BITFINEX RESPONSE - WE ARE SO FUCKED

How bad, shills? BAD-BAD? end is near? "This is it"?

see a doc for your mental health problem

WASSA WASSA WASSA BITFINEEEEEEEEEEEEEEEX

>hey dont worry guys everything is fine

Guys what if Bitcoin goes bankrupt??

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WTF this is written by a jew for sure. first time i read it i was positive. then OP points out shit and its all BS AHHHHHHHHHHHHHHHAAA

What does any of this even mean

If you lost money in this you are... there is not even a word to describe it. The factorial of a retard.

People have been screaming from the rooftops about Bitfinex for years now.

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A Bold and Brave statement which inspires to continue entrusting them with thousands of dollars. That bit where they explained carefully WHY they gave Crypto Capital $850 mill in the first place was especially trust-securing. JUST take my money, more of it, all of it, NOW

Jesus

Probably for good reason too

HEY HEY HEY

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holy shit this is a bombshell. I think crypto might unironically be over.

You have to go back

This unironically sounds EXACTLY like Mt gox right before the collapse

>o lord God jesus Christ
kek knows crypto is in trouble

Stop being such a retarded faggot and read the NYAG filings. If you did you'd learn that Tether lent Bitfinex money on a 3 year term at 6% interest (the term is something like that I don't know for certain and I don't have the document still open) (to let Bitfinex's customers withdraw) to cover for the seized money from CC. But they didn't disclose this information to their customers. No one lost money. This is what this is all about you room temperature IQ daft cunts.

>FULL STOP

damn how bad is this?

Short version - this is a big fat nothing burger about something that happened from October 2018

Which means best case is that tether is now out 850 mil...and their scam tokens are not backed by real dollars...

Bitcoin vs Jews, the final showdown. Who will win?

>in tether we trust
nice delusions bro

You always want to look strong so you can dump your personal holdings first at the highest price possible before you exit. This is zero sum game 101 and it is exactly what Bitfinex is doing.

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Except its not shills, just oldfags that knew the btc ath pump was faked buys with tether, its atrocious how long this tether scam has been sustained, tether is apparently backed buy USD(not really they just issue out more whenever they want) but tether is banned in the USA. How much mental gymnastics do you need to cope with the fact that shit doesnt make sense, not to mention, tethers mcap just keeps climbing and climbing, why? To sustain the scam

Not only did they not disclose it, they flat out lied about it and violated various other securities regulations. This is not a repeat of October.

>Actually thinking that there's any diffrence.

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If you mean Tether is over, regulation is happening and then we go 100k, then yes.
If you mean Tether is okay and won't cause short term panic, then no.

Fuck... My dad works at Bitcoin. How will my family eat?!

this is so bad bros I'm ata loss for word for how bad this is

>So according to OAG, Bitfinex told them they don’t believe the $850 million held by Crypto Capital was seized by authorities but now in statement to public Bitfinex claims funds are “seized and safeguarded”?
>o lord
checked

>If you did you'd learn that Tether lent Bitfinex money

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Bitfinex has borrowed money from Tether's cash reserves. To spell it out for you, this means that Bitfinex will repay Tether meeting the term that they both agreed upon.

>big fat nothing burger
looks like a big fat hole around $850 mill wide that everyones skirting around and pretending don't exist to me. Regardless rights, wrongs or otherwise - 'seized' = 'we are not expecting to see this again anytime soon' = Don't be Last in Grab Your Cash Back musical chairs

This is what everybody seems to be missing. NOT ONLY IS THE LARGEST FIAT TO CRYPTO EXCHANGE UNDER DIRECT INVESTIGATION (that also happens to control the action on every other exchange through usdt as well), BUT THEY ARE ADMITTING TO THE FACT THAT THEY HAVE DID NOT HAVE THE FUNDS AVAILABLE TO FACILITATE CUSTOMER WITHDRAWALS

Please explain how that's not true. Maybe I misunderstood the filings? Am I wrong?

can someone explain exactly how and why so much 'money' was seized in the first place?

