Tether to Provide Additional Information on Their Trades; Coin98 Launches Stablecoin CUSD
Daily Market Wrap
Crypto market cap: 922.02 Billion, down 3.84%
BTC price stands at USD 18,995, down 1.21%
ETH price stands at USD 1,338, down 0.97%
Top gainer: XRP (XRP), up 6.92%
Top loser: Cosmos (ATOM), down 7.85%
News of the Day
Stablecoin Issuer Tether Ordered to Produce Documents Showing Backing of USDT
Why it matters:
As part of the lawsuit alleging that Tether has conspired to issue USDT as part of a campaign to inflate the price of Bitcoin, a U.S. Judge has requested Tether to produce all finance records and statements, including “general ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements”
Tether is to provide records with timestamps of their trades and transfer of cryptocurrencies for this lawsuit, while concurrently having another investigation into their reserves.
Allegations which arose in 2019 of Bitfinex and Tether using deceptive market-manipulation practices between 2017-2018 reportedly brought USD1.4 trillion in damages
Crypto Daily Spotlight
Decentralized Finance Protocol Coin98 Unveils Native Stablecoin CUSD
Brief Introduction: Coin98 is an all in one DeFi platform, providing services ranging from being a decentralised exchange, offering wallet managing and coin launching, to providing financing and auditing. The Coin98 ecosystem includes Finance, Labs, Ventures, Network, Token and Dollar. C98 is the DeFi platform’s native utility token and operates the Coin98 ecosystem.
Why it matters:
Coin98 Labs has announced the launch of $CUSD, which will be fully backed by cash or cash equivalents and decentralised
The reason for the launch is to meet cross-chain liquidity demand in DeFi and is to be used as a building block in C98’s ecosystem
CUSD will be deployed on major blockchains, namely: Ethereum, Binance, Solana
Daily Sector Tracker
Daily News Roundup
Trading App Robinhood Markets Adds USDC to Its Crypto Lineup https://bit.ly/3BXz1yj
NFT Marketplace OpenSea to Support Ethereum Roll-Up Arbitrum https://bit.ly/3LyfiZb
Push to Cut Ethereum Network Fees Opens Funds-Draining Bug in Scaling Tool Arbitrum https://bit.ly/3LxFPWD
Hacked Crypto Market Maker Wintermute Has $200M in Outstanding DeFi Debt https://bit.ly/3qVFh3u
Binance and FTX Lead $50M Race to Purchase Voyager's Assets https://bit.ly/3f4Xngz
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