Altcoin News by Thebittimes.Com

TrueUSD ( TUSD ), the Justin Sun -affiliated stablecoin, is currently experiencing a de-peg and trading below par on multiple centralized exchanges, including Binance, HTX, and KuCoin. This happened shortly after TrueUSD switched account ing firms from The Network Firm to Moore Hong Kong for its attestations.  TUSD is currently trading more than one cent below the peg on Binance. TrueUSD recently benefited from Binance adopting TUSD as one of its zero-fee trading pairs. The currency is currently trading more than one cent below the peg on Binance, both against other stablecoins like Tether (USDT) and other cryptocurrencies. This pattern is repeated in DeFi, with Curve currently showing that you’ll lose more than one cent exchanging TUSD for USDT.  Even on the Tron-based SunSwap, trading TUSD for USDT will result in you losing two pennies for each TUSD you swap. New attestations TrueUSD has switched from The Network Firm, started by former Armamino auditors, to the Hong K...

A court case has revealed unique insights into Tether’s relationship with UK-based investment banking firm Britannia Financial, as High Court filings show the stablecoin issuer deposited over $1 billion with its subsidiary. On Tuesday, the Financial Times reported that documents in a dispute between Arbitral International and Britannia Financial show Tether deposits at the heart of the case. Arbitral claims Britannia didn’t pay all of an agreed-upon sum for a Bahamas-based brokerage it sold the firm in June 2021. Both parties have attested that there was an agreement to pay an extra sum a year after the sale, based on the amount of profitable assets the brokerage held — including from clients Arbitral brought in. Under that agreement, Arbitral argues, Tether’s $1 billion deposit would entitle the firm to the extra sum because it was made within the year timeframe . Only, Britannia Financial believes that Tether put the funds in its subsidiary based in London...

2022 was the year of several catastrophes for the crypto-verse. Stablecoins were heavily impacted and the trust around them slowly fell. Once again, a prominent stablecoin’s peg was in danger. Winklevoss twins-led crypto currency exchange Gemini rolled out the Gemini Dollar [ GUSD ] back in 2018. While Stablecoins are expected to stay pegged to $1, GUSD is beginning to lose its peg. Earlier today, the asset dipped down to $0.988. #PeckShieldAlert $GUSD at 0.988 pic.twitter.com/KNMAwvviPZ — PeckShieldAlert (@PeckShieldAlert) January 31, 2023 Earlier this month, GUSD descended lower to $0.9555. However, at press time, the stablecoin was trading for $1.01 with increased volatility. Nevertheless, the asset has been quite unstable throughout the month. This further encouraged crypto exchange OKX to move ahead and delist GUSD . According to the firm GUSD will not be available on the OKX starting from Feb.1. Further elaborating on the reason behind this, the exch...

A few hours back, Changpeng Zhao revealed that Binance will start liquidating its FTT HODLings post “recent revelations.” The largest exchange’s executive, however, clarified that his company was “not against” anyone, but at the same time, wouldn’t support people who “lobby against other industry players” behind their backs. Read More: Binance will liquidate its FTT tokens after ‘recent revelations’ On the news of the same, outflows on the exchange started rising and prominent firms started withdrawing assets from FTX. Blockchain security firm and analytics platform PeckShield revealed that ~$40.4M USDC had been transferred from FTX to Jump Trading over the past 24 hours. #PeckShieldAlert ~$40.4M $ USDC (~$40.4M) has been transferred from FTX : 0x2fa to Jump Trading : 0x4f1 within the last 24 hours, pic.twitter.com/cCETIXrdYM — PeckShieldAlert (@PeckShieldAlert) November 7, 2022 In another transaction, arou...