Crypto’s Shadow Currency Surges Past Deposits of Most U.S. Banks

https://news.yahoo.com/crypto-shadow-currency-surges-past-111500954.html

"Tether surpassed $50 billion in circulation, a sum that’s more than the insured deposits at all but 44 of the thousands of U.S. banks."

"About 66% of Bitcoin is bought using Tether, according to data tracker CryptoCompare."

"Tether’s claims that its virtual currency as fully backed by U.S. dollars at all times was a lie.”

#Bitcoin  #Tether #USDt #BitFinex #iFinex #NYAG #Settlement

Analysis of the Tether/Bitfinex NYAG Settlement

https://bennettftomlin.com/2021/02/23/analysis-of-the-tether-bitfinex-nyag-settlement

"Each quarter Tether will need to show the NYAG their reserves."

"This document revealed to me shocking inadequacies in corporate controls, management of reserves, and seems to show a pattern of corporate malfeasance."

#Bitcoin  #Bitfinex #iFinex #Tether #USDT #BennettTomlin #BennettFTomlin #NY #NYAG #Settlement #Reserves #Deltec #NobleBank #CryptoCapitalCorp #CryptoCapital #Backing #Unbacked #FractionalReserve

"Tether has long been the subject of public controversy and accusations of fraud, driven by the contention that USDT isn't fully back by reserves and is used to manipulate cryptocurrency prices."

"According to data collected by The Block, there is more than 25 billion USDT in circulation today."

Deltec, the bank for stablecoin issuer Tether, bought 'large position' in Bitcoin for clients

#bitcoin  #Deltec #Tether #USDT $USDT #iFinex #Bitfinex

https://www.theblockcrypto.com/linked/91353/deltec-bitcoin-position-tether