Bitfinex and Tether have been surrounded by controversy for the last few weeks regarding a cover-up of suspected loss. There has been further stir into the situation as NYAG has requested both virtual currency exchange and the Stablecoin operator to disclose the papers of a contract.

Letitia James of NYAG has requested the Bitfinex to submit the documents of financial dealings with Tether, its loan details, missing funds and its transactions with crypto capitals as per the memorandum of law on May 3rd.

Although the company has claimed they have not lost any fund instead it was deposited with a Panamanian firm, crypto capital. The fund was later held by the government authorities of the US, Portugal, and Poland.

The crypto exchange is accused of using $850 million funds received from the tether to mask the damage. The fund was supposed to be utilized as a reserve fund for USTD. This act of both firms has compelled NYAG to file a case against them. According to NYAG, both the firms have tried to deceive the investors and have attempted to manipulate the cryptocurrency market place.

Tether and Bitfinex have discharged a joint declaration after the accusation made by NYAG saying the allegation is baseless. They have also requested the Supreme Court of New York to put a stay on NYAG order, which means Bitfinex will not have to provide the documents to NYAG within the stipulated date provided by them,

According to the legal counsel of Bitfinex and Tether, Stuart Hoegner, who has been serving both the firms since 2016, has written in an affidavit Tether is presently having an account standby of 2.1 billion dollars which represents 74% of the total USTD in circulation. The remaining 26% is held by Bitfinex of which they are alleged of covering up their loss. He has further said that NYAG allegations is not serving any useful purpose but spreading misinformation in the market.

Both the companies have represented itself as a victim of NYAG interfering in the course to recover the client’s funds.

Although the injunction from NYAG has not prevented Bitfinex or Tether to operate its business normally, the case has raised considerable interest in the crypto community. But the legal counsel of the firm has confirmed tether holders does not have any risk. The website of the firm has also guaranteed the Stablecoin is 100% backed by USD.

The whole world was watching as a cryptocurrency crawled into the market and took it by storm some years ago. It has hit the news a lot of times since then, sometimes for the good reasons and sometimes the bad but there has been never a face to associate the news too. Maybe that’s what makes Bitcoin so interesting; the man who created Bitcoin has never come forward. He goes by the name Satoshi Nakamoto. A website now claims that it will reveal him in 10 days.

This website, called gotsatoshi.com, was created some years earlier but had been inactive since then. Recently though it was updated with a countdown of 10 days, after which they claim they would be releasing the identity of Satoshi Nakamoto. If this is true, the crypto industry would burst with a new interest and intrigue.

What would Happen if Satoshi is Revealed

Satoshi has become a hero of sorts to the proponents of the free currency, and his cult following seems to be living contended in his anonymity. They might find out it’s not who they thought he would be and might lose their cause or they would find a renewed energy and take the crypto revolution further, bettering it every day.

These are the repercussions of unveiling the biggest digital mystery ever.  He has become an iconic man of the crypto industry, and it’s highly unlikely that the website would go unnoticed. People would be looking, and they might want to know him, find out the truth about it all after all this time. Is it Satoshi revealing himself or someone else doing it? Or is it all truth anyway?

There are a lot of things to be seen yet, and Satoshi may not be among them. All this could be a cheap stunt by someone who wants to get on the hype-wagon to get a little media coverage and virality. But if it does end up being the Satoshi people have been looking for, it would be news worth watching.

The Satoshi that Never Was (or is?)

Craig Right has been claiming to be the Satoshi who created the Bitcoin, but his claim is not supported by any of the known players of the crypto industry. They call him a fraud and a liar and nobody even seem to care about his claims much. However, he sued the founder of Bitcoin.com recently accusing him of tampering his reputation.

What happens after all this remains to be seen. Would the website reveal Wright to be Satoshi? Unlikely. Who would it be then? We would have to wait 10 days to know.

The Austin city’s official transportation department, Texas (ATX) will collaborate with the team of IOTA foundation to make the automobile and transportation industry more innovative. Texas has a population of 1 million, and both the firms want to enhance the transportation system of the Texas state capital. The Austin transportation revealed the news through its official Twitter account on April 25^th, 2019. The Twitter post also included an event link that was held on April 29^th.

