It's a great read but to sum it up, Bitfinex was on the verge of a mt gox type collapse with funds drying up and them not being able to pay out customers.
TO sum up, Bitfinex was on a full on collapse mt gox mode in which they believed it would be so bad it would send BTC below 1k, they used that tether to give it to their customers so this wouldn't happen.
I don't even care anymore, I'm so fucking done with these tether/bitcorn shenanigans. Save me from this hell chainlink
Charles Russell
>BitFinex couldn't handle withdrawals >Uses Tether funds to mitigate collapse. >BitFinex hack wallet moves 550BTC just hours before NY AG sues. Basically Bitfinex is about to be Mt. Gox 2.0 and is probably insolvent.
Dominic Morales
kys AKA kill yourself
Noah Russell
what is the BitFinex hack wallet? someone hacked them? how did we not see this coming then?
Lincoln Myers
Fuck. This just made me bearish
Asher Butler
Back in 2016 BitFinex was "Hacked" and had lots of BTC stolen. Unironically funds just moved in those wallets right before AG sues.
Basically means it was an inside job. Shit hitting the fan.
Colton Baker
we're heading to 1k aren't we
Andrew Martin
The bitfinex wallet hack I referred to happened 3 years ago in 2016. Someone tracking the wallet notice that the bitcoin in those wallets laid untouched until earlier today.
This (As we know it now) isn't related to the tether news at all, but it his very very weird that the bitcoin in those wallets were moved before the we learned about the tether news.
Sebastian Ward
2k
Isaiah Perez
horrry shit. this is about to collapse
Charles Brooks
I knew it would happen eventually. If this turns out to be true, it's just one more reason why you shouldn't tie your funds up in worthless pseudo-USD and other scams. When will you crypto brainlets even learn?
BTC private keys or the highway. BTC maximalism is not a meme.
ok, thanks guys for clearing that up. So we are predicting the hacked bitcoins will be dumped on the market soonish crashing the price to 1k?
Nicholas Nelson
i was overall bullish until now (despite the overbought conditions and divergence on the shorter time frames). the market hasnt fully priced in the gravity of the situation yet, but believe me when i tell you this shit is going to crash hard. ive been in crypto since 2013 (bought during the run-up on the first bubble) i sold everything just now.
Liam Allen
DELETE THIS.
getting tired of losing everything at every fart from anything crypto related
Yes, the #30 exchange by volume fucking up will cause bitcoin to dump to 1k. This literally just proves once again that fiat is garbage, yet it will cause bitcoin to go to 1k. Yes brainlets, that makes sense.
Nothing like mt. gox. Bitfinix is just one of dozens of exchanges. Doesn't even warrant a 0.01% price drop. Actually it makes bitcoin more scarce and harder to tether, so if anything its bullish from a fundamental standpoint. Of course, this is a coordinated FUD campaign and idiots are panicking. Reminds me of the china banned bitcoin FUD from 17.
Sebastian Lopez
>Bitfnex is mtgox 2.0 Fuck yes. Bitfinex and Tether are what stopped me from getting back into crypto all the times I felt tempted to over the course of the last couple years. The latest rally was starting to make me feel like a brainlet for missing out on the $25 LTC, $80 ETH, and $3.5k BTC. Maybe in a few months I'll be able to go long again.
this is really bad news for crypto in general... marketcap total will drop below 100m
Chase Barnes
Reminder that Bitfinex is ranked 33rd in exchange volume
Samuel Cox
Honestly, the dump is irreverent in my opinion. It just confirms that one of the largest exchanges doesn't have the funds to cover any of the assets on the platform and that a bank run would likely destroy Bitfinex and no one would be able to withdrawal as there is nothing to get out of the exchange. Also confirms that it was a self orchestrated "inside job" back in 2016.
Alexander Sullivan
>hacked I think you mean """""hacked""""". It was an inside job just like mt gox.
Thomas Perry
you are not understanding the bigger problem here, which is TETHER. do you have any idea what 2.8 BILLION DOLLARS evaporating from crypto would do? (and im not talking about 2.8b just in market cap) all the exchanges that do heavy trading (binance, huobi, etc) have USDT pairs. the panic from this will send btc into capitulation.
