4 ms·

err it's been publicly admitted by Tether in documentation submitted to the NY courts hearing their case against the NYAG that they're not 1:1 backed. From htt

err it's been publicly admitted by Tether in documentation submitted to the NY courts hearing their case against the NYAG that they're not 1:1 backed. From https://bitcoinmagazine.com/articles/holders-are-not-at-risk-bitfinex-lawyer-responds-to-ny-attorney-general https://bitcoinmagazine.com/articles/holders-are-not-at-risk... "Hoegner admits that Tether is operating under a roughly 74 percent reserve"

martinko 6y ago
Thats two different things. They are backed by loans to bitfinex, like your money in the bank is backed by mortgages etc. I am not defending this, I think it is a major fuck up (one of many by bitfinex), but again, I do not think they are insolvent and that they will not be able to cover tether liabilities.