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Bitfinex misled public: execs feared $BTC drop to $1,000 as Tether hit $0.86 in October 2018 • The Block
:
<p>As speculation of major problems at Bitfinex and Tether ran rampant last October amidst rumors of customer withdrawal issues, Bitfinex published a notice to the market stating that there were no issues with the exchange. As customers and the public questioned the solvency of the related entities and the price of the stablecoin Tether dropped to $0.86, the company's official stance was that all was well…

…At the same time as the positive public statement, Bitfinex was having severe problems meeting customer withdrawal demands. In response to the troubles, a senior Bitfinex executive bluntly wrote to his external payments partner, "Please understand all this could be extremely dangerous for everybody, the entire crypto community. BTC could tank to below 1k if we don't act quickly."

Unfortunately, the alleged solution was to co-mingle customer and company funds, including those from Tether, to support Bitfinex redemptions [from Tether to a currency you can actually use for something in the real world]. This activity, which wasn't disclosed by Bitfinex, is now being pursued as "fraud" by one of the top lawyers in the State of New York.</p>


"Unfortunately" doesn't belong in that last paragraph. I mean, call me curmudgeonly, but there was no accident there. Bitfinex did it on purpose. The writer shouldn't have written it, and any editor should have struck it out. Complain about fake news if you like, but the problem starts with substandard news; the internet largely killed trade publications by taking away the oxygen of advertising, which tore up the training ground for the rest of the business. "Unfortunately".

Also, I'm still very suspicious of Bitfinex.
bitfinex  crypto 
12 weeks ago by charlesarthur
Twitter
Lets not forget when attempt to route funds through in Colorado (address was a sports centre) via…
bitfinex  gts  from twitter
april 2019 by rhyndes
$850M Bitfinex fraud
Company behind Tether lost $850M, tried to hide out.
tether  bitfinex  bitcoin  fraud  badtech  tootme 
april 2019 by nelson
Twitter
acts as intermediary for $700m of fiat executes seamlessly and flawlessly. Not…
bitfinex  from twitter
february 2019 by rhyndes
Bitcoin-rigging criminal probe focused on tie to Tether • Bloomberg
Matt Robinson and Tom Schoenberg:
<p>A focus of the Justice Department’s investigation is whether the dramatic rise of digital tokens in recent years was purely driven by actual demand, or was partially fanned on by market tricks. Along with the CFTC, prosecutors have been looking into a number of trading strategies, including spoofing -- the illegal practice of flooding the market with fake orders to trick other traders into buying or selling, Bloomberg reported in May.

While not as well known as Bitcoin, Tether is widely used by traders to bet on price moves for other cryptocurrencies. That’s because the token is more stable than other digital coins but remains outside the traditional banking system, making it relatively easy to transfer between different crypto exchanges.

Tether’s stability, and it’s name, comes from the fact that its value is supposed to be tethered to the U.S. dollar. Tether Ltd. even says that for each digital coin issued, it has $1 in the bank. Some investors have questioned that claim. One reason the CFTC subpoenaed the company was to seek proof that tokens are backed by a reserve of U.S. dollars, Bloomberg reported in June.

Among the issues the Justice Department is examining is how Tether Ltd. creates new coins and why they enter the market predominantly through Bitfinex, the people said.

The probe follows allegations made in a June paper by University of Texas Professor John Griffin and co-author Amin Shams. Griffin and Shams wrote that trading in Tether shows a pattern of underpinning, and manipulating, Bitcoin.

They claimed that Tether was used to buy Bitcoin at pivotal periods, and that about half of Bitcoin’s 1,400% gain last year was attributable to such transactions. Griffin briefed the CFTC on his findings earlier this year, according to two people with direct knowledge of the matter.</p>
Bitfinex  bitcoin 
november 2018 by charlesarthur
Twitter
I pulled a bunch of domains relating to and tried to dump it into but made a hash of…
bitfinex  maltego  from twitter
november 2018 by rhyndes
Twitter
A number of domains share code with even more domains are re…
UA  bitfinex  from twitter
november 2018 by rhyndes
Twitter
claim No action from A creditor who is owed more than US$2,000 may apply to the courts to…
creditor  bitfinex  BVI  from twitter
november 2018 by rhyndes
Twitter
time to start to map out the process to make claims in the BVI via the east caribbean supreme…
bitfinex  creditors  from twitter
november 2018 by rhyndes
Twitter
but what is probably the most interesting of all is the various websites that shares the s…
bitfinex  from twitter
november 2018 by rhyndes
Twitter
so how about expanding your app to help the hundreds of customers stranded by
bitfinex  from twitter
november 2018 by rhyndes
Twitter
unusual that mr velde doesn't promote his his previous spruiking before shitcoins and cryptocons
bitfinex  jlvdv  from twitter
november 2018 by rhyndes

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