DiscoverUnconfirmedIs Tether a Fraud? Its Bank Says It's Not - Ep.161
Is Tether a Fraud? Its Bank Says It's Not - Ep.161

Is Tether a Fraud? Its Bank Says It's Not - Ep.161

Update: 2021-01-22
Share

Description

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/

Comments 
In Channel
loading
00:00
00:00
1.0x

0.5x

0.8x

1.0x

1.25x

1.5x

2.0x

3.0x

Sleep Timer

Off

End of Episode

5 Minutes

10 Minutes

15 Minutes

30 Minutes

45 Minutes

60 Minutes

120 Minutes

Is Tether a Fraud? Its Bank Says It's Not - Ep.161

Is Tether a Fraud? Its Bank Says It's Not - Ep.161

Laura Shin

We and our partners use cookies to personalize your experience, to show you ads based on your interests, and for measurement and analytics purposes. By using our website and our services, you agree to our use of cookies as described in our Cookie Policy.