Tether-backed Orionx to shut down after audit flags $7M custody gap
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Tether Gold has integrated with crypto lending platform Ledn and plans to launch XAUT-backed lending services this year.
According to Mars Finance, Tether stated that XAUT is backed 1:1 by physical gold held in Swiss vaults, with each token representing 1 troy ounce of gold, currently equivalent to approximately $23 billion in gold reserves. Ledn stated that XAUT used as collateral will continue to be held in custody at a 1:1 ratio and will not be lent out or used to generate returns.
Tether completes first full financial audit, receives clean KPMG opinion
KPMG’s audit covered Tether’s 2025 financial statements and found its reserves exceeded liabilities by $6.8 billion.
Morning Minute: Tether Finally Gets An Audit
It seems Tether passed, putting an end to the longest-running open criticism of the leading stablecoin company.
Tether Claims 'Largest Inaugural Financial Audit' as KPMG Signs Off on 2025 Statements
Tether said KPMG gave its 2025 financial statements a clean opinion, a milestone for the company after years of questions about the reserves backing USDT.
Goldfinch, a decentralized lending protocol powered by a16z, has announced it will be gradually shutting down.
According to a report by Cryptopolitan, Goldfinch, a decentralized lending protocol backed by a16z, has announced a phased shutdown. Last Friday, an investor using the pseudonym Edward Morra publicly accused the protocol of mismanagement, resulting in the loss of over $50 million in user funds. He claimed that borrower defaults and failed loan restructurings left depositors with virtually no chance of recovering their funds. The day after this post, the project announced its phased shutdown. The protocol's native token, GFI, plummeted 99.8% from its January 2022 peak of $32.94 to below $0.07, and its market capitalization fell from over $390 million to less than $6 million. Founded in 2021 by a former Coinbase employee, Goldfinch aimed to connect crypto capital with credit businesses neglected by traditional banks. a16z led a $25 million funding round for the protocol in January 2022. Problems began to surface within months of the financing: Kenyan motorcycle financing company Tugende Kenya defaulted, two underlying positions in a $2 billion loan from US credit fund Stratos nearly disappeared, and Singaporean borrower Lend East was only able to repay 58% of the principal. As the loan portfolio deteriorated, the agreement was turned to institutional credit funds, but ultimately this could not salvage the situation.
YGG Play has released a shutdown guide, advising users to unstake their YGG accounts and redeem in-game points by July 31st.
According to Foresight News , YGG Play, the Web3 game publishing division of YGG, has released a shutdown notice, announcing the closure schedule and user information. The announcement states that starting at 3 PM Singapore time on July 9th, the purchase functions and cross-platform quest system for "LOL Land" and "Waifu Sweeper" will cease operation. July 31st will be the last day of platform support, at which time the main site, Launchpad, and community quest site will all be closed. The announcement recommends that users complete the unstaking of YGG and the redemption of in-game points before July 31. Any compliant balance that is not processed by the deadline will be automatically converted and distributed to the linked wallet after the snapshot on the deadline date. However, the platform will no longer provide manual support for related issues at that time. The games "GIGACHADBAT" and "Ragnarok Breaker" will be operated and played by the Delabs team and Planetarium Labs respectively starting August 1st, and a new token exchange process will be launched. In addition, the originally scheduled 2026 YGG Play Summit has been cancelled.