1. Rising Tether Loans Add Risk to Stablecoin, Crypto World
📰 The Wall Street Journal alleged that Tether has been increasingly lending its own coins to customers rather than selling them for hard currency upfront.
📰 The shift adds to risks that the company may not have enough liquid assets to pay redemptions in a crisis.
📰 The report also claimed that Tether has not disclosed its USDT stablecoin-issued loans.
https://www.wsj.com/articles/rising-tether-loans-add-risk-to-stablecoin-crypto-world-11669875590
2. Tether Hits Back at WSJ, Claims Its USDT Loans Are ‘Overcollateralized’
📰 The FTX bankruptcy has renewed concerns around the top stablecoin by market capitalization.
📰 Hitting back at the WSJ article, Tether has stated that its secured loans are heavily collateralized in response to a recent report claiming Tether-led trouble in the sector.
https://beincrypto.com/tether-hits-back-wsj-claims-usdt-loans-overcollateralized/
3. Genesis Owes Gemini Earn Users $900M: Report
📰 Embattled crypto broker Genesis and its parent company Digital Currency Group (DCG) owe users of Gemini Earn $900 million.
📰 Gemini had used Genesis as its primary lending partner for its high-yield Earn service, which allowed customers to deposit their cryptocurrency in exchange for interest, similar to a bank account, offering returns of between 0.45% and 8%.
https://decrypt.co/116387/genesis-gemini-earn-900-million-owed-users-ftx
4. Will Grayscale be the next FTX?
📰 It’s true and possibly undeniable that the crypto industry will take another dive if Grayscale doesn’t fix its balance sheet. Grayscale oversees more than $10 billion in BTC, ETH and other assets and represents its parent company’s biggest revenue generator.
📰 Grayscale’s parent company is Digital Currency Group, whose founder and CEO Barry Silbert shared a note to DCG shareholders on Nov. 23 addressing all the “noise” surrounding the company. He indicated that despite the so-called crypto winter, the company was on track to reach $800 million in revenue and its separate entities were “operating as usual.”
https://cointelegraph.com/news/will-grayscale-be-the-next-ftx
5. Binance Pauses Withdrawals Amid $5M Ankr 'Infinite Mint' Hack
📰 Binance CEO Changpeng Zhao announced that the crypto exchange had paused withdrawals linked to a recent attack on Ankr.
📰 "Initial analysis is developer private key was hacked, and the hacker updated the smart contract to a more malicious one," wrote Zhao. "Binance paused withdrawals a few hours ago. Also froze about $3m that hackers move to our CEX."
https://decrypt.co/116268/binance-pauses-withdrawals-amid-5m-ankr-hack
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