4 ms·

Who and who?

• deckar01 9y ago
  Tether is a company that created a cryptocurrency (USDT) pegged to USD that is a popular substitute for trading fiat USD on cryptocurrency exchanges. Friedman LLP is the accounting agency that was supposed to be auditing Tether's USD holdings to ensure they were maintaining a full-reserve (1 USD in holding per 1 USDT in circulation). https://tether.to/announcement-transparency-update/ https://tether.to/announcement-transparency-update/
  • jameskilton 9y ago
    And with no audits and some very sketchy behavior, the thinking is that there are hundreds of millions of Tether in circulation without any subsequent backing USD. https://twitter.com/bitfinexed https://twitter.com/bitfinexed
    • ufo 9y ago
      (It is up to 2.2 Billion now!)
• ufo 9y ago
  Thether Inc. is a company running a cryptocurrency scam. They have create a cryptocurrency (also called Tether) that they claim is pegged to the US dollar. They have since emitted more than 2 billion of these tethers, and they claim that they are holding an equivalent amount of US dollars in their bank accounts. Tether Inc. have never released a public audit proving that they have these billions of dollars that they claim to have. And today the company that they said was auditing them has apparently cut ties with them, which is yet another sign that tethers are a scam that is about to blow up. The reason why this is important is the magnitude of the fraud here. Is is suspected that the billions of dollars of fake money that Tether has printed have been used to push up Bitcoin and cryptocurrency prices to their current high levels. There are many cryptocurrency exchanges accept tethers as if they were worth 1 USD and the latest price increase in bitcoin price that started last April coincides with when Tether inc became more active.