Tether Confirms Extensive Collaboration With DOJ, FBI and Secret Service

arabspaceship123

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Invest was a poor word traded was better. It's incredible ppl choose tether so much because it's centralised. If ppl don't want to risk holding their $73k bitcoin because they're anxious it's going to drop to $67k they'll consider stable coins for fixed value as options. If they'd turn to other crypto there's a chance they'll lose value if bitcoin does. If USDT freeze your funds or it falls to Terra levels it'll wipe out your savings & investments.

Quote from: pooya87 on March 01, 2024, 12:59:01 AM

Quote from: arabspaceship123 on February 29, 2024, 08:46:18 PM

It's worrying investors that's why they haven't been on tether buying sprees. If they'll block holders from funds because of fraudulent or inaccurate requests it's going to cause investors to dump. Tether isn't a good option to invest in.

People don't "invest" in something that has a fixed value, they use it for convenience and because they have no other option. For example when they want to transfer funds between exchanges without losing much Tether is a good option compared to others (fiat costs a ton of fees and has a lot of limitations; cryptocurrencies have medium fees but trading them on different exchanges would lose you a lot of money due to spread and price differences; Tether on the other hand has fixed value) or when there is a bear season specially when altcoins are dumping hard they can use Tether as an escape.

This is why despite all these serious risks, people still continue using this centralized shitcoin.

Hazink

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JUST IN: Tether freezes $1.4m USDT linked to US tech scam

Quote

“The seizure of $1.4 million worth of Tether (USDT) marks a significant milestone in our ongoing efforts to uphold integrity in this rapidly evolving industry.”

I was thinking before that Tether is only in cooperation with law enforcement agent within the US soil, but I was wrong as they are currently in Brazil, Singapore, Philippines, Germany, South Korea, Norway, Poland, Switzerland, Greece, Canada, Croatia, Italy, Argentina, Australia, Belgium, Cayman Islands, China, Netherlands, El Salvador, Germany, Hong Kong, India, Ireland, Israel, Kyrgyzstan, New Zealand, Spain, Taiwan, the UK, Ukraine, Estonia, and the United States.

suzanne5223

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Quote from: Darker45 on February 27, 2024, 10:01:23 PM

Quote from: suzanne5223 on February 27, 2024, 09:22:39 PM

There are alot of reasons why people should stop using Tether aka USDT even since the stablecoin had an issue with law years ago due to the fund they used to support a crypto exchange which I currently don't remember the name of the exchange.
Meanwhile, if all cryptocurrency enthusiasts wanted to prevent issues like USDT collaboration with the DOJ, FBI, etc they need to stop using both USDT, and USDC and introduce a decentralized stablecoin, or else as stablecoin is considered all of them are working with the FEDs.

You might be referring to Bitfinex. If I'm not mistaken, both Tether and Bitfinex are owned by one company. There were suspicions, much stronger in the past, that the funds used by Tether as its reserves are also the same funds used by Bitfinex in declaring its own proof of reserves. There's an intermingling of funds by both companies to boost their reserve numbers.

Anyway, both USDT and USDC are centralized. DAI is the more reputable option. But everything's pointless if you are using a centralized exchange anyway. If you are avoiding USDT because it is collaborating with DOJ, FBI, and other secret services, but you are using the likes of Binance, then you are actually not safer. Centralized platforms are also working closely with government agencies.

Thank you. I was talking about Bitfinex and the issue happened in 2021 if I am correct. Meanwhile, the accusation was true and the organization was penalized for it that's why they are providing public reserve information about Tether now just to show their transparency to the world. If you notice, you'll that Bitfinex market cap was low later.
Nevertheless, the problem DAI once had about devaluation has made some crypto enthusiasts not fully trust the stablecoin and I can understand because reputation is hard to build once tarnished in the crypto market.
Just like you said, if even a decentralized stablecoin everything is still the same if using a CEX.

pooya87

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Quote from: arabspaceship123 on February 29, 2024, 08:46:18 PM

It's worrying investors that's why they haven't been on tether buying sprees. If they'll block holders from funds because of fraudulent or inaccurate requests it's going to cause investors to dump. Tether isn't a good option to invest in.

