Thread by @intel_jakal

It took #wirecard years to orchastrate $2B of phantom money.... #tether printed $2B in a week.

bitfinex traded insolvent for months after losing $850m, magically raised $1b in 10 days.

wirecards porkie pies about $1.9B in a non existant bank account ends in tears and bankrupt owing $4B.

#tether claims it is and always will be backed $ for $, until they had to admit they weren't. The best they could cook the books was 76% backing against self valued reserves. That was billions of dollars ago.

76% of $8.5Billion #tether is $6.4Bish - $2.1B....thats more than #wirecard phantom stash. Reality is the shortfall would likely be a multiple.

#wirecard upto 15 lenders for total debt of $4B in loans including heavy weights ABN, Commerzbank and ING. Softbanks $1B convertible bond issue would have taken weeks to months to negotiate and finalise

#tether prints $1B in days multiple times this year. Bitfinex still hasn't a clue where their lost $850m is.

#wirecard peaked mkt cap of $28B and averaged over last 5 year $13B. Goes bust owing $4B add the fake $1.9B and round it up - thats a max of $6B in funds.

#tether $8.5B debt. $2.1B unbacked and lost $850m to a bloke they didnt have a contract with had never met and managed the relationship via DM.

Good as gold. absolutely rock solid. #cryptomuppets

@threader_app rollup