There are a lot of rumors on the Internet about the tether scam.
The company had to make an official statement
https://tether.to/en/tether-condemns-false-rumours-about-its-commercial-paper-holdings/
Tether Condemns False Rumours About Its Commercial Paper Holdings
"Tether can report that its current portfolio of commercial paper has since been further reduced to 11 billion (from 20 billion at the end of Q1 2022), and will be 8.4 billion by end June 2022. This will gradually decrease to zero without any incurrences of losses. All commercial papers are expiring and will be rolled into US Treasuries with a short maturity."
Topic: Stablecoins and Blacklists - page 3. (Read 1339 times)
Tether Blacklists Ethereum Address Linked to Multichain Hack
The address, containing more than $715,000 of USDT stablecoins, traces back to hackers who stole $3 million from Multichain users.
https://www.coindesk.com/markets/2022/02/11/tether-blacklists-ethereum-address-linked-to-multichain-hack/
https://etherscan.io/address/0xd37448ad7949c4ad8eba5aad1a0afdd3199971d8
The address, containing more than $715,000 of USDT stablecoins, traces back to hackers who stole $3 million from Multichain users.
https://www.coindesk.com/markets/2022/02/11/tether-blacklists-ethereum-address-linked-to-multichain-hack/
https://etherscan.io/address/0xd37448ad7949c4ad8eba5aad1a0afdd3199971d8
Not a new article, but it has a lot of interesting things about the manipulators that control Tether.
Tether Papers: This is exactly who acquired 70% of all USDT ever issued
https://protos.com/tether-papers-crypto-stablecoin-usdt-investigation-analysis/
This market is highly manipulated and driven by printed tokens.
Tether Papers: This is exactly who acquired 70% of all USDT ever issued
https://protos.com/tether-papers-crypto-stablecoin-usdt-investigation-analysis/
This market is highly manipulated and driven by printed tokens.
Tether freezes $150 million in USDT
https://shibastore.co/tether-freezes-150-million-in-usdt/
"Tether has added three more Ethereum addresses, holding more $150 million worth of the USDT stablecoin between them, to its blacklist.
As a centralized company, Tether is able to blacklist addresses it believes are involved in crime, money laundering — or for any other reason it chooses.
This is the first time Tether has blacklisted an address in 2022 but it added 312 addresses to the blacklist last year and has added 563 all up since it first did so on Nov. 28, 2017."
https://shibastore.co/tether-freezes-150-million-in-usdt/
"Tether has added three more Ethereum addresses, holding more $150 million worth of the USDT stablecoin between them, to its blacklist.
As a centralized company, Tether is able to blacklist addresses it believes are involved in crime, money laundering — or for any other reason it chooses.
This is the first time Tether has blacklisted an address in 2022 but it added 312 addresses to the blacklist last year and has added 563 all up since it first did so on Nov. 28, 2017."
Until today I thought that, because Tether had to ask Omni for a hardfork to quarantine stolen USDT after the hack on November 19, 2017, freezing funds would require another Omni hardfork to freeze other addresses, and small fish would be safe here. However they lied in their press release
Any ETH smartcontract may include a token blocking function and any funds may be blocked.
https://www.cftc.gov/PressRoom/PressReleases/8450-21
"CFTC Orders Tether and Bitfinex to Pay Fines Totaling $42.5 Million
Tether to Pay $41 million Over Claims that Tether Stablecoin was Fully Backed by US Dollars
Bitfitnex to Pay $1.5 Million for Illegal Transactions While Operating Bitfinex Cryptocurrency Trading Platform and Violation of Prior CFTC Order"
"CFTC Orders Tether and Bitfinex to Pay Fines Totaling $42.5 Million
Tether to Pay $41 million Over Claims that Tether Stablecoin was Fully Backed by US Dollars
Bitfitnex to Pay $1.5 Million for Illegal Transactions While Operating Bitfinex Cryptocurrency Trading Platform and Violation of Prior CFTC Order"
https://tether.to/latest-assurance-opinion-confirms-tether-fully-backed/
Latest Assurance Opinion Once Again Confirms Tether’s Reserves Fully Backed; Tether Continues to Lead The Industry on Transparency.
