Tether lawsuit settled, no wrongdoing admitted. Nocoiners on suicide watch

[isingmodel]

https://twitter.com/Tether_to/status...97571300913153

The last pathetic FUD attempt of nocoiners/poorcels unequivocally BTFO.

RIP.

[PimpMasterC]

NY AG exposed them as criminals though, and they came to a settlement and ban of operation in New York. Basically, they found proof of Tether operating illegaly. Bullsih short term maybe, but long term bearish as evidence of very shady stuff was found. They operated like criminals basically.

"Bitfinex and Tether Deceived Clients and Market by Overstating Reserves,
Hiding Approximately $850 Million in Losses Around the Globe"


“Bitfinex and Tether recklessly and unlawfully covered-up massive financial losses to keep their scheme going and protect their bottom lines,” said Attorney General James. “Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie. These companies obscured the true risk investors faced and were operated by unlicensed and unregulated individuals and entities dealing in the darkest corners of the financial system. This resolution makes clear that those trading virtual currencies in New York state who think they can avoid our laws cannot and will not."



A Stablecoin Without Stability – Tethers Weren’t Fully Backed At All Times

The OAG’s investigation found that, starting no later than mid-2017, Tether had no access to banking, anywhere in the world, and so for periods of time held no reserves to back tethers in circulation at the rate of one dollar for every tether, contrary to its representations. In the face of persistent questions about whether the company actually held sufficient funds, Tether published a self-proclaimed ‘verification’ of its cash reserves, in 2017, that it characterized as “a good faith effort on our behalf to provide an interim analysis of our cash position.” In reality, however, the cash ostensibly backing tethers had only been placed in Tether’s account as of the very morning of the company’s ‘verification.’


https://ag.ny.gov/press-release/2021...finexs-illegal


That case is behind them now, but there will likely be more cases in the future. It seems like Tether is bending the truth like they always do. Being banned in the financial capital of the world is not that bullish long term. Don´t think this is over yet. Of course Tether as making it seem like they won and it´s all good. They are criminals tho, and thats why they got banned from New York.