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United States

Bitfinex, Tether hit with Subpoenas from CFTC

January 30, 2018 by Ashley MAO

According to a report from Bloomberg based on quotes from an unnamed source, The U.S. Commodity Futures Trading Commission (CFTC) has subpoenaed the company behind the controversial USDT token,  a cryptocurrency exchange Bitfinex and Tether.

Tether, a company linked to Bitfinex which is based in the British Virgin Islands, had been working on an audit with Friedman LLC. However, the companies relationship has reportedly “dissolved” recently.

Tether claimed that its USDT token was backed on a 1-to-1 ratio with the U.S. dollar – a claim disputed by the tokens critics.

Following the report about the subpoena, the price of bitcoin went below 10,000 USD.

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Ashley MAO, Coinlaw

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Ashley MAO is a member of the Coinlaw team. Read more about our team.

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