Tether’s Crypto Exchange Balance Hits Record High
Tether balances on crypto exchanges reached a record high of 20.339 billion on August 13, following the minting of $1 billion worth of USDT on the Ethereum network. Tether CEO Paolo Ardoino clarified that this was an “inventory replenish,” with tokens reserved for future issuance requests and chain swaps. As of today $941.72 million in USDT remained “authorized but not issued” on Ethereum.
This record balance signals that investors may be preparing to deploy stablecoins into crypto assets ahead of the U.S. Federal Reserve’s September rate decision. The process is similar to inventory replenishment in traditional finance, where Tether creates USDT to maintain sufficient reserves without immediately releasing them into circulation.
Crypto News: dYdX Introduces Permissionless Listing
Crypto trading platform dYdX has announced updates to its chain, including permissionless listing. This allows users to list tokens without approval if they deposit a certain amount of USDC into a new feature called “MegaVault.” The required deposit amount will be determined through the platform’s governance mechanism. The exchange claims this permissionless market listing with automatic liquidity is not yet available on other decentralized or centralized exchanges.
The MegaVault will serve as the platform’s master liquidity pool and market maker for all markets, including newly added ones. Depositors will receive a portion of the revenue generated and a share of protocol revenue. MegaVault depositors won’t need to choose specific markets for liquidity provision, as funds will automatically market-make across various markets.
Iran Offers Bounty for Reporting Illegal Miners
Iran’s state power company, Tavanir, is offering citizens a $20 bounty for exposing illegal crypto miners. Tavanir’s CEO, Mostafa Rajabi Mashhadi, stated that illegal crypto miners and a 49.7°C (121°F) heatwave are causing significant disruptions to the country’s electricity network.
The company has discovered over 230,000 illegal cryptocurrency mining devices, with their electricity consumption comparable to that of the Markazi Province. This would require the construction of a 1,300-megawatt power plant to meet the demand. The frequent power outages resulting from this situation are causing a crisis in industrial production, repeatedly halting operations.
Crypto News: ezBtc Misappropriates $9.5M in Bitcoin and Ether
The British Columbia Securities Commission (BCSC) has uncovered a scandal involving Canadian Crypto Exchange ezBtc and its founder, David Smillie. Between 2016 and 2019, Smillie misappropriated $9.5 million worth of Bitcoin and Ether from customer accounts. He diverted nearly one-third of the 2,300 Bitcoin and 600 Ether collected from investors.
Smillie transferred 935.46 Bitcoin and 159 Ether to his personal exchange accounts and gambling platforms like CloudBet and FortuneJack. The BCSC labeled these actions as deceitful, leading to irreversible losses for many ezBtc customers.
Read The Full Story Here: Canadian Crypto Exchange ezBtc Misappropriates $9.5M in Bitcoin and Ether
Bitget Hires Former Binance Policy Head as CLO
Cryptocurrency exchange and web3 company Bitget has appointed Hon Ng as its Chief Legal Officer. Ng will oversee the company’s adherence to global regulatory requirements, engage with regulators, and assist in market expansion by obtaining licenses.
Previously, Ng served as General Counsel and Head of Government Affairs and Policy at Binance. He used to oversee the exchange’s cooperation and settlement with worldwide regulators there. Before his time at Binance, Ng worked at Uber in various legal and business development roles. Bitget CEO Gracy Chen praised Ng’s extensive experience in digital and Web3-related legal and compliance affairs, citing it as a key factor in his appointment.
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