Talk | Stabilizing coins printing story

As things continued to develop, a Panamanian company called Crypto Capital surfaced, and there were reports that it was the “black swan” of the currency circle, not only the $850 million that Bitfinex was frozen, but also the Canadian cryptocurrency transaction. The QuadrigaCX lost $190 million and was also related to him.

Without the support of traditional banks, Bitfinex could not support customer withdrawal services, but due to regulatory obstacles, Bitfinex and Tether had not cooperated well with Taiwan Wells Fargo, Puerto Rico Noble Bank and the Bahamian Bank Deltec. So, for a while, Bitfinex used it. Through the services of "Bank Service Provider" Crypto Capital.

Crypto Capital has opened a large number of bank accounts in the name of a series of shell companies to serve cryptocurrency companies, but the opening of a large number of accounts will attract the attention of national regulators, and the regulators have the right to freeze these suspicious accounts. According to reports on the value of carbon chains, there was news in November 2017 that Crypto Capital: “Bitfinex’s bank opened in a Polish bank was seized by the Polish authorities and frozen about $500 million. The money is now stored. In the HSBC account in London and in the US and Portugal accounts, we will recover within three months."

In order to complete the customer's withdrawal request, Bitfinex can only find another way, so his brother Tether has become a straw.

In November 2018, Bitfinex: "Brother, transferred $625 million of your (Tether) account in Deltec bank account to my account. Then I transferred the $625 million in the Crypto Capital account to you."

Tether's general counsel, Stuart Hoegner, said in a statement that the company currently holds $2.1 billion in cash and short-term securities (as of April 30), which means that only 74% of Tether's US dollar stable USDT has been acquired. Support for cash or cash equivalents.

The missing part of the financial support is frozen in the bank. A few days ago, Bitfinex will be carrying out IEO publishing platform coins to fill this hole.

So is Tether and Bitfinex a black swan "victim"?

Planning | Carol Tong Drawing | Tina Source | PANews

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