{"id":379926,"date":"2019-04-26T20:00:26","date_gmt":"2019-04-26T20:00:26","guid":{"rendered":"https:\/\/uniquehot.com\/?p=379926"},"modified":"2024-06-11T07:39:48","modified_gmt":"2024-06-11T07:39:48","slug":"tether-turmoil-twist-stolen-reserves-proves-crypto-stablecoin-was-once-backed","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/tether-turmoil-twist-stolen-reserves-proves-crypto-stablecoin-was-once-backed\/","title":{"rendered":"Tether Turmoil Twist: Stolen Reserves Proves Crypto Stablecoin Was Once Backed"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">The <a href=\"\/tag\/crypto\" rel=\"nofollow\">crypt<\/a>o community is in an uproar following the <a href=\"https:\/\/uniquehot.com\/2019\/04\/25\/tether-bitfinex-legal-imbroglio-bitcoin-price\/\">New York State\u2019s Attorney General\u2019s office accusation<\/a> that prominent crypto exchange Bitfinex \u2013 tied closely to the controversial stablecoin <a href=\"\/tag\/tether\" rel=\"nofollow\">Tether<\/a> \u2013 had hidden a $850 million loss at the hands of a capital management company.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">While the news caused a steep, <a href=\"https:\/\/uniquehot.com\/2019\/04\/26\/crypto-market-holding-crucial-supports-bitcoin-cash-xlm-eos-trx-price-analysis\/\">widespread selloff across the crypto market<\/a>, there is some good news buried deep within the Tether turmoil: the fact that $850 million was stolen from Bitfinex could be the best proof yet that Tether is or was backed by fiat reserves as the parent company claims.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Erik Voorhees: Bitfinex \u201cDrama\u201d Disproves The Bitfinex\u2019ed Conspiracy Theory<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Tether and its sister company <a href=\"\/tag\/bitfinex\" rel=\"nofollow\">Bitfinex<\/a>, both have been the subject of much controversy in recent years. Tether, has been accused of a full gamut of shay behaviors, but none so damning as the claim that all Tether\u2019s in reserve aren\u2019t backed by a corresponding US dollar. Tether has also been at the center of an investigation on <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> manipulation, and has had a negative reputation across the crypto industry.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Regardless of the negativity and controversy surrounding the stablecoin, it\u2019s widely used by traders seeking a safe haven from falling cryptocurrency prices.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2019\/04\/25\/tether-bitfinex-legal-imbroglio-bitcoin-price\/\">Tether And Bitfinex Legal Imbroglio Tanks Bitcoin Price By 5.8% In Minutes<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">But last night\u2019s news saw crypto investors fleeing for the safety of other stablecoins, and even Bitcoin, as the price of the leading crypto bounced as investors fled Bitfinex by cashing out their Tethers for BTC, and then moving them off the exchange en masse. The exodus was publicized via <a href=\"https:\/\/twitter.com\/newsbtc?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Twitter<\/a>, highlighting each blockchain transaction moving funds away from the accused exchange.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Ironically, this latest Bitfinex drama may be the one thing that disproves the \u201cBitfinex\u2019ed\u201d conspiracy theory. If USD in that amount was seized\/stolen\/held by Crypto Capital, then the USD backing Tether DID actually exist after all. <a href=\"https:\/\/twitter.com\/Bitfinexed?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@Bitfinexed<\/a> claim was that USD never existed.<\/p>\n<p>&mdash; Erik Voorhees (@ErikVoorhees) <a href=\"https:\/\/twitter.com\/ErikVoorhees\/status\/92445952?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 26, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">Despite all the turmoil surrounding Tether and the crypto space at the moment, ShapeShift CEO Erik Voorhees, concludes that the controversy might just be the best evidence yet that \u201cdisproves\u201d Bitfinex\u2019ed\u2019s theory that Tether\u2019s weren\u2019t 1:1 backed by a corresponding US dollar as the company claims. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Bitfinex is accused of hiding a loss of $850 million, due to their Panama-based capital management company, Crypto Capital, stealing the funds. Bitfinex is further accused of using nearly $700 million of the company\u2019s fiat reserves allocated for Tether to cover up the loss.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2019\/04\/25\/tether-treasury-stablecoin-bitcoin-price\/\">Tether Treasury Mints $300 Million of Stablecoin: What Could It Mean for Bitcoin Price?<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">However, as Voorhees points out, if the reserve fiat didn\u2019t exist, Bitfinex would likely have not been able to cover the loss, and would have went under. The fact that Bitfinex was able to borrow from the reserve to cover the loss suggests that the reserves were indeed fully backed as the company has asserted from the very beginning.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Following the New York AG\u2019s accusations last night, the price of all major cryptocurrencies, including fell 7% or higher. Tether has also dropped in price following the news, and capital has begun entering other stablecoins in the market, which are up roughly 2% on the day.