companies on profitability per employee. These developments demonstrate how it has reshaped digital finance and created a foundation for others to follow.

    Product-Market Fit and Growth

    Its success in finding product-market fit for stablecoins has allowed it to flourish as an industry leader, playing a crucial role in driving stablecoin payments worldwide. Stablecoins are no longer niche but are now integrated into everyday financial transactions, from remittances to corporate payments. Tether’s unwavering commitment to user needs, regulatory engagement, and technological advancement has solidified its position as the bedrock of stablecoin infrastructure.

    Tether’s Vision for the Next 10 Years

    While Tether has made significant strides, there are still big problems to be solved, particularly in regulatory clarity, scalability, and real-world utility of digital currencies. Tether is actively pursuing solutions in these areas, including advanced blockchain integrations and new stablecoin product lines designed to meet the demands of evolving financial ecosystems.

    Looking to the future, Tether envisions a world where digital currency payments are seamless, accessible, and inclusive for all. Tether’s next decade will focus on enhancing global financial inclusion, expanding its token offerings, and fostering innovations in sectors such as AI, energy sustainability, and blockchain education.

    Milestones from Tether’s First Decade:

    • 2014: Launched the world’s first stablecoin.
    • Global Reach: Gained over 350 million users worldwide, promoting financial inclusion in emerging markets.
    • Transparency: Led the industry in transparency with daily balance updates and independent quarterly attestations by BDO.
    • Collaboration with Law Enforcement: Assisted 180+ law enforcement agencies, recovering over $1.8 billion linked to illicit activities.
    • Liquidity: Processed $10 billion in redemptions within a week during the 2022 UST crisis, proving Tether’s liquidity and reliability.
    • Expansion Beyond Stablecoins: Launched Tether Data, Tether Finance, Tether Power, Tether Edu, and Tether Evo to broaden its impact.

    As Tether celebrates its first decade, it remains focused on creating a more secure, transparent, and innovative future for digital currencies. By setting the gold standard for stablecoin usage and leading the charge in digital financial services, Tether is shaping the next era of technology companies.

    To commemorate Tether’s first decade and its vision for the next 10 years, the company will soon be releasing a documentary ‘Stability and Freedom in Chaos’ that highlights Tether’s impact in countries such as Brazil, Argentina, and Turkey, where USD₮ has become a crucial lifeline for millions, fighting inflation and fueling financial freedom worldwide.

    The trailer for Tether’s new documentary can be viewed here: For more information, visit www.tether.io.

  • Tether will defend itself against “Shake Down” litigation commenced by Celsius

    Tether will defend itself against “Shake Down” litigation commenced by Celsius

    On August 9, 2024, Celsius Network Limited, acting through the Blockchain Recovery Investment Consortium, LLC, filed suit against Tether Limited and certain of its affiliates in the United States Bankruptcy Court for the Southern District of New York.

    This baseless lawsuit against Tether proves the adage that “no good deed goes unpunished.” The claims arise out of a 2022 agreement under which Tether made USD₮ available to Celsius, in amounts that Celsius requested at the time. Under the agreement, Celsius posted bitcoin (BTC) to Tether as collateral. As the price of BTC began to fall in June 2022, the agreement required Celsius to post additional collateral to avoid the liquidation of its BTC. When Celsius chose not to post additional BTC it directed Tether to liquidate the BTC collateral Tether held in order to close out its roughly 815 million USD₮ position with Tether.

    Rather than recognise the clear validity of the agreement entered into years before Celsius’ bankruptcy, this lawsuit seeks to improperly impose the costs of Celsius’ mismanagement and failure on Tether. Over two years following its arm-length agreement with Tether—and armed with the benefit of hindsight—this lawsuit incredibly now seeks the return of approximately US$2.4 billion worth of BTC from Tether, despite the BTC being liquidated at Celsius’ direction and with Celsius’ consent at June 2022 prices.

    The complaint is undermined by the actual facts underlying the agreement between Celsius and Tether, relies on an obvious misapplication of the law, ignores the numerous defences that Tether has to the claims asserted against it and raises substantial jurisdictional questions. We look forward to responding in court to this contrived, meritless shakedown that will benefit nobody other than the lawyers, bankers and consultants involved in bringing this case.

