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A controversial cryptocurrency is exploding as traders look for safety away from bitcoin’s wild swings
Bitcoin trades paired against Tether's USDT, a stable-coin, now make up 14% of bitcoin trading volumes.
Recent falls are largely down to market fears after reports that cryptocurrency exchanges Bitfinex and Tether being subpoenaed by US regulators in December.
Everything you need to know about Tether, the cryptocurrency that people worry could crash bitcoin and that regulators are investigating
Bitcoin dived on Tuesday night after news that two companies, Bitfinex and Tether, had been subpoenaed by the US Commodity Futures Trading Commission (CFTC).
Both Bitfinex and Tether, which share a CEO, have been accused of fraudulent behavior.
The relationship with Friedman LLP "dissolved" due to the auditors' "excruciatingly detailed procedures," Tether said in a statement.
The hack led to speculation online and in the press that Tether did not hold the dollar reserves it claims are backing its cryptocurrency.
Tether, the US company behind a cryptocurrency pegged to the dollar, on Tuesday said $31 million had been taken from its main wallet on Sunday.