February 10, 2021 Bitfinex reportedly repays $550 of Tether loan

Cryptoasset exchange Bitfinex announced that it has repaid $550M of the more than $600M loaned to it by its associated firm and stablecoin issuer Tether. Tether, which issues stablecoins reportedly backed 1:1 by U.S. dollars, revealed in 2019 that its reserves held only 74% of the value of circulating USDT in actual dollars, with the majority of the remaining 26% being held as receivables from Bitfinex. The matter is the subject of an ongoing investigation by the New York Attorney General.