Paolo Ardoino, Chief Technology Officer at Tether, said:
“As an industry leader, we understand the importance of transparency and accountability. Our most recent assurance opinion from Moore Cayman again confirms Tether is fully backed. A healthy and conservative portfolio with an emphasis on liquidity continues to fuel our growth and confidence in our innovative offerings.”
https://twitter.com/Tether_to/status/1424703057926008834
https://tether.to/wp-content/uploads/2021/08/tether_assuranceconsolidated_reserves_report_2021-06-30.pdf
______________
https://decrypt.co/78407/can-circle-win-stablecoin-wars
"Can Circle Win the Stablecoin Wars?
Circle wants USDC to be king of the stablecoins, but a lot of things will have to go right for that to happen.
In brief
Circle wants USDC to challenge Tether as the dominant stablecoin.
There are questions over USDC's reserves.
Circle is facing tough legal and business challenges."
__________________
The competition in the stablecoin market is huge.
https://decrypt.co/79257/paxos-stablecoin-pax-dollar
Paxos Rebrands Token as 'Pax Dollar' Amid Stablecoin Wars
"Paxos gives its token a new name, Pax Dollar, as the company tries to challenge larger stablecoin rivals.
In brief
The company's "Paxos Standard" coin will now be known as "Pax Dollar."
The move comes as Paxos tries to challenge stablecoin giants like Tether and Circle."
Latest Assurance Opinion Once Again Confirms Tether’s Reserves Fully Backed; Tether Continues to Lead The Industry on Transparency.
Paolo Ardoino, Chief Technology Officer at Tether, said:
“As an industry leader, we understand the importance of transparency and accountability. Our most recent assurance opinion from Moore Cayman again confirms Tether is fully backed. A healthy and conservative portfolio with an emphasis on liquidity continues to fuel our growth and confidence in our innovative offerings.”
https://twitter.com/Tether_to/status/1424703057926008834
https://tether.to/wp-content/uploads/2021/08/tether_assuranceconsolidated_reserves_report_2021-06-30.pdf
______________
https://decrypt.co/78407/can-circle-win-stablecoin-wars
"Can Circle Win the Stablecoin Wars?
Circle wants USDC to be king of the stablecoins, but a lot of things will have to go right for that to happen.
In brief
Circle wants USDC to challenge Tether as the dominant stablecoin.
There are questions over USDC's reserves.
Circle is facing tough legal and business challenges."
__________________
The competition in the stablecoin market is huge.
https://decrypt.co/79257/paxos-stablecoin-pax-dollar
Paxos Rebrands Token as 'Pax Dollar' Amid Stablecoin Wars
"Paxos gives its token a new name, Pax Dollar, as the company tries to challenge larger stablecoin rivals.
In brief
The company's "Paxos Standard" coin will now be known as "Pax Dollar."
The move comes as Paxos tries to challenge stablecoin giants like Tether and Circle."
https://decrypt.co/76875/tether-execs-facing-department-justice-probe-alleged-bank-fraud
Tether Execs Facing Department of Justice Probe For Alleged Bank Fraud
"Tether executives are facing a U.S. Department of Justice probe on potential bank fraud committed during Tether's early days.
The U.S. Department of Justice (DOJ) is investigating whether or not Tether's executives have committed bank fraud, per Bloomberg.
Federal prosecutors are focusing on Tether's early days, where it is alleged that Tether potentially concealed from banks transactions that were linked to crypto."
Tether Execs Facing Department of Justice Probe For Alleged Bank Fraud
"Tether executives are facing a U.S. Department of Justice probe on potential bank fraud committed during Tether's early days.
The U.S. Department of Justice (DOJ) is investigating whether or not Tether's executives have committed bank fraud, per Bloomberg.
Federal prosecutors are focusing on Tether's early days, where it is alleged that Tether potentially concealed from banks transactions that were linked to crypto."
https://decrypt.co/76424/circle-unveils-backing-behind-dollar-pegged-cryptocurrency
Circle Reveals Backing Behind Its Dollar-Pegged Cryptocurrency USDC
Today, Circle, the company behind the stablecoin USDC, revealed the reserves that back the dollar-pegged token.
