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What? How does Tether come into this? How is it related to FTX?

by hungryforcodes 4y ago

xwdv 4y ago
Tether is related to FTX in the sense it is also a fraud and will eventually collapse.
- zoklet-enjoyer 4y ago
  FTX was one of their biggest customers. I think they both used the same bank too
gitfan86 4y ago
They both claim to be well capitalized, but have provided no proof that that capitalization isn't coming from market manipulation of coins they own.
- cbm-vic-20 4y ago
  For whatever it's worth (I have no skin in the crypto game, I just watch for the drama), Tether posts some third party audits around this, but who knows if that's trustworthy. https://tether.to/en/transparency/#reports https://tether.to/en/transparency/#reports
  - gitfan86 4y ago
    It isn't an audit but a report. The difference is that a report just says "this person had $100 in their checking account on this date" an audit tells you where those funds came from and how long they have been in the account.
  - deleted 4y ago
    [deleted]
TacticalCoder 4y ago
tether (aka USDT) and Bitfinex are part of the same iFinex group. The Panamera papers revealed what everyone in the business knew: they're all exactly the same owners. So tether/Bitfinex: one and the same. Now how does FTX relates to tether? Bifinex's top lawyer happens, what a coincidence, to be an ex-colleague of FTX's top lawyer. But wait, it gets better: what does these two used to work together on? A poker server software that had a "god mode" where owners would see customers' cards and defraud them. So these two lawyers were already working hand in hand on a previous fraud. And now at least one of them is caught, again, in a similar fraud (replace poker with crypto), where the money sent to these guys disappears in a black hole. But it's just a coincidence right? OK... What about this one: it's well known that the Bahamas bank at the center of the entire tether thing is Deltec/Delbank (they also have tens if not hundreds of companies). Guess who SBF bought a bank in the US from? From the owner of Deltec. So tether and FTX may be related in that they both frauds (at least one is proved to be a fraud now). Or, if we listen to those who correctly explained SBF and FTX were scam from day one, before SBF was even in the news as the savior of the world, FTX and tether are one and the same fraud. Tether is ultra shady but they may have counterfeited their way into solvency (buy cheap bitcoins, print fake usdt to pump bitcoins... The guys were already in this game back when Bitcoin was worth $200 or so IIRC). Especially if, by sheer luck, the trading arm of Bitfinex (Bitfinex has a company that is to Bitfinex what Alameda was to FTX) happens to be those on the winning side of the trade where FTX/Alameda lost billions. For that's the thing: they "lost" billions and we're to believe it's retail who won big vs the billions FTX lost? But I'd say it's unlikely anything substantial will be publicly disclosed. I only except lies and more lies from the very same media that were presenting SBF as an altruistic genius.

What? How does Tether come into this? How is it related to FTX?

xwdv 4y ago

Tether is related to FTX in the sense it is also a fraud and will eventually collapse.

zoklet-enjoyer 4y ago
FTX was one of their biggest customers. I think they both used the same bank too

gitfan86 4y ago

They both claim to be well capitalized, but have provided no proof that that capitalization isn't coming from market manipulation of coins they own.

cbm-vic-20 4y ago
For whatever it's worth (I have no skin in the crypto game, I just watch for the drama), Tether posts some third party audits around this, but who knows if that's trustworthy. https://tether.to/en/transparency/#reports https://tether.to/en/transparency/#reports
- gitfan86 4y ago
  It isn't an audit but a report. The difference is that a report just says "this person had $100 in their checking account on this date" an audit tells you where those funds came from and how long they have been in the account.
- deleted 4y ago
  [deleted]

TacticalCoder 4y ago

tether (aka USDT) and Bitfinex are part of the same iFinex group. The Panamera papers revealed what everyone in the business knew: they're all exactly the same owners. So tether/Bitfinex: one and the same. Now how does FTX relates to tether? Bifinex's top lawyer happens, what a coincidence, to be an ex-colleague of FTX's top lawyer. But wait, it gets better: what does these two used to work together on? A poker server software that had a "god mode" where owners would see customers' cards and defraud them. So these two lawyers were already working hand in hand on a previous fraud. And now at least one of them is caught, again, in a similar fraud (replace poker with crypto), where the money sent to these guys disappears in a black hole. But it's just a coincidence right? OK... What about this one: it's well known that the Bahamas bank at the center of the entire tether thing is Deltec/Delbank (they also have tens if not hundreds of companies). Guess who SBF bought a bank in the US from? From the owner of Deltec. So tether and FTX may be related in that they both frauds (at least one is proved to be a fraud now). Or, if we listen to those who correctly explained SBF and FTX were scam from day one, before SBF was even in the news as the savior of the world, FTX and tether are one and the same fraud. Tether is ultra shady but they may have counterfeited their way into solvency (buy cheap bitcoins, print fake usdt to pump bitcoins... The guys were already in this game back when Bitcoin was worth $200 or so IIRC). Especially if, by sheer luck, the trading arm of Bitfinex (Bitfinex has a company that is to Bitfinex what Alameda was to FTX) happens to be those on the winning side of the trade where FTX/Alameda lost billions. For that's the thing: they "lost" billions and we're to believe it's retail who won big vs the billions FTX lost? But I'd say it's unlikely anything substantial will be publicly disclosed. I only except lies and more lies from the very same media that were presenting SBF as an altruistic genius.