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0 pointsgraeme5y ago0 comments

Wait what’s the January 15th date?

0 comments

Bitfinex and Tether have till the 15th of January to submit documents to the New York state attorney general about their financial relationship. The shortfall of $850m was allegedly printed by Tether and given to Bitfinex to cover up the losses Crypto Capital created. It is speculated Bitfinex and Tether can't submit any documents without revealing their cover-up. This will result in the conclusion that Tether isn't backed 1:1 by USD by a lot of investors and will results in more investigation by the attorney general. Tether is unaudited at the moment, meaning no one checked the bankroll of Tether if there really is $23b USD there.

https://www.reddit.com/r/CryptoCurrency/comments/ksdfne/why_...

ahelwer5y ago

The thing is $850m isn't actually that much money. The big exchanges made on the order of several billion dollars profit during the last bubble; presumably they are also making that much in this one.

michaelchisari5y ago

It's not about the $850m per se, it's about the deep suspicion that Tether does not have anywhere near the $23 billion in reserves they claim to.

1 more reply

raesene95y ago

Jan 15 is the next court date where apparently iFinex will have provided all the required documents to the NYAG.

If the NYAG doesn't like what's in there I guess it may go badly.

The courts document list is https://iapps.courts.state.ny.us/nyscef/DocumentList?docketI...

If you look at the latest one, it mentions the 15th.

j / k navigate · click thread line to collapse

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michaelchisari5y ago

https://www.reddit.com/r/CryptoCurrency/comments/ksdfne/why_...

ahelwer5y ago

The thing is $850m isn't actually that much money. The big exchanges made on the order of several billion dollars profit during the last bubble; presumably they are also making that much in this one.

michaelchisari5y ago

It's not about the $850m per se, it's about the deep suspicion that Tether does not have anywhere near the $23 billion in reserves they claim to.

1 more reply

raesene95y ago

Jan 15 is the next court date where apparently iFinex will have provided all the required documents to the NYAG.

If the NYAG doesn't like what's in there I guess it may go badly.

The courts document list is https://iapps.courts.state.ny.us/nyscef/DocumentList?docketI...

If you look at the latest one, it mentions the 15th.

j / k navigate · click thread line to collapse