Discover and read the best of Twitter Threads about #Tether
Most recents (3)
1/ I don’t think there is any type of scam or fraud behind @bitfinex, #Tether, and $USDT reserves. Today’s report gave the market the most important information they needed (reserves are there), yet doubters want more. Here is why I don’t think there is fraud with #Tether:
2/ The hit on Bitfinex is that they are printing $USDT with no backing. This would mean that Bitfinex is knowingly committing fraud and market manipulation for in the crypto space, all while the biggest spotlight is on them. This seems extremely unlikely to me for many reasons.
3/ First let’s take a look at Occum’s Razor: “a problem-solving principle that, when presented with competing hypothetical answers to a problem, one should select the answer that makes the fewest assumptions.” Let’s take facts and not assumptions.
THREAD: Some takeaways from the article published today by @FTM_nl on #Tether / #Bitfinex (article is in Dutch). I worked with @thomasbollen on the research behind the article and the leads that provided were followed up by Thomas. Hope you’ll read & share ftm.nl/artikelen/ing-…
1/ The article first discusses many, often separately reported, facts about Tether and Bitfinex, i.e. Paradise papers, loss of banking, break with audit company, +800m tethers in Jan, tetherreport.com, and adds all sorts of details to provide an in-depth longread.
2/ While doing research into Tether and Bitfinex, we stumbled upon an ING bank account. The article particularly describes results of subsequent research steps taken by Thomas on this Dutch link. It provides some new insights, the main takeaways are outlined below.
#Tether is/was:
- created to bypass KYC/AML laws & the banking blockade on exchanges that don't comply.
- a centralized stop-gap solution until connections to fiat are unneccesary.
- most likely holding reserves in an offshore bank account.
#bitcoin $btc
- created to bypass KYC/AML laws & the banking blockade on exchanges that don't comply.
- a centralized stop-gap solution until connections to fiat are unneccesary.
- most likely holding reserves in an offshore bank account.
#bitcoin $btc
2/ @Tether_to cannot defend themselves b/c they risk gov't intervention. Making their bank account(s) public puts them at greater risk of being shut down & assets seized. They also can't acknowledge back room deals between the exchanges & them, that puts the exchanges at risk.
3/ The similarity between Tether & the online sportsbooks/casinos that have had to route around banking blockades for years is obvious. Both need to use sketchy banking practices to maintain their businesses or face government intervention.