"According to a report written by Circle’s accountants Grant Thornton, which was issued on Friday, Circle held $22,176,182,251 in its account at the time of the report. Grant Thornton accountants verified that the figure equated to exactly one dollar for every USD Coin in circulation.
More than 60% of that number, or $13.4 billion, is held in cash. A quarter of the total reserves are split between Yankee Certificate of Deposits—a type of savings vehicle denominated in dollars—which account for $2.9 billion, and U.S. Treasury securities, which account for $2.7 billion. The remaining 14% is split between commercial paper and corporate bonds.
"
https://www.centre.io/hubfs/pdfs/attestation/Grant-Thorton_circle_usdc_reserves_07162021.pdf
Circle Reveals Backing Behind Its Dollar-Pegged Cryptocurrency USDC
Today, Circle, the company behind the stablecoin USDC, revealed the reserves that back the dollar-pegged token.
"According to a report written by Circle’s accountants Grant Thornton, which was issued on Friday, Circle held $22,176,182,251 in its account at the time of the report. Grant Thornton accountants verified that the figure equated to exactly one dollar for every USD Coin in circulation.
More than 60% of that number, or $13.4 billion, is held in cash. A quarter of the total reserves are split between Yankee Certificate of Deposits—a type of savings vehicle denominated in dollars—which account for $2.9 billion, and U.S. Treasury securities, which account for $2.7 billion. The remaining 14% is split between commercial paper and corporate bonds.
"
https://www.centre.io/hubfs/pdfs/attestation/Grant-Thorton_circle_usdc_reserves_07162021.pdf
Excellent thread and all this puts the focus back on why decentralized stable coins are much better than centralized coins. I guess people feel that because they are not involved in any wrongdoing so their coins should not be blocked but then like you mentioned, if coins are blocked you can't do anything honestly and the reason isn't given either.
I personally feel this is a selective scam, just like some crypto casinos are operating. They will let small players play but every once in a while they will scam a whale and there is literally nothing you can do because there's no proof or if even there's proof, how would you make your claim? Not every casino cares or solves accusations made at this forum.
I personally feel this is a selective scam, just like some crypto casinos are operating. They will let small players play but every once in a while they will scam a whale and there is literally nothing you can do because there's no proof or if even there's proof, how would you make your claim? Not every casino cares or solves accusations made at this forum.
https://muellerberndt.medium.com/is-tether-a-black-swan-51095720b01c
Is Tether a Black Swan?
"In this article I attempt to address the following questions:
How would a loss of confidence in Tether play out in the short term?
Who would get most rekt if a Tether-related crash happens?
Would a Tether confidence crisis be a black swan event* that would severely impact the market?"
Is Tether a Black Swan?
"In this article I attempt to address the following questions:
How would a loss of confidence in Tether play out in the short term?
Who would get most rekt if a Tether-related crash happens?
Would a Tether confidence crisis be a black swan event* that would severely impact the market?"
This have been discussed about a lot in the forum. It's their coin with their rules, if you are not okay with it, you shouldn't use.
While the instances of user wallet being blocked with tokens in their is a rare occurrence, even in USDT, they are done for the interest of law enforcement agencies. Specially the US law enforcement. They need to do that for them to be doing business in US. Tether have released statement claiming those frozen accounts are of hackers or money launderers.
Do we have to take their word for it?While the instances of user wallet being blocked with tokens in their is a rare occurrence, even in USDT, they are done for the interest of law enforcement agencies. Specially the US law enforcement. They need to do that for them to be doing business in US. Tether have released statement claiming those frozen accounts are of hackers or money launderers.
Then where are these hackers or money launderers?
Where are the links to criminal cases?
If you have more detailed information, please share it.
I receive information about blocking accounts from third-party services and cannot find links on the official website.