Sorry sweety, if this was the end of tether they would have exit scammed before anyone else even had a chance to exit.

just start a central crypto bank ahahahahahahn

Someone in a suit ordered someone with a gun to visit someone with a computer.

pic related is a screenshot from this document:
iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=vIexA1b0spKOnK_PLUS_ZUGTJ3A==&system=prod

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What don't you understand? Bitfinex doesn't have the money to repay right away (which is why they borrowed it in the first place - to keep their exchange and usdt from going belly up in October) and now that this 850 mil is GONE (seized money usually doesn't get returned, and if it does it takes YEARS and a lot of lawyer fees) and USDT has a gaping fucking hole in it. This is only scratching the surface. It's not good.

>and now that this 850 mil is GONE
the money that they borrowed from Tether isn't gone

seizing $850mm due to a suspected fraud
What suspected fraud? the use of tethers as a stablecoin or?

That's it, I'm gonna start trading on COSS

It was used to pay for customers withdrawals...

Alright fuck it, I’m a /COSSmarine/ now, who else is in?

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No shit sherlock that was the whole point of borrowing that money. Because Crypto Capital which was holding Bitfinex's customers money suddenly turned around and said they couldn't access it. So Bitfinex says to Tether we need to borrow money. Tether and Bitfinex negotiate. Bitfinex borrowed the money to let customers withdraw. Then Bitfinex will pay back Tether over the three year period. From money that they make from running the exchange. Which is why they run the exchange - to make money.

>a gaping fucking hole
1usdt=0.7usd right now

Bitcoin became the Jew when Blockstream took over.

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'seized' simultaneously in Poland, Portugal and USA? Its horseshit, and NYC AG could confirm, whether Murican authorities have seized ANYTHING relating to Crypto Capital. tldr, ts gone, and its not coming back - meanwhile, Bitfinex is being funded from Tethers capital, facts which no-one bothered explaining to the public, whose money it actually is

Why would you trust Bitfinex to make that kind of money back after all the shit that’s happened?

They should make a token like an iou and list that on their exchange against btc. Get people to trust said iou and print a shitload of it to pay people back.

Lmao

WEEWOOWEEWOO

There is something to this coin and stablecoins

It will be revealed soon.

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DO YOU NOT FUCKING UNDERSTAND THAT USDT IS SUPPOSED TO BE BACKED BY REAL DOLLARS? INSTEAD THEY ARE BACKED BY "ASSETS" SUCH AS MASSIVE AMOUNTS OF SHARES OF IFINEX INC. UDST IS LITERALLY BACKED BY SHARES OF BITFINEX, WHICH OPERATES THROUGHOUT THE ENTIRE CRYPTO MARKET UNDER THE ASSUMPTION THAT TETHERS ARE REDEEMABLE ON THEIR PLATFORM FOR 1:1 USD. THE ENTIRETY OF CRYPTO IS ESSENTIALLY BACKED WITH TETHERS THAT ARE BACKED BY SHARES OF BITFINEX. THE MONEY IS GONE RETARD. THEY ADMITTED THAT A LARGE PORTION WAS SEIZED. WAKE THE FUCK UP

It’s also backed by shitcoins according to a terminated finex employee. This is a great shitshow

nobody gives a shit about your fiat gramps

wake me up when my cold storage is compromised

>THEY ADMITTED THAT A LARGE PORTION WAS SEIZED.
WHO THE FUCK IS THEY DICKHEAD?? CRYPTO CAPITAL - CORRECT?? CRYPTO CAPITAL FUCKED OVER BITFINEX

>finex will come up with $800m to repay in a reasonable timeframe
>existing holders of USDT will be cool with the fact that $800m of o/s USDT is actually backed by a bullshit IOU from an insolvent exchange (that's directly associated with USDT and the same two execs signed both sides of the ((loan agreement))

>CRYPTO CAPITAL FUCKED OVER BITFINEX
DON'T SEEM TO HAVE BEEN ALL TOO DIFFICULT A TASK THAT THO, EH ? EH ?

Oh okay that makes it cool to raid the reserves of tether then, fraud and securities lawbreaking is justified if you're in a bad spot

More reasons to trust finex

Not sure if you are a dumbass or just trolling, but this isnt good. Tether IS bitfinex, they basically dug a hole in tether’s supposed “reserves” to cover their massive shortfall in withdrawals, and more importantly were stupid enough to get caught doing this. Everything else in their press release is just marketing gibberish designed to buy time as they exit scam with money from retards like you.

