News

Daily News Summary 26/10

Essence Finance Rugpull

The stablecoin project, Essence Finance, part of the Scroll ecosystem, appears to have collapsed. It is suspected to be a rugpull, as its stablecoin, CHI, has fallen by over 92% to $0.077 in the past 24 hours. The loss of peg is due to the removal of over $20 million in collateral backing the token.

No Investigation Against Tether

Tether’s CEO, Paolo Ardoino, denied reports claiming that U.S. authorities had initiated a criminal investigation against Tether. The news, reported by the WSJ based on a source familiar with the matter, turned out to be more speculation than fact. Tether maintains well-documented and extensive cooperation with law enforcement to prevent illicit activities.
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