[Comparative to Zaobao] Bitfinex Tether is being charged by New York prosecutors; the overall cryptocurrency market is falling; India is enacting a law to ban cryptocurrencies

At 7:30 a.m., Blockchain news you need to know:

[Tether is accused of triggering a market decline, and Bitcoin falls below 5,300 dollars]

Over the past 24 hours, New York prosecutors accused Bitfinex and Tether of causing changes in the cryptocurrency market. In addition to Tether being sold off and falling to $0.99, the three major players of Bitcoin, Ethereum, and XRP and more than 90% of cryptocurrencies fell one after another. Among them, Bitcoin fell below 5,300 US dollars, and Ethereum fell below 160 US dollars. Only stablecoins that compete with Tether, such as USD Coin, TrueUSD, and Pax Standard Stablecoin, continued to rise in price.

[Bitfinex and Tether respond to New York prosecutors' accusations, Tehter prices fall to around $0.99]

On April 25, news from the New York Attorney General's (NYAG) office said that cryptocurrency exchange Bitfinex used funds from stablecoin operator Tether to cover its losses of up to $850 million. Bitfinex and Tether responded to this, saying that the accusations were full of “false assertions.” In news released on Thursday, New York Attorney General Letitia James said she had obtained a court order requiring iFinex, which operates both Bitfinex and Tether, to stop breaking New York laws and defrauding New York residents.

[India is enacting a law to ban cryptocurrencies such as Bitcoin]

According to the Economic Times, the Indian government is preparing a draft bill that will ban cryptocurrencies such as Bitcoin, which will be a fatal blow to the future of the country's crypto industry. The report said that the draft, called the “Prohibition of Cryptocurrency and Regulation of Official Digital Currency 2019 Act,” has been distributed to various relevant government departments.

[Binance CFO says Zuckerberg is “arrogant” and wants to turn Facebook into a “closed blockchain ecosystem”]

According to CCN reports, Wei Zhou, the chief financial officer of cryptocurrency exchange Binance, called Mark Zuckerberg, the CEO of social giant Facebook, “arrogant,” and the latter is launching blockchain and cryptocurrency projects in order to crowd out other crypto companies and eventually gain dominance in the field. Zuckerberg is considered a cryptocurrency proponent, trying to experiment with blockchain on Facebook and said he might launch his own digital currency. Industry insiders believe that having large multinational companies like Facebook testing blockchain use cases would provide more legitimacy to this emerging industry.

[Bitfinex withdrew $89 million from cold wallets and has not publicly explained the reason for the withdrawal]

Cryptocurrency exchange Bitfinex has withdrawn nearly $90 million worth of funds from its cold wallet, according to Cointelegraph. Bitfinex, the same owner as Tether (USDT), has yet to publicly explain the reason for the withdrawal, and both companies are facing a new round of potential loss of funds. According to the online transaction monitoring resource Whale Alert, Bitfinex has transferred large amounts of Bitcoin and Ether, as well as a small amount of other coins, to unknown addresses in the past 12 hours.

[“Zandy's Story”: Documents Reveal MakerDAO Stablecoin Project Core Team Split]

According to a report by Coindesk.com, it obtained a 24-page, 10,000-word document called “Zandy's Story” (see attachment at the end of the article). The document describes the complete history of MakerDAO, a project famous for creating the stablecoin DAI. According to the documentation, “Currently, the Maker development team is experiencing the toughest challenge the project has seen in 3.5 years of implementation.” The 24-page document also clarified the core conflict of the “Purple Pill Incident” that had previously come to light.

[Third-party audit of Ethereum's ProgPow code receives funding approval]

According to news released by Ethereum developers, funding for a third-party audit of Ethereum's controversial Progressive Proof-of-Work (ProgPoW) code has been approved. Since February of this year, developers have been raising the funds needed to support third-party audits of the ProgPow code. Today, at its weekly meeting, it announced that it has raised a target amount of 50,000 DAI (equivalent to approximately $50,000) through crowdfunding donations from the open source bounty platform Gitcoin and other sources from the community.

Author Xiu MU

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