Tether has so far issued 58.5 billion tethers, 8 billion in the first two weeks of the month. You will notice that it continues to print the strings at an ever faster speed. This is to compensate for any real money that is not in the system
When will Tether explode? When regulators and law enforcement agencies step in or crumble on itself. Remember, Madoff’s Ponzi fell apart on its own.
Currently, the price of Bitcoin is $ 45,000, down after Elon disagreed (more below) and Jack Dorsey’s Square said he is no longer buying Bitcoin after suffering $ 20 million losses on his $ 220 million investment. in the last quarter.
You asked for transparency and Tether was eventually delivered to you in the form of two, pie charts.
There has been endless chatter on Twitter about “commercial paper,” because it apparently accounts for half of all assets that support the attacks.
In the case of Tether, it’s likely another way to mask IOUs, which is to hand out free cables to their friends on Binance, FTX, and elsewhere. The real story here is that less than 3% of Tether’s reserves are now made up of cash.
People are wondering why Tether hasn’t collapsed yet, as everyone knows it’s a farce and they’re just printing money out of thin air. The answer is because Tether has no obligation to redeem the lanyards to begin with, this is written in its terms of service.
The showdown will come when people try to cash out Bitcoin, and realize that there is no real money in the system to support withdrawals.
Meanwhile, Musk has shifted his alliances to Dogecoin
Dogecoin has been pumping since Musk started tweeting about it in December. At the beginning of the year, it started with a penny. Now it’s about 50 cents. At one point, it went up by over 70 cents. Thanks to Musk, this degenerate player has invested his entire life and is now a dogecoin millionaire, on paper.
Musk’s insatiable need for attention led him to SNL, where he hosted the show on May 8. Dogecoin’s investors were waiting for him to pump their favorite currency. DOGE dropped 30% during the show. Subsequently, he went up again. (FT).
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Turns out, Musk, who calls himself “dogefather,” has been working with dogecoin developers since 2019, all the while tweeting about DOGE to raise the price. He says he wants to create a cheaper and greener alternative to bitcoin. Sure you do, Elon. (Decrypt)
Jackson Palmer, who created dogecoin in 2013 alongside Billy Markus but left in 2015, briefly returned to Twitter to call Musk a “self-centered crook,” before deleting his tweet and disappearing again.
Binance Sotto Inchiesta
Binance, the largest cryptocurrency exchange in the world, is under investigation by the DoJ, the IRS and the CFTC, according to Bloomberg. Binance is unregulated, registered in the Caymans, and loves to move around a lot.
“Wherever I sit will be the Binance office. Wherever I need someone, it will be the Binance office, ”CZ, the company’s founder, told a podcaster last year.
The investigation comes soon after a report by Chainalysis which tracked down illicit bitcoins worth $ 2.8 billion on exchange and trading platforms. Of that, $ 756 million went through Binance.
It also follows the warning from German financial regulator BaFin that Binance may have violated securities rules when it issued tokenized shares of Tesla, MicroStrategy and Coinbase Global.
IRS agents are concerned that merchants will evade taxes. The CFTC is investigating whether Binance has allowed US citizens to illegally trade derivatives on the platform. And the DoJ would have assigned the investigation to its bank integrity unit, which handles particularly complex cases. (Arstechnica)
Bitfinex Shareholder Formally Accused
Zhao Dong reportedly pleaded guilty to the Chinese equivalent of money laundering. He’s watching three years behind bars.
In addition to being a shareholder of Tether / Bitfinex, Zhao is the founder of RenrenBit, a popular OTC desk in China. (People in China are relying on OTC banks as a way to buy and sell Tether and Bitcoin with Yuan, after the country banned centralized cryptocurrency exchanges in 2017.)
Zhao was the guy who pushed the LEO token in 2019. He also helped create Tether’s yuan-linked stablecoin in 2019.
Last year, RenrenBit denied reports that its leader had been arrested and detained.
China cracked down on illegal gambling in the country, where Zhao ran aground. It was connected to a company called Tian Tian, a platform for exchanging cryptocurrencies into fiat currency. He also ran an app called “Everyday Up,” which used cryptocurrencies for overseas gambling sites.