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The crypto community is in an uproar following the New York State\u2019s Attorney General\u2019s office accusation that prominent crypto exchange Bitfinex \u2013 tied closely to the controversial stablecoin Tether \u2013 had hidden a $850 million loss at the hands of a capital management company. While the news caused a steep, widespread selloff across the crypto market, there is some good news buried deep within the Tether turmoil: the fact that $850 million was stolen from Bitfinex could be the best proof yet that Tether is or was backed by fiat reserves as the parent company claims. Erik Voorhees: Bitfinex \u201cDrama\u201d Disproves The Bitfinex\u2019ed Conspiracy Theory Tether and its sister company Bitfinex, both have been the subject of much controversy in recent years. Tether, has been accused of a full gamut of shay behaviors, but none so damning as the claim that all Tether\u2019s in reserve aren\u2019t backed by a corresponding US dollar. Tether has also been at the center of an investigation on Bitcoin price manipulation, and has had a negative reputation across the crypto industry. Regardless of the negativity and controversy surrounding the stablecoin, it\u2019s widely used by traders seeking a safe haven from falling cryptocurrency prices. Related Reading | Tether And Bitfinex Legal Imbroglio Tanks Bitcoin Price By 5.8% In Minutes But last night\u2019s news saw crypto investors fleeing for the safety of other stablecoins, and even Bitcoin, as the price of the leading crypto bounced as investors fled Bitfinex by cashing out their Tethers for BTC, and then moving them off the exchange en masse. The exodus was publicized via Twitter, highlighting each blockchain transaction moving funds away from the accused exchange. Ironically, this latest Bitfinex drama may be the one thing that disproves the \u201cBitfinex\u2019ed\u201d conspiracy theory. If USD in that amount was seized\/stolen\/held by Crypto Capital, then the USD backing Tether DID actually exist after all. @Bitfinexed claim was that USD never existed. &mdash; Erik Voorhees (@ErikVoorhees) April 26, 2019 Despite all the turmoil surrounding Tether and the crypto space at the moment, ShapeShift CEO Erik Voorhees, concludes that the controversy might just be the best evidence yet that \u201cdisproves\u201d Bitfinex\u2019ed\u2019s theory that Tether\u2019s weren\u2019t 1:1 backed by a corresponding US dollar as the company claims. Bitfinex is accused of hiding a loss of $850 million, due to their Panama-based capital management company, Crypto Capital, stealing the funds. Bitfinex is further accused of using nearly $700 million of the company\u2019s fiat reserves allocated for Tether to cover up the loss. Related Reading | Tether Treasury Mints $300 Million of Stablecoin: What Could It Mean for Bitcoin Price? However, as Voorhees points out, if the reserve fiat didn\u2019t exist, Bitfinex would likely have not been able to cover the loss, and would have went under. The fact that Bitfinex was able to borrow from the reserve to cover the loss suggests that the reserves were indeed fully backed as the company has asserted from the very beginning. Following the New York AG\u2019s accusations last night, the price of all major cryptocurrencies, including fell 7% or higher. Tether has also dropped in price following the news, and capital has begun entering other stablecoins in the market, which are up roughly 2% on the day.<\/p>\n","protected":false},"author":517,"featured_media":379928,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,925,6664,5066,4100],"class_list":["post-379926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitfinex","tag-crypto","tag-erik-voorhees","tag-tether"],"acf":[],"yoast_head":"\n<title>Tether Turmoil Twist: Stolen Reserves Proves Crypto Stablecoin Was Once Backed<\/title>\n<meta name=\"description\" content=\"The crypto community is in an uproar following the New York State\u2019s Attorney General\u2019s office accusation that prominent crypto exchange Bitfinex \u2013 tied\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/tether-turmoil-twist-stolen-reserves-proves-crypto-stablecoin-was-once-backed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tether Turmoil Twist: Stolen Reserves Proves Crypto Stablecoin Was Once Backed\" \/>\n<meta property=\"og:description\" content=\"The crypto community is in an uproar following the New York State\u2019s Attorney General\u2019s office accusation that prominent crypto exchange Bitfinex \u2013 tied\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/tether-turmoil-twist-stolen-reserves-proves-crypto-stablecoin-was-once-backed\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-04-26T20:00:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T07:39:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/04\/tether-crypto-bitcoin-price-shutterstock_1133335829.jpg?fit=4294%2C2844\" \/>\n\t<meta property=\"og:image:width\" content=\"4294\" \/>\n\t<meta property=\"og:image:height\" content=\"2844\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;The Bull&quot; 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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