Key Takeaways:
After May 7, demand hit 15,579 MW, Venezuela upheld a mining ban, and will next sanction illegal operators.Tether sued Titan Holding over a $300M defaulted loan and next seeks an asset freeze to recover funds.Binance notes stablecoins drive 90% of Peru’s $28B crypto market, aiming to cut remittance middlemen.The government of Venezuela issued a statement reiterating the ongoing ban on digital mining operations, as the country faces peak energy demand, prompting power rationing measures affecting citizens.
Tether Sues Titan Holding in Brazil to Recover $300 Million Defaulted LoanTether has introduced a lawsuit in São Paulo to recover $300 million borrowed to Titan Holding, a company part of the Master conglomerate owned by Daniel Vorcaro.
Vorcaro, who was apprehended on Thursday, was also the owner of Banco Master, liquidated by the Central Bank of Brazil in November after a $2.2 billion hole in its reserves was detected.
According to local media, the loan was issued by Tether Investments one year ago, before the Master conglomerate scandal exploded, affecting over 1 million customers. The loan was supposed to be repaid by March 28, 12 months after its issuance.
Nonetheless, until the time of writing, Tether has not received any repayment from Titan Holdings. In the lawsuit, Tether requests “the freezing of financial assets deposited in bank accounts, financial applications, investments, and any other financial assets held by the Defendants Titan, Master Holding, and Master Participações be ordered.”
90% of Peru’s $28 Billion Crypto Market Is Now Driven by StablecoinsFor Acosta, one of the driving forces behind this high level of adoption is the use of these as a dollar proxy for remittances and cross-border payments, as these benefit from the removal of middlemen, reducing costs and increasing the efficiency of these processes.