Austin Transportation stated:

“We’re partnering with the nonprofit @iotatoken to bring the future of mobility to Austin. Learn all about it at a special event on Monday, April 29, at 5 p.m. on the UT campus. ATD and IOTA leaders will make an announcement, followed by a Q&A.”

The special program was held at the Austin University on 29^th April 2019 and was attended by the IOTA co-founder, Dominik Schiener along with Transportation Director of Austin City, Robert Spiller. At the special event, the announcement of collaboration was revealed.

This collaboration is certainly going to improve the transportation system. IOTA foundation is currently making news over its growing partnership with government and private industries. IOTA has increased its partners and also promoting its technology.

A few days back, IOTA foundation had partnered with the leading automobile company of UK, Jaguar Land Rover. The partnership allowed the drivers of Jaguar Land Rover to receive IOTA tokens for sharing information.

The IOTA foundation is also a Mobility Open Blockchain Initiative (MOBI) member, MOBI is a free industry consortium that makes use of blockchain solution to improve mobility. Other companies that are members of MOBI are Ford, IBM, BMW and GM.

If the new initiative of IOTA foundation and Texas is successful in implementing, then IOTA will further expand its services to other cities.

ATX published a newsletter in which it mentioned the plan of implementing IOTA in the existing transportation system. It said imagine users are shifting from one mobility service to another by using a single account; they might even use any other mode that they wish to. In order to do this, mobility providers, users and public agencies need to share information and transaction details to each other in a safe, efficient, secure and smooth way and to make this happen the IOTA foundation and Austin Transportation is working in partnership to bring the mobility future to Austin City.

At the event, the members said that the aim is to allow every transportation system to interact with a single payment app and with one digit virtual identity, to do this distributed ledger technology of IOTA will be used. The technologies of IOTA will offer a greater level of transparency for the supply chains of consumer goods.

The extreme downtrend in crypto mining benefits has hit GPU (Graphics Processing Unit) makers like Taiwan-based Nvidia hard. In the fourth quarter of 2018, the firm encountered a gigantic sell-off of its shares, cost-cutting of stocks by 54% and making it the lowest performer in the S&P 500, as indicated in a recent report by CNBC.

Since the year 2016 to September 2018, Nvidia’s fairly estimated worth uniquely expanded from $14 billion to $175 billion as demand for its GPUs in AI (Artificial Intelligence) and digital currency mining gain. In May 2018, the firm detailed its benefits from crypto mining for the first time while estimating a two-thirds drop in sale deals to miners for the second quarter.

Taiwan-based Nvidia at first estimated the insignificant crypto mining related deals in the third quarter, while the quarterly report in November reported that GPU sales for blockchain-related applications had everything but now disappeared. Nvidia CEO Jensen Huang said that the organization’s close term results reflect excess channel stock post the digital money blast, which will be rectified.

The recent disappearance and downtrend in crypto-related sales have left the organization with a crypto headache as indicated by Huang. The digital money free for all drove up costs for Nvidia’s GPUs, yet once that demand vanished, costs did not diminish rapidly enough to attract customers who were eagerly waiting for the right moment to grab more pocket-friendly cards.

Along with the decline in crypto mining sales, Nvidia’s server centered platform failed to meet Wall Street desires, despite the fact that income developed by 58 percent, as per CNBC. Today, Nvidia stock is down 4.09% and closing at $129.57.

Overall Chip stocks have performed low this year. The PHLX Semiconductor Index, which tracks significant equipment makers like Nvidia and Advanced Micro Systems (AMD), is down 20.37% more than the past three months. AMD’s share cost is down 45.42% over a similar period.

The post-mining blast equipment overabundance has seen a prominent drop in costs. AMD’s famous Radeon RX580 graphics processing unit (GPU), which has been generally utilized by crypto excavators, is presently being sold for $180, down 67% from a highly normal cost around $550 in February 2018.

Diminished profitability in the present bear market has made some miners leaves the business. Some mining firms in China have been auctioning off dated equipment that has achieved its shutdown cost by the kilogram so as to relieve their losses. As indicated by native reports, incomes from mining are never again enough to cover power and other related expenses.