Disclaimer: I’m not privy to any confidential or insider info, so this is just an educated guess at may have transpired at Tether or Bitfinex. Everything here is strictly my own personal opinion, not that of CoinAlpha nor Hummingbot Foundation. Nothing here is legal, investment, or financial advice.
If there’s anything I’ve learned over the past two weeks, it’s to trust nothing and verify everything.
That’s why I was intrigued when I stumbled upon a tweet referencing a time when SBF described how Tether’s creation/redemption process worked.
Since I had just read about Tether’s associations with Celsius the day before, my spidey sense started tingling.
What is SBF’s Achilles heel?
The fat clown can’t shut up. He always says the quiet part out loud.
I knew there had to be some juicy nuggets in that interview, so I re-listened to it closely. I couldn’t believe what I found, so I felt like I had an obligation to share it publicly.
Watch the video here on Substack or on Youtube below:
If you want to dig deeper, Patrick McKenzie has an excellent article on Tether with a lot more detail and proper research.
We need to talk about Tether