4 ms·
Tether and Bitfinex have the same owner. They print the Tethers for free, move them to an exchange, exchange them for Bitcoin or other token, convert that to US
by adbachman 4y ago
Tether and Bitfinex have the same owner. They print the Tethers for free, move them to an exchange, exchange them for Bitcoin or other token, convert that to USD.
As long as it happens slowly enough and with enough steps, that's 1 USDT converted to 1 USD.
The damages are everyone with money in a USDT denominated exchange who believes that the actual USD still exists somewhere in the system. It left months / years ago, the people still playing are the ones holding the empty bag.