Crypto audit firm Nansen closes huge NYC-based office

The blockchain intelligence company Nansen has been tracking the Paxos Treasury wallet, which sends hundreds of thousands of BUSD to the burn address, efficaciously doing away with the stablecoins from circulation.

The Paxos crew stated that it'd announce whilst it turned into equipped to problem new stablecoins, however it has now no longer accomplished so yet.

The crew is running tough backstage to get our new product out into the market, Paxos stated in a statement. We can be issuing as quickly as possible.

Stablecoins are used as an opportunity to fiat currencies like USD via way of means of buyers who need to guard their holdings towards volatility. The maximum famous stablecoin is Tether, which claims that every token on its community is subsidized via way of means of equal cost held in reserve. But critics say this declare is fake and that Tether is absolutely printing greater tokens than it says it holds in reserves.

In January 2019, hackers stole $31 million really well worth of stablecoins from Bitfinex exchange`s warm wallets, including $21 million really well worth of Tether tokens (USDT).