Tether says it holds zero Chinese commercial paper, denies 85% exposure

Major stablecoin issuer Tether has reiterated that the company plans to completely rid itself of commercial paper backing for its U.S.-dollar stablecoin USDT. In a blog post on Wednesday, Tether said it “holds no Chinese commercial paper as of today,” while its total commercial paper exposure has been cut to $3.7 billion from $30 billion one year ago. By late August 2022, Tether said it plans to decrease commercial paper exposure to as low as $200 million, targeting zero commercial paper holdings by the end of October, the statement reads.…

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Zipmex suspends withdrawals as CEO denies financial trouble rumors

Thai cryptocurrency exchange Zipmex has paused withdrawals on its platform following a “combination of circumstances” beyond its control. Cointelegraph reports that Zipmex could be in trouble were dismissed moments prior as “rumors” just moments earlier by CEO and co-founder Marcus Lim following the failed acquisition of the Thai exchange by Coinbase. Due to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice. —…

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Judge denies SEC motion to keep Hinman docs secret in Ripple case

The Securities and Exchange Commission (SEC) has suffered a blow in its case against Ripple, after a U.S. judge has denied its claims for attorney-client privilege regarding internal documents related to the “Hinman speech”. In denying the motion on July 12, U.S. Magistrate Judge Sarah Netburn called out the SEC’s hypocrisy in arguing that the speech — in which a former official Bill Hinman suggested ETH was not a security — was a personal matter for Hinman while also claiming it should be protected because he received legal advice from…

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Coinbase denies reports of selling customer data to the US government

Crypto exchange platform Coinbase denied reports alleging that the company is selling its customer information to the United States Immigration and Customs Enforcement (ICE), an agency that works under the country’s Department of Homeland Security.  On Thursday, news that Coinbase has been providing geolocation data to the ICE has circulated online. Because of this, Twitter users like Solobase Mac were shocked and noted that they “didn’t sign up for that.” They tweeted: Now why would they be doing that? So basically invasion of privacy. Sells with out knowledge? They will…

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Celsius denies allegations on Alex Mashinsky trying to flee US

Troubled crypto lending firm Celsius is putting their best foot forward to recover operations alongside CEO Alex Mashinsky, who currently stays in the United States, the company has claimed. A spokesperson for Celsius has denied rumors that the company’s CEO tried to flee the U.S. last week amid the ongoing liquidity crisis of the Celsius Network. The representative told Cointelegraph on Monday that the firm continues working on restoring liquidity, stating: “All Celsius employees — including our CEO — are focused and hard at work in an effort to stabilize…

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High-profile BAYC collector denies allegations of wrongdoing brought by DeFi detective

On Thursday, ZachXBT, a cyber detective in the decentralized finance, or DeFi, realm, accused prominent Taiwanese musician and blockchain personality Jeff Huang, also known as Machi Big Brother, of misconduct in 10 different cryptocurrency projects. Machi Big Brother is known outside of Taiwan as an avid collector of Bored Ape Yacht Club nonfungible tokens (NFTs) and possessed a collection worth an estimated $8.26 million at the peak of the crypto bull market last year.  This is misinformation. If he wasn’t anon I’d sue him for defamation. — Machi Big Brother…

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Swiss asset manager denies $3B LUNA/UST bail-out talks

GAM Investments has quashed fake news reports that surfaced on Friday that claimed the Swiss asset manager would invest some $3 billion to aid in the recovery of the Terra ecosystem, including LUNA and TrueUSD (UST) stablecoin.  An announcement published on May 12 claimed that the firm was engaging in talks with Terraform Labs to assist in recovery attempts after Terra’s algorithmic stablecoin UST lost its $1 peg — causing a cataclysmic crash of the acclaimed blockchain protocol which had become a darling of the Decentralized Finance space. Cointelegraph has…

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Binance denies allegations of market manipulation

Major cryptocurrency exchange Binance is pushing back against allegations of market manipulation and working against the interest of its users. In a Monday Twitter thread, Binance seemingly laid the blame for any claims of manipulating the crypto market on publications spreading fear, uncertainty, and doubt as well as certain individuals impersonating employees at the exchange. The firm said it “reserves the right to take legal action to protect its interests,” but was not opposed to “responsible whistle-blowing that protects the trust of our community.” “Binance has never traded against our…

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