People don't "invest" in something that has a fixed value, they use it for convenience and because they have no other option. For example when they want to transfer funds between exchanges without losing much Tether is a good option compared to others (fiat costs a ton of fees and has a lot of limitations; cryptocurrencies have medium fees but trading them on different exchanges would lose you a lot of money due to spread and price differences; Tether on the other hand has fixed value) or when there is a bear season specially when altcoins are dumping hard they can use Tether as an escape.

This is why despite all these serious risks, people still continue using this centralized shitcoin.

hd49728

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Quote from: tyz on February 28, 2024, 04:08:03 PM

Correct, but Tether influences the Bitcoin price more than anything else, at least that has been the case so far, it remains to be seen to what extent Bitcoin ETFs will eventually outstrip it. But the fact is that Tether has played a decisive role in every Bitcoin bull run, so it doesn't matter what happens to Tether. A confiscation of Tether could trigger a tsunami in the cryptouniverse.

Because to lift Bitcoin price, new demand must exists, demand must be bigger than supply and to buy Bitcoin, people need stable coins and Tether is a biggest stable coin.

They have other options like cards, cash but stable coins are most favorite choices for Bitcoin investors. There are many stable coins but Tether is a biggest one and has a good ability to maintain its peg. At least USDT did not lose its peg in 2022 after Terra UST and FTX fiascos.

https://coinmarketcap.com/view/usd-stablecoin/

arabspaceship123

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It's worrying investors that's why they haven't been on tether buying sprees. If they'll block holders from funds because of fraudulent or inaccurate requests it's going to cause investors to dump. Tether isn't a good option to invest in.

Quote from: Husires on February 23, 2024, 11:01:15 PM

I fear that a day will come when tether (USDT) blocks, freezes, or sends tokens from user wallets for tax purposes or even in response to a fraudulent request. Then it will turn to intermediary services like PayPal, which rely on bank accounts and comply with all legislation. tether (USDT) is more risky than using cash, as cash is more difficult to track and has a lower probability of freezing than USDT, which is highly centralized and its price can fall below $1.

Orpichukwu

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Quote from: Iroh on February 24, 2024, 01:36:27 AM

They obviously would need a reason to seize peoples funds. It may not be a reasonable one nor an outright just one, but they’ll state a reason and wouldn’t care much if you understood or find reasonable, their reasons.

Governments most times don't need a reason to do something; they just create a reason and tag or confide in an address worthy of seizure, with the kind of legislative power and agreement they have with the government.

They seem not to even be the ones doing the sanctioning; rather, any address that the government agency has declared suspicious is hereby in danger, and they will take action immediately. It's now left for you, the wallet owner, to go and battle for your funds legally, and there is no guarantee that you will get any positive results from that.

PrivacyG

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Edit. Thought the reply above made no sense but it was my brain instead who did not. To remove.

Coyster

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Quote from: ImThour on February 28, 2024, 04:18:56 PM

Let me tell you one more thing, might surprise you. Your exchange is working regularly with your government and share all the data so doesn't it make every asset on the Exchange being tracked by government? It's impossible that you never sent any Crypto to exchange. KYC needs to go, it shouldn't exist in 2024.

The difference with stablecoins is that even after you have withdrawn it into your own wallet, it can still be frozen by the issuers, for example if you deposit Bitcoin into an exchange, it can be frozen by the exchange, but once you have withdrawn the coins into your own non-custodial wallet, it cannot be frozen by any entity. Having said that, if you want to avoid centralized exchanges and their compulsory KYC, trade in decentralized exchanges.

