Bitcoin bleeds over news of US government subpoena


US regulators today subpoenaed one of the world’s largest cryptocurrency exchanges as questions mount over a digital token called Tether. A popular substitute for US dollars on various crypto exchanges, Tether provided an easy way for investors to ride out storms in volatile markets without removing money from the marketplace and converting it back to fiat currency. Its value, however, was due to its reported ties to the US dollar with each Tether token (USDT) being worth exactly one dollar. As of last week that all changed. Bitfinex, Tether’s creator, severed ties with its auditing firm Friedman LLP, a company…

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