Bitfinex’ed Explains Why the Crypto Community got “MtGOX’ed” Again

October 1, 2018

 

The Bitfinex’ed account wrote a blog post in which it tries to explain why the community got ‘MtGOX’ed’ again. According to the author, two individuals that tried to take over the Mt Gox exchange have decided to embrace another way to do the same. The author mentions that Brock Pierce and John Betts, fount the stablecoin Tether (USDT) to accomplish the same task. Bitfinex’ed will be explaining why the Tether banks were such a secret and why Bitfinex and Tether are not transparent. In order to conduct his investigation, the author explains that he used common sense and evaluated the character of the individuals running Bitfinex and Tether. And indeed, he mentions that academics have always had the same conclusion about Tether, that they printed money from thin air just to buy Bitcoin and other virtual currencies. He mentions that there are several reports from Bloomberg, The Wall Street Journal and The New York Times in which they explain that Tether has been printing billions of dollars to pump Bitcoin and other virtual currencies. Tether prints chunks of 100 million dollars at a time and profiting from pumping and dumping. And indeed, Tether does not want to complete all the audits that it should, claiming that they can’t get an auditor. The author mentions that Tether exchanges are being used as accessories to the ‘Tether scam,’ including Kraken. He even says that in Kraken there are ‘wash traders’ laundering hundreds of millions of dollars.

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