We're back! Tether Prints 775m USDT, S. Korea New Court Ruling, S. Korea Finds $600m in Laundering - Crypto Catchup

in #bitcoin7 years ago

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“(Giancarlo Devasini) was credited one million dollars, money that he didn’t have deposited in his account.”

Recent news of subpoenas being sent to Bitfinex and Tether surfaced although no further details were revealed. It has been found that since the subpoena was issued Tether has increased USDT supply by 775m, a 52% increase from December 2017 and approx. 34% of the overall USDT total. Suspicions grow regarding Tether's operation.

The number of USDT in circulation has grown by 9000% percent since February 2017, currently at $2.25b from $25m USD.

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"Bitcoin can be changed into money through an exchange. It can be used as a means of payment through merchants, so it should be regarded as having economic value."

A previous court ruling which declared that the currency would not be recognised has been overturned in South Korea by declaring that the currency holds economic value. The prior ruling was made as law courts found that digital assets were unable to be seized, however the new ruling found that “The crime profit concealment law does not restrict the criminal income to the goods but the cash, the deposit, the stock, and other property with economic value.”

The ruling were conceived concerning an illegal pornography site in which the owner held 216 BTC from membership fees.

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“Customs said there were also cases where investors in Japan sent their yen worth 53.7 billion won to their partners in South Korea for illegal currency trade.”

The Republic of South Korea (ROK) released a report concluding that illegal foreign exchange trading was worth 637.5b won or $594m USD. US regulators in New York have requested trading data and new regulations regarding international crypto exchanges have taken effect, aiming to eliminate anonymous trades.

“The customs office added that it would continue to monitor the use of cryptocurrencies in cases like illegal currency trading or money laundering.”

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