Discover and read the best of Twitter Threads about #Bitfinex

Most recents (14)

1/ #Bitfinex & #Tether systematically take apart the NYAG's latest claims:

-ECPs are foreign entities
-No personal or subject matter jurisdiction
-No NY customer has suffered
-Tether has never had a problem with redemptions. Period
-USDT has not been proven to be a commodity
2/ The ECPs are all foreign entities:

"Bitfinex and Tether do not transact with any New York ECPs. All references to New York-based trading or virtual currency firms … refer to foreign entities"
3/ No NY customer has been identified by the OAG as having suffered any loss or harm from the CryptoCapital problems or the Bitfinex/Tether loan transaction
Read 10 tweets
1/ A few observations on #bitcoin, #tether and #crypto regarding what happened in the last 30 days or so. $BTC $ETH
2/ Obviously we all saw that, despite the unwillingness of #tether to provide an audit, there now seems to be enough public or non-public information available to the NYAG for them to allege that $USDT were, at least for a time, not backed up with USD.
3/ Furthermore, the cited conversation between Oz and Merlin shows beyond reasonable doubt (to me) that the #bitfinex/#tether complex engaged in market manipulation to avoid what would be a black-swan event for them
Read 19 tweets
1/Given the recent news around #tether and #bitfinex, we wondered whether the more professional BTC investors would become more cautious - presumably inclined to take the @NewYorkStateAG action as no ordinary #FUD the retail crypto is so used to brushing off. Not really, it seems
2/In the wake of #Fidelity or #TDAmeritrade offering trading and storing of bitcoin, #CME futures is still the biggest market for US institutions to get exposure to #bitcoin price action.Commitment of Traders reports by #CFTC reflect trader positions by end of business on Tuesday
3/Reports come out every Friday to avoid market abuse. @krugermacro suggested using them as a proxy for institutional adoption, which was also referenced in the influential recent report by @tuurdemeester and @MLescrauwaet. We've also been tracking COT positions. Take a look
Read 11 tweets
In the case that never sleeps, #Bitfinex filed its Reply to Vacate the April 24, 2019 Ex Parte Order. First: congrats to lawyers working on Cinco de Mayo. You know a defendant is pissed when its lawyers file stuff on the weekends! iapps.courts.state.ny.us/fbem/DocumentD…
1) Let's get into what the lawyers had to say: Bitfinex's lawyers' first arrow is that the OAG failed to explain how tethers qualify as a security or commodity covered under the Martin Act. Ultimately, this is a TERRIBLE argument for Bitfinex. #RegulatorsAreGoingToRegulate
2) Bitfinex lawyers have gone from "we have fully cooperated" to "the OAG has asked us for #blunderbuss document demands." Wait, I thought #Blockchain was about transparency and Bitfinex was fully cooperating. #ICalledBSBeforeAndIStandByMyAssertionOfBS
Read 12 tweets
If I had to guess, my likelihood is 60/40 that the top of this run is in for #bitcoin. Always can be another squeeze up to the $6k area of course, but my personal opinion is that last move was caused by bots (and FOMO) blindly following what amounts to a bank run on #bitfinex
If you actually read the NY AG allegations and then drop the idea that this is just some crusade against #crypto from evil regulators but accept that they probably have something to back it up, coupled with missing audits from #tether it seems pretty obvious what happened:
#tether and #bfx are one firm. They printed $USDT without having the actual USD to back it up. Then they used these to buy $BTC and push up its price. As is to be expected, if you call the shots and know where price will go, you can profitably speculate.
Read 14 tweets
A quick summary of the wp:
-At least 95% of the unfrozen funds will be used to buy back and burn the #LEO. iFinex has the right to do so in the following 18 months

-If they get back the hacked #bitcoin, at least 80% of it will be used to buy back and burn the token, 18 months
-LEO will be a key part of the iFinex ecosystem

-Lower trading fees, the different layers of discounts are explained in details in the wp 📰
-Discounts when taking out loans

