New York AG says stablecoin company covered up $850 million loss

Illustration: Aïda Amer/Axios

According to the New York attorney general's office, Bitfinex, the parent company of Tether, a so-called "stablecoin," used more than $700 million of its reserves to cover up an $850 million loss of customer funds. It has obtained a court order directing the company to stop its activities.

Why it matters: Tether's main selling point (and that of other such stablecoins) is that its digital currency is backed one-to-one by U.S. dollars, though suspicions were growing as the company never published an audit.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 576,859 — Total deaths: 25,455 — Total recoveries: 128,377.
  2. U.S.: Leads the world in cases. Total confirmed cases as of 3 p.m. ET: 94,238 — Total deaths: 1,438 — Total recoveries: 813.
  3. Federal government latest: House passes historic $2 trillion coronavirus stimulus bill with Trump planning to sign later today.
  4. State updates: Nearly 200 cities reported a desperate need for face masks, ventilators and other medical equipment, according to a survey from the U.S. Conference of Mayors.
  5. World updates: Italy reported 969 coronavirus deaths on Friday, the country's deadliest day.
  6. Tech latest: Google will give $800 million in cash and ads, the largest donation by a tech company, to help stem the spread of coronavirus.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancing.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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House passes $2 trillion relief bill as U.S. coronavirus cases outpace the rest of the world

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

The House passed the $2.2 trillion coronavirus relief bill on Friday, as infections in the U.S. approach 95,000 and more cities see increases of COVID-19.

The big picture: The U.S. has the most coronavirus cases in the world, exceeding China and Italy, per data from Johns Hopkins. A second wave of American cities, including Boston, Detroit, New Orleans and Philadelphia, are reporting an influx of cases.

Go deeperArrowUpdated 50 mins ago - Health

Trump erupts at GM and Ford over ventilators

President Trump speaks during a press briefing at the White House in Washington, D.C., on March 26. Photo: Jim Watson/AFP via Getty Images

At President Trump's urging, automakers have mobilized with astonishing speed to help medical equipment makers produce much-needed ventilators and masks to fight the coronavirus.

But, but, but: With pressure mounting as the pandemic spreads and mixed signals coming from the White House's emergency response team, an agitated president lashed out at GM and Ford Friday morning on Twitter.

Go deeperArrow2 hours ago - Health