As pressure mounts on Tether, its harshest critic—the anonymous “Bitfinex’ed”—does an interview with Modern Consensus. Reveals how he—or she—first started investigating Bitfinex and Tether. Claims 2016 hack of 120,000 bitcoins on Bitfinex was an inside job at the highest levels. Argues almost nothing backs up billions in outstanding Tether tokens; suspects recent reports were a “forgery.” Presents bleak view of cryptocurrency and blockchain’s future. Justifies a $10 to $15 price target for bitcoin (yes, you read that right). The vice is tightening on Tether and that could have devastating repercussions on the $200 billion cryptocurrency market. Though over $2 billion worth of the “stablecoin” is circulating, it has an…
-
-
Fake Tethers under fake bitcoins. It's an illustration of what may be happening (Photo via Shutterstock).Tether gets lawyers to back up claims, but an interesting fact adds new mystery
The ‘stable coin’ issuer shows it has reserves, yet…
Tether, the embattled cryptocurrency outfit with close ties to Bitfinex, is firing back at critics. And now it has a report from a politically connected law firm stating it has the dollars to back up its tokens. On Wednesday morning, Tether published a report from Freeh, Sporkin & Sullivan LLP (FSS). In it, FSS claimed Tether had roughly $2.5 billion in cash to match roughly 2.5 billion tether tokens in circulation as of June 1, 2018. FSS said the figures were backed by sworn and notarized statements from Tether’s banks. The “Freeh” in Freeh, Sporkin & Sullivan is former FBI director Louis Freeh, who served under President Bill Clinton. As…