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NY AG Settles with Tether, Bitfinex Over Alleged Fraud Claims

New York state Attorney General Letitia James said her office has come to terms with cryptocurrency platforms Tether and Bitfinex after alleging the firms hid “hundreds of millions” in losses from the public. So reports The Hill.

dollar 1161782 640.jpegThe companies will shut down all New York state operations and pay close to $20 million in fines.

The two companies reportedly hid approximately $850 million in losses from customers around the world and made fraudulent claims that their “stablecoins” were truly backed, in full, by the value of the U.S. dollar.

Read the full article from The Hill.

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