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/biz/ - Business & Finance


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29474584 No.29474584 [Reply] [Original]

"On November 1, 2018, Tether publicized another self-proclaimed ‘verification’ of its cash reserve; this time at Deltec Bank & Trust Ltd. of the Bahamas. The announcement linked to a letter dated November 1, 2018, which stated that tethers were fully backed by cash, at one dollar for every one tether. However, the very next day, on November 2, 2018, Tether began to transfer funds out of its account, ultimately moving hundreds of millions of dollars from Tether’s bank accounts to Bitfinex’s accounts. And so, as of November 2, 2018 — one day after their latest ‘verification’ — tethers were again no longer backed one-to-one by U.S. dollars in a Tether bank account."
-NY AG office
home of some of the best forensic accountants in the world
You don't transfer funds out of an account the day after an "audit" you fucking retards

>> No.29475117

How bad this is?

>> No.29475194

>>29474584

Sir I need you to tell me to

How bad this is it?

Sir are you here?

>> No.29475510

>>29475194
It's only bad if the market decides to turn on tether.
NY AG can't really do shit to tether/bitfinex
But if the market doesn't like holding tether you will see a massive sell off until coinbase can get enough money for USDC to circulate at a high enough level