Robert-Jan Den Haan, a contributor to the Block who has been researching the Bitfinex/Tether scenario for over a yr, talks about how Bitfinex discovered itself with out entry to $850 million of its personal cash, how the difficulty crypto corporations have sustaining banking relationships performed into that, and the corporate — or, somewhat, group of associated corporations — that’s the supply of its woes. We additionally cowl the place a minimum of a portion of the cash is now, and why it possible gained’t be made obtainable quickly, how a case involving Reginald Fowler and Ravid Yosef is expounded, and why Bitfinex will possible be conducting an preliminary alternate providing of $1 billion. Plus, we focus on why the worth of Tether has barely budged regardless of being solely 74% backed.
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Episode hyperlinks:
Authentic story about NYAG court docket order towards iFinex: https://www.coindesk.com/bitfinex-ny-prosecutors-tether-850-million-allege
Why a minimum of a part of the $850 million was seized (paywall):
https://www.theblockcrypto.com/2019/04/30/no-bitfinexs-seized-850-million-is-not-likely-to-be-unfrozen-within-weeks/
Authentic indictment revealing involvement of Reginald Fowler and Ravid Yosef: https://www.theblockcrypto.com/2019/05/01/indictment-reveals-new-clues-to-the-crypto-capital-situation/
Tether backed by 74% money and money equivalents:
https://www.coindesk.com/tether-lawyer-confirms-stablecoin-74-percent-backed-by-cash-and-equivalents
https://www.theblockcrypto.com/2019/04/30/bitfinex-reveals-stablecoin-is-only-74-backed-by-cash-says-its-simultaneously-addressing-requests-from-nyag-doj-and-cftc/
Bitfinex and Tether Common Counsel Stuart Hoegner’s assertion to the NY Supreme Courtroom concerning the OAG’s preliminary injunction:
https://www.scribd.com/doc/408190972/Stuart-Hoegner-Affidavit-4-30#from_embed
Indictment from Southern District of New York towards Reginald Fowler and Ravid . Yosef: https://www.justice.gov/usao-sdny/press-release/file/1158991/obtain
Reginald Fowler’s Grasp US Workbook and $345 million sitting in banks:
https://www.theblockcrypto.com/2019/05/02/us-government-requests-detention-for-defendant-at-center-of-bitfinex-imbroglio-describes-master-us-workbook/
https://www.coindesk.com/u-s-doj-moves-to-detain-defendant-in-crypto-shadow-banking-case
Reginald Fowler and Ravid Yosef charged with offering shadow banking companies to cryptocurrency exchanges:
https://www.justice.gov/usao-sdny/pr/arizona-man-and-israeli-woman-charged-connection-providing-shadow-banking-services
Bitfinex’s IEO: https://www.coindesk.com/bitfinex-is-planning-to-issue-an-exchange-token-shareholder-says
Already $500 million subscribed:
https://www.coindesk.com/bitfinex-shareholder-provides-more-details-about-potential-1-billion-token-sale
Meltem Demirors and Jill Carlson discussing Tether on What Grinds My Gears:
Completely hilarious satire on the entire saga: https://coinjazeera.information/federal-reserve-conspiracy-and-phil-potters-tether-scam/
