/biz/ - Business & Finance

>>4776723
There's plenty of proof. For example this new one:
Please explain why bitfinex, the exchange where one would assume the most shorting and longing activity happens and thus the most tether should be, seems to remove the tether from their exchange?

Why would Bittrex and its users have combined holdings of 328M USDT but Bitfinex and their users have only 45M?

It has been as low as 1.8M some 30 hours ago.

It is a clear indication that bitfinex takes the tether of its users and sells it on other exchanges while still letting the people on their exchange trade with their credited tether.

The end result of this is that the tether that is used on bitfinex is additional to the official total amount of tether, and could be anywhere from 500m to a billion or more extra "tether" that exists only as a value credited on their own exchange to their own users and for all we know maybe user accounts controlled by themselves.

Yes, minting tether with no credible proof of backing it wasn't bad enough. They also seemingly only have imaginary Tether on their exchange that isn't backed by Tether on the omni layer.

Yes, imaginary imaginary USD IOUs. I know, It's hilarious.

To recap: Essentially, this means the total circulating supply of tether is what we thought it was, plus the entire amount that people "have" on bitfinex.

For all we know, this amount could be more than a billion considering the volume on bitfinex and the shorting/longing going on there.

https://wallet.tether.to/richlist