ImThour

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Every stablecoin can is controlled by a party which is working with government. Let me tell you one more thing, might surprise you. Your exchange is working regularly with your government and share all the data so doesn't it make every asset on the Exchange being tracked by government? It's impossible that you never sent any Crypto to exchange. KYC needs to go, it shouldn't exist in 2024.

tyz

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Quote from: Outhue on February 28, 2024, 11:17:41 AM

Tether isn't Bitcoin.

Correct, but Tether influences the Bitcoin price more than anything else, at least that has been the case so far, it remains to be seen to what extent Bitcoin ETFs will eventually outstrip it. But the fact is that Tether has played a decisive role in every Bitcoin bull run, so it doesn't matter what happens to Tether. A confiscation of Tether could trigger a tsunami in the cryptouniverse.

icalical

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Quote from: Hazink on December 18, 2023, 06:07:02 PM

Another reason people should stop using tether (USDT), which is among the most stable coins we have in the crypto market right now, and it ranks in the top 3 according to coin . marketcap

It will be hard for people to completely stop using Tether, at least in the near future, because it's like one of the earliest Stablecoin pegged by Fiat, so it has the top of mine when people want to use Stablecoin, its like the OG. I preferred Bitcoin for my transaction as freelancer but some of my clients want to use USDT, some of them are not so familiar with crypto or they are still new to it, so they prefer to use Stablecoin, something that still close to Fiat. I believe there will be time when those people who use Tether will finally move on to Bitcoin when they know more about crypto and what's the benefit that it brings. But for now I think we need to accept (and keep warning people) that some of early newcomers of crypto still need to use Tether.

Outhue

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Tether isn't Bitcoin.

Tether is not a decentralized digital currency.

They have every right to work like fiat, they are stable coin and yes they are centralized, regulated? It's certain, because it's equivalent to dollars.

If you are complaining about this then you don't know what you are doing, find a decentralized stable coin and your problem is no more, to me I like how Tether is working, there is no other way than this.

I have always use Tether since many years already and they have never frozen my funds before, sounds like something a hacker or scammer should be complaining about, someone, something must always give the unclean criminals what they deserves, just because it's crypto space it doesn't mean all criminals should be unleashed in this space.

Darker45

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Quote from: suzanne5223 on February 27, 2024, 09:22:39 PM

There are alot of reasons why people should stop using Tether aka USDT even since the stablecoin had an issue with law years ago due to the fund they used to support a crypto exchange which I currently don't remember the name of the exchange.
Meanwhile, if all cryptocurrency enthusiasts wanted to prevent issues like USDT collaboration with the DOJ, FBI, etc they need to stop using both USDT, and USDC and introduce a decentralized stablecoin, or else as stablecoin is considered all of them are working with the FEDs.

You might be referring to Bitfinex. If I'm not mistaken, both Tether and Bitfinex are owned by one company. There were suspicions, much stronger in the past, that the funds used by Tether as its reserves are also the same funds used by Bitfinex in declaring its own proof of reserves. There's an intermingling of funds by both companies to boost their reserve numbers.

Anyway, both USDT and USDC are centralized. DAI is the more reputable option. But everything's pointless if you are using a centralized exchange anyway. If you are avoiding USDT because it is collaborating with DOJ, FBI, and other secret services, but you are using the likes of Binance, then you are actually not safer. Centralized platforms are also working closely with government agencies.

suzanne5223

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Quote from: Hazink on December 18, 2023, 06:07:02 PM

Is this the right place for this?

