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The sad reality appears to be that Tether was fully backed dollar-for-dollar by USD in a reputable bank, but that the associated cryptoexchange owned and operat
by zaroth 8y ago
The sad reality appears to be that Tether was fully backed dollar-for-dollar by USD in a reputable bank, but that the associated cryptoexchange owned and operated by the same people got robbed by a government entity and left them insolvent.
I blame the Tether guys for not declaring the exchange bankrupt at that point and keeping the Tethers entirely walled off.
Tether will have, in part, been brought down by a government agency (assuming that the whole Crypto Capital thing isn’t entirely a scam/front/honeypot).
If customers lose funds in this, it traces back to whoever has the Crypto Capital money.
It’s not at all surprising that the government would ultimately be responsible for bringing down Tether, since it’s clearly illegal to operate per AML/KYC/FinCen regulations.
In the end the entity that confiscated the billion dollars could offer restitution in exchange for an IRS audit. I would guess many would gracefully decline.
- vkou 8y ago> The sad reality appears to be that Tether was fully backed dollar-for-dollar by USD in a reputable bank, but that the associated cryptoexchange owned and operated by the same people got robbed by a government entity and left them insolvent. Crypto Capital provided no evidence that the funds have been seized by governments.
- A2017U1 8y agoBloomberg have the responsibility to confirm it regardless, that's the job of a journalist rather than blindly parroting whatever a company tells you. They are still publishing articles not mentioning the fact despite Polish media confirming it. Low effort journalism.