A Non-Exhaustive List of Bitfinex and Tether’s Misdeeds and Red Flags

This is a living document that I intend to continue to update as I continue to research Bitfinex and Tether. I hope it will serve as a useful reference material for anyone who needs to try to keep in mind their many inappropriate behaviors. If you find any I missed, feel free to leave a comment. Update: since this is a living document I wanted to provide you an archive link of the original so you can see any changes that are made. You can find that here. If you believe I made a mistake then feel free to leave a comment. It is not an introduction or summary. For that you can look here:

Continue reading “A Non-Exhaustive List of Bitfinex and Tether’s Misdeeds and Red Flags”

Episode 7 – QuadrigaCX: the Canadian cryptocurrency exchange that just won’t die — Crypto Critics’ Corner

QuadrigaCX: the Canadian cryptocurrency exchange that just won't die Crypto Critics' Corner

Bennett and Cas dive into what happened at QuadrigaCX – once the largest Canadian Bitcoin exchange. If you'd like to read a more detailed piece you can find "Death Fraud" here: https://medium.com/coinmonks/death-fraud-6920cc93d0a7

In this episode Cas and I dive into QuadrigaCX, the ill-fated exchange who was using Crypto Capital, lost client funds, got their start in ponzi schemes, may have faked their own death, and more.

Cas wrote an in-depth piece on Cotten’s death fraud.

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Sunday Reads – Things I Found Interesting 2021-05-30

Ethereum

Vitalik breaks down the limits to scaling.

Hard Forks

Eric Wall shares a flowchart from the Segwit2X Bitcoin scaling debate that can serve as a useful model for understanding contentious hard forks.

Steve Bannon’s Italian Gladiator School for Western Culture

Ben Munster breaks down the absurdity of the above phrase.

ICYMI

In this article I try to summarize what I see as the difference between the trader perspective and skeptic perspective on Tether and Bitfinex, plus it’s like a greatest hits of their fuck-ups.

In this podcast episode Cas and I discuss Crypto Capital Corp, the shadow bank to the cartels and to Bitfinex and Tether.

In this article I try to work through my thoughts on why Coinbase listed Tether.

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Episode 6 – Crypto Capital Corp: the quiet billion dollar cryptocurrency scam — Crypto Critics’ Corner

In this episode Cas and I take a look at the payments processor for Bitfinex, Tether, Kraken, Quadriga, and Bitmex. They’re implicated in money laundering for the cartels, wire fraud, bank fraud, embezzlement, and more.

Episode 6 – Crypto Capital Corp: the quiet billion dollar cryptocurrency scam — Crypto Critics’ Corner

Crypto Capital Corp: the quiet billion dollar cryptocurrency scam Crypto Critics' Corner

Cas and BT discuss Crypto Capital Corp, a defunct, fake, Panamanian money services transmitter that helped service almost every important cryptocurrency exchange, owned and operated by Reginald Fowler, Ivan Manuel Molina Lee, and Oz and Ravid Yosef. 

In this episode Cas and I take a look at the payments processor for Bitfinex, Tether, Kraken, Quadriga, and Bitmex. They’re implicated in money laundering for the cartels, wire fraud, bank fraud, embezzlement, and more.

I covered it here:

Cas discusses tracking Ravid Josef using her Google reviews here

He also discusses Crypto Capital Corp and the web around it more broadly here.

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My Appearance on COINTELPRO

Cointelpro is a new podcast that I went on, quite different from other ones I’ve done. Much broader in scope and much less focused on crypto. My interview starts a little after the 15 minute mark. We discuss what is crypto, why is crypto, and how does crypto inherit from classic American con men.

Episode Links:

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Sunday Reads – Links I Found Interesting 2021-05-16

https://tether.to/wp-content/uploads/2016/06/TetherWhitePaper.pdf

Tether Releases Asset Breakdown

I wrote up my thoughts on it here.

Cas Piancey and I also did a podcast episode on it:

David Gerard wrote up his and seems to have trouble determining what a ‘reverse repo note’ might be:

http://web.archive.org/web/20210513214721/https://davidgerard.co.uk/blockchain/2021/05/13/tether-publishes-two-pie-charts-of-its-reserves/

Amy Castor (archive) also wrote up her thoughts on this not particularly valuable breakdown.

The Financial Times did some coverage as well and got some great quotes.

Nikhilesh De at Coindesk had some of the best ‘breaking’ coverage of it the morning it came out.

Protos also had some excellent coverage which helped dissect the backing.

Crypto Capital Corp and Backpage

Kyle Gibson discusses some of the links between Crypto Capital (who I covered here) and Backpage.

Zhao Dong Tried and Sentenced

Protos Media covers the sentencing and the trial 

http://web.archive.org/web/20210511061038/https://protos.com/china-crypto-otc-king-zhao-dong-criminal-charges-court-docs-show/

http://web.archive.org/web/20210514141136/https://protos.com/renrenbit-zhao-dong-bitcoin-billionaire-pleaded-guilty-money-laundering/

My co-author Cas Piancey did a summary podcast.

Cas has been one of the most proactive in covering Zhao Dong.

Zhao Dong Still Matters: Here’s Why

Zhao Dong: The Final Word

Another Usecase Bites the Dust

Elon Musk Finally Learns About Bitcoin

Dungeons and Dragons Combat Wheelchair 2.1 Released

This is a really cool item and ruleset if you have players at your table who want to play with a wheelchair.

ICYMI

Protos Media revealed that one of the top Brexit donors Christopher Harborne is a Bitfinex shareholder. It is currently unclear if he is related to Will Harborne, former leader of EthFinex.

I compared Tether to wildcat banks and Liberty Reserve and gave away how I think the story ends.

I spent some time detailing troubling links between the 2015 Bitstamp Hack, the 2015 Bitfinex hack, and the 2017 Tether hack.

This old podcast is worth a listen. Larry Cermak (Director of Research at the Block) and I discuss whether or not Tether is a good actor. He says he would be shocked to find out that Tether was less than 98-99% backed.

I finally got to give this homebrew item to a player in my campaign and they seemed quite excited.

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My Second Conversation with Cas Piancey on ‘Tether: A Stable Discussion’: Solvency and Backing

PART ONE CAN BE FOUND HERE

PART THREE CAN BE FOUND HERE

PART FOUR CAN BE FOUND HERE

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 mostly focused on the post hack history. We discuss banking, insolvency, and unbacked Tethers.

You can find the episode here: https://anchor.fm/cas-piancey/episodes/Tether-A-Stable-Discussion-Part-II-es1dgc/a-a4sa0qn

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