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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Pelosi slams McConnell trial rules as "deliberately designed to hide the truth"

Photo: Mark Wilson/Getty Images

House Speaker Nancy Pelosi (D-Calif.) claimed in a statement Tuesday that the rules Senate Majority Leader Mitch McConnell (R-Ky.) has proposed for President Trump's impeachment trial diverge from the Clinton precedent and show he has "chosen a cover-up" over a fair trial.

Context: McConnell made public an organizing resolution Monday laying out the terms for the trial, which include 24 hours over two days for each side to present their cases. It would block evidence discovered in the House impeachment investigation from being presented without a separate vote, and would delay a vote on whether to subpoena witnesses and documents until later in the trial.

Setting the scene for Super Bowl LIV

Illustration: Sarah Grillo/Axios

After a grueling four months of football, Patrick Mahomes has led the Chiefs out of the darkness and into the Miami sun, where the 49ers football machine awaits them in the Super Bowl.

"The Gunslinger"

Mahomes is 24 years old, arguably the best player in football and he just toppled Tom Brady as the top seller of NFL merchandise. A star has already been born — now he has the biggest stage in sports to showcase his brilliance.

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Exclusive: The Athletic raises $50 million

Adam Hansmann (left) and Alex Mather (right), co-founders of The Athletic. Photo: Steph Gray, courtesy of The Athletic

The Athletic, a subscription-based digital sports media company, has raised $50 million in a Series D funding round, executives tell Axios.

  • With this investment, the company has raised a total of $139.5 million since its launch in 2016 and is valued at roughly $500 million after the new raise, according to sources familiar with the deal.
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