Apr 25, 2019

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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Trump to install loyalist Ric Grenell as acting intelligence chief

Photo: Sylvain Gaboury/Patrick McMullan via Getty Images

President Trump confirmed in a tweet Wednesday night that he will install Richard Grenell, the current U.S. ambassador to Germany and a staunch defender of the president, as the acting director of national intelligence.

Why it matters: The role, which was originally vacated by Dan Coats in August 2019, is one of grave responsibility. As acting DNI, Grenell will be charged with overseeing and integrating the U.S. intelligence community and will advise the president and the National Security Council on intelligence matters that concern national security.

Go deeperArrowUpdated 15 mins ago - Politics & Policy

What to watch in the Nevada debate

Photo Illustration: Eniola Odetunde/Axios. Photos: Cengiz Yardages and Mario Tama/Getty Images

Michael Bloomberg's wealth will fuel rather than shield him from tests and attacks when he makes his Democratic primary debate debut on the stage tonight in Las Vegas.

The state of play: Bernie Sanders is still the front-runner. So the other candidates must weigh which of the two presents a bigger threat to their viability: Sanders, with his combined delegate, polling and grassroots momentum? Or Bloomberg, with his bottomless budget?

Go deeperArrowUpdated 21 mins ago - Politics & Policy

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