It's not just tether, Exchanges (centralized) and gambling sites are doing this for years. There are going to be a clear distinct branches of cryptocurrency, one being centrally controlled and another being decentralized, Decentralized coins and exchanges would be marginalized by the government so much that it would be hard to cash in and out from them in the near future. But the value would still be determined by the market.
snip
Interesting topic.Now, this is for tether, ok? Imagine when those very power will be used on future CBDCs.
Do you get the picture?
If CDBCs will take over the old money world our wealth will be wiped out with the click of a button.
Are we ready for that? I mean, are we ready to keep our financial freedom as hard as we can?
We got fooled by the very system we were trying to fight: we started looking for easy profits guided by greed and we completely lost track of the big picture.
Bitcoin was here to liberate us and now it could be turned into our worst nightmare.
Makes sense?
We look at the result, true - the address in the blacklist, fals- clean. If the address is in the black list, then the USDT on it is frozen and it is no longer possible to send them anywhere.
Tether ( https://tether.to/ ) may block your USDT at any time.
Wow, right?
And no one will explain to you the reasons for blocking
Well, tether is likely not a decentralized cryptocurrency otherwise censorship wouldn't be possible without community or public participation.
A truely decentralized cryptocurrency may only allow censorship if a transaction has been publicly proven to dangerous/immoral. It has to be done publicly rather than in secret, and the reason for the censorship clearly stated and visible to the public. Besides, there has to be list of rules that guide this to prevent abuse.
I'm not sure we have truely decentralized cryptocurrency that censors transactions the right way yet, otherwise no one will complain too much because it will be fair system.
Honestly I don't keep criminals around so I've never heard about usdt freeze alarm from any of my friends or families so I'm 100% sure that those freezed funds are from illegal activities or scam shits, if you don't like the whole idea just move on to DAI stable coin
Or you can use XHV and xUSD instead
This have been discussed about a lot in the forum. It's their coin with their rules, if you are not okay with it, you shouldn't use.
While the instances of user wallet being blocked with tokens in their is a rare occurrence, even in USDT, they are done for the interest of law enforcement agencies. Specially the US law enforcement. They need to do that for them to be doing business in US. Tether have released statement claiming those frozen accounts are of hackers or money launderers.
While the instances of user wallet being blocked with tokens in their is a rare occurrence, even in USDT, they are done for the interest of law enforcement agencies. Specially the US law enforcement. They need to do that for them to be doing business in US. Tether have released statement claiming those frozen accounts are of hackers or money launderers.
https://decrypt.co/70732/tether-reveals-reserves-breakdown-for-the-first-time-since-2014
Tether Reveals Reserves Breakdown For The First Time Since 2014
The stablecoin issuer has revealed that nearly 76% of its reserves were held in cash and cash equivalents as of March 2021.
Scott Chipolina(c)
May 13, 2021
Stablecoin issuer Tether (USDT) has revealed a breakdown of its reserves for the first time since 2014, according to The Block.
https://www.theblockcrypto.com/post/104780/tether-usdt-reserves-breakdown-first-time-since-launch
Tether Reveals Reserves Breakdown For The First Time Since 2014
The stablecoin issuer has revealed that nearly 76% of its reserves were held in cash and cash equivalents as of March 2021.
Scott Chipolina(c)
May 13, 2021
Stablecoin issuer Tether (USDT) has revealed a breakdown of its reserves for the first time since 2014, according to The Block.
https://www.theblockcrypto.com/post/104780/tether-usdt-reserves-breakdown-first-time-since-launch
Update links for statistics
USDC - Number of Banned Addresses: 1 Banned Addresses
https://duneanalytics.com/phabc/usdc-banned-addresses
USDT - Number of Banned Addresses: 390 Banned Addresses
https://duneanalytics.com/phabc/usdt---banned-addresses
The reasons why the funds were banned are not reported.
Make the right conclusions in which stablecoins to stake your funds.
USDC - Number of Banned Addresses: 1 Banned Addresses
https://duneanalytics.com/phabc/usdc-banned-addresses
USDT - Number of Banned Addresses: 390 Banned Addresses
https://duneanalytics.com/phabc/usdt---banned-addresses
The reasons why the funds were banned are not reported.
Make the right conclusions in which stablecoins to stake your funds.
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