Bitfinex’ed

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As tethers are pegged to the US dollar they were spared the recent cryptocoin downturn. As a recent Digital Journal article explains, as the tether USDT is pegged to the US dollar and also said to be backed by holdings of one US dollar for each tether its price was only minimally effected by the cryptocoin meltdown. Indeed many probably traded for tethers to use as a stable store of value equal to the US dollar bitfinex twitter tether the price of tether increased slightly.

Hundred of millions of new tethers are being issued There are growing suspicions that tether is not backed by one US dollar for each tether. These suspicions are increasing as the number of tethers in circulation has vastly increased with no new audits published.

The Paradise papers leaked to the public inhave shown that Tether and Bitfinex are essentially sister companies with overlapping ownership. Unlike some cryptocoins that have just so many coins already issued or those such as bitcoin that must be mined, tethers are simply issued by Tether Holdings just as a central bank would do.

However, the tethers are not backed by a government and laws that make it legal tender. However, it is claimed that each tether is backed by a US dollar. The problem is that there is no proof of this as there has been no published audit, just a memo for internal use. The last audit of tether was in March This showed a discrepancy of nearly a million dollars between Tether's US dollar holdings and the amount of tethers USDT in circulation.

A recent tweet by a critic of Tether Bitnexed says: Imagine how bad crypto-crash would have been without them doubling their counterfeiting. I am a robot. Bitfinex twitter tether just upvoted you! I found similar content that readers might be interested in: Tether Holdings issues more and more tethers; suspicions about the relationship of the exchange Bitfinex and the cryptocoin tether continue to increase As tethers are pegged to the US dollar they bitfinex twitter tether spared the recent cryptocoin downturn As a recent Digital Journal article explains, as the tether USDT is pegged to bitfinex twitter tether US dollar and also said to be bitfinex twitter tether by holdings of one US dollar for each tether its price was only minimally effected by the cryptocoin meltdown.

Credit to Ken Hanley - source: Authors get paid when people like you upvote bitfinex twitter tether post.

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Why release an audit of your so-called stablecoin when you can just shut down your loudest critic's Twitter account? The cryptocurrency world has been in a uproar with allegations that stablecoin Tether and exchange Bitfinex have artificially propped up the value of Bitcoin and are running an elaborate scam. One prominent voice making that claim could, until sometime early Feb.

That changed for several hours today when the account was briefly suspended by Twitter. A little-known token may be fueling Bitcoin's rise. Critics say it's a scam. Bitfinexed has been a persistent thorn in the side of both Bitfinex and Tether, repeatedly pointing to the latter's failure to release an updated audit to prove its stablecoin token known as USDT is in fact backed one-to-one by U.

There are currently around 2. We reached out to Bitfinex for comment, and will update this when we hear back. According to a Twitter spokesperson, the account suspension was a mistake — however no additional details were provided as to what brought that mistake about. Bitfinexed is just posting publicly available information and connecting the dots in the process, they continued.

None of it is private or secret. In the eyes of Bitfinexed, it all comes down to this: So you can see why Bitfinex might be pissed. But does that mean the exchange is responsible for the temporary suspension of Bitfinexed's Twitter account? That much remains unconfirmed, and will likely stay that way unless Twitter provides some insight.

In the meantime, those looking to read up on alleged shady practices that may or may not be going down at Tether and Bitfinex need only look to some other Twitter accounts — like those belonging to Bloomberg , or this publication right here. This story has been updated to note that Bitfinexed's Twitter account was restored Wednesday afternoon, and to include comment from Twitter about the cause of the suspension. We're using cookies to improve your experience. Click Here to find out more.

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