News: Brief: Tether And Bitfinex Legal Imbroglio Tanks Bitcoin Price By 5.8% In Minutes

For the most complete data on all crypto currencies check: https://coincheckup.com | The crypto research platform. Full credits for this video to NewsBTC who listed the info in this video on an article on their website: https://www.newsbtc.com/?s=Brief%3A%20Tether%20And%20Bitfinex%20Legal%20Imbroglio%20Tanks%20Bitcoin%20Price%20By%205.8%25%20In%20Minutes -------- Transcript: 0:00:00 Brief: Tether And Bitfinex Legal Imbroglio Tanks Bitcoin Price By 5.8% In Minutes 0:00:06 This update is brought to you by "CoinCheckup News Updates" and was originally published on "NewsBTC". 0:00:12 A document unveiled by the New York Attorney General’s office on Thursday has revealed that iFinex, the company behind both Tether and Bitcoin exchange Bitfinex, is coming under legal pressure. 0:00:23 In a press release posted earlier this hour, the NYAG’s office revealed that iFinex may be violating “New York law” in relation to activities that “may have defrauded” local investors that trade cryptocurrencies. 0:00:35 The office even wrote that it is attempting to expose “ongoing fraud” being perpetrated by Bitfinex and Tether, which are two startups that have long been under fire from cryptocurrency’s demographic of skeptics and conspiracists. 0:00:47 The suit has also revealed that Bitfinex purportedly sent $850 million to a Panama-based company, failed to secure the funds later, and went on to raid Tether’s cash reserves to satisfy its customers later. 0:00:60 According to the official document released by the New York AG's office, Bitfinex sent $850 million to a company based in Panama, didn't get it back, and granted itself access to $900 million Tether cash reserves. 0:01:13 As a result of this news, Bitcoin has dropped by 5% in a span of under thirty minutes. 0:01:19 BTC is currently trading at $5,150 on Coinbase, which is dramatically lower than the $5,520 seen just one hour ago. 0:01:29 Altcoins are posting similar losses. 0:01:32 Some analysts expect for cryptocurrencies to fall further in the coming hours, and even lower if the suit reveals damning criminal evidence about the operations of Bitfinex and Tether. 0:01:42 Thanks for watching this video. If you wanna read the whole article you can go to CoinCheckup.com or go to: "NewsBTC", who originally published this news update on their website. -------- Other Credits: Background music: Rag Time Time by Doug Maxwell, Media Right Productions https://soundcloud.com/search?q=Doug%20Maxwell%2C%20Media%20Right%20Productions Creative Commons - Ask Doug Maxwell, Media Right Productions for permission if you want to use this song. Music promoted by Audio Library https://www.youtube.com/channel/UCht8qITGkBvXKsR1Byln-wA * Created with https://content2video.com technology | Creating videos out of your data.