Tether

Tether was created so that a person could buy tether for usd, and when desired, trade the tether for usd again, THEN the tether would be burned permenantly. 

Their TOS state they can delay the redemption or withdrawal of tether tokens. 

TOS also states Tether reserves the right to redeem tether tokens by in kind redemptions of securities = aka they don't have to give you their money back. 

In 2017 their reserve holdings were published daily and they claimed to have audits. Now they no longer say they need auditing (website changed). 

Co founders claim auditors don't want to work with them due fear and heisenbergs uncertainty principle. Fake news tether bailed in middle of audit in 2018, as the auditer was being "too detailed". No audit in 6 years.

Bitfinex and tether bank with same banks, but not same company = of course this isn't true, owned by same people as seen by paradise papers in 2017.

Guy who started bitfinex was ponzi schemer raphael nicolle, later joined by a guy Giancarlo Devasini who was a software pirate (microsoft software); later joined by phil potter (ny financial scene, morgan stanley), then by brock pierce (mighty ducks, child porn scumbag also lol)

Started real coin which became tether. Paulo Ardoino & wife (Chief Operating officer bitfinex) work together for bitfinex and tether, Paulo was director for Dell chain, where tether now banks, so hes connected to the bank.

Stuart Hoegner is general counsel for bitfinex and tether, was director of compliance online poker company ultimate bet, company that gave some players godmode (users can see all cards).

2017 people started criticizing tether (started with bitfinexed) he said he noticed unusual trading on bitfinex that resembled trading on MGT gox? when they lost their banking.

Bitfinex attempted to sue wells fargo, their lawsuit indicated that bitfinex and tether had no banking at all, and still continued to issue tether in millions of dollars without banking.

Tether had a 3rd party do a snapshot of their bank account showing 382 million dollars. The 3rd party they hired did so only after Tether opened a new bank account at noble bank, and only after bitfinex transferred the entire 382 million.

The price of bitcoin fell 40 to 50 percent a few weeks prior to this snapshot, leading people to believe they were mass dumping bitcoin, then price recovered immediately showing largest 4 hr buying spree of bitcoin ever, the same day.

Bitfinex decides to use Crypto Capital which worked with a lot of scketch balls who couldn't use normal banks (columbian drug cartel). When backpage was busted crypto capital was implicated, so all funds seized.

Bitfinex had 850 million dollars frozen due to this. Bitfinex then takes 400 million from tether reserves and bailed themselves out, while lying to the public about being insolvent. 

They then get another snapshot via another bank (Deltec) which shows they have 1.8 billion, the following day tether pays bitfinex 475 million to plug the hole in their balance sheet.

Tether then decides in 2019 to change their website saying "every tether token is backed by their reserves" not usd which was previously the case, and their reserves are not audited to begin with. 

2021 NYAG investigated them for 2 years, banned them from new york, fined them millions of dollars, and said "bitfinex and tether recklessly and unlawfully covered up massive financial losses to keep their scheme going and protect their bottom lines". 

Tethers claim it was backed by U.S dollars at all times was a lie. 

Tether then says the AG office made no negative findings that tether wasn't fully backed (lol).

Tether printed 42 billion in 6 months, printer running at all time high. 

Commercial paper makes up about 50 percent of tether reserves, which is unsecured debt, and we have no idea who tether is lending that money to. Tether has 3% cash on hand at any time. 

Tether is biggest company in the world as far as assets per employee in the world.