Aaron Foster
underrated comment in this thread, please read anons
I'm starting to think this "1k" is paid shills. I mean, does anyone seriously believe this pathetic FUD? Tether is fucking old shit too, there are like a dozen other stable coins now and bitfinix is a dinosaur and is literally less than 1% percent of total crypto volume.
Eli Morales
If you're looking at CMC, most of that volume is fake. Bitfinex is one of the top
Owen Young
The result of Tether failing would likely destroy this market. That 2.8B has been leveraged so far up the ass it's probably a multiple of that figure. I mean really think about it, every time BTC crashes, it has been propped up with Tether to bounce prices back.
Juan Edwards
The sad thing is, you just fucking KNOW Binance is pulling shady shit like this, if not even shadier shit.
The only thing keeping crypto afloat is the lack of regulation. It's literally the fucking wild west out there and of course the US is going to try to spoil the party as much as we possibly can.
On the chainlink train as well hoping lord sergey can deliver us from this clusterfuckery of being chained to BTC. While knowing full well grandpa shitcoin is going to drag LINK down to sub 10c if it actually does tank to 1k.
So it's a good time to sell the summer house and dump it into BTC?
Isaiah Reed
To be clear when I Called it "Mt gox 2.0" I was stating it would literally be Mt gox 2.0, exchange going insolvent dipping out on investors. As the others have said this is #33 ranked exchange, I never and I do not believe bitcoin will touch anything near 2k to 1k because of this. "Merlin" (bitfinex executive) stated it would, but that's mostly him trying everything he can to stress how badly he needed that money as legal action would be taking against him if he didnt get it like it is now.
Christian Young
that reminds me back in 2011 when the DOJ effectively banned online poker, it crippled the industry for a long time
Michael Russell
>sub 10c LINK yes please
Noah Peterson
if i wasnt so attached to my link stack i could have tippled it by now
Ayden Taylor
right and a lot of volume from other exchanges is USDT pair trading. and again this isnt like a shitcoin losing $2.8b in market cap (which can happen just from very little volume if the book is thin) this is literally $2.8b dollars in "real" dollar value. remember what happened a few weeks ago when just $100m worth of btc was bought on the exchange? we went from 4.2k to 5k. when people start panic dumping into an already EXTREMELY illiquid market, this shit will crash way quicker than you could ever imagine
Jeremiah Martinez
Wow this thread really blew up. Thanks for the plebbit gold anons!! HUrr durr
Andrew Brooks
>It just confirms that one of the largest exchanges
In no way is bitfinex "one of the largest" exchanges, it doesn't even allow people in the US to sign up.
Its #30 on cmc, and 0.5% of the total crypto volume.
Isaac Wright
>Bitfinex took $625 million in real money at a real bank from Tether, and in exchange gave Tether back $625 million in fake money at a fake bank.
Ryan Long
Bitfinex has the largest volume of fiat to crypto in the entire market you fucking retards. the other exchanges are trading futures and shitcoins with USDT pairs
Ian Edwards
Can someone explain how Crypto Capital aren't the ones getting fucked here? Bitfinex borrowed real money from Tether's cash reserve to let customers withdraw because Crypto Capital seemingly lost or stole Bitfinex's money.
Brandon Scott
bitfinex is the second largest exchange by REAL volume and not FAKE volume, as reported by bitwise
Are you fucking trolling? According some VC funded startup bank rolled by Facebook, Goldman Sachs, and JPMorgan? Very trust worthy source you got there.
Levi Ramirez
that powerpoint was great. i didn't take that user's bait bcz there's a 99.9999% that some random user on a dead board doesn't know wtf he's talking about, and that the rest of crypto world is right to be cautious
Adam Bell
>In no way is bitfinex "one of the largest" exchanges That's a "yikes" from me, newfag
Evan Peterson
you're a nobody and deserve no trust
Andrew Williams
and binance doesnt have fiat pairs. they use bitfinex's USDT pairs. bitfinex is literally the largest fiat exchange and the retards here are acting like its nothing
It is nothing. You are just part of a coordinated shill campaign just like summer '17.
