Robert-Jan Den Haan, a contributor to the Block who has been researching the Bitfinex/Tether situation for over a year, talks about how Bitfinex found itself without access to $850 million of its own money, how the trouble crypto companies have maintaining banking relationships played into that, and the company — or, rather, group of related companies — that is the source of its woes. We also cover where at least a portion of the money is now, and why it likely won’t be made available soon, how a case involving Reginald Fowler and Ravid Yosef is related, and why Bitfinex will likely be conducting an initial exchange offering of $1 billion. Plus, we discuss why the price of Tether has barely budged despite being only 74% backed.
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Original story about NYAG court order against iFinex: https://www.coindesk.com/bitfinex-ny-prosecutors-tether-850-million-allege
Why at least part of the $850 million was seized (paywall):
Original indictment revealing involvement of Reginald Fowler and Ravid Yosef: https://www.theblockcrypto.com/2019/05/01/indictment-reveals-new-clues-to-the-crypto-capital-situation/
Tether backed by 74% cash and cash equivalents:
Bitfinex and Tether General Counsel Stuart Hoegner’s statement to the NY Supreme Court regarding the OAG’s preliminary injunction:
Indictment from Southern District of New York against Reginald Fowler and Ravid . Yosef: https://www.justice.gov/usao-sdny/press-release/file/1158991/download
Reginald Fowler’s Master US Workbook and $345 million sitting in banks:
Reginald Fowler and Ravid Yosef charged with providing shadow banking services to cryptocurrency exchanges:
Already $500 million subscribed:
Meltem Demirors and Jill Carlson discussing Tether on What Grinds My Gears: https://podcasts.apple.com/us/podcast/episode-18-tarred-and-tethered/id1450518746?i=1000436884557
Absolutely hilarious satire on the whole saga: https://coinjazeera.news/federal-reserve-conspiracy-and-phil-potters-tether-scam/