It's really singular that the Carreyrou of Bitfinex/Tether was an anonymous blogger (@Bitfinexed).
He had the outlines of this story before anyone, got many of the consequential details right, and did some really important archival research on previous actions of conspirators.
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Replying to @patio11 @Bitfinexed
Garry Tan Retweeted Erik Voorhees
Garry Tan added,
Erik VoorheesVerified account @ErikVoorheesIronically, this latest Bitfinex drama may be the one thing that disproves the “Bitfinex’ed” conspiracy theory. If USD in that amount was seized/stolen/held by Crypto Capital, then the USD backing Tether DID actually exist after all.@Bitfinexed claim was that USD never existed.1 reply 0 retweets 5 likes -
I do not believe this argument is very strong. There are no verified institutional buyers of Tether, and they claim to have processed billions of such purchases. It's eminently plausible the tether money is just... Bitfinex money.
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I think "Bitfinex credited themselves with a Tether for every dollar of company funds and probably substantially every dollar of customer funds" should be uncontroversial at this point.
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The thin reed of the exoneration narrative is "Bitfinex absolutely did not issue themselves Tether on credit or backed by their Bitcoin or equity at any point, ever. They promised they didn't and they would never lie to us, except for all the times they lied to us & were caught."
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