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🧵 Tether, or USDT, designed for crypto market stability

💰 Claimed 1:1 backing by US dollars, but only 74% backed

🕵️ Lack of transparency raises reliability concerns

🔗 Complex Tether connections through iFinex Inc.

💼 Allegations of money laundering, bribery, illegal activities

👥 Key Tether executives linked to individuals facing criminal allegations

🌍 Tether's future uncertain, amid regulatory pressures

🌐 Global impact tainted by involvement in criminal activities

📰 Upcoming investigation regarding FTX and Tether connection

Tether, often referred to as USDT, was initially designed to provide stability in the world of cryptocurrencies. It serves as a digital equivalent of the US dollar, allowing traders to navigate the volatile crypto market while avoiding significant fluctuations.

Recent events have thrust Tether into the spotlight, raising concerns about its connections to organized crime and terrorism. In this article, we will delve deep into the intricate web of Tether and its controversial associations.

Tether's allure stemmed from its claim to back every USDT token with a one-to-one reserve of US dollars, instilling confidence among crypto traders. However, the unfolding narrative suggests a different story.

In 2019, it came to light that Tether was only 74% backed by US dollars and equivalent assets, contrary to its original assertion. This revelation sparked concerns about Tether's solvency and left many questioning its reliability.

Adding to the skepticism, Tether has been opaque about disclosing detailed information regarding the nature of its backing assets. This lack of transparency further fueled suspicions within the crypto community.

Bitfinex, a prominent crypto exchange, is intricately linked to Tether through a complex web of shared interests. Unraveling this connection is vital in comprehending the Tether controversy.

Both Bitfinex and Tether are controlled by iFinex Inc., a parent company. Though they initially portrayed their relationship as a partnership formed in 2014, revelations from the Paradise Papers uncovered the extent of control held by the same individuals over both entities.

The Paradise Papers shed light on the intricate relationship between Bitfinex, Tether, and iFinex, exposing the convoluted corporate structure that connects them.

In March 2023, allegations surfaced, accusing Tether of falsifying documents to regain access to banking services in Taiwan and Turkey, following the abrupt restriction of their operations by Wells Fargo. The implications of these accusations are substantial.

Tether transactions have been discovered to be intertwined with money laundering and bribery activities, including the alleged bribery of government officials. These revelations have raised serious concerns about Tether's involvement in illegal financial activities.

Key Tether executives, including the CFO, COO, CEO, and CTO, have associations with individuals facing allegations of criminal activities. These connections deepen the suspicions surrounding Tether's operations.

Their CFO, responsible for financial matters, is collaborating with an individual suspected of tax evasion. Meanwhile, the COO, in charge of operations, is working alongside someone accused of theft. The CEO, who leads the company, is connected to a firm involved in VAT fraud. Furthermore, their Chief Technology Officer, Paolo Arduino, appears to have some level of separation from individuals potentially involved in money laundering for Gaddafi.

The source of these accusations you can read here: Tether executives have brushed shoulders with crime since its inception. I don’t know if these are true, but if they are then that is a big red flag.

Tether's remarkable market presence has made it resistant to typical failure factors. Despite the ongoing controversies, its sheer size and stability have allowed it to persist in the market. However, its future remains uncertain.

The crypto world is rife with speculation about Tether's future. Mounting controversies and regulatory pressures have led to concerns about the sustainability of this digital currency.

Tether is increasingly becoming a favored tool for criminal activities, ranging from terrorism to illicit financial dealings. The implications of its involvement in such activities cast a troubling shadow on its global impact, raising serious questions about its place in the crypto world.

Also if you’ve read this far prepare yourself, because I might soon publish a very detailed investigation regarding FTX activity and its connection to Tether. Stay tuned!

What is Tether, and how does it work?

Tether, denoted as USDT, is a stablecoin designed to maintain a 1:1 parity with the US dollar. It provides a stable value within the volatile cryptocurrency market and allows traders to use it as a reliable trading pair.

Why are there concerns about Tether's backing reserves?

Controversy surrounds Tether due to discrepancies in its claims of being fully backed by US dollars. In 2019, it was revealed that Tether was only 74% backed, casting doubt on its solvency.

What is the significance of Tether's association with criminal activities?

Tether's association with organizations and its alleged involvement in money laundering and bribery activities have raised concerns about its ethical and legal implications.

