Bitfinex scandal reveals need for real audits of crypto exchanges
Bitfinex might have had the money they needed to run an exchange, but that doesn’t mean they were handling it the right way.
Bitfinex might have had the money they needed to run an exchange, but that doesn’t mean they were handling it the right way.
Troubled cryptocurrency exchange Bitfinex has published the whitepaper for its Initial Exchange Offering, confirming plans to raise up to $1 billion from the token issue.
The price of Tether being a fraud stablecoin appears to have already been baked into the BTC price.
All the information coming out around Bitfinex seems to suggest that the price of BTC is being artificially pumped, while BSV is being held back. That might soon change.
The Chico Crypto youtube channel has been covering the Bitfinex and Tether scandal closely lately, and revealing how deep the corruption goes.
The NYSAG has requested that Bitfinex turn over documents related to a loan Tether made to the crypto exchange.
In what’s shaping up to be the blockbuster crypto scandal of the year, Bitfinex and Tether have been requested to submit documents to the court in New York by May 3.
Tether only has enough cash on hand to back three-fourths of the supply of USDT, according to recently released documents.
Dong Zhao, a shareholder with Bitfinex, has suggested that the crypto exchange could be planning to launch an exchange-based token in the wake of the Tether scandal.
There have always been questions about whether or not USDT was actually truly tied to the U.S. dollar as Tether had asserted from the beginning.
To secretly cover up the “apparent loss,” Bitfinex and Tether’s parent company allegedly engaged in transactions that resulted in Bitfinex gaining access to $900 million of Tether’s USDT stablecoin cash reserves.
Ever since it was first introduced, there have been questions about the legitimacy of the Tether (USDT) stablecoin.