- Bitfinex gets charged of 851 million USDT fraud by New York Attorney general - Binance gets hacked 7000 BTC and shuts down withdrawals - Bitcoin rallies from 5500 to over 8000 dollars. - USDT is now worth more than USD - Prices on Coinbase, Bitstamp, Kraken are higher than on Bitfinex and Binance.
WTH is going on Jow Forums?
What if Binance and Bitfinex are helping each other out? They are after all two chink exchanges and I seem to remember to have even seen the bitfinex feather logo on the binance site in a 'glitch'. (My memory is hazy here and cant find anything online about it)
Anyway, let us assume they are helping each other out. What exactly are they doing? I think what happened first was a huge outflux of USDT out of binance. Then all deposits and withdrawals in and out of binance were stopped. How does this cause a bull run though? Why in Bitcoin and not so much in alts? Why is USDT more valuable than USD on kraken, bitstamp or coinbase?
I have more questions than answers and i'm tired, but I know there are bright guys lurking this forum and this is the best place to get a discussion started on this. So here it goes.
>I think what happened first was a huge outflux of USDT out of binance. that doesn't make sense. where would they send it? if anything, my guess is that they use their reserves to pump btc on their exchange
Joseph Howard
why is their price lower than coinbase?
Ethan Wright
Unironically unironic user Also >summer fag
Logan Jones
John McAfee invented bitcoin and doesn’t remember
Lincoln Fisher
>USDT is now worth more than USD its usually always slightly higher, only last 2 weeks its been dipping, i agree about the rest of it though, sketchy af and im not doing anything till the end of the week
David Rivera
tether above $1. but why did tether recover is what I'd like to know
Cooper Richardson
Dont forget the stock market. Also war with iran
Juan Mitchell
There was no “hack”. The 7000 btc move was deliberate, but because the blockchain is a public ledger, they had to cover it by calling it a hack and incidentally giving a good excuse to shut down binance for a week.
Therefore the plan has always been to withdraw 7000 btc then pump for a week.
The correct question is, what did they need the $56million for? It’s not even a huge amount.
James Ross
The 56m was to long the shirt on Tether’s sudden insolvency of course.
Caleb White
If they needed such an elaborate ruse to raise a paltry 56m, then their financial situation is a lot worse than we thought. Isnt that supposed to be just a few days’ profit for major exchanges? Or are they actually running on fumes cash wise, mostly sitting on a growing pile of garbage crypto?
Brayden Brooks
the "hack" was such a poorly execute heist. CZ message was full of contradictions. Also, why did they need to shut off withdrawals for a whole week? what is their team "working" on? didn't CZ say the hacked accounts were phished? if that's so what the fuck can their team even do if it's not a design flaw in their exchange but customer fault? This whole thing doesn't make sense.
Lincoln Collins
Why the rally though? And how?
Camden Wood
This. What the fuck is going on. How the fuck is tether literally worth more than a dollar
If you think this is organic you are a naive piece of shit
Ian Flores
Notch Pearson IS Satoshi
Minecraft is the blockchain
Aaron Rivera
and what are your proofs for this other than your crazy little mind wanting to be smarter than the rest?
Brandon Long
pump it to a higher price, generate FOMO and then sell. take out the leveraged shorts. get free BTC.
Those kids with autism have to be gajillionaires by now
Leo Ramirez
Its not a theory anymore. I dont know if you follow articles and twitter, but theres a lot of info out there. Bitfinex and Binance are together in the fraud, its just a matter of time before this tanks sub 1k. Cz is way more involved in the tether scam than most people think
Camden Brooks
>Wash trade own internal BTC funds to stimulate buy panic >Wait until 10k >leverage short your 56m against yourself >dump thousands of BTC >force market downturn >at 10x leverage against yourself return 560m >sold your 7000 BTC during panic for ~100m >buy dip you created and put into Tether >recovered your 850m in two weeks
God damn Im so pissed right now that i solely hold alts that have not risen a flying fuck in comparison to btc. It makes it so much harder to get out of this mess and say goodbye for a month or two
Cooper Nelson
Think of it as gambling. Any money you lost is an “entertainment fee”.
Cryptocurrency! Money of the future —> store of value —> gambling chips
Oliver Long
And then publicly discussing/considering a 51% attack to roll it back? SAD!
