36 min

Is Tether a Fraud? Its Bank Says It's No‪t‬ Unconfirmed

    • Business News

Gregory Pepin, deputy CEO of Deltec Bank and Trust, responds to allegations in a blog post by the pseudonymous Crypto Anonymous, that Tether is a "highly probably fraud." In this episode, he covers:
how Deltec accounts for its reserves, and why they didn't show up on Crypto Anonymous's blog post where the dollars backing Tethers are held how Tethers get created where Tether Ltd. keeps its cash equivalents why there's more demand for trading with USDT than with USD partially because of the arbitrage opportunity between East and West  how Tethers get created using Deltec why USDT gets minted in very round numbers as opposed to very specific numbers that USDC is minted in where the cash equivalents backing Tethers are held what type of due diligence Deltec conducted when it took on Tether Ltd. as a customer why the perception that Tether is unregulated compared to other stablecoins is false what Deltec thinks about the New York Attorney General office's investigation in to Tether why Deltec has a "large position in bitcoin"  
Thank you to our sponsor!
Crypto.com: http://crypto.com
 
Episode links:
Gregory Pepin: https://twitter.com/dzrgreg
Deltec Bank: https://www.deltecbank.com/?locale=en
 
Crypto Anonymous’s Medium post: https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3
 
Deltec having large position in bitcoin: https://www.theblockcrypto.com/linked/91353/deltec-bitcoin-position-tether
 
Original video in which Deltec mentions its “large position in bitcoin”: https://www.deltecbank.com/2021/01/14/a-covid-year-in-review/
 
Deltec banking Tether: https://www.coindesk.com/deltec-chairman-says-tether-letter-on-bank-relationship-is-authentic
 
Tether not audited: https://www.coindesk.com/tether-review-claims-crypto-asset-fully-backed-theres-catch
 
Tether says it is fully backed: https://www.coindesk.com/tether-says-its-stablecoin-is-fully-backed-again
 
Tether current balances: https://wallet.tether.to/transparency?__cf_chl_jschl_tk__=c035d054dd287020b16d6dbb4b70398ca7a99dcb-1611253376-0-AcOsT0Zqpd8Muzw5gnkSz6KKmTrN3WAssxGX8K-p_PkeZ2SUfW9EsAr-a2EkIojYzm5-3RA_1DHxpoK579d0YgtnxMYevlVRSS7RIAKh0sgk-ORzOZUDNgg_AvZjugdrxWVjTA9dCBf1hX4X83oU3-RTjQYn_qYukdRFJUq9a89BXyyDovL3bu4ohxSSVdworOR-cdxEiPURe4ZJrGIvuW3Ej2qJLJt3RDXfX6BfDANdpkVrU6O2KB4V0Or-HJjItS0uAu-L7KrTomXNv9anUv34_An8cH3VHYfB_OD-iyIvkgOh7RHd-Xafe-SJwPnUYg
 
What Tether is backed by: https://wallet.tether.to/transparency?__cf_chl_jschl_tk__=c035d054dd287020b16d6dbb4b70398ca7a99dcb-1611253376-0-AcOsT0Zqpd8Muzw5gnkSz6KKmTrN3WAssxGX8K-p_PkeZ2SUfW9EsAr-a2EkIojYzm5-3RA_1DHxpoK579d0YgtnxMYevlVRSS7RIAKh0sgk-ORzOZUDNgg_AvZjugdrxWVjTA9dCBf1hX4X83oU3-RTjQYn_qYukdRFJUq9a89BXyyDovL3bu4ohxSSVdworOR-cdxEiPURe4ZJrGIvuW3Ej2qJLJt3RDXfX6BfDANdpkVrU6O2KB4V0Or-HJjItS0uAu-L7KrTomXNv9anUv34_An8cH3VHYfB_OD-iyIvkgOh7RHd-Xafe-SJwPnUYg
 
New York Attorney General’s office press release on investigation into iFinex: https://ag.ny.gov/press-release/2019/attorney-general-james-announces-court-order-against-crypto-currency-company
 
CoinDesk on NYAG investigation: https://www.coindesk.com/bitfinex-ny-prosecutors-tether-850-million-allege
 
Link to the Crypto News Recap:
https://unchainedpodcast.com/what-8-trillion-could-do-in-bitcoin/

