2023-02-13
Anyone have thoughts on whether this is a BUSD-specific issue, or whether all US-regulated stables are going to be considered securities by SEC? i.e. USDC USDP etc.
Wall Street Journal
Binance says the NYDFS ordered Paxos to stop issuing more of its BUSD stablecoin, which has 6.2M holders; Paxos will continue redemptions and cut Binance ties
Firm will continue to manage redemptions of the product — New York regulators directed a crypto company to stop issuing …
https://www.prnewswire.com/... Effective February 21, Paxos will cease issuance of new BUSD BUSD will remain fully supported by Paxos and redeemable to onboarded customers through at least February 2024. No word on whether USDP affected, but presumably yes. Read-through to USDC ofc
Wall Street Journal
Binance says the NYDFS ordered Paxos to stop issuing more of its BUSD stablecoin, which has 6.2M holders; Paxos will continue redemptions and cut Binance ties
Firm will continue to manage redemptions of the product — New York regulators directed a crypto company to stop issuing …
2021-01-18
- Bitfinex is absolutely shitting cash, as are all the exchanges. It's not a terrible credit, if you're a related party. So that loan shouldn't be marked at zero. Maybe 50-70% of face. ...
Medium
A look at the shady aspects of Tether, the stablecoin being probed by SDNY for over a year, widely used to buy BTC and other cryptocurrencies on many exchanges
This is the story of a Bitcoin trade — the most financially impactful trade I've ever made in my life.
11. Looking at Bahamian FX reserves was a really nice idea, and would be very strong evidence of fuckery if it weren't for the fact that Deltec is not Bitfinex's sole banking partner. Deltec themselves might also (v likely) have depo accounts abroad, with a BNY Mellon or similar.
Medium
A look at the shady aspects of Tether, the stablecoin being probed by SDNY for over a year, widely used to buy BTC and other cryptocurrencies on many exchanges
This is the story of a Bitcoin trade — the most financially impactful trade I've ever made in my life.
FWIW, my opinion: - We know USDT is not backed 100% by USD. It's also backed by a ~$250M loan to Bitfinex, and some BTC, and maybe other stuff. As balancesheet has grown & BTC mooned, unbacked USDT has shrunk proportionally & they have largely grown out of the problem ...
Medium
A look at the shady aspects of Tether, the stablecoin being probed by SDNY for over a year, widely used to buy BTC and other cryptocurrencies on many exchanges
This is the story of a Bitcoin trade — the most financially impactful trade I've ever made in my life.
9. As for USDT issuance and BTC correlating... of course they do. Given supply is largely fixed (a 'small float'), BTC rises and falls with demand. When people want to buy BTC using fiat, the default route is via a stablecoin. More demand → more issuance & higher BTC prices...
Medium
A look at the shady aspects of Tether, the stablecoin being probed by SDNY for over a year, widely used to buy BTC and other cryptocurrencies on many exchanges
This is the story of a Bitcoin trade — the most financially impactful trade I've ever made in my life.
8. The recent rapid increase in USDT issuance since March and then since Oct are entirely explained by (1) post 03/20 there was a sustained mass move away from BitMEX (which margins their deriv contracts in BTC) towards Binance (which margins mostly in USDT)...
Medium
A look at the shady aspects of Tether, the stablecoin being probed by SDNY for over a year, widely used to buy BTC and other cryptocurrencies on many exchanges
This is the story of a Bitcoin trade — the most financially impactful trade I've ever made in my life.
Some thoughts on this super inaccurate piece. tl;dr: this is not a defence of Tether/ iFinex, who I would like nothing more than to see disappear into irrelevance. However, most of the conclusions here show zero understanding of crypto market structure. https://crypto-anonymous-2021.medium.co m/ ...
Medium
A look at the shady aspects of Tether, the stablecoin being probed by SDNY for over a year, widely used to buy BTC and other cryptocurrencies on many exchanges
This is the story of a Bitcoin trade — the most financially impactful trade I've ever made in my life.
7. Article points to change in issuance as evidence of fraud. USDT will mint new USDT periodically in order to maintain a float they can service creation requests from (e.g. on a weekend, when banks are closed). This is why they create round number blocks...
Medium
A look at the shady aspects of Tether, the stablecoin being probed by SDNY for over a year, widely used to buy BTC and other cryptocurrencies on many exchanges
This is the story of a Bitcoin trade — the most financially impactful trade I've ever made in my life.