Breaking report from Bloomberg

This could be very big news.

Bitfinex markets itself as the world's biggest crypto exchange.

Bloomberg reports that the US Commodity Futures Trading Commission sent subpoenas last week to Bitfinex and Tether last week. They cite a person familiar with the matter.

For background, I wrote earlier this month: If crypto implodes, Bitfinex and Tether will be at ground zero

This week, Tether abandoned its audit. The cryptocurrency claims to back up its 2.3 billion coins at a 1-to-1 ratio with US dollars.

"We routinely receive legal process from law enforcement agents and regulators conducting investigations," Bitfinex and Tether said in a statement to Bloomberg. "It is our policy not to comment on any such requests."

The broader crypto market is getting hit on these headlines with Bitcoin now testing below $10,000, down 10% on the day.

Reading through the report, there is virtually no detail on what the CFTC is looking for or what is in the subpoena.

