Here is what we will be going through today🔥

• Tether Banking Relationships exposed 🤔

• ZachXBT gets sued and Doxxed by MachiBigBrother 🤯

• BlackRock’s Bitcoin ETF is the real deal📈

Tether Banking Relationships exposed🤔

In March 2021, Tether, the popular stablecoin issuer of USDT, held its funds in a variety of financial institutions and assets.

The company's reserves were reportedly spread across four banks, two investment management firms, two gold depositories, and its sister company Bitfinex.

Additionally, Tether had investments in commercial paper and securities issued by notable entities like Qatar National Bank, Barclays Bank, Deutsche Bank, Emirates NBD Bank, and Natwest Group.

According to the documents obtained by CoinDesk through a Freedom of Information Law request to the New York Attorney General's office, Tether's claimed reserves in March 2021 exceeded $35.5 billion in U.S. dollar equivalents.

The disclosure sheds light on Tether's financial situation and its reliance on commercial paper as a significant asset.

Notably, the documents reveal that Tether utilized commercial paper and securities issued by various Chinese banks and financial institutions to back its stablecoin. The assets held by Tether were distributed among banks such as Ansbacher (Bahamas) Limited, Capital Union Bank, and Deltec Bank and Trust.

It is worth mentioning that Tether's legal team engaged in communication with the New York Attorney General's office following the settlement of the investigation into Tether.

Initially, Tether attempted to prevent the release of the disclosed documents but ultimately decided not to appeal the court's decision.

The details provided in these documents offer insights into Tether's financial holdings, including its reliance on commercial paper and other assets.

So what do you think about this commercial paper being released?🤔

ZachXBT gets sued and Doxxed by MachiBigBrother 🤯

Pseudonymous blockchain investigator ZachXBT finds himself in a legal predicament as he has been sued for defamation by Jeffrey Huang, the individual he accused of embezzling $37.8 million worth of ETH.

He is known as MachiBigBrother on crypto twitter 👀

Huang has filed a federal lawsuit, asserting that the allegations made against him by ZachXBT are false and seeking damages to his reputation.

The lawsuit has resulted in the disclosure of ZachXBT's legal name and place of residence, jeopardizing his anonymity within the Crypto Twitter community where he is a prominent figure.

This revelation could have significant implications for his online persona and involvement in the crypto space.

It is funny how the ones that are making this space a better place get’s attacked on.

In response to the lawsuit, ZachXBT has started soliciting funds for his legal defense. Generous supporters have already donated over $320,000 worth of cryptocurrency to assist with his legal expenses.

To handle his defense, ZachXBT has enlisted the services of the law firm Brown Rudnick, known for their representation of notable figures such as Johnny Depp in his defamation suit.

The lawsuit and subsequent legal proceedings have attracted attention within the crypto community and may have broader implications for pseudonymous individuals and the impact of their statements in the digital realm.

If you want to help out Zach, here is his donation address:

BlackRock’s Bitcoin ETF is the real deal📈

BlackRock, the world's largest asset manager, has made a significant move in the cryptocurrency space by applying for a Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).

With approximately $9.5 trillion in assets under management, BlackRock's entrance into the Bitcoin ETF race carries substantial weight.

While BlackRock's application is technically for a trust, experts view it as functionally similar to a true ETF. The company has a strong track record with the SEC, boasting an impressive approval rate of 575-1 for its ETF applications. This positions BlackRock as a formidable player in the race to launch a Bitcoin ETF.

Unlike many other investment firms that have faced rejection from the SEC due to concerns about market manipulation, BlackRock's reputation and its decision to collaborate with Coinbase as the custodian for the ETF set it apart.

The filing has injected new optimism into the Bitcoin ETF race, rejuvenating efforts to bring Bitcoin into the mainstream investment landscape. However, it's worth noting that the regulatory environment remains challenging.

The debate surrounding whether BlackRock's product should be classified as an ETF or a trust is considered by some experts to be insignificant.

The product's structure aligns closely with that of an ETF, and its potential approval holds significant implications for the broader adoption of Bitcoin.

Many people in the industry are feeling more bullish now despite the fact that the SEC is coming after the major crypto exchanges operating in the United States.

✨Bonus News✨

Disclaimer: This is not any kind of financial advise. This newsletter is solely informational; it does not constitute investment advice, a solicitation to buy or sell any securities, or a recommendation regarding how to manage your money. Be cautious and conduct your own study, please.