January 29, 2023 6:55 pm

NY prosecutors allege Bitfinex covered up $850m loss

NY prosecutors allege Bitfinex covered up $850m loss

The New York State Attorney General (NYSAG) office has accused the operator of the Bitfinex cryptocurrency trading platform and the issuer of the Tether currency of engaging in a cover-up to hide the apparent loss of $850 million in client and corporate funds.

WARNING: The Truth About Bitcoin

Lets talk about Bitcoin and what I THINK caused the recent jump in price – enjoy! Add me on Instagram: GPStephan

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The views and opinions expressed in this video are just that…opinions. Not Fact.
This content is for entertainment and informational purposes only, and should not be taken as investment, financial, or other advice.
Instead, consult a professional…do your own research…and invest at your own risk.

So starts start here…what happened, and what caused Bitcoin to more than double prince within 60 days from $3500 to $8000?

I have a few personal THEORIES when it comes to this…

The first theory, a potentially weakened economy:.
This happens anytime investors are nervous about the overall economy or strength of the stock market…and for many people, this can be a nerve-wracking time. When this happens, many investors decide to shift their money around to different asset classes…typically, we’ll see that in bonds, gold, and Bitcoin.

The second theory, is that it’s slowly gaining more mainstream acceptance.
One of the unforeseen benefits of bitcoin DROPPING was that, for the first time in awhile, its price wasn’t fluctuating 10-20% in a day and it could ACTUALLY be used for what it was created for: a currency. You’re noticing many more “mainstream” businesses begin to actually USE bitcoin…this includes Starbucks, Nordstrom, Whole Foods, and Home Depot. While it’s rumored that this is just an experiment for now, it’s evident that more and more people have begun to take it lot seriously.

The third theory…and perhaps a more controversial one…for entertainment purposes only…is that the price is currently being altered, yet again.
This is too long to type out, refer to 5:55 of the video for an in-depth look into my thoughts.

The fourth theory: FOMO
It’s people recognizing that the price is going up, and they don’t want to miss their chance at getting rich. So they buy in and the price goes up a little more. Then, as the price goes up, MORE people jump in because they don’t want to be left out, too – and then the price goes up even more. And then it happens again, and again, and again…and given the history of Bitcoin, this could – potentially – go up for quite a long time, until it doesn’t. And when it comes to investing, that is NEVER the habit of a profitable, long term investor. EVER.

Do NOT invest in something just because you have the urgency to not want to miss out, or to think “this is your chance to get rich.”

And in terms of where I see this going in the future, I’ll just end it with this…no one knows. If you’re OK putting your money in Bitcoin, and you accept the risk that you could very well lose a significant portion of your money, then by all means, go for it.

Again, that’s not to say that one day Bitcoin won’t be worth a ton of money – or it might be adopted on a large scale – and if you really, truly believe in it, by all means. But don’t jump in because of FOMO, do your research, and don’t EVER invest money you can’t afford to lose.

For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at [email protected]

What is happening with USDT behind the scenes?

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USDT is the biggest stablecoin on the crypto market today. Not only that, but it is also one of the largest cryptos by market cap. However, recently there has been a lot of FUD concerning the reserve backing of USDT, which we will investigate in this video. We will examine whether Tether, the company behind the stablecoin USDT, really has the money they claim in their reserve accounts and whether USDT is a safe long-term investment. If you want a comprehensive deep dive into stablecoins and other forms of cryptocurrencies, make sure you check out our course on crypto trading linked in the description below.

Despite repeated demands from its investors, USDT has failed to carry out a reliable third-party audit of its cash reserves. USDT is currently the biggest fiat-collateralized stablecoin on the crypto market and is heavily used by commercial investors for huge transactions. Stablecoins are typically used to maintain your purchasing power and beat volatility of the crypto market, which means that a stablecoin must first and foremost be reliable in the long term.

Tether is the sister company of Bitfinex and after a detailed investigation from the New York Attorney General’s office, it was found that 625 million dollars was missing from Bitfinex which were initially borrowed from Tether’s reserves. Moreover, USDT has a huge portion of its reserves in short-term debt with dubious companies like the Chinese Evergrande, which puts a huge question mark on whether they will be able to survive a massive selloff in this bear market? To know more about why you should not keep your money in USDT, check out our full video in the comments below!

Trading Bitcoin w/ Tyler Jenks – Bitfinex/Tether Drama Explained

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News: https://twitter.com/ToneVays/status/1121525979216863232
https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=vIexA1b0spKOnK_PLUS_ZUGTJ3A== &system=prod

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Useful Educational Sites:
Full Node Set Up: https://bitcoin.org/en/full-node
Lightning Node Set Up: https://medium.com/lightning-power-users/windows-macos-lightning-network-284bd5034340
Mempool: https://dedi.jochen-hoenicke.de/queue/#1w
Useful Charts: http://charts.woobull.com/
Regulation overview in each state:

What is? : “Unconfiscatable Celebrity Poker Tournament 2020 (BITCOIN NOT BLOCKCHAIN)”

Bitcoin DROPS! Bitfinex Covered $850 Million Loss With Tether Funds!

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