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If I recall, one Tether executive was holding a good portion of the “reserves” in his personal bank account. How it is that Tether trades on par with trustwort
by legutierr 5y ago
If I recall, one Tether executive was holding a good portion of the “reserves” in his personal bank account.
How it is that Tether trades on par with trustworthy alternatives like USDC, Paxos and Gemini, I have no idea.
- arcticbull 5y agoYeah, it's in the NYAG settlement I linked as [3]. At one point, all their money was in Stuart Hoegner's personal Bank of Montreal account (#17 in [3]). Hoegner (their GC) was the director of compliance at Excapsa, the parent company of the wildly non-compliant Ultimate Bet. That online poker site had a back door where some of their friends could see other poker players cards [1] [1] https://bennettftomlin.com/2021/03/27/before-bitfinex-and-tether/ https://bennettftomlin.com/2021/03/27/before-bitfinex-and-te...
- saalweachter 5y agoIn their defense, they probably thought this whole Tether thing would have imploded by now, and they needed to be ready to make their getaway.
- matheusmoreira 5y agoI think it's strange as well. There's all this uncertainty surrounding USDT. Why won't people switch to the other stable coins? Makes no sense. USDT markets still have the most liquidity and the peg remains unbroken.