Monat: Oktober 2023

• Tether, the issuer of the USDT stablecoin, has released its Q3, 2023 attestation report.
• It shows the company’s cash and cash equivalents increased to 85.7% of reserves, with $72.6 billion in US T-Bills.
• Tether holds $1.7 billion in BTC and $3.1 billion in gold.

Tether has released its attestation report for Q3, 2023 that shows the USDT stablecoin issuer’s cash and cash equivalent reserves have risen to its highest ever percentage share of total reserves.

Per the report published Tuesday, cash and cash equivalents stood at 85.7% as of September 30 this year. Of this, the largest percentage was in US T-Bills at $72.6 billion – which were in both direct and indirect exposure.

Tether also reported a significant reduction in its secured loans, with this at more than $330 million.

“We’ve achieved the highest ever percentage of our reserves held in Cash and Cash Equivalents, signaling our dedication to maintaining liquidity and stability within the stablecoin ecosystem. Our ability to reduce secured loans and weather market volatility is a demonstration of our robust risk management strategies,” Tether CEO Paolo Ardoino said.

Tether’s Bitcoin, gold holdings

Cash and cash equivalent investments returns in the quarter was nearly $1 billion, while investments in industry-related research projects was $670 million for the quarter and $800 million for the year. Notably, the USDT issuer says the investments do not constitute part of the stablecoin’s reserves.

Tether today releases its attestation for Q3 /2023.- cash & cash equivalent portion of reserves is all time high at 85.7%, yielding ~$1B

– US T-bill (direct and indirect) exposure at $72.6B
– reduced secured loans by $330M
– investments in energy, bitcoin mining and P2P tech… https://t.co/PXQ1H5gqUX pic.twitter.com/ibKJRPlBAg

— Paolo Ardoino 🍐 (@paoloardoino) October 31, 2023

The consolidated reserves shows $1.7 billion in Bitcoin (BTC) and $3.1 billion worth of gold. Meanwhile, excess reserves as of the end of the third quarter was $3.2 billion and forecast $4.3 billion for October 31. That will leave roughly $0.9 billion in secured loans as part of the total reserves.

Tether issuance stood at $83.2 billion as of the end of Q3, and up to $84.5 billion by the end of October, 2023, the company noted in the report.

The post Tether attestation shows cash & cash equivalents rose to 85.7% appeared first on CoinJournal.

• Bitget announced the delisting of TokenFi (TOKEN) citing potential price manipulation and liquidity issues.
• Floki has responded by saying the exchange listed the tokens against requests not to at the time.
• The listed version was reportedly a fake one, apparently the listing resulted in millions worth of trades.

The Floki team has responded to Bitget’s delisting of TokenFi (TOKEN) by saying that the crypto exchange ignored requests not to list the token until after seven days of it going live.

What is Floki saying about $TOKEN listing on Bitget?

Apparently, Bitget disregarded this request and listed $TOKEN, which Floki now says was a “fake version”. It also went on to allow trades worth millions of dollars on the token, allegedly without holding the equivalent in assets to facilitate customer withdrawals.

One of the announcements warning against the fake $TOKEN is this:

IMPORTANT TOKENFI NOTICE

We are getting reports from users that purchased #TokenFi / $TOKEN on the CEXs that announced a „listing“ today that they cannot withdraw their tokens on those CEXs.

As we communicated earlier, any TokenFi CEX listing that happened today was not… https://t.co/Zu2w3GuDGt

— FLOKI (@RealFlokiInu) October 27, 2023

Floki accuses Bitget of listing $TOKEN 12 minutes before the tokens officially became tradable.

“Not only did #Bitget list a fake token, which they claim to be associated with Floki, against our request and before our token officially went live, they also DECEPTIVELY traded tens of millions of dollars in $TOKEN volume without any blockchain evidence of them having a single unit of the actual token in any of their wallets to represent user purchase of these tokens on their exchange,” a statement posted on X reads.

The said fake $TOKEN listing has left Bitget with a $10 million hole that they need to plug, with this requiring about 10% of the TokenFi total supply. However, since most of the supply is currently locked in Floki’s staking pool, a lack of liquidity sees the exchange unable to buy $TOKEN from the market.

SETTING THE RECORDS STRAIGHT ABOUT THE UNAUTHORIZED BITGET $TOKEN LISTING

On October 18, 2023, we put up a DAO proposal to launch the Floki staking program and a reward token that will target a trillion-dollar industry with strong potential. While we didn’t mention it in the DAO… pic.twitter.com/JGnlKmR0lo

— FLOKI (@RealFlokiInu) October 31, 2023

As highlighted earlier, Bitget had accused Floki of not providing enough liquidity after its token launched and cast doubts on the tokens’ treasury and vesting schedule. 

The post BREAKING: Floki says Bitget listed a “fake version of $TOKEN” appeared first on CoinJournal.