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Countless people lost money in Do Kwon’s high-interest crypto scheme, and the time has finally come to start a formal loss claim. At its peak, the market capitalization for Luna peaked at around $40 billion, and the Anchor protocol had a peak Total Value Locked of approximately $17 billion. Many people simply saw Kwon’s advertised 19-20% interest rate, bought Kwon’s Terra stablecoin, and deposited it into his Anchor protocol in order to earn yield. Others speculated on Luna or Anchor governance tokens. It sounded too good to be true, and it was. All of Kwon’s tokens – Terra, Luna, and Anchor – have lost over 99.9% of their peak value. The SEC sued. A jury in New York agreed, deciding Kwon and his company, Terraform, are guilty of defrauding investors. Kwon and his company must pay billions of dollars to victims. Kwon is now a felon and international fugitive . If you held Terra (UST), Luna (LUNA), Anchor (ANC), or Mirror (MIR) in or prior to May 2022, you might be eligible for com...

Ripple chief exec Brad Garlinghouse recently expressed his view via the World Class podcast that the “US Government is going after Tether ” before emphasizing how important it is to the ecosystem. This comment received a response from Tether CEO Paolo Ardoino on X (formerly Twitter), who attributed the comments from Garlinghouse to “An uniformed [sic] CEO, leading a company being investigated by the SEC, launching a competitive stablecoin (cui prodest).”  Ripple announced last month that it intended to launch a US dollar-pegged stablecoin. In his lengthy tweet, Ardoino also emphasized that Tether has “proved over time to have… top-tier custodians and profound compliance.” Read more: The rise and fall of Crypto Capital Corp, crypto’s premiere shadow bank For context re these ‘top-tier custodians,’ Tether once gave nearly a billion dollars of commingled client and corporate funds to an unlicensed money transmitter accuse...

Two U.S. elected officials wrote to the Department of Justice, calling for a concluded investigation on Binance and Tether that could lead to litigation against the pair of crypto heavyweights. Senator Cynthia Lummis, who sits on the Senate Banking Committee, cited an Oct. 10 Wall Street Journal (WSJ) report claiming that Hamas and its affiliate raised millions through cryptocurrencies.  The article in question and subsequent reports of the same ilk have since been refuted by blockchain data companies like Elliptic, per crypto.news. Lummis’ letter noted the likelihood of inaccuracies in WSJ reporting but insisted that the Justice Department exercise judicial might to counter crypto terror financing.  Though subsequent reports have highlighted that the level of funding reported in the article is likely not accurate we believe it is nonetheless imperative that the Department of Justice hold bad actors accountable if they are shown to facilitate illicit activity. Senator Cynthi...

Tether ’s chief technology officer Paolo Ardoino has taken to X (formerly Twitter) to defend his company against accusations that it has recently cut off Singapore from redemptions. He highlighted the fact that the firm’s terms of service point out that it cut off redemptions in the country in May 2020. Julian Hosp, the current CEO of Cake DeFi, the founder of the failed ICO TenX, and a former participant in the alleged Ponzi scheme Lyoness, has taken to X to express his displeasure that his company is unable to use Tether because it was ultimately under the control of a Singapore an entity.  Ardoino also claimed that those who rushed to cover the years-old changes were ‘spreading FUD.’  Before spreading FUD it would be great if you guys did take a look at webarchive… This is Jan 2022…. And if you open the link below: Last updated: May 12, 2020… Again, take a moment to search and verify information before YOLO posting.https://t.co/dMbDCxw...

As a result, whales and investors are taking arbitrage opportunities to swap Tether (USDT) for USDC and DAI stablecoins on exchanges Curve, Uniswap, and 1inch. advertisement Tether CTO: Ready For Redemptions Amid USDT Depeg FUD Tether CTO Paolo Ardoino took to Twitter to calm rising FUD surrounding USDT amid negative sentiment in the crypto market. He claims Tether is ready for any amount of redemptions. Tether reserve backing has been a key concern for the community, with critics alleging that Tether does not have money and may default. Markets are edgy in these days, so it's easy for attackers to capitalize on this general sentiment. But at Tether we're ready as always. Let them come. We're ready to redeem any amount. — Paolo Ardoino 🍐 (@paoloardoino) June 15, 2023 Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated Li...

Stablecoins may have suffered an identity crisis in 2022, but Tether CTO Paolo Ardoino is bullish about the utility the sector provides. Stablecoins have been under much scrutiny after the implosion of the third-largest Stablecoin by market cap, TerraUSD (UST), in May 2022. The UST saga led to a lot of skepticism that caused consumers to question the safety of stablecoins.  In the seventh episode of Hashing It Out, Cointelegraph's Elisha Owusu Akyaw (GhCryptoGuy) interviewed Paolo Ardoino, Tether's chief technology officer, about how stablecoins work alongside a discussion on frequently asked questions about stable tokens. Fear, uncertainty and doubt (FUD) rocked the boats of Stablecoin issuers after the third most popular stablecoin, TerraUSD, depegged in 2022. Tether was one of such issuers at the receiving end of the FUD. Paolo Ardoino claimed that some of the FUD was being spread privately and publicly by competitors. Nevertheless, the Tether CTO said that the FUD only ser...