Tether Expands Stablecoins to TON; Bitcoin Investors Maintain Confidence; Mango Markets Exploiter Convicted
Summary:
Tether has expanded its stablecoins by introducing USDT and XAUT to The Open Network. The launch corresponds with the crypto event Token2049, where Tether's CEO shared the vision of a decentralized internet and borderless financial system. In other news, Bitcoin recorded $1.7 billion moving to "accumulation" wallets amidst price downturns, indicating long-term investor confidence. The Mango Markets exploiter, Avi Eisenberg, was found guilty of fraud, potentially facing a 20-year sentence.
Tether has now expanded its USDT and XAUT stablecoins to The Open Network. Bitcoin investors shifted $1.7 billion in Bitcoin to long-lasting wallets when its value dropped earlier this week. Meanwhile, Avi Eisenberg has been legally charged with fraud for manipulating Mango Markets. With its stablecoins including Tether (USDT), Tether, a stablecoin operator, is fortifying its relations with the Web3 ecosystem through its collaboration with Telegram's The Open Network (TON). This information was made public on the 19th of April. The introduction of the US dollar-tied USDT and the gold-tied XAUT on the TON blockchain came along with the keynote addresses by Paolo Ardoino, CEO of Tether, and Pavel Durov, Telegram Founder, at the Token2049 digital currency event in Dubai. Ardoino says that TON and Tether aim to create an open, decentralized internet and a global financial system. USDT and XAUT's initiation on TON aids in easy transfers of value, boosts activity, and liquidity, thereby improving users' financial experience to rival that of the conventional financial system, according to Tether's CEO. This recent USDT-TON movement marks another landmark in the steady expansion of Tether across diverse blockchains, now with a total of 15, including Ethereum and Tron. Additionally, during Bitcoin's price drop of less than $63,000 earlier this week, a considerable Bitcoin amount— worth about $1.7 billion— was shifted to "accumulation" wallets. Between the 16th and 17th of April, a whopping 27,700 BTC was moved to these collection wallets. These figures interestingly suggest that even amidst price fluctuations, investors continue to show faith in the long-term potential of Bitcoin. Avraham Eisenberg, popularly known as "Avi," the brain behind the Mango Markets manipulation that racked up to $110 million, has been legally convicted of fraud and market exploitation. The ruling was made on the 18th of April in the Southern District Court of New York, where Eisenberg was found guilty of wire fraud, commodities manipulation, among others, potentially leading to a 20-year sentence. His defense attorney, however, insists that Eisenberg implemented a successful yet legal trading strategy, from which he earned approximately $110 million and returned about $67 million afterwards. There's uncertainty over when Judge Richard Berman will sentence Eisenberg. This sentencing comes shortly after Sam Bankman-Fried secured a 25-year prison sentence, as a result of being found guilty of seven felonies. Meanwhile, the court hearing for former Binance CEO Changpeng Zho is slated for the end of April.
Published At
4/19/2024 3:50:44 PM
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