Note: An earlier version of this article contained a version of this diagram with a minor typo. Acknowledgements: I would not have been able to complete this as thoroughly as I did without building off existing work. It needs to be pointed out that years ago u/SpeedflyChris (archive) pointed out these same connections. I also … Continue reading The 2015 Bitstamp, 2015 Bitfinex, and 2017 Tether Hacks are Connected
PART ONE CAN BE FOUND HERE PART TWO CAN BE FOUND HERE PART FOUR CAN BE FOUND HERE https://www.youtube.com/watch?v=4OThSfFGTMc Cas Piancey, my writing partner and friend, and I are doing several episodes on the history and controversy surrounding Bitfinex and Tether. This episode is focused on questions we have gotten about Bitfinex and Tether. You … Continue reading My Third Conversation with Cas Piancey on ‘Tether: A Stable Discussion’: Questions and Answers
Tether has released a brand new attestation (archive) (my copy) showing that they are fully backed! Well, it shows that for at least one entire minute Tether was fully backed. Moore Cayman, an auditing firm in the Cayman Islands, has provided an assurance opinion on the current reserves of Tether. I am going to highlight … Continue reading Tether’s New Attestation: Thanks For Nothing
Cas Piancey and Bennett Tomlin discuss the history of Bitfinex and Tether and their struggles with solvency
Cas Piancey and Bennett Tomlin discuss the early history of Bitfinex and Tether
If you spend any significant amount of time on crypto twitter, especially as a contrarian or a skeptic, you will inevitably come across accounts that seem less than genuine. These bots, sock puppets, or intelligence deficient accounts are a nuisance, but their role in crypto is more complex than their limited speech will convey. Often … Continue reading Sockpuppets, Bots, and Crypto: Oh My!
In 2017 Tether was issuing unbacked Tethers. This has been confirmed as part of their settlement with the New York Attorney's General office. As an exercise in trying to ensure that I have not become overly biased around Tether what I will attempt to do in this article is construct the best case scenario for … Continue reading The Best Case Scenario for Tether’s Activities in 2017
Bitfinex and Tether have settled with the New York Attorney General. The settlement document can be found here. (My copy) Many seem to find the document exculpatory, but I find it damning. As I have discussed previously, Bitfinex and Tether are dishonest and we are now getting a better view into just how dishonest they … Continue reading Analysis of the Tether/Bitfinex NYAG Settlement
Crypto Capital Corp is a licensed (in Panama (archive) [for one of the corporations]), unlicensed (My copy) (just about everywhere else) money transmitter and payment processor. They partnered with a variety of cryptocurrency companies including: Kraken, Bitfinex, Quadriga, Bitmex, Coinapault, and more. They are implicated in wire fraud, bank fraud, embezzlement, and hundreds of millions … Continue reading What is Crypto Capital Corp?
UPDATE: I MAKE THE CLAIM THAT BITFINEX LIED ABOUT OWNING TETHER, THIS IS TRUE BUT I WANTED TO PROVIDE ADDITIONAL CONTEXT HERE Recently I was asked to do a guest lecture on Bitfinex and Tether. You can find it here: https://whu.cloud.panopto.eu/Panopto/Pages/Viewer.aspx?tid=f0fca2e9-f79e-4f81-b659-acd30078104e YouTube version: https://youtu.be/jGl6XKv4k0E My uploaded version: You can find the slides here. You can … Continue reading Guest Lecture at WHU – An Introduction to Bitfinex and Tether