Jeremiah Ortiz
It sounds like they avetred the crisis. What's the big deal? How would a measly 500 btc dump us to $1k. You guys are absolute morons.
Austin Kelly
>transaction documents were signed on behalf of Bitfinex and Tether by the same two individuals. Those two individuals are also directors and owners of Digfinex, Bitfinex, and Tether. So Crypto Capital loses $851 million because they were "seized", bitfinex/tether owners print themselves $625 million to stay solvent
Quadriga owner "dies" and they're one of 4 exchanges listed on the Crypto Capital site
Sounds like Crypto Capital is jewing everyone or getting jewed by all the governments and banks.
Why were the coins moved? >Basically means it was an inside job. Shit hitting the fan. How exactly does the movement of coins mean anything? >Also confirms that it was a self orchestrated "inside job" back in 2016. How?
Bitfinex is the second largest exchange you utter morons.
Reminder that you are clueless.
Why would $2.8bn evaporate?
The only person with a functioning brain in this thread, and as expected not a single person replied. Yes, CC are the ones that are going to get fucked if anything.
Very low IQ thread.
Connor Foster
Sorry a little late but "Crypto Capital told the senior Bitfinex executive the reason that funds totaling $851 million could not be returned to Bitfinex was because the funds were seized by governmental authorities in Portuga returned to Bitfinex was because the funds were seized by governmental authorities in Portugal. Poland. and the United States" TL:DR it wasn't stolen it was claimed to be seized
Probably a little bit of both.
Mason Morgan
So are we facked or not user?!
Anthony Cooper
>TL:DR it wasn't stolen it was claimed to be seized This can be easily verified.
I don't know. But what I do know is that you shouldn't listen to anyone here or anywhere because 99% of people is absolutely fucking clueless. DYOR.
Zachary Diaz
See my reply I was literally typing as you typed yours, second
That wallet was untouched since 2016 until today, before the news broke. As I said earlier it's just really weird timing.
You claim this is a "low" iq thread but all you literally had to do was read the a few lines out of the link i posted to get the answer to that guys question.
Andrew Williams
I believe CC will get fucked but that doesn't mean bitfinex are blameless here
It isn't verified so far, all we have is this one source in which in acknowledges how Respondents claimed the seizure was false. There's no evidence given in the whole document supporting either side which is why I contuine to say claim. And I very much agree, DYOR which is why I linked everything so you can read.
the gap is getting even larger. it is really over folks. there is no coming back from it this time. this isnt like last october where they could slide it under the rug by telling everyone that things will be ok. the only reason btc hasnt dumped hard yet is because people fleeing USDT is pushing the price up, but when this is over you can absolutely expect this shit to dump
oh jesus. when it really dumps it's going to have the biggest market cap, isn't it
Nathan Fisher
>Crypto Capital gets bitfinex's 825 million seized >Bitfinex can't give customers there money back, is on verge of collapsing >Bitfinex dips into Tether resverses to cover Crypto Capitals fuck up but doesn't tell anyone
All happened in the past few months dating back to october 2018
>New york attorney is now going after bitfinex for "covering it up" but also to see how that money taking from the reserve is effecting everyone.
tether getting hyperinflated because there is more tether in existence than real USD backing it, the tether price of BTC will moon and your tether will be worthless
Kayden Gomez
Does this mean BTC is likely to dump because of it?
Christian Perry
huh from the thumbnail i though that was a picture of a horse's ass
lo and behold it's just a birb
i guess that's just how it is sometimes on this bitch of an earth
Gabriel Williams
so you've just got a history of shitty decision making, then
Brody Green
nothing to dump into as tether is imploding, that's the shit part about it. it would have to be actual USD, or TUSD, or USDC, or PAX. FUD like this will cause a short term fall (thinking about september 2017 with the china ban), but long term no one cancelled the bull market. I already dollared up, preparing for at least 4400 USD
Ethan Roberts
>BTC maximalism is not a meme. Unironically the truth.