Is Tether's size and stability a guarantee of its long-term success?

Tether's colossal size and relative stability have allowed it to endure in the crypto market. However, the mounting controversies and regulatory scrutiny could impact its future.

1️⃣ Investigate Tether's Reserve Backing: Delve into the claims and concerns about Tether's backing reserves. Analyze whether Tether has indeed maintained a one-to-one reserve of US dollars, and if not, explore the implications for its stability.

2️ Explore the Bitfinex-Tether Connection: Unravel the intricate relationship between Bitfinex, Tether, and their parent company iFinex Inc. Investigate how their shared interests and corporate structure might influence the controversies surrounding Tether.

3️ Assess Allegations of Criminal Activity: Investigate the recent allegations of Tether's involvement in falsifying documents to regain access to banking services and its connection to money laundering and bribery. Determine the credibility of these claims and their potential impact.

Tether executives have brushed shoulders with crime since its inception

I am eager to hear your thoughts, insights, and experiences regarding this pressing issue. Let's engage in a vibrant discussion together! In addition to publishing this edition of the newsletter, I have also created a LinkedIn post where we can all discuss the developments and news covered in this edition. If you are eager to join the conversation, don't be shy! Feel free to check out my LinkedIn profile and comment on the post:

Let's connect on LinkedIn!

Web3Daily now has a few additional social media accounts. Follow and engage in a more casual style on these platforms:

Follow me on Twitter!

Follow me on Medium!

Follow me on Mirror!

Follow me on Mastodon!

Follow me on Diamond!

Don't forget to share this newsletter with your crypto-savvy friends and colleagues. The more, the merrier! Let's build a community that stays informed, connected, and excited about the ever-evolving world of web3.

Thanks for being part of the Web3Daily family! Together, we'll navigate the exciting world of crypto and blockchain, one news byte at a time.

To stay connected and receive daily updates, make sure to connect with me on LinkedIn! Let's continue our journey to unlock the mysteries of web3 and embrace the future, hand in hand.

See you on the other side of the blockchain!

Wiktor Grzyb

Founder & Editor, Web3Daily

Want to support me for free? Consider following on Medium or Twitter. :)

🧵 Tether, or USDT, designed for crypto market stability

💰 Claimed 1:1 backing by US dollars, but only 74% backed

🕵️ Lack of transparency raises reliability concerns

🔗 Complex Tether connections through iFinex Inc.

💼 Allegations of money laundering, bribery, illegal activities

👥 Key Tether executives linked to individuals facing criminal allegations

🌍 Tether's future uncertain, amid regulatory pressures

🌐 Global impact tainted by involvement in criminal activities

📰 Upcoming investigation regarding FTX and Tether connection

Tether, often referred to as USDT, was initially designed to provide stability in the world of cryptocurrencies. It serves as a digital equivalent of the US dollar, allowing traders to navigate the volatile crypto market while avoiding significant fluctuations.

Recent events have thrust Tether into the spotlight, raising concerns about its connections to organized crime and terrorism. In this article, we will delve deep into the intricate web of Tether and its controversial associations.

Tether's allure stemmed from its claim to back every USDT token with a one-to-one reserve of US dollars, instilling confidence among crypto traders. However, the unfolding narrative suggests a different story.

In 2019, it came to light that Tether was only 74% backed by US dollars and equivalent assets, contrary to its original assertion. This revelation sparked concerns about Tether's solvency and left many questioning its reliability.

Adding to the skepticism, Tether has been opaque about disclosing detailed information regarding the nature of its backing assets. This lack of transparency further fueled suspicions within the crypto community.

Bitfinex, a prominent crypto exchange, is intricately linked to Tether through a complex web of shared interests. Unraveling this connection is vital in comprehending the Tether controversy.

Both Bitfinex and Tether are controlled by iFinex Inc., a parent company. Though they initially portrayed their relationship as a partnership formed in 2014, revelations from the Paradise Papers uncovered the extent of control held by the same individuals over both entities.

The Paradise Papers shed light on the intricate relationship between Bitfinex, Tether, and iFinex, exposing the convoluted corporate structure that connects them.

In March 2023, allegations surfaced, accusing Tether of falsifying documents to regain access to banking services in Taiwan and Turkey, following the abrupt restriction of their operations by Wells Fargo. The implications of these accusations are substantial.

