Monday, November 21, 2022

FTX, Tether, the CIA, Drug Cartels and Ukraine


The FTX scandal is only getting started. Another cryptocurrency by the name of Tether is also on the brink of failing and both FTX and Tether appear to have been tools of the Deep State. 
A week ago TGP reported that FTX was used as a money laundering scheme in Ukraine where money sent there was sent back to US politicians. Revolver added more to this story overnight. 
In a lengthy article, Revolver notes first that FTX may not be the largest cryptocurrency-related entity to collapse in the coming months. Another crypto by the name of “Tether” or USDT is also in big trouble. USDT, or Tether, is what is known as a “stablecoin.” A stablecoin is a cryptocurrency that, instead of fluctuating in value, is intended to hold to a consistent price. 
Tether is a USD stablecoin — each Tether is supposed to be equal in value to one U.S. dollar. While most cryptocurrencies are wildly speculative and backed by essentially nothing, each Tether is supposed to be backed directly by a U.S. dollar, or an extremely liquid, reliable investment like a U.S. treasury bond…. … 
Tether has the third highest market cap of any crypto currency at $66 billion, trailing only Bitcoin and Ethereum. Today, fully half of all bitcoin trades globally are executed using Tether. 
Revolver goes on to report that Alameda Research was one of two firms responsible for “seeping” Tether into the crypto ecosystem. 
Did that last sentence set off any alarm bells? It should have. Alameda Research is the quantitative trading firm founded by Sam Bankman-Fried. 
Bankman-Fried and his partner in crime, Alameda CEO Caroline Ellison, allegedly propped up their trading firm by plundering FTX customer accounts. 
The inner workings of Tether remain remarkably opaque. New Tethers are supposed to only be minted, and added to the crypto ecosystem, when somebody gives Tether Limited dollars to create them. 
And if that’s how it all worked, Tether would be fine. But there is no evidence Tether actually works this way. We repeat: There is no proof that Tether stablecoins are backed by the store of tangible assets that is supposed to justify their value. 
Surprisingly, Tether has never been audited. No one knows if Tether which has a $68 billion market value is really backed by the dollar.



BREAKING EXCLUSIVE: Tens of Billions of US Dollars Were Transferred to Ukraine and then Using FTX Crypto Currency the Funds Were Laundered Back to Democrats in US


thelastenglishprince said...

Bankman. The Epstein of finance.

Anonymous said...

Legacy media has already placed the "debunked" sticker on the Ukraine-to-DNC Money Wash scenario. LOL.

The frantic effort to hide the identities of the unsecured creditors holding $3.1 Billion in now worthless paper is because the US Gov is so honest that transparency isn't necessary. Imagine!

Meanwhile Caroline Ellison is in the custody of the Chinese government, pulled out of line in Hong Kong before the last flight to Doha posing as a World Cup football tourist. Surely now spilling the story to Uncle Xi and his comrades who will soon possess an impressive dossier.

Soon to find out: is Tether too big to fail? And, how many TBTF can the Western financial world save before the whole house comes thundering to the pavement.

Pastorius said...

Thus far I have not seen compelling evidence that FTX gave more than $40 million to Democrats.

Have you?

I know that sounds like a lot, but it is nowhere near billions.

Anonymous said...

Interesting questions:

1) Where and when will Ellison finally surface when the ChiComs are done with her? And what will her story be? She is a more important asset than SBF (Soon to Be Fried) who comes across as more of a Ringmaster than a Mastermind.
2) What is Daniel Friedberg's role in this caper? He is a known internet scammer keeping a low public profile with respect to FTX. Perhaps he was "the adult in the room" pulling the rug out on the kiddie corps and letting them take the fall?

Anonymous said...

$40 million is the consensus amount, that much is transparent. Question is role of the Ukraine feedback loop or even if it exists. The unsecured creditor list would aid in providing evidence pro or con, the attempt to hide that info draws suspicion.

Pastorius said...

Anonymous at 2:06 PM,
I agree.

Thing is, I don't know what to post and what not to post. There is a lot of speculative information out there.

The info in this post, from Gateway Pundit, is not speculative - that I can tell - however, it seems to infer much more than what can be confirmed.

Pastorius said...

Do you have any information on Daniel Friedberg?

I don't really know anything about him.

Anonymous said...

Dan Friedberg — a lawyer who was FTX’s chief regulatory officer in the months leading up to its collapse and who also did a stint as its general counsel — also had served as an attorney for UltimateBet, whose collapse was considered one of the largest online gambling scandals in history at the time.

In the alleged scheme employees were accused of using a software exploit dubbed “God mode” to bilk players out of anywhere between $20 million and upwards of $50 million.

Friedberg’s past raised alarm bells in the cryptocurrency sector long before FTX’s downfall. In August 2021, cryptocurrency news site CoinGeek noted that FTX’s decision to tap Friedberg as its chief regulatory officer was “almost comically inappropriate” given his past.

CoinGeek’s Steven Stradbrooke