Bitcoin Forum

https://www.wsj.com/articles/bitfinex-used-tether-reserves-to-mask-missing-850-million-probe-finds-11556227031

A cryptocurrency exchange that claims real dollars back its popular digital coin Tether raided those reserves to cover up $850 million that went missing, the New York Attorney General’s office said Thursday.

State Attorney General Letitia James said Hong Kong-based iFinex Inc., which operates the Bitfinex cryptocurrency exchange and owns Tether Ltd., has been commingling client and corporate funds to cover up the missing funds, which occurred in mid-2018 and hadn’t been disclosed publicly.

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Fuck. When everything seemed to be getting better. Tether is always a ghost under the bed...

Go hell! fucking Tether! and fucking Bitfinex! i don't care both of them..

IN BITCOIN WE TRUST!

Well, it took long enough to kill this shitcoin (tether).

Sustainable crypto ecosystem needs to be cleaned from theses scams. Not just for BTC, but for all crpytos that are being built with the right mindset.

Is it really surprising though? Between altcoins that are made by exchanges and exchanges themselves being founded so much on trust, there's bound to be something that'll throw a wrench into the mix. This time it was Tether, soon there'll be another crypto run by an exchange after it gets "hacked" as a means of trying to get money back so they can recover the losses, etc. There was an attempt here with Bitfinex, lo and beyond it got scuffed. It's the same song and dance with a slight variation in the tune and movements. One day there might be an exchange which doesn't collapse in on itself, however, that seems like a pipe dream at this point.

Keep it calm if you are a Bitcoin Hodler.
Buy in the deep and HODL!

Just did ! :P ;D

tether is a coin that has a lot of controversy. tether is a coin that has a high risk, noble bank has also cut ties with tether, because it is considered no longer profitable and loses many customers, the impact is that the Noble bank must be audited by Puerto Rico regulators last year. The audit was mainly related to its partnership with Bitfinex and Tether.
Noble Bank must report financial activities in its institution to the US government to prevent money laundering. I think, after I heard this news, I saw that coin tether is bad for investment and trading.

but if Tether crashes so will bitcoin.

People buy Tether because they think its linked to the dollar, well it's been artificially held at this level, but should enough people bail then tether will crumble.

At the point where bitfinex has to pay out more dollars or btc (minus any profits its owners have taken out, or used to cover loses) then it will declare itself bust. It's only ever been a scam to suck up money from suckers (crypto-fans)

At the moment this is still some time away , and might not happen for another year or two. But when the idots(most of you on this forum) realise that you've been had, then its another btc crash.

Do you really thing bitfinex has 3 Billion dollars to pay off all you hodlers!

Though manu users don't like this coin but we all.know that during the bearish market tether could be an option to convert the crypto to tether and secure your money. And as the market slowly recover one can then convert again to the desired crypto that one would like to hold.

So, tether may not be purposely created for this but it is one of the most stable crypto in the market.

that is quite surprising because Bitfinex is a fairly famous exchange place.
With this happening the belief in bitfinex and tether will decrease

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move this thread to correct section Altcoin Discussion  (https://bitcointalk.org/index.php?board=67.0)
because tether is a cryptocurrency and this section just for bitcoin discussion

tether has been problematic for a long time.
I do however worry that if yet another well-known currency goes bust that yet another drop will occur and we might not ever be able to recover what has already seemingly been a horrible market drawback

- its very good news, cause i'm buying BTC next week.

Tether depends on Bitcoin not the other way.

There was a time when there was no tether only bitcoin and bitcoin did not need tether to exist and raise in value. Tether is only a convenient way to sell coins on exchanges it's not deciding the price of bitcoin.

I just lost all trust in tether and will not be taking any more risk with it!
i suggest all of you guys to migrate to USDC, which is a stable coin thats REALLY backed by USD!

Haha! So that is why btc and eth go plunging down. You are right that this a good timing for those bastards and I'm sure bankers are behind it. Who know if they already have known these for a while and just waiting for the perfect timing to release this huge FUD which is when btc is on the start of its bull run.

What will happen to the Bitfinex itself?
Is it safe to trade there now or is it better to withdraw funds?

as we know tether have trouble anytime for dumping price bitcoin and  all crypto, so we have to warning next to be carefull and wait for price back like 2 day ago. don't trust tether as stable for replace dollar when it not make a good reputation of cryptocurrency.

I'm even afraid to imagine what will happen to the market as a whole if the attacks on the usdt intensify. Apparently the powers that be ordered all this fud.

Crypto market:165 billion $
Tether: 2.8 billion $

Tether represents 1.7% of the market. Let this fraud sink, it's better for the cryptos.

So, Bitfinex and Tether scam? New York Attorney is very seriously.
On the other hand, Bitfinex is not an American company. Why the NY attorney relate to this?

I think because some local residents are among the alledged victims of the alledged scam.

Tether was proven in a good number of times to be quite shady, from not doing proper 3rd party audit to not staying 1:1 to dollar.
That's actually what fueled the late rise of new stablecoins.


This is a question I'd also like to see answered.
It may be related to US citizen filling complaints when the last hack has happened. But I don't know how jurisdiction works so I'd like others' opinions too.

Time will prove me right. Oh, it did. btc down today blamed on tether and yet tether is still trading close to one dollar.

Trust me, if tether crashes, btc will fall further

Yeah, I have read the full story of Tether from another source bitfinex tether (https://all-stocks.net/featured-the-full-story-of-bitfinex-tether/). The New York Attorney General (NYAG) files a lawsuit alleging that Bitfinex and Tether have been engaging in fraud. Though in another reply Bitfinex assures shareholders that the missing funds that it is a temporary situation, and funds will be released in a few weeks. Bitfinex also reveals that Tether is backed 74% by cash, the first real transparency we have seen on the subject.