5 ms·
Tether releases law firm report confirming existence of a declaration from unnamed bank that attests to 2.5 billion USD in reserves. Oh, and members of said law
by jsmeaton 8y ago
Tether releases law firm report confirming existence of a declaration from unnamed bank that attests to 2.5 billion USD in reserves. Oh, and members of said law firm are on the advisory board of said unnamed bank.
> Eugene Sullivan, a former federal judge and FSS cofounder, is an advisory board member of one of Tether’s banks, the report said.
So the unnamed bank sent documents confirming deposits. The law firm confirmed receipt of those documents.
So - the exchange (bitfinex) and tether are in cahoots. The law firm and at least one of the banks are in cahoots. It's just so strange that no legitimate proof of accounting has been provided, and that people are still putting their trust into tether.
One of these things is correct:
1. Tether and all claims made are legitimate.
2. Tether don't actually have the money, but are trying desperately to make it all up before any kind of audit is begun. This is currently fraud but hoping not to be fraud in the future.
3. Fraud.
If 1. is true, then you would have to imagine some kind of proof would have been provided by now.
- windows_tips 8y agoWhy does Tether need the money? The tokens aren't redeemable for USD, are they?
- talltimtom 8y agoI think legally they are in the clear, but if what I suspect is true and they gambled the backing money on the crypto markets and now have less than the amount of tether circulating, a discovery of that fact will likely instantly evaporate any liquid assets they have, and they are likely trying like hell to get into the green so they can do an audit and start pulling in more money. Assuming I’m right, it’s kind of like if you somehow managed to loan a couple of billion dollars and then lost 10%, you still have billions of liquid funds available to you, so what do you do? Declare bankruptcy or start putting chunks of it on black hoping to score a potential million dollar surplus for yourself before you close the loan?
- jsmeaton 8y agoThat’s called fraud.
- jellicle 8y agoTether asserts that they are redeemable for USD.