Another reason people should stop using tether (USDT), which is among the most stable coins we have in the crypto market right now, and it ranks in the top 3 according to coin . marketcap

There are alot of reasons why people should stop using Tether aka USDT even since the stablecoin had an issue with law years ago due to the fund they used to support a crypto exchange which I currently don't remember the name of the exchange.
Meanwhile, if all cryptocurrency enthusiasts wanted to prevent issues like USDT collaboration with the DOJ, FBI, etc they need to stop using both USDT, and USDC and introduce a decentralized stablecoin, or else as stablecoin is considered all of them are working with the FEDs.

arabspaceship123

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Binance's on alert after SEC's case against CZ & FTX's controlled by administrators. They aren't scared to go after big players so why didn't they force Tether to own up to the truth. If they don't have enough reserves they can't pay to cover their crypto so why'r they allowed to trade?

Quote from: Darker45 on February 25, 2024, 10:32:17 PM

I know it's not. But Tether has always been controversial. I remember there was a bugging question as to Tether's reserve, or capacity to mint tens of billions of coins, for many years. They then released an audit report. But the report somehow raised more questions than answers. It didn't satisfy the public. It didn't allay their suspicions and doubts. It even questioned the reputation of the auditing party. But succeeding audit reports were released since then. This one is the latest. I'm not sure if this is the same auditing firm that first made Tether's audit years ago.

Darker45

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Quote from: arabspaceship123 on February 24, 2024, 04:03:39 PM

Quote from: Darker45 on February 23, 2024, 09:18:32 PM

Tether has actually released audit reports. Just last month, it has released its 4th quarter report. They reported billions in profit. Accordingly, there is even an excess in cash reserves. This was done by an independent auditing firm. As to whether we trust it or not, it would be up to us.

Was it the first time they've released reports?

I know it's not. But Tether has always been controversial. I remember there was a bugging question as to Tether's reserve, or capacity to mint tens of billions of coins, for many years. They then released an audit report. But the report somehow raised more questions than answers. It didn't satisfy the public. It didn't allay their suspicions and doubts. It even questioned the reputation of the auditing party. But succeeding audit reports were released since then. This one is the latest. I'm not sure if this is the same auditing firm that first made Tether's audit years ago.

arabspaceship123

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They didn't give public reasons for freezing $952M USDT in 1275 addresses so they've explained nothing it means investors can't trust them. USDT isn't a good investment.

Quote from: SilverCryptoBullet on February 25, 2024, 12:43:00 AM

They have reasons to freeze those USDT in banned addresses but they did not public reasons for each banned address.

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Quote from: arabspaceship123 on February 24, 2024, 04:03:39 PM

They've frozen $952M USDT so does it mean each 1275 addresses were used for crime? If they've frozen funds which aren't from crime they've stopped innocent ppl from using their USDT. Who'll hodl stable coins if they can't be sure their funds won't be frozen.

They have reasons to freeze those USDT in banned addresses but they did not public reasons for each banned address.

As user, we only need to know about that power of Tether with their smart contract and aware that they can freeze any USDT address includes our addresses.

Freeze is one risk and another big risk is depeg. Stable coins like USDT can be depeg if they don't have enough cash but over minting their stable coin.

arabspaceship123

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Quote from: Darker45 on February 23, 2024, 09:18:32 PM

Tether has actually released audit reports. Just last month, it has released its 4th quarter report. They reported billions in profit. Accordingly, there is even an excess in cash reserves. This was done by an independent auditing firm. As to whether we trust it or not, it would be up to us.

Was it the first time they've released reports?

Quote from: BlackBoss_ on February 23, 2024, 09:42:00 PM

Tether is a centralized company and with smart contract of Tether USD (USDT), they can seize USDT in any address.

PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets
Stable coin and black list.

There are many banned addresses from Tether. 1,275 banned addresses with total USDT in those banned addresses is 952,204,533 USDT
https://duneanalytics.com/phabc/usdt---banned-addresses

They've frozen $952M USDT so does it mean each 1275 addresses were used for crime? If they've frozen funds which aren't from crime they've stopped innocent ppl from using their USDT. Who'll hodl stable coins if they can't be sure their funds won't be frozen.

Topic: Tether Confirms Extensive Collaboration With DOJ, FBI and Secret Service (Read 501 times)