Tether transactions have been discovered to be intertwined with money laundering and bribery activities, including the alleged bribery of government officials. These revelations have raised serious concerns about Tether's involvement in illegal financial activities.

Key Tether executives, including the CFO, COO, CEO, and CTO, have associations with individuals facing allegations of criminal activities. These connections deepen the suspicions surrounding Tether's operations.

Their CFO, responsible for financial matters, is collaborating with an individual suspected of tax evasion. Meanwhile, the COO, in charge of operations, is working alongside someone accused of theft. The CEO, who leads the company, is connected to a firm involved in VAT fraud. Furthermore, their Chief Technology Officer, Paolo Arduino, appears to have some level of separation from individuals potentially involved in money laundering for Gaddafi.

The source of these accusations you can read here: Tether executives have brushed shoulders with crime since its inception. I don’t know if these are true, but if they are then that is a big red flag.

Tether's remarkable market presence has made it resistant to typical failure factors. Despite the ongoing controversies, its sheer size and stability have allowed it to persist in the market. However, its future remains uncertain.

The crypto world is rife with speculation about Tether's future. Mounting controversies and regulatory pressures have led to concerns about the sustainability of this digital currency.

Tether is increasingly becoming a favored tool for criminal activities, ranging from terrorism to illicit financial dealings. The implications of its involvement in such activities cast a troubling shadow on its global impact, raising serious questions about its place in the crypto world.

Also if you’ve read this far prepare yourself, because I might soon publish a very detailed investigation regarding FTX activity and its connection to Tether. Stay tuned!

What is Tether, and how does it work?

Tether, denoted as USDT, is a stablecoin designed to maintain a 1:1 parity with the US dollar. It provides a stable value within the volatile cryptocurrency market and allows traders to use it as a reliable trading pair.

Why are there concerns about Tether's backing reserves?

Controversy surrounds Tether due to discrepancies in its claims of being fully backed by US dollars. In 2019, it was revealed that Tether was only 74% backed, casting doubt on its solvency.

What is the significance of Tether's association with criminal activities?

Tether's association with organizations and its alleged involvement in money laundering and bribery activities have raised concerns about its ethical and legal implications.

Is Tether's size and stability a guarantee of its long-term success?

Tether's colossal size and relative stability have allowed it to endure in the crypto market. However, the mounting controversies and regulatory scrutiny could impact its future.

1️⃣ Investigate Tether's Reserve Backing: Delve into the claims and concerns about Tether's backing reserves. Analyze whether Tether has indeed maintained a one-to-one reserve of US dollars, and if not, explore the implications for its stability.

2️ Explore the Bitfinex-Tether Connection: Unravel the intricate relationship between Bitfinex, Tether, and their parent company iFinex Inc. Investigate how their shared interests and corporate structure might influence the controversies surrounding Tether.

3️ Assess Allegations of Criminal Activity: Investigate the recent allegations of Tether's involvement in falsifying documents to regain access to banking services and its connection to money laundering and bribery. Determine the credibility of these claims and their potential impact.

Tether executives have brushed shoulders with crime since its inception

I am eager to hear your thoughts, insights, and experiences regarding this pressing issue. Let's engage in a vibrant discussion together! In addition to publishing this edition of the newsletter, I have also created a LinkedIn post where we can all discuss the developments and news covered in this edition. If you are eager to join the conversation, don't be shy! Feel free to check out my LinkedIn profile and comment on the post:

Let's connect on LinkedIn!

Web3Daily now has a few additional social media accounts. Follow and engage in a more casual style on these platforms:

Follow me on Twitter!

Follow me on Medium!

Follow me on Mirror!

Follow me on Mastodon!

Follow me on Diamond!

Don't forget to share this newsletter with your crypto-savvy friends and colleagues. The more, the merrier! Let's build a community that stays informed, connected, and excited about the ever-evolving world of web3.

Thanks for being part of the Web3Daily family! Together, we'll navigate the exciting world of crypto and blockchain, one news byte at a time.

To stay connected and receive daily updates, make sure to connect with me on LinkedIn! Let's continue our journey to unlock the mysteries of web3 and embrace the future, hand in hand.

See you on the other side of the blockchain!

Wiktor Grzyb

Founder & Editor, Web3Daily