The cryptocurrency market shed about $10 billion in value in the space of an hour late Thursday, CoinMarkCap data showed.
Cryptocurrencies fell amid reignited regulatory worries and questions around the legitimacy of so-called"stablecoin" tether.
Tether is a cryptocurrency that is meant to be pegged to the U.S. dollar — otherwise known as a stablecoin. Worries have been raised over whether Tether Limited holds enough dollars to back all the tokens in circulation. "Those transactions — which also have not been disclosed to investors — treat Tether's cash reserves as Bitfinex's corporate slush fund, and are being used to hide Bitfinex's massive, undisclosed losses and inability to handle customer withdrawals," the attorney general's office said.
"Bitfinex and Tether have been fully cooperative with the New York attorney general's office, as both companies are with all regulators," the crypto exchange said in a statement on its website."The New York attorney general's office should focus its efforts on trying to aid and support our recovery efforts."
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