Look at his other posts. Wouldn’t be surprised if he has some sort of mental illness irl

IT DOESNT MATTER IF IT WAS ACTUALLY SEIZED OR STOLEN RETARD. CRYPTO CAPITAL HANDLED THE FUND FOR QUADRIGAX ALSO. THE BOTTOM LINE IS THAT THE MONEY THAT IS SUPPOSED TO BE BACKING TETHERS (OR AT LEAST A HUGE CHUNK OF IT) IS FUCKING GONE. WHY IS THIS SO HARD FOR YOU TO UNDERSTAND?

SO SHOULD I STILL BE HODLING TETHER OR CONVERT IT TO SOMETHING ELSE LIKE BNB HELP ME OUT FELLOW BEARS

usdc, pax, or tusd

Imagine defrauding with a completely traceable asset indexed on a blockchain

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We don’t know the full extent of the rot, which is why I cashed out in early 2018.

Mt.gox 2.0

i could say with medium-high confidence that bitfinex is making back enough fees to repay the loan. look at their volume and then their fees. and the market isn't even that bullish right now which makes it even more impressive desu.

tether didn't get raided, they fucking agreed and negotiated with bitfinex.

i interpreted it as another reserve not the one that reserves tether 1:1

>i could say with medium-high confidence that bitfinex is making back enough fees to repay the loan. look at their volume and then their fees. and the market isn't even that bullish right now which makes it even more impressive desu.

then why did they need to borrow the money in the first place? what if they need more money for future withdrawals? i see no reason for you to be defending bitfinex unless you are holding bags.

I'm gonna dyor on this a little more before shitposting. this looks pretty bad

>seized and safeguarded
>we have been actively working to exercise our rights and remedies and get those funds released
Wait who seized the funds and why do they think they'll even be able to get them back in the first place?

Welp, the whole BTC think was a neat idea while it lasted

the funds are gone. a company called crypto capital had control of the money and told bitfinex that it had been seized by authorities. if they are lying and it wasnt seized, it means they stole it. either way its gone and the entire thing is EXTREMELY shady.

source?

Oh my god read the fucking thing user ans stop asking dumb questions

investopedia.com/terms/f/fractionalreservebanking.asp

>That said, it isn't required to keep the entire amount either. Most banks are required to keep 10% of the deposit, referred to as reserves. This reserve requirement is set by the Federal Reserve and is one of the Fed's tools to implement monetary policy. Increasing the reserve requirement takes money out of the economy, while a decrease in the reserve requirement puts money into the economy.

People act like this is some horrible thing when it's actually institutionalized in banks.
It's no surprise stablecoins see fractional reserves as an option.

I think that this is OK for crypto market actually. Just don't use bitifnex and tether. This is also very bullish for maker and dai.

Sorry forgot exactly where but it’s on reddit. Some employee (later terminated for whatever reason) let slip that in some sense tether is purchased using exchange shitcoins.

those questions were rhetorical you absolute fucking brain dead moron

>crypto market nose dives because it's propped up by tether.
>This is good for crypto.

As someone who lost money in Quadriga, this is almost identical to the shit they said - "CIBC (canadian bank) is witholding $26 million which we really want to give to you guys, I swear!"

Turns out CIBC withheld Quads funds because one of the guys there tried to withdraw $1-2 million into his personal bank account. Long story short, this is very bad for tether holders, I'd gtfo now. Market buy another stable coin. Also if tether is insolvent, that doesn't fuck over exchanges like Binance does it?

Safe harbor is unironically BSV.
Binance holds > 800 millon tether.

Get rekt

I'll start filtering the word Stiff, Indian shills are the worst. Low effort, low quality, completely disgusting.

You guys actually make me want to sell my Bitcoin SV, just friendly feedback.

actual banks are members of regulated deposit guarantee schemes and shit tho. There is also no way in fuck a bank would be allowed to behave in the manner Bitfinex/Tether (+ prob. Crypto Capital in concert) have demonstrably behaved here with customer cash

Tether and bitfinex are owned by the same people. They didn't negotiate with anyone.

quadrigax's funds were handled literally by the same exact company (crypto capital) that is telling bitfinex that their money was seized. this is a complete shitshow.

and yeah binance will be hit hard because usdt pairs make up a lot of their volume.

Shut up Greg. We know it's you.
All the scams, including you, will go down this year.