May This Report Be The Definitive Reply To Your FTX?

Notice that even though bitcoin prices are higher, no additional money entered the ecosystem in the tether pump. It also invests in and finances business ventures that support the expansion of the broader blockchain ecosystem. We can track who new USDT go to directly by looking at their TRON, ethereum, OMNI and Solana blockchain addresses. Every cryptocurrency has its own blockchain. Three-quarters of the Iranian funds that passed through Binance were in a relatively low-profile cryptocurrency called Tron that gives users an option to conceal their identities. Dark money has also been flowing into Russia through a dark web marketplace called Hydra, which is powered by cryptocurrency, and enjoyed more than $1 billion in sales in 2020, according to Chainalysis. This overcollateralizes the affiliated loans, justifying more loans. Almost all of the reserves are in some form of loan to a commercial company (corporate bonds, commercial paper, secured loans). This omission in all other categories implies they hold commercial paper, corporate bonds, etc. with Bitfinex (or related shell companies). All their commercial debt is to the related exchanges (Binance, FTX, Bitfinex – see below) or their affiliated shell companies.

The counterparties are largely Binance, FTX, Bitfinex, and other exchanges. This raises many inconsistencies, which are easy to see given the magnitude of the numbers at hand. But we see no mention of frozen accounts in the reserves. Tracking spending helps hold you accountable, and it helps you easily see where you can cut back on spending. Investing in fractional shares means you can buy more expensive stocks. Assuming that each new USDT is used to instantly buy BTC at market prices 10, we can track where the BTC “price of no return” is – where reserve BTC were paid for more overall than they’re now worth. The scheme can easily collapse above this point. FTX don’t even need to be complicit to the scheme for this to make financial sense: if FTX can get new USDT for $1 on an infinite loan margin from tether, it’s perfectly sensible to buy USDT when it’s below $1 and 바이낸스 신원인증 실패 shortsell USDT when it’s above. Bernie Madoff’s customer deposits was around $18B against a $65B promised liabilities, but his scheme collapsed way before $18B in funds were withdrawn, because fraudsters tend to mismanage and embezzle some of the money for themselves.

In economics, a fungible asset is something with units that can be readily interchanged – like money. It is not controlled by any single institution and can be sent instantly to another user without going through a third party like a bank. They will make you aware of various taxes that you need to or needn’t pay like the corporate or federal taxes. Like a Ponzi scheme, we cannot pay everyone off at the inflated price using the pool of money that’s in the crypto ecosystem9. Money comes in from new investors buying, and the same money comes out to pay those cashing out. 0.5B, and the perpetrator was nicknamed the “Chinese OTC King” – so even in the charitable case where USDT are fully backed by money laundering, this raises inconsistencies. We know that some of the money used for USDT come from Chinese money laundering because a tether shareholder was recently charged. If the reserves are such regular financial assets, how come respectable accounting firms won’t even touch it for a simple attestation? Stuart claims they don’t hold Treasury Bills because the interest rate is close to 0%. If they hold this risky debt as reserves because it pays higher interest, why does tether only have 0.36% more assets than liabilities?

Gambaryan was not involved in the Binance investigation at IRS-CI, but was close to agents that were, according to two people who worked with him. After a severe Recession of the year 2008, Bitcoin was created to help people get financial freedom. You will be surprised how fast you can get rid of your unnecessary expenses. You can accomplish this job from anywhere and at any time… With $20B in commercial paper at the time of the attestation, and 50% more USDT on the market since, tether presumably has $30B in commercial paper at time of writing. This is a sidenote to this story, but the Decentralized Finance (DeFi) boom started because of USDT flooding the market. Notice that the last point in time where BTC price went significantly below the death zone is the March 2020 COVID price crash – which is also the point where USDT were started to be minted at a parabolic rate. As far as we know, there was no point in history at which USDT in circulation were backed 1-to-1 by USD in a bank account. Either thether’s management is looting the interest rates on the assets and leaving USDT holders with the debt’s risk, or we’re being lied to.

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