    As we’ve said many times, Tether will never fall prey to shameless litigation money grabs. We will vigorously defend ourselves against the unwarranted allegations made against us, and we expect to prevail in this litigation.

    Finally, we note that because of Tether’s prudent management, as recently announced, the consolidated equity of the Tether group was nearly US$12 billion on June 30, 2024. In addition to our current consolidated equity, Tether operates an extremely profitable business with further profits accruing monthly. As a result, even in the most remote scenario in which this baseless lawsuit will get somewhere, Tether token holders will not be impacted.

  • Will Ether ETFs trigger a new Altseason?

    Will Ether ETFs trigger a new Altseason?

    By Mario Nawfal

    After the U.S Securities and Exchange Commission finally approved Ethereum spot ETFs, they recorded over $100 million in inflows in just the first 15 minutes.

    After 90 minutes, they saw over $360 million in inflows.

    Analysts have predicted that ETH will increase in value due to increased demand from ETFs, and some have also predicted that it will trigger the next altseason.

    According to them, the altcoins chart shows similarities to its 2016-2017 performance, suggesting that the next altseason is “brewing.”

    READ ALSO: Ava Kris Tyson steps away from “all things MrBeast” for allegedly defiling 13-year-old boy

    Despite the inflows, Ethereum dropped slightly, struggling to break and hold above the $3,500 level.

    Are the ETFs a sell-the-news event, or is this the beginning of the next altseason?

  • Tether reports record-breaking $4.52 billion profit

    Tether reports record-breaking $4.52 billion profit

    Tether Releases Q1 2024 Attestation: Reports Record-Breaking $4.52 Billion Profit, Highest Treasury Bill Ownership Percentage Ever, Total Group Equity of $11.37 Billion

    Today, 1st May 2024, Tether Holdings Limited (BVI) released its assurance opinion for the first quarter of 2024, conducted by BDO, a leading global independent accounting firm. The most recent attestation as of 31 March 2024, discloses additional financial information of Tether Group which is no longer limited to the reserves backing Tether Fiat-denominated stablecoins. The new report provides an overview of the entire Group’s financial strengths complementing the information provided in the former Reserve report which has become a section of this new enlarged and more transparent report.

    Building on the momentum from Q4 2023, the first quarter of 2024 marked a significant milestone for the group with a record net profit of $4.52 billion.

    The main contributing entities are those in charge of issuing Stablecoins and managing the respective reserves where approximately $1 billion of this profit stemmed from net operating profits, primarily derived from US Treasury holdings. The remainder of the reported profits were comprised of mark-to-market gains in Bitcoin and Gold positions. Additionally, Q1 2024 showcased the Group’s unprecedented achievement in increasing both direct and indirect ownership of U.S. Treasuries, now in excess of $90 billion. Indirect exposure was calculated to include overnight reverse-repurchase agreements collateralised by US Treasuries, as well as investments in US Treasuries through money market funds.

    Furthermore, as part of its steadfast dedication to transparency, the Group unveiled its net equity for the first time, revealing an impressive $11.37 billion as of March 31, 2024. This reflects a notable uptick from the recorded equity of $7.01 billion on December 31, 2023. The report highlights a $1 billion increase in excess reserves maintained as a buffer to support the Company’s stablecoin offerings, pushing the total to nearly $6.3 billion.

    READ ALSO: NAFDAC gives update on Nido, Cerelac, other Nestle infant formulas alleged to have sugar in them

    In regard to the Reserves backing fiat-denominated stablecoins, BDO further confirmed that Tether-issued tokens are backed by Cash and Cash Equivalents at an impressive 90%, underscoring its commitment to upholding liquidity within the stablecoin ecosystem. Additionally, in the first quarter alone, over $12.5 billion in USDt was issued.

    The Reserves Report (RR) section of the new report reiterates Tether’s strong financial position.

    The Management of the Company asserts the following as of 31 March 2024:

    • The Reserves for Tether tokens in circulation amount to US$ 110,289,406,409.
    • The liabilities of the Companies issuing Tether tokens amount to US$ 104,027,539,692 of which US$ 104,019,279,735 relates to digital tokens issued.
    • The value of the assets composing the Reserves as of 31 March 2024, exceeds the value of the liabilities of the Companies issuing Tether tokens by USD 6,261,866,717.

