Tether, the issuer of the USDT stablecoin, has reaped over $1.1 billion in profits from its shrewd Bitcoin investments. The company's strategic Bitcoin buys, coupled with the recent price surge of the digital currency, have significantly bolstered Tether's BTC holdings to a staggering 57,576 BTC.Tether acquired these Bitcoins at an average price of $22,480 each, with the majority of these purchases made before March 2023. This savvy investment strategy has positioned Tether to capitalize on the recent Bitcoin price rally.In May 2023, Tether embarked on a new strategy of allocating 15% of its net profits to Bitcoin investments, further expanding its substantial BTC portfolio. This strategic move aims to diversify and strengthen Tether's reserves, enhancing the stability and security of its USDT stablecoin.Tether's CTO, Paolo Ardoino, underscored Bitcoin's decentralized nature and limited supply as key factors driving Tether's investment decision. He views Bitcoin as a transformative technology that aligns perfectly with Tether's mission to provide a reliable and secure digital currency.Bitcoin's recent performance has been nothing short of remarkable, with its price soaring to $41,821.40, representing a remarkable 12.67% weekly gain. Bitcoin's market cap, currently standing at $816 billion, reaffirms its position as the undisputed king of the cryptocurrency market.Follow www.CoinRocco.com for more crypto insights :)#TetherTreasury #BTC #AltCoinSeason #Memecoins #BAKE $BTC

Cryptocurrency news has been abuzz with recent events as one of the leading cryptocurrency exchanges, Bitfinex, and its affiliated stablecoin issuer Tether have taken legal action against The Wall Street Journal for defamation. The lawsuit arises from an article published by the renowned financial publication, alleging dubious practices and lack of transparency within the operations of Tether and Bitfinex.
The lawsuit stems from an article published by The Wall Street Journal that casts doubt on the integrity and legitimacy of Tether and its parent company Bitfinex. Tether, a popular stablecoin pegged to the US dollar, has been under scrutiny in recent years due to concerns regarding its backing and transparency.
Background of Tether and Bitfinex
Tether is one of the most widely used stablecoins in the cryptocurrency market, known for its purported 1:1 backing by fiat currency reserves. Bitfinex, on the other hand, is a prominent cryptocurrency exchange that shares common ownership and management with Tether. The Wall Street Journal article in question raised serious allegations against Tether and Bitfinex, suggesting that the companies engaged in market manipulation and lacked the necessary reserves to back the Tether stablecoin fully.

Initial Response and Legal Action
In response to the article, Bitfinex and Tether vehemently denied the allegations and announced their decision to pursue legal action against The Wall Street Journal for defamation. The companies emphasized their commitment to transparency and compliance with regulatory standards.
The lawsuit accuses The Wall Street Journal of spreading false information that has damaged the reputation and credibility of Tether and Bitfinex. Both companies argue that the article contains inaccuracies and misrepresentations that have adversely affected their business operations.
The publication of the article had an immediate impact on the cryptocurrency market, leading to a temporary decline in the value of Tether and causing uncertainty among investors. However, market sentiment stabilized as Bitfinex and Tether reassured users of their financial stability.

Legal Implications and Process
The lawsuit against The Wall Street Journal is expected to proceed through the legal system, with both parties presenting their arguments and evidence in court. The outcome of the case could have significant implications for the future regulation and oversight of stablecoins. The lawsuit has garnered widespread media attention, with various news outlets covering the ongoing legal battle between Bitfinex, Tether, and The Wall Street Journal. Public opinion on the matter remains divided, with some supporting the journalistic integrity of The Wall Street Journal and others questioning the motives behind the article.

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Tether says it is disappointed with the UN’s analysis for focusing on risks associated with USDT while ignoring the token’s benefits in developing economies.
Read more on: https://thecryptobasic.com/2024/01/16/tether-reacts-as-un-highlights-usdt-as-preferred-payment-method-for-scams-and-money-laundering/
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