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Tether executives said to face criminal probe into bank fraud

bloomberg.com

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Re: Tether executives said to face criminal probe into bank fraud

#281

Post by user-the-name »

shawabawa3 wrote: post #251
user-the-name wrote: post #250

Earlier quoted context omitted.

USDC is rapidly shedding legitimacy in order to grow this quickly. Do not expect it to be much different than Tether ultimately.

How are USDC losing legitimacy? I haven't heard of this. They have monthly attestations that they hold the backing funds by a legit accountancy firm

They have monthly attestations, but an attestation is not an audit. What those attestations say is also not the same from month to month. Lately, they have been changing the exact thing they attest.

For instance, the attestations no longer claim that they hold backing funds.

Re: Tether executives said to face criminal probe into bank fraud

#282

Post by user-the-name »

TimJRobinson wrote: post #273
user-the-name wrote: post #142

Earlier quoted context omitted.

Tether's business at this point is basically manufacturing red flags. It is incredible the mental gymnastics people in the cryptocurrency business go through to defend this group of crooks.

I've been in crypto for a while and never met anyone who likes Tether, it seems to be novices that use it that don't know any better. I don't know why anyone would use it over a decentralized stablecoin like DAI.

You know something like 90% of all trades happen in Tether, right?

Re: Tether executives said to face criminal probe into bank fraud

#284

Post by jpmattia »

ImPostingOnHN wrote: post #262
jpmattia wrote: post #202

Earlier quoted context omitted.

Fine, a criminal fraud case. Nobody went to jail.

do you have any reasonable justification to move the goalposts like that?

The standard of evidence is very different between civil cases (preponderance of the evidence) and criminal cases (beyond a reasonable doubt).

Re: Tether executives said to face criminal probe into bank fraud

#285

Post by [deleted] »

jpmattia wrote: post #284
ImPostingOnHN wrote: post #262

Earlier quoted context omitted.

do you have any reasonable justification to move the goalposts like that?

The standard of evidence is very different between civil cases (preponderance of the evidence) and criminal cases (beyond a reasonable doubt).

[deleted]

Re: Tether executives said to face criminal probe into bank fraud

#286

Post by arcticbull »

jpmattia wrote: post #284
ImPostingOnHN wrote: post #262

Earlier quoted context omitted.

do you have any reasonable justification to move the goalposts like that?

The standard of evidence is very different between civil cases (preponderance of the evidence) and criminal cases (beyond a reasonable doubt).

Is the distinction meaningful in the course of reaching a settlement? Both parties agree on the facts at hand. I suppose you could make that case were the judge to make the determination on the basis of evidence, but the Tether folks signed the agreement of their own volition with the NYAG. At that point the evidence shouldn't be in question - and hence the standard isn't in question - simply their admission, no? Ok, not an admission, maybe an acquiescence.

I would say the evidence in a settlement or plea deal would be of equivalent quality whether a criminal or civil trial.

Further, I'd suspect the majority of folks who accept plea deals in criminal matters don't end up in prison either.

Re: Tether executives said to face criminal probe into bank fraud

#287

Post by jfrunyon »

matheusmoreira wrote: post #226
jfrunyon wrote: post #178

Earlier quoted context omitted.

> It's almost like there's something backing USDT as well even though it's all nonsense. Yes. Speculation and their ~~criminal conspirators~~ exchanges. > Another truth is governments force their citizens to use their own currencies. Absolutely. Not a single person in this thread has argued otherwise. What's your point? How does that somehow make something else more stable? If the government is the big bad wolf, what…

> Yes. Speculation and their ~~criminal conspirators~~ exchanges. Not that different from traditional banks and other elements of the financial sector. > What's your point? My point is there is no fundamental difference between cryptocurrencies and legal tender. > What army and treasury is going to rescue USDT when it crashes? When the traditional finance people screw up, the US government bails them out with taxpaye…

Sure, so long as you assume that the US government would bail out USDT (which is an insane assumption), it's not that different.

Re: Tether executives said to face criminal probe into bank fraud

#288

Post by jfrunyon »

gjsman-1000 wrote: post #179
jfrunyon wrote: post #164

Earlier quoted context omitted.

'Cause it's commercial paper from the exchanges? We know they've made "loans" to Bitfinex, after all.

They have adamantly declared that these are not loans to exchanges. That's one of the few things we know.

Cool, but again, we also know they've done it, contrary to their declarations.

Re: Tether executives said to face criminal probe into bank fraud

#289

Post by katejones23 »

that's interesting story. this is quite huge and I think that could be crucial to tether and its reputation i wonder if the companies that accept tether now (like those mentioned here https://nowpayments.io/blog/businesses-accepting-tether) will continue to do so? what do you think

Re: Tether executives said to face criminal probe into bank fraud

#290

Post by Jkol »

spywaregorilla wrote: post #75
spookthesunset wrote: post #31

Earlier quoted context omitted.

Or more likely tether isn’t backed by anything at all. The auditor they hired quit before completing their audit. Seems legit to me. These dudes are a complete scam but as long as BTC goes to the moon nobody seems to care.

Given that you're not allowed to redeem tether for dollars I never quite understood why it mattered. edit: Note the difference between "trade" for dollars and "redeem" for dollars

what are you talking about? you absolutely can redeem USDT for dollars...
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