The Tether Truth Machine: The wheels of justice turn slowly, but grind exceedingly finely.
In this post, I’m going to show you how the cryptocurrency community quite literally got… MtGOX’ed again, and quite ironically by individuals who attempted to take over MtGOX.
Unfortunately, their plans to acquire MtGOX fell through.
Fortunately, the duo, Brock Pierce and John Betts, found another avenue to accomplish the same task: Tether.
In this post you will find out exactly why Tethers bank was such a big super duper secret.
Tether and Bitfinex operate not on transparency, but on opaqueness, misdirection, and gas lighting and attacking anyone who tries to shine a light on their operation.
They have a lot to hide.
Nothing has been more amazing to me watching the results of my investigation in Bitfinex and Tether unravel before everyone's eyes and yet continue to be mostly ignored by so-called “OG” cryptocurrency community members.
I’m constantly seeing articles and data compiled by people much more intelligent than me, and they come to the same conclusions I have.
In order to come to my conclusions I used common sense and evaluated the character of the individuals running Bitfinex and Tether. It also didn’t help that they tried to cover stuff up from the start.
Academics actually looked at the data available on the blockchain, and the conclusion is the same. Printing money out of thin air, to buy Bitcoin and various cryptocurrencies.
This story has now been covered multiple times by The New York Times, Bloomberg, The Wall Street Journal, and various other outlets, and now there are now two reports (One, Two) where data has been shown that Tether is in fact printing billions of fake US Dollars, likely in chunks of 100 Million+ Tethers at a time, profiting from pumping and dumping, and then funneling the profits to their bank after the fact.
The trading charts of nearly every cryptocurrency that trades against Tether shows each one experiencing a massive pump and dump.
Tether refuses to complete audits. Now they’re claiming they can’t get an auditor after likely firing their last auditor for being ‘too thorough’.
This should have been the nail in the coffin and triggered exchanges delisting Tether, of course, Tether exchanges are likely accessories to the Tether scam, like Kraken which continues to trade Tether with preferential fee treatment, and a wash trader which has wash traded hundreds of millions of dollars of Tethers.
The same people that wanted to bring back and ‘audit’ MtGOX, also cannot perform audit on themselves.
This is eerily similar to the “audits” that Bitfinex has promised repeatedly and failed to complete audits:
2016: Promised security audit and a financial audit. Failed. Never actually hired auditor while employees on Reddit claimed that audit was in progress.
2017: Friedman Audit: Failed. Fired auditor.
2018: Finally comes clean and admits that Tether can’t audit cash in a bank account.
The current claim is that they can’t get an auditor on board because of the risk to the auditors reputation in auditing Tether.
It’s one thing to make this claim.
It’s another ballgame when allegedly people send you another $250,000,000 USD to buy 250,000,000 more Tethers just days after you said you can’t complete an audit.
Legitimate Institutions don’t do this.
Your business is so toxic that auditors won’t touch you with a ten foot pole, but days later someone allegedly wires you another quarter billion dollars like nothing happened?
Now that’s what I call trust!
While the alarm bells are ringing loudly, the community ignores and watches the largely orchestrated price.
Bitfinex & Tether released yet another ‘not for assurance’ report by FSS, a law firm founded by Former FBI Director Louis Freeh.
Interestingly enough, Louis Freeh has his own little whistle blower on Twitter… an individual that has been exposing his shady dealings. I encourage you to follow him.
If you’re going to hire a law firm, maybe don’t hire the one with another Twitter whistle blower exposing his sketchy dealings? #Oopsies
Now, onto some substance.
A relationship between the founders of Tether, the founders of Tethers Bank, and Freeh existed prior to this engagement.
In 2014, a firm known as “Sunlot Holdings” attempted to acquire MtGOX in order to restart the exchange. Their proposal paper was leaked.
Now, I wonder what law firm was working with them for this?
The primary individuals behind Tether, Noble Bank, had worked with Louis Freeh before this engagement. The same people that founded Tether & Noble Bank were trying to acquire the MtGOX Bitcoin exchange in 2014.
Ultimately, that didn’t happen.
Brock Pierce went on to create Tether in 2014.
John Betts went on to create Noble Bank also in 2014. This is the real reason why Tether tried so hard to keep their bank a secret.
They didn’t want people to put the pieces together. They don’t want transparency. They don’t want to be audited.
I want to go back to this name real quick.
Who is Judge Eugene R. Sullivan?
Nothing too interesting.
Looks like he’s affiliated with United States Military Academy, New England School of Law… Georgetown University Law School… Imperial Pacific International Holdings. Seems like all standard stuff. Nothing sketchy here…
Hmm wait a just a minute…
Notice how Imperial Pacific denies all of the allegations, I guess Bloomberg just made it all up…
So basically, Judge Eugene Sullivan is listed as an advisor to another company who has been raided by the FBI twice.
What I thought was very interesting is how in the FSS report, they actually announced that Sullivan was an adviser to Tether’s bank, so I hopped onto Noble’s website and… what do you know? He is an adviser!
Further confirming that yes, indeed, Noble Bank is Tether’s bank. Fancy that.
They quickly scrubbed the evidence, but unfortunately for them, I already got it.
However, I am not done yet.
Noble Markets… but that’s not Noble Bank… or is it?
Just like how MtGOX volume was a significant majority of the volume in 2013 and early 2014, In 2017 and 2018 Bitfinex and Tether have accomplished roughly the same thing with their Tethers. The vast majority of volume takes place against a single company’s unaudited and fraudulent (due to refusal to complete promised audits) token.
If exchanges delist Tether, they will essentially cause the music to stop. This is why no matter how much bad news comes out about Tether, exchanges will not delist it.
They all die without it, and they know it.
Bitcoin is not decentralized at all. It is highly centralized among fewer than twenty players. What you are watching may as well be a very well orchestrated play, which is very fitting for an actor.
Yes, Brock Pierce has his own currency note with his mugshot on it on his Twitter profile.
He was right. We don’t need government bailouts for cryptocurrency, because we’ll make our own unaudited Tetheral Reserve, with blackjack and hookers.
“I don’t care about money,” “If I need money, I just make a token.”
- Brock Pierce (Source for quote)
Brock Pierce also agrees with me, that Bitcoin needed Tether for some reason… to break $2K (which also agrees with my original guess that the price of Bitcoin would stall around $1,947.
I didn’t expect them to get away with printing billions of Tethers to inflate the markets for so long.
The market needed a stable coin that could fill a critical market need. Without it bitcoin wouldn’t have broken $2k yet.
- Brock Pierce (Source for quote)
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