There is a reflexive tendency among those who defend Tether to categorise those who criticize Tether as ‘truthers’, akin to those who spread ‘Jet Fuel Doesn’t Melt Steel Beams’ in their Facebook group about how the earth is flat. This tendency is absurd when you consider the history of the accusations made by ‘truthers’ and the truths later revealed.
Consider for example how often many Tether truthers leveled the accusation that there were unbacked Tethers. Frequently mocked by those who were ‘issuing and redeeming tethers all the time’ it eventually came out in the NYAG investigation that there were unbacked Tethers. So clearly that is not just a conspiracy theory.
In the middle of 2018 many of us started questioning Bitfinex’s and Tether’s relationship with Crypto Capital Corp. Eventually it would turn out that Crypto Capital Corp was a criminal enterprise. So clearly that is not just a conspiracy theory.
By the middle of 2018 I was suggesting that because Bitfinex was using Crypto Capital Corp they were having funds seized and frozen, with the implication being that Bitfinex was insolvent. This was entirely accurate. So clearly that is not just a conspiracy theory.
There was a period where we started to suggest they were not able to process withdrawals. Bitfinex very publicly claimed that this was untrue and withdrawals were working fine. This was a lie. Withdrawals were not working. So clearly that was not just a conspiracy.
Perhaps, the conspiracy theorists aren’t conspiracy theorists, but are instead dedicated indepedent researchers and journalists who refuse to abide the behavior of Bitfinex and Tether.
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