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Title: Bitfinex and Tether sued for alleged fraud! Post by: shasan on April 26, 2019, 07:02:42 PM To know more click on the image below:
https://image.prntscr.com/image/qF10Gj5cTAOLcBDSDKBWcQ.png (https://www.coindesk.com/bitfinex-ny-prosecutors-tether-850-million-allege) Title: Re: Bitfinex and Tether sued for alleged fraud! Post by: TheNewAnon135246 on April 26, 2019, 07:24:45 PM I suggest that people read the filing and ignore all the poorly written articles: https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=vIexA1b0spKOnK_PLUS_ZUGTJ3A==&system=prod
Title: Re: Bitfinex and Tether sued for alleged fraud! Post by: Quickseller on April 26, 2019, 07:39:16 PM here (https://www.bitfinex.com/posts/356) is Bitfinexs response.
This doesn’t look very good for Bitfinex or tether. The value of the collateral that was securing the line of credit was valued at ~$120mm as of late yesterday after the news broke. This is on a $700mm draw on the line of credit. There are appropriately $2.7 billion tethers outstanding. This means the amount of dollars backing tethers is approximately $0.74 per tether, plus another $0.044 per tether, or a total of about $0.80 per tether (rounding). It isn’t unreasonable to suggest tether makes 3% per year on their bank deposits and charges 3% to withdraw for amounts over $10mm. Title: Re: Bitfinex and Tether sued for alleged fraud! Post by: suchmoon on April 26, 2019, 07:46:25 PM Please format the accusation with proper facts or move it where news reports belong. Title: Re: Bitfinex and Tether sued for alleged fraud! Post by: shasan on April 26, 2019, 07:51:20 PM Please format the accusation with proper facts or move it where news reports belong. They have no bitcointalk profile link so, scam accusation format cant work. Waiting for the suggestion. If it belongs to reputation then I will move. Title: Re: Bitfinex and Tether sued for alleged fraud! Post by: suchmoon on April 26, 2019, 08:00:06 PM I am not sure, should I move it to reputation board? They have no bitcointalk profile link so, scam accusation format cant work. Waiting for the suggestion. If it belongs to reputation then I will move. It doesn't need to have a profile link, just explain who scammed whom and how and for how much, etc. Otherwise it's more of a Bitcoin Discussion (or Altcoin Discussion) topic. Title: Re: Bitfinex and Tether sued for alleged fraud! Post by: Bitcoin_Arena on April 26, 2019, 09:29:04 PM Shasan, I think this fits well int he Press (https://bitcointalk.org/index.php?board=77.0) board if you follow the right reporting format or even other boards like Trading discussion because I don't think it's a scam accusation.
Title: Re: Bitfinex and Tether sued for alleged fraud! Post by: xtraelv on April 27, 2019, 10:04:44 AM No surprises here. Bitfinex’ed has been warning about Tether for years. Tether is a good idea but it is just too tempting to use it as an infinite line of credit. Lack of bank co-operation also made it risky.
Title: Re: Bitfinex and Tether sued for alleged fraud! Post by: Lauda on April 27, 2019, 10:06:16 AM Step 1) Confiscate a company's funds.
Step 2) Sue the company for being insolvent. Step 3) Profit? ::) |
