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Chief Strategy Officer (CSO) Phil Potter of Bitfinex crypto exchange is resigning from the company, Reuters reports June 22.
Potter will be replaced in the interim by Bitfinex CEO, Jean-Louis van der Velde.
Potter will be replaced in the interim by Bitfinex CEO, Jean-Louis van der Velde.
Looks like Phil wants to stay out of jail.
Bitfinex / Tether CEO, Jean-Louis van der Velde looking dirtier by the day , as he has to do all of the jobs to keep someone from telling on him for operating a fractional reserve.
https://en.wikipedia.org/wiki/Tether_(cryptocurrency)
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Bitfinex and Tether has said that the CEO of both firms is Jan Ludovicus van der Velde
https://www.coindesk.com/cftc-denies-bitfinex-foia-request-citing-possible-investigation/
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The filing came weeks after reports first indicated that Bitfinex and Tether had been subpoenaed by the Commodity Futures Trading Commission (CFTC), though it's not clear what, exactly, is being investigated. That news followed the revelation that the relationship between Tether – which operates the dollar-linked token USDT – and its auditor, Friedman, had "dissolved."
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Earlier this week, Tether’s general counsel confirmed that Tether indeed has backed all their tokens,
although they were careful to note that it was not an official audit and that they are not an accounting firm.
although they were careful to note that it was not an official audit and that they are not an accounting firm.
Translation General Counsel word is not worth anything and he won't back up his findings if the court presses him , because he is not an accountant.
So aside from blowing smoke up , his words were a waste of time as tether is still being investigated.
https://www.investopedia.com/news/bitcoins-2017-rise-was-market-manipulation-tether-study/
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The paper is titled Is Bitcoin Really Un-Tethered? and is written by John M. Griffin, a professor of finance at the University of Texas and Amin Shams, a graduate student at the same university. They found that 87 hours of trading (amounting to 1 percent of total trading activity) of Tether could be responsible for a 50 percent rise in the price of bitcoin. Griffin told CNBC that Tether trading created price support for bitcoin and had “huge price effects.” "Our research would indicate that there are sophisticated people harnessing investor interest for their benefit,” he said. Both Griffin and Shams had earlier authored a paper that alleged manipulation in Wall Street's volatility index VIX. Those allegations are being investigated after a whistleblower confirmed them.
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Bitfinex is yet to show credible proof that Tether tokens in crypto markets, which amount to 2.5 billion as of this writing, are backed by an equivalent amount of US dollars.
Question of the Day, how many want to sue Tether and Bitfinex for manipulating the markets and now crashing them?
We need to get the civil suits started before the feds take all of their money.
