3 ms·

>Tether had had the cash, until it was stolen from them, and they started lying to pretend that it wasn't stolen. My understanding is funds in a bank account w

>Tether had had the cash, until it was stolen from them, and they started lying to pretend that it wasn't stolen. My understanding is funds in a bank account were seized and the account closed. Describing the shortfall that followed, while they tried to recover said funds, as fraud, is a tremendous mischaracterization. Did somebody at Bloomberg have a BTC short position blowup? They have a long history of publishing FUD to manipulate markets in their favor. I hear people are still looking for the mythical SuperMicro "spy chips"... lol

FireBeyond 5y ago
They also shipped tens of millions of dollars in BTC to another group to "assist" them with movement of funds (I want to say but am willing to be corrected, that the amount was actually ~$80M). The group ... didn't do that. They kept the BTC and said "sucks to be you".
jcranmer 5y ago
> My understanding is funds in a bank account were seized and the account closed. Describing the shortfall that followed, while they tried to recover said funds, as fraud, is a tremendous mischaracterization. They covered up pertinent facts that would seriously question their liquidity and/or solvency. Let me put it like this: suppose you were selling your house to me for $1 million. If I had $1 million in We Are Criminals Shadow Bank, Ltd., and I've been struggling for weeks to get them to give me any of my money back, how would you feel if I told you that I had $1 million in cash without mentioning any of those details? That's exactly what Tether did. If you still feel that calling that fraud is a mischaracterization, well, I have a bridge to sell you. I mean, I've been having a bit of trouble with the recorder of deeds over it, but that should get straightened out any day now, so it shouldn't matter, don't worry about it.

3 ms·

>Tether had had the cash, until it was stolen from them, and they started lying to pretend that it wasn't stolen. My understanding is funds in a bank account w

by mikeblackson 5y ago

FireBeyond 5y ago
They also shipped tens of millions of dollars in BTC to another group to "assist" them with movement of funds (I want to say but am willing to be corrected, that the amount was actually ~$80M). The group ... didn't do that. They kept the BTC and said "sucks to be you".
jcranmer 5y ago
> My understanding is funds in a bank account were seized and the account closed. Describing the shortfall that followed, while they tried to recover said funds, as fraud, is a tremendous mischaracterization. They covered up pertinent facts that would seriously question their liquidity and/or solvency. Let me put it like this: suppose you were selling your house to me for $1 million. If I had $1 million in We Are Criminals Shadow Bank, Ltd., and I've been struggling for weeks to get them to give me any of my money back, how would you feel if I told you that I had $1 million in cash without mentioning any of those details? That's exactly what Tether did. If you still feel that calling that fraud is a mischaracterization, well, I have a bridge to sell you. I mean, I've been having a bit of trouble with the recorder of deeds over it, but that should get straightened out any day now, so it shouldn't matter, don't worry about it.