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April 28. Bitfinex - Tether vs Newyork

By Snow Under Sun | SnowUnderSun | 15 Apr 2020


The trial between Bitfinex vs Newyork continues.

It is stated that there is 625 million USD in the inaccessible accounts, and that this amount is understood to be Bitfinex's 'debt stock', therefore it is understood that Tether does not hold an equivalent of 1-1 dollars (there is a deed instead of lost cash).

During this period, a manager of Crypto Capital company, which had been seized by the Polish government for 350 million USD belonging to the drug cartel, also entered the prison house without laundering money.

Another manager of the company, Reginald Fowler, wants to make an agreement with the prosecutor's office that he wants to accept some of the charges and receive a penalty reduction on January 31, as he presented 371 million USD from about 50 different accounts to the court, but then quits his decision (possibly threatening cartel's family). it may have been said).

Although 2 of the 4 judges who will make the decision seem to be close to the company, while the other 2 seem to be close to the court & states such as digital state/institution (IMF etc.) are mentioned.

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Next trial is on April 28.

I think that they will see this case as an opportunity in this period when they see it as a competitor, they cannot control it, and even transfer the Coinbase former manager to the US treasury, when they are in the process of creating a possible digital currency.

In this case, although the current crypto world and btc will continue to exist, they can take a solid blow like MT.Gox era. In other words, they do not kill but crawl, they may frighten many new users who will see this area as an alternative, and can provide guidance to other government / institution-backed stable or other digital currencies.

For about 3-4 months, I think that no news sharing about this case (as if it was insignificant) could also be a part of the plan and that it could bring great sales to the markets by falling like a bomb.

For these reasons, I would like to state that I have gone through the monitoring stage by removing 95% of my money in the market from exchanges (including Binance). 

I am crypto addicted and sole income from crypto since 2015 but I prefer to be watch crypto markets from outer space recently to keep my portfolio on safe side. I am not in Bitcoin or Tether till next trial at court on April 28. 

Maybe market will rise during this period. Maybe I will miss potential trading profits. On the other hand, If the Court will decide negative against Bitfinex and Tether, it will create massive impact on crypto. Stay on safe harbour and monitor storm for 15 days can be best option for me.

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Snow Under Sun
Snow Under Sun

A westerner in Thailand. Previously,13 years Sales Executive in a Forbes 500 company and 6 years HR executive in a multinational company. Crypto trader since 2015.


SnowUnderSun
SnowUnderSun

A westerner in Thailand. Crypto trader since 2015. Previously Sales Executive in a forbes 500 company.

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