...
It is important to note that this date was chosen by the law firm and tether did not know the date the bank balance was confirmed until after the fact. This means tether/Bitfinex cannot have sold bitcoin in order to raise sufficient USD to prepare to have their balance match on that date.
Yes, that is completely impossible, Quickseller!
Oh, wait:
But Hoegner said the law firm had "unfettered access" to Tether's bank balances beginning in March,
even though the report only addresses the balances of one day.
So basically the law firm only had access to data from March to June. This is precisely the period where the
Tether "FUD" was at a low level and Tether refrained from issuing hundreds of millions of USDT every few days.
The much more relevant and interesting time period before March (e.g. March 2017 - February 2018) has been
completely omitted.
It is interesting to see that the outstanding USDT are indeed backed as of June 1st, but stating
that Tether/BFX cannot have sold Bitcoin (or other cryptos) in advance is either disingenuous or a blatant
case of a non sequitur.
Standard example of a non sequitur:
1. The universe has had a beginning.
2. Therefore it also must have an end!!
The Quickseller non sequitur in question:
1. All USDT are backed as of June 1st, 2018.
2. Therefore Tether/Bitfinex cannot have sold any Bitcoin to prepare for the balances to match!!