Tether and Bitfinex subpoenaed by the CFTC as Bitcoin drops below $10K

The price of Bitcoin plummeted below $10,000 Tuesday morning as news broke that The U.S. Commodity Futures Trading Commission had subpoenaed Tether and Bitfinex, a so-called stablecoin cryptocurrency and one of the world's largest cryptocurrency exchanges, respectively. 

First reported by Bloomberg, news of last week's subpoenas follows allegations from critics of Tether that the digital currency may not in fact be backed on a one-to-one basis with U.S. dollars as its founders claim. 

SEE ALSO: A little-known token may be fueling Bitcoin's rise. Critics say it's a scam.

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

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