Tether bitfinex sec
A pseudonymous report released on Jan. The author of the self-titled Tether Report is not alone in his or her suspicions. Tony Arcieri, an independent cybersecurity expert who formerly worked at Square, released a detailed look at Tether on Jan. As in, Tether may be creating value out of thin air. And that value, legitimate or not, is being pushed into the cryptocurrency world — allegedly artificially driving up Bitcoin prices in the process. Every crypto-currency is being priced against Bitcoin which is inflated by counterfeit money, or counterfeit money USDT pairs , once Tether implodes, nobody knows what prices will be.
It's been infected by Tether cancer. The only safe place is out until Tether is resolved. What's more, the aforementioned Tether Report alleges that " It's not just random critics and cybersecurity experts making this claim. That Tether may not in fact have the billions in cash reserves to back the billions of Tether tokens issued could be easily disproved by an auditing of the company's books suggests a simple solution: And yet, while long promising such an audit was forthcoming, the latest hope for such an accounting was dashed Saturday when CoinDesk reported that Tether and its supposed auditor were parting ways.
Tether did release a document in September which was supposed to prove it held cash reserves equal to its Tethers, but that didn't convince skeptics. In a conversation with The New York Times , Lewis Cohen — a lawyer who works with virtual currency in his role at the law firm Hogan Lovells — noted that due to its wording the Tether document failed to prove Tethers are backed by dollars.
Specifically, over million worth have been "minted" since the beginning of This doesn't sit well with Tether's numerous critics, who have taken to Twitter and YouTube to call out what they view as "a complete ripoff" and "a complete scam. To make things even murkier, the ability to withdraw your Tether to your bank account in the form of USD has not always been guaranteed. We do not guarantee any right of redemption or exchange of tethers by us for money. Importantly, a search of the company's current TOS page shows that language has been removed.
Now, the company states that "Absent a reasonable legal justification not to redeem Tether Tokens, and provided that you are a fully verified customer of Tether, your Tether Tokens are freely redeemable. The Terms of Service go on to note, however, that "residents of certain U. A recent Reddit post highlighted the confusion surrounding this. The silence in response is deafening.
Mashable reached out to Tether for comment on these claims, and will update this story when and if we hear back. Gox Bitcoin exchange scandal, the Japanese government has been working on a regulatory framework similar to KYC standards, which the exchanges will have to follow.
The government will treat Bitcoin as a currency. From Wikipedia, the free encyclopedia. Retrieved 26 October Economics, Technology, and Governance". The Journal of Economic Perspectives.
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