Discover and read the best of Twitter Threads about #bfx

Most recents (4)

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
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
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
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

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