-Discounts for deposits & withdrawals, see details in wp

-Lower fees for #Bitfinex derivatives trading

-Same benefits for Ethfinex & Eosfinex
Read 4 tweets
Brief reality check on what caused last 10 days of #bitcoin upside. Sure seems driven by #tether fear and people moving their money off #bitfinex $USDT (on a potentially bankrupt exchange) into $BTC and out to a safe place. Funds may not be #SAFU. Below #bfx to #bitstamp premium.
According to @thetokenanalyst, #bitfinex had net #bitcoin outflows of 112,500 $BTC since #tether news broke. That's 620m USD roughly. Assuming #bfx data accurate it would be entire traded volume in BTC to stablecoins since then. Bankrun in slow-motion with no one around noticing.
Further point on this - I have never seen positioning in #bitcoin on #bitmex be so Bullish (ie 1.7x Longs/Shorts) but at the same time seen mex futures in such strong backwardation (ie discount to present). Means market really wants $BTC now, but in three months - not so much.
Read 5 tweets
#Bitcoin Short-Squeeze Warning:
The chances of a short-squeeze is relatively high. It also looks like the longer we remain in sideways above $5,200 the more likely the shorts will get as dangerously high as the August or December 2018 squeezes tradingview.com/x/PTqtC5iX $BTCUSD $BTC
Bitcoin Bitfinex shorts still adding up and the Premium has reached an all time high today. Time to watch closely: We either pull back hard from $5,800s to $5,300 or experience the squeeze by end of day tomorrow #Bitcoin #Bitfinex #Tether $USDT $BTCUSD
tradingview.com/x/K8aSuor9
The short-squeeze played out nicely. However, shorts remain quite high which means we will be heading higher over the weekend to $6,700-6,800 on Bitfinex or $6,400-6,500 Bitstamp before a major pull back. tradingview.com/x/brmTYXwp #Bitcoin #Bitfinex $BTCUSD $BTC #Crypto
Read 5 tweets
0/ Sometimes people only look at a Complaint and then ignore the lawsuit as it moves forward. That's a mistake. Sometimes the Defendant's response is just as important for either what they say or don't say. #Bitfinex #LetsDiveIn - iapps.courts.state.ny.us/fbem/DocumentD…
1) #Bitfinex moves to vacate the #PreliminaryInjunction - Obvious move, because the #PreliminaryInjunction as written (especially as it relates to the discovery) is VERY bad for them. The more people say Tether is backed by 74% is also bad...
2) Page 1, Paragraph 2 says in BOLD that the parties have been "cooperating for months." Ummmm, if #Bitfinex had been cooperating for months, it wouldn't find itself in this position. The amount of pages produced does not = cooperation. #MyGuessIsItWasCloserToStonewalling
Read 15 tweets
Latest news: #bitfinex token will be named LEO, it’ll be a hybrid model of #bnb & #bfx
In addition to the logic of #bnb token, #bitfinex will repurchase and burn the tokens with the unfrozen funds in the future #usdt
The total amount is $1b, so far amount received for it is $500m #usdt
Read 9 tweets
1/ STUNNED but not surprised by #Bitfinex #Tether news out of #NewYork. I'll let other cryptolawyers analyze it but here are two macro thoughts: (1) There's a big double standard here. (2) Exchanges, clean up your act--cryptographically prove your solvency
2/ First, the double-standard. Why didn't the NY AG throw the Martin Act at Merrill Lynch for doing something actually quite similar from 2009-12? Seriously, why the double standard??? Quoting the SEC's press release here: sec.gov/news/pressrele…
3/ "The maneuver freed up billions of dollars per week from 2009-12 that Merrill Lynch used to finance its own trading activities. Had Merrill Lynch failed in the midst of these trades, the firm’s customers would have been exposed to a massive shortfall in the reserve account."
Read 8 tweets
Back home, still no position for me.

Waiting on D1 close, the difference between #bitfinex and #bitmex is irritating.

$BTC
/2 $BTC D1:

1) #Bitfinex: closed above range low AND yday's low: long signal.

2) #BITMEX: closed below range low / above yday's low: mixed feels...

H4: Possible 'bullish spring'. Confirmation would be a close and hold above red pivot / 3200$ swing-low.

No position for now.
/3 starting to 'pop-up' but I am not convinced enough for a trade.

H4: NOT longing unless we reclaim top red block. IF we do I will zoom in for entry precision and depending on the PA I might long with 3350$ target in mind.

Weekends are tricky, so I am picky. $BTC
Read 7 tweets
THREAD: Some takeaways from the article published today by @FTM_nl on #Tether / #Bitfinex (article is in Dutch). I worked with @thomasbollen on the research behind the article and the leads that provided were followed up by Thomas. Hope you’ll read & share ftm.nl/artikelen/ing-…
1/ The article first discusses many, often separately reported, facts about Tether and Bitfinex, i.e. Paradise papers, loss of banking, break with audit company, +800m tethers in Jan, tetherreport.com, and adds all sorts of details to provide an in-depth longread.
2/ While doing research into Tether and Bitfinex, we stumbled upon an ING bank account. The article particularly describes results of subsequent research steps taken by Thomas on this Dutch link. It provides some new insights, the main takeaways are outlined below.
Read 13 tweets
$BTC (#Bitfinex ) Parabolic Curve formation, I don;t know where it will end but when its start correcting it will be very ugly. #Bitcoin #Parabolic #RISE
$BTC (#bitfinex) Some selling now but still within Parabolic Curve. #Bitcoin
$BTC (#Bitfinex ) Parabolic Curve working so far. #Bitcoin #parabolic #curve #pattern 😬😬😬
Read 15 tweets

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