First and foremost, a quick shoutout to Bitfinex’ed who has done some amazing detective work. Check out his Twitter feed

Within a week of being hacked for $30 million, Tether is able to “print” over $120 million of new currency, which then can only be exchanged for other cryptocurrencies.

So basically since Tether is required to have an equivalent amount of dollars in a bank (no one knows which one), this means an institutional investor believed that despite being hacked, dumping in a $120 million for USDT is a wise investment decision.

— Nicholas Merten (@Nicholas_Merten) November 28, 2017

Why aren’t they then buying the Tethers that are on discount on Kraken?

Over the last 24 hours, Tether has shown over a billion US dollars in market volume.

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Almost all of the recent market activity we are seeing is Tether flowing in to the market, mainly through Bitfinex.

Tether’s ledger is transparent for all to see. If you trace each address on their Rich List you soon find they all ultimately connect to addresses ending in …gZw.


Bitfinex, who has been clearly connected to Tether, is the world’s largest Bitcoin exchange by volume, with Kraken and Coinbase right behind it. 

Bitfinex also lends the Tethers out at interest, which then fuels the price of Bitcoin.

Here is a graph done by Bitfinex’ed that correlates Bitcoin price with the influx of Tethers. 

Related Article: It’s like Mt. Gox Part 2: Tether ‘Hack’ EXPOSES Bitfinex in Money Laundering

If things with Tether were to go south, Tether has no legal responsibility:

Could this all have something to do with Bitcoin futures on the horizon?

Continue reading full article here.

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Justin Danneman
Justin is someone who is compassionate about learning anything and everything, including ancient mythologies and history, quantum technology, blockchain, A.I., nutrition, and absolutely everything to do with outer space. "In the age of information, ignorance is a choice." Having spent most of his adult life in the financial sector, he has only recently found his calling as a writer. Deciphering truth and spreading awareness is exactly what he plans to do.