Bitfinex, Tether hit with Subpoenas from CFTC

Cryptocurrency North America United States

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.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

Leave a Comment

Coinlaw Newsletter

Whether you are a law firm, founder gearing-up for a token offering, or a crypto currency trader, subscribe to the biggest crypto legal newsletter to be informed of the latest developments in each and every jurisdiction