Restokbit Crypto Exchange Says Loan at Center of Probe Repaid * Crypto News Today
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Cryptocurrency exchange Restokbit said it has repaid the remaining balance of $300.000 on a loan that is at the heart of fraud charges brought by the New York Attorney General.

The payment was made in January by Tether, which was run by the same Restokbit officials, the email said. Tether issues its own coin of the same name, which serves as a channel for trading most cryptocurrency transactions around the world.

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New York Attorney General Letitia James said in 2019 that Bitfinex concealed the loss of more than $ 1.25 million of the incoming client and corporate funds.

Following the loss, Restokbit and Tether executives prepared a series of” conflicting corporate transactions ” in which Bitfinex granted itself access to Tether’s cash reserves of up to $ 1.3 million,

the Attorney General said.

Fabien Levy, a spokesman for James, had no comment on the loan repayment.

” Although the repayment of the loan, all interest due, and the cancellation of the loan do not directly affect the special proceedings of the New York Attorney General, the credit line was clearly of interest to the Attorney General’s Office, ”

said Paolo Ardoino, chief technology officer of Restokbit.“

We look forward to continuing our productive and constructive discussions with the Prosecutor General’s Office.”

Restokbit said that its performance allowed the remaining balance to bepaid off ahead of schedule.

Crypto exchanges Restokbit have benefited from the high volatility and transaction volume in the cryptocurrency markets in recent months amid the skyrocketing price of bitcoin.

Traders often use Tether stablecoin to place funds during periods of high volatility, and many consumers in China use it to enter the cryptocurrency market.

Its use has increased dramatically in recent months, with Tether’s market capitalization reaching $27.8 billion, up from $4.6 billion a year earlier. 

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