Gregory Pepin, deputy CEO of Deltec Bank and Trust, responds to allegations in a blog post by the pseudonymous Crypto Anonymous, that Tether is a "highly probably fraud." In this episode, he covers:
how Deltec accounts for its reserves, and why they didn't show up on Crypto Anonymous's blog post where the dollars backing Tethers are held how Tethers get created where Tether Ltd. keeps its cash equivalents why there's more demand for trading with USDT than with USD partially because of the arbitrage opportunity between East and West  how Tethers get created using Deltec why USDT gets minted in very round numbers as opposed to very specific numbers that USDC is minted in where the cash equivalents backing Tethers are held what type of due diligence Deltec conducted when it took on Tether Ltd. as a customer why the perception that Tether is unregulated compared to other stablecoins is false what Deltec thinks about the New York Attorney General office's investigation in to Tether why Deltec has a "large position in bitcoin"  
Thank you to our sponsor!
Crypto.com: http://crypto.com
 
Episode links:
Gregory Pepin: https://twitter.com/dzrgreg
Deltec Bank: https://www.deltecbank.com/?locale=en
 
Crypto Anonymous’s Medium post: https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3
 
Deltec having large position in bitcoin: https://www.theblockcrypto.com/linked/91353/deltec-bitcoin-position-tether
 
Original video in which Deltec mentions its “large position in bitcoin”: https://www.deltecbank.com/2021/01/14/a-covid-year-in-review/
 
Deltec banking Tether: https://www.coindesk.com/deltec-chairman-says-tether-letter-on-bank-relationship-is-authentic
 
Tether not audited: https://www.coindesk.com/tether-review-claims-crypto-asset-fully-backed-theres-catch
 
Tether says it is fully backed: https://www.coindesk.com/tether-says-its-stablecoin-is-fully-backed-again
 
Tether current balances: https://wallet.tether.to/transparency?__cf_chl_jschl_tk__=c035d054dd287020b16d6dbb4b70398ca7a99dcb-1611253376-0-AcOsT0Zqpd8Muzw5gnkSz6KKmTrN3WAssxGX8K-p_PkeZ2SUfW9EsAr-a2EkIojYzm5-3RA_1DHxpoK579d0YgtnxMYevlVRSS7RIAKh0sgk-ORzOZUDNgg_AvZjugdrxWVjTA9dCBf1hX4X83oU3-RTjQYn_qYukdRFJUq9a89BXyyDovL3bu4ohxSSVdworOR-cdxEiPURe4ZJrGIvuW3Ej2qJLJt3RDXfX6BfDANdpkVrU6O2KB4V0Or-HJjItS0uAu-L7KrTomXNv9anUv34_An8cH3VHYfB_OD-iyIvkgOh7RHd-Xafe-SJwPnUYg
 
What Tether is backed by: https://wallet.tether.to/transparency?__cf_chl_jschl_tk__=c035d054dd287020b16d6dbb4b70398ca7a99dcb-1611253376-0-AcOsT0Zqpd8Muzw5gnkSz6KKmTrN3WAssxGX8K-p_PkeZ2SUfW9EsAr-a2EkIojYzm5-3RA_1DHxpoK579d0YgtnxMYevlVRSS7RIAKh0sgk-ORzOZUDNgg_AvZjugdrxWVjTA9dCBf1hX4X83oU3-RTjQYn_qYukdRFJUq9a89BXyyDovL3bu4ohxSSVdworOR-cdxEiPURe4ZJrGIvuW3Ej2qJLJt3RDXfX6BfDANdpkVrU6O2KB4V0Or-HJjItS0uAu-L7KrTomXNv9anUv34_An8cH3VHYfB_OD-iyIvkgOh7RHd-Xafe-SJwPnUYg
 
New York Attorney General’s office press release on investigation into iFinex: https://ag.ny.gov/press-release/2019/attorney-general-james-announces-court-order-against-crypto-currency-company
 
CoinDesk on NYAG investigation: https://www.coindesk.com/bitfinex-ny-prosecutors-tether-850-million-allege
 
Link to the Crypto News Recap:
https://unchainedpodcast.com/what-8-trillion-could-do-in-bitcoin/

36 min

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