February 2, 20183min966

Tether printed 775M USDT after they received a Subpoena from the USA Government

Sister companies Tether and Bitfinex received a subpoena from the United States Commodity Futures Trading Commission on the 6th of December, it has become apparent that over 775M of Tether was created after the date of the subpoena’s delivery. This has deepened the mistrust of Tether and has impacted the Bitcoin price quite dramatically. Wich, we predicted on January 26th.

There was suspicion for quite some time now, it started in March when Bitfinex and Tether’s loss of banking partners. Since February 2017, the number of USDT in circulation has grown by nearly 9,000%. It rised from approximately $25 million USD at the start of February last year.  At the end of January 2018 it was more than $2.25 billion according to Coinmarketcap.

Many have argued that Tether since December 6th may have been produced without USD backing. It may have traded on Bitfinex’s exchange to drive the price of BTC and other cryptocurrencies to record highs. Then dumping them before the public could learn about the subpoena’s existence.

Accusations of insider trading have consistently hounded Bitfinex throughout its lifespan. In early 2013 an apparently disgruntled former Bitfinex employee leaked an email correspondence between himself and the former CEO of Bitfinex, Raphael Nicolle. In the email, the employee alleges that the trading account for Bitfinex’s current Chief Financial Officer, Giancarlo Devasini, “was credited one million dollars, money that he didn’t have deposited in his account.”

The statement issued by Bitfinex and Tether regarding the CFTC subpoena claims

We routinely receive legal process from law enforcement agents and regulators conducting investigations. It is our policy not to comment on any such requests.

 

 


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