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Author Topic: Bitfinex Used Tether Reserves to Mask Missing $850 Million  (Read 271 times)
Iamtutut
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April 26, 2019, 06:03:04 PM
 #21

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.
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NeuroticFish
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April 26, 2019, 06:20:00 PM
 #22

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

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.

On the other hand, Bitfinex is not an American company. Why the NY attorney relate to this?

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.

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April 26, 2019, 09:22:02 PM
 #23

but if Tether crashes so will bitcoin.

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.

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
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November 14, 2019, 10:51:56 AM
 #24

Yeah, I have read the full story of Tether from another source 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.
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