    The chart below shows a visualisation of the Reserves as of 31 March 2024.

    The chart below shows the continued growth of US Treasuries and Cash and Cash Equivalents as a percentage of total outstanding Tether Tokens.

    Tether Group’s strategic investments, totalling over $5 billion as of the report date, encompass various sectors such as AI and Data, Renewable Energy, P2P communication, and BTC Mining. These investments, while not detailed in the new report supporting the Fiat-denominated issued tokens, underscore Tether’s unwavering dedication to its mission.

    “With the first attestation of 2024, Tether has demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management. As shown in this latest report, Tether continues to shatter records with a new profit benchmark of $4.52 billion, reflecting the company’s sheer financial strength and stability. In reporting not just the composition of our reserves, but now the Group’s net equity of $11.37 billion, Tether is again raising the bar in the cryptocurrency industry in the realms of transparency and trust,” said Paolo Ardoino, CEO of Tether.

  • Binance, Executive in Nigerian court over alleged $34m money laundering

    Binance, Executive in Nigerian court over alleged $34m money laundering

    Binance Holdings Ltd and one of its executives, Tigran Gambaryan have appeared before a Nigerian court over an allegation of money laundry to the tune of $34 million.

    CONVERSEER learned that they were arraigned on Monday by the Economic and Financial Crimes Commission, EFCC, before Justice Emeka Nwite of a Federal High Court sitting in Abuja.

    According to a press statement by the EFCC, they were arraigned on a 5-count charge bordering on alleged tax evasion, currency speculation and money laundering to the tune of $34,400,000 (Thirty-Four Million, Four Hundred Thousand United States Dollars).

    At the last adjourned date, the second defendant, Tigran Gambaryan had claimed that he was not an agent, director, or a representative of the Binance Company in Nigeria and should not be served on behalf of the first defendant.

    READ ALSO: Nigerian Army says air power most important to modern warfare

    However, at Tuesday`s sitting, Justice Nwite held that the second defendant, in his earlier affidavit, had stated that he was an American who visited Nigeria along with Nadeem Anjarwalla, a British-Kenyan citizen, solely for the purpose of attending a meeting with government officials as representatives of Binance. He also mentioned in the document that he joined Binance in September 2021, which clearly shows his involvement with the first defendant within jurisdiction, thereby striking out the objection to stop his arraignment.

    Count One of the charges reads; “That you BINANCE HOLDINGS LTD (“A.K.A BINANCE”), TIGRAN GAMBARYAN AND NADEEM ANJARWALLA (now at large) between January 2023 and January 2024 in Abuja within the jurisdiction of this Honourable Court carried on specialised business of other financial institution without a valid licence and thereby committed an offence contrary to Section 57(1) and (2) of the Banks and other Financial Institutions Act, 2020 and punishable under section 57(5) of the same Act.”

    Another count reads; “that you BINANCE HOLDINGS LTD (A.K.A) BINANCE”) between January 2022 and January 2024 in Abuja with the Jurisdiction of this Honorable Court not being an authorised dealer in Nigeria`s Autonomous Foreign Exchange Market used your virtual asset services platform to unlawfully negotiate foreign exchange rates in Nigeria and you thereby committed an offence contrary to and punishable under section 29(1)(c) of the Foreign Exchange (Monitoring And Miscellaneous Provisions) Act.”

    He pleaded not guilty to all the charges when they were read to him.

    In view of his plea, prosecuting counsel, Ekele Iheanacho asked the court for a trial date.

    However, defence counsel, Mark Mordi, SAN, pleaded with the court to grant his client bail, stating that the second defendant is a foreign national who has been in detention for over 40 days, claiming that his detention is unlawful. He further again pleaded that the defendant should be remanded in EFCC custody instead of the correctional centre.

    Responding, Iheanacho stated that the circumstances of the defendant’s detention were lawful, adding that the law provides that after arraignment is made, a defendant is supposed to be remanded in a correctional centre, as it does not matter the status of the defendant, hence his detention is lawful.

    Justice Nwite fixed 18th April 2024 for the hearing of bail applications and 5th May 2024 for trial.

    Furthermore, the judge ordered that the defendant be remanded in Kuje Correctional Centre in Abuja.