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What's the $ in your remark? Hint: Its not USD. For an exchange like Binance, its USDT, or Tethers. Its not so hard for them to print USDT and pretend that the

What's the $ in your remark? Hint: Its not USD. For an exchange like Binance, its USDT, or Tethers. Its not so hard for them to print USDT and pretend that they're dollars.

RestlessMind 3y ago
USDT / Tether came out recently with the proof of reserves. Even US regulators looked into that and found nothing - https://www.cnbc.com/2021/02/23/tether-bitfinex-reach-settlement-with-new-york-attorney-general.html https://www.cnbc.com/2021/02/23/tether-bitfinex-reach-settle... Rising interest rates certainly helped them and USDC/USDT are a money making machine now for their owners.
- AlexandrB 3y ago
  > USDT / Tether came out recently with the proof of reserves. Do you have a link for this? All I could find is an "attestation" of reserves from a few months ago but could not find any evidence of an audit by a third party that might constitute "proof".
  - RestlessMind 3y ago
    https://tether.to/en/transparency/#reports https://tether.to/en/transparency/#reports Latest report from an independent auditor: https://assets.ctfassets.net/vyse88cgwfbl/63oJePOHqIvrcnXWMPZ1M0/4cfaf2e7cdf80c30b17fdc70faaf741f/ESO.03.01_Std_ISAE_3000R_Opinion_30-06-2023_BDO_Tether_CRR.pdf https://assets.ctfassets.net/vyse88cgwfbl/63oJePOHqIvrcnXWMP... Key stats: "Cash & Cash Equivalent & Other Short-Term Deposits" are $73,567,577,334 (out of total assets of $86,499,251,218). Remaining assets are precious metals ($3,270,216,824), bitcoin ($1,676,229,360), corporate bonds ($115,496,758) etc. It is no rocket science to see why USDT is in black now - with 83B USDT, they have that much cash available to park in T-bills and earn 5+% interest just like that. Even if they were in a hole a few years back, they would have recovered over the last 12-18 months when interest rates started rising.
- mptest 3y ago
  >Even US regulators looked into that and found nothing - https://www.cnbc.com/2021/02/23/tether-bitfinex-reach-settle https://www.cnbc.com/2021/02/23/tether-bitfinex-reach-settle... This feels extremely dishonest. They paid a fine/settlement, and are literally no longer allowed to do business in NY lol. Same as trump's businesses. I wouldn't call that finding nothing. You don't pay a 20m fine to regulators and get banned from doing business in the state, if they found nothing lol.
SAI_Peregrinus 3y ago
It's whatever currency the miners use to pay for their power. That's almost certainly not USDT or Tethers, or any other cryptocurrency.

What's the $ in your remark? Hint: Its not USD. For an exchange like Binance, its USDT, or Tethers. Its not so hard for them to print USDT and pretend that they're dollars.

RestlessMind 3y ago

USDT / Tether came out recently with the proof of reserves. Even US regulators looked into that and found nothing - https://www.cnbc.com/2021/02/23/tether-bitfinex-reach-settlement-with-new-york-attorney-general.html https://www.cnbc.com/2021/02/23/tether-bitfinex-reach-settle... Rising interest rates certainly helped them and USDC/USDT are a money making machine now for their owners.

AlexandrB 3y ago
> USDT / Tether came out recently with the proof of reserves. Do you have a link for this? All I could find is an "attestation" of reserves from a few months ago but could not find any evidence of an audit by a third party that might constitute "proof".
- RestlessMind 3y ago
  https://tether.to/en/transparency/#reports https://tether.to/en/transparency/#reports Latest report from an independent auditor: https://assets.ctfassets.net/vyse88cgwfbl/63oJePOHqIvrcnXWMPZ1M0/4cfaf2e7cdf80c30b17fdc70faaf741f/ESO.03.01_Std_ISAE_3000R_Opinion_30-06-2023_BDO_Tether_CRR.pdf https://assets.ctfassets.net/vyse88cgwfbl/63oJePOHqIvrcnXWMP... Key stats: "Cash & Cash Equivalent & Other Short-Term Deposits" are $73,567,577,334 (out of total assets of $86,499,251,218). Remaining assets are precious metals ($3,270,216,824), bitcoin ($1,676,229,360), corporate bonds ($115,496,758) etc. It is no rocket science to see why USDT is in black now - with 83B USDT, they have that much cash available to park in T-bills and earn 5+% interest just like that. Even if they were in a hole a few years back, they would have recovered over the last 12-18 months when interest rates started rising.
mptest 3y ago
>Even US regulators looked into that and found nothing - https://www.cnbc.com/2021/02/23/tether-bitfinex-reach-settle https://www.cnbc.com/2021/02/23/tether-bitfinex-reach-settle... This feels extremely dishonest. They paid a fine/settlement, and are literally no longer allowed to do business in NY lol. Same as trump's businesses. I wouldn't call that finding nothing. You don't pay a 20m fine to regulators and get banned from doing business in the state, if they found nothing lol.

SAI_Peregrinus 3y ago

It's whatever currency the miners use to pay for their power. That's almost certainly not USDT or Tethers, or any other cryptocurrency.