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1/3 Explanation: Tether is issued on multiple chains (Omni, ETH, ..)
When @bitfinex receives too many deposits for Tether-Omni and then users want to withdraw Tether-ETH, @bitfinex sends back to @Tether_to the Omni ones and gets back the same amount in ETH.https://twitter.com/whale_alert/status/1143526987904028673 …
2/3 It's based on market demand. Imagine that there is an exchange that has support only for Tether-ETH and has a lower BTC price than others. Lot of customers will need Tether-ETH instead of Tether-Omni. @bitfinex acts as a gateway between the two (several) transport layers.
3/3 This concept is really normal for assets that live on multiple chains. The total issuance needs to stay the same, so if you need X Tether-ETH, you have to send back X Tether-Omni. Happy to clarify further
Whats your job description after this fiasco blows up? Youre so qualified to spread bullshit I think I could even hire you @paoloardoino.
TETHER is the biggest fraud, just as bad as all those SCAM ico's. How is the @SEC_Enforcement not prosecuting Tether YET???
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