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Super Easy Simple Bitfinex/Tether Questions That Phil Potter Will Never Answer

  1. Where does Tether bank, and under what jurisdiction? Why was Tethers lawyer redacted from the Friedman Report when we already know this?
  2. Were people who converted their BFX tokens to equity after March 23rd, 2017 informed that Bitfinex had banking problems?
  3. Were people who converted their BFX tokens to equity after March 31st informed of no banking, when Bitfinex had been formally informed by Wells Fargo that they would not handle their transactions?
  4. Why did Bitfinex wait weeks to inform customers of their banking problems, in effect essentially collecting fees for a service they could not execute (withdrawal of USD funds). This resulted in customers having to buy back bitcoin, paying another trading fee, withdrawing, and selling elsewhere, paying a fee three times.
  5. What proof do we have that Bitfinex was solvent on July 31st, 2016? BFX tokens did not exist in July 2016 and Bitfinex could have provided 2016 audits to prove they were solvent before the hack and the ‘haircut’ didn’t include their own insolvency.
  6. A company that owes money to their customers can in fact have their books audited. How come Bitfinex did not complete a financial audit for 2016 as promised?
  7. Why did Bitfinex wait 8 months before coming clean about the ledger labs financial audit? Why did employees continue to say that the 2016 audit was in progress as late as Feb 2017 when the auditor was never engaged at all?
  8. How come Bitfinex has not provided the promised Ledger Labs security audit?
  9. Did Ledger Labs actually conduct any security audit? Bitfinex is absent from their past clients.
  10. Phil Potter historically promised to provide some sort of case number regarding the hack, to prove that they have in fact have a file on case with authorities. How come this has never been provided? A case number will not compromise an investigation.
  11. Why did Bitfinex inform a potential shareholder that “Bitfinex is not tether, we bank at the same banks”, when Bitfinex is a majority shareholder in Tether?
  12. Does Bitfinex have their own bank account, or did they convert all user balances into Tethers, and handle their banking through Tether?
  13. Is the ‘institution’ that is buying these Tethers, Bitfinex or Tether themselves?
  14. Why did Bitfinex base their equity valuation on their trading volumes and expected revenue, when Bitfinex knows their trading engine allows for wash trading against the same account? Why are orders allowed to match against the same account? This is also illegal.
  15. How did Bitfinex figure out the value of their company without third party audits? How does Bitfinex permanently losing access to banking impact the value of their exchange?
  16. Why is Tether, operating a money transmitter under an attorney trust account? This is illegal.
  17. Are Tether funds coming from loans to Bitfinex/Tether I.e., Bitfinex/Tether borrows $30 million from a bank at 5–10%, loans them out on margin markets/buys bitcoin with it which rises faster.

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