Tether Fined $41M for Lying About Reserves

#1

Post by virtualwhys » Fri, Oct 15, 2021, 3:53 PM UTC

Tether Fined $41M for Lying About Reserves
bloomberg.com

Re: Tether Fined $41M for Lying About Reserves

#2

Post by missedthecue » Fri, Oct 15, 2021, 4:02 PM UTC

Hear that? That's the sound of 41 million new tether coins entering the market

Re: Tether Fined $41M for Lying About Reserves

#3

Post by adflux » Fri, Oct 15, 2021, 4:35 PM UTC

missedthecue wrote: post #2

Hear that? That's the sound of 41 million new tether coins entering the market

Perfect haha. Tether has figured out how to print money and nobody seems to care.

Re: Tether Fined $41M for Lying About Reserves

#4

Post by tdeck » Fri, Oct 15, 2021, 4:46 PM UTC

I don't understand why this is something they can settle rather than something that gets them completely shut down.

Re: Tether Fined $41M for Lying About Reserves

#5

Post by rossdavidh » Fri, Oct 15, 2021, 5:03 PM UTC

adflux wrote: post #3

missedthecue wrote: post #2

Hear that? That's the sound of 41 million new tether coins entering the market

Perfect haha. Tether has figured out how to print money and nobody seems to care.

Well I think it's maybe more like how to do a GoFundMe on a massive scale.

Re: Tether Fined $41M for Lying About Reserves

#6

Post by satellites » Fri, Oct 15, 2021, 5:11 PM UTC

But crypto coins are so much more trustworthy and secure than traditional financial institutions... /s

Re: Tether Fined $41M for Lying About Reserves

#7

Post by jfk13 » Fri, Oct 15, 2021, 5:13 PM UTC

See also https://news.ycombinator.com/item?id=28878874, which (currently, at least) has more extensive discussion.

Re: Tether Fined $41M for Lying About Reserves

#8

Post by 300bps » Fri, Oct 15, 2021, 5:21 PM UTC

tdeck wrote: post #4

I don't understand why this is something they can settle rather than something that gets them completely shut down.

Or why outright lying that every Tether was backed by a U.S. dollar is termed “misleading”.

It’s incredible - they had 4x as much Tether as dollars backing it and lied about audits taking place that never happened.

Re: Tether Fined $41M for Lying About Reserves

#9

Post by zardo » Fri, Oct 15, 2021, 5:24 PM UTC

adflux wrote: post #3

missedthecue wrote: post #2

Hear that? That's the sound of 41 million new tether coins entering the market

Perfect haha. Tether has figured out how to print money and nobody seems to care.

They just printed $440 Million in technically not counterfeit USD

Re: Tether Fined $41M for Lying About Reserves

#10

Post by rkagerer » Fri, Oct 15, 2021, 5:26 PM UTC

https://archive.is/eqUP1