Thread by @bigsb_news

#Tether - Let's take a look at the team that created USDT and their strange connections - #illegal ones. 🧐

➡️ NYAG INVESTIGATION
➡️ Origin, core-team and shady connections/frauds

This is a continuation of the last thread, which you can find below ⬇️

THREAD 🧵🐋

[1/X] First part of our #Tether report & investigation.

https://twitter.com/bigsb_news/status/1549117944831123456?s=20&t=wUJgWJRXsxyJDPC5vE50VQ

[2/x] CHAPTER ONE - #NYAG INVESTIGATION - In the Bitfinex and Tether fraud case

Tether claimed at the outset that it would cooperate with the NYAG, after which it obstructed the handing over of relevant documents and prolonged the process.

[3/x]

The NYAG revealed during one of its "hearings" with Tether's lawyer that they invests in #Bitcoin. The lawyer also states that I think they must have dollar reserves.

Doc.: docdroid.net/Wk3pePO/transc…

[4/x] Judge asks for clarification on whether Tether has #reserves to protect investors. Lawyer replies ⬇️

[5/x] Later, #NYAG reveals that Bitfinex/Tether executives receive lump-sum distributions from non-segregated Tether accounts, where no reserves need to be held.

They admitted during the NYAG #investigation that they mixed up corporate and customer funds.

[6/x] Despite promises that #Tether will be controlled for transparency, post from tether:

source: tether.to/en/tether-upda…

[7/x] So they received #certificates from an accounting firm in Taiwan once a month, then that fell through, they continued to figure out what to come up with, but ultimately nothing meaningful came out of it.

[8/x] CHAPTER TWO - Tether's wonderfully outstanding team.

In 2013 Bitfinex was founded by Raphael Nicolle - the guy was very interested in Bitcoin in the subject of #Ponzi schemes in which he participated, then lost some of his Bitcoins in the financial pyramid "Shavers Ponzi"

[9/x] Then, he tried to start his own high-yield lending scheme, in which people would lend him their Bitcoins and he would use that to earn a guaranteed 2% per week on their $BTC.

...but that didn't work out, then he decided to launch #Bitfinex.

[10/x] Later, Giancarlo Devasini joined, who is the CFO of both Bitfinex and Tether (he was some kind of financial pirate before that - he had a problem selling pirated #Microsoft). He appeared on a #Bitcoin forum to ask if anyone would like to buy DVDs/CDs for 0.01 BTC each.

[11/x] According to a number of articles, the 58-year-old today has a very important role in both Bitfinex and #Tether and is, so to speak, the main decision-maker. Devasini used the alias "Merlin" in many of his communications, and the nickname "merlinmagoo".

[12/x] Giancarlo also ran an electronics company known as Perpetual Action Group, which had problems, including being banned from the #Tradeloop marketplace due to an incident in which a customer claimed his shipment turned out to be a piece of wood. (XD).

[13/x] Giancarlo Devasini is also a partner at BlueBit Capital, a cryptocurrency hedge fund.
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Then, Phil Potter joined (he was director of strategy at Bitfinex), who appeared on the NY financial scene, he was interviewed a lot about the Tether #cryptocurrency.

[14/x] Another person was Brock Pierce (famous child actor) - famous for his escape to Spain with accused pedophile Mark Collins-Rektor, where they were both arrested in a house full of child pornography.

buzzfeednews.com/article/elliev…

[15/x] To quote his words, "I don't care about money, if I need money, I just make a token." Brock Pierce is also affiliated heavily with #Blockchain Capital.
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Reeve Collins-is a co-founder of Tether. He was CEO for two years, also co-founder of #vAtomic Systems.

[16/x] Craig Sellars - co-founder of Tether and #Netconx D&C Wireless. He is also co-founder and blockchain architect at #BLOCKv. He is also a member and CEO of the #Omni Foundation. In late July 2021, Sellars joined #TundraX - DEX, developed by Sky Trotter and Christian Deciga.

[17/x] In January 2015, he became head of #technology at Bitfinex. He is currently a consultant for #MaidSafe, #Factom, Synereo, #Unsung and Block. One. He is co-founder and chief scientist at vAtomic Systems.

[18/x] Among the lucky people to have the privilege of initiating work on Bitfinex was Jonathan Yantis, who helped Brock at #IGE (that's a company that trades virtual currency and operates #MMORPGS.

[19/x] Members of the #gaming community, one of the main dealers of virtual economy services, often criticized #IGE because this services could allow players to break the rules in online games.

[20/x] Another incredibly impeccable member of this wonderful group of people is Paolo Ardoino. His wife Claudia Lagorio is the chief operating officer of Bitfinex and Tether (according to her Twitter profile). They joined in 2015 - they were #fintech developers.

[21/x] Their story includes an episode of a leaked document indicating that Paolo was one of the directors at Dell Chain, which is affiliated with the #Deltec Bank located in the Bahamas (NOW THIS IS THE BANK THAT TETHER USES).

Deltec issues "certifications" regarding coverage.

[22/x] Stuart Hoegner - General Counsel for Bitfinex and Tether. Famous for being director of compliance at Excepa (online #poker company) - which launched Ultimate Vet, the company got into trouble when it was caught with some players having "God Mode" - it was big scandal.

[23/x] Bitfinex had to pay a settlement to the #CFTC for offering illegal #OTC trades.

CFTC (Commodity Futures Trading Commission - an agency in the United States. Established to regulate the #futures contact market and protect it from abuse).

[24/x] Unfortunately, after some time, the CFTC revealed the transgressions committed by Tether and Bitfinex. Among them were:

➡️ Tether distributed tokens before it received #funds;
➡️ Tether had a plethora of financial agreements without the signatures of anyone...

[25/x]

➡️ Tether was only backed up for about 1 day out of 4 for the 26-month period in which they were monitored by the CFTC;
➡️ Bitfinex's customer service encouraged customers to use a #VPN, they reported that they could probably avoid #KYC procedures;

[26/x]

➡️ Bitfinex violated its previous settlement with the CFTC and continued to offer illegal options to people in the United States.

Stuart Hoegner then walked away.

[27/x]

A nice note to end on:

cnbc.com/video/2022/05/…

[28/x]

That's all in this thread. If you want to improve your research and access to information, join the anonymous #bigshortbets platform.

It's a #web3 environment, no registration required, just connect your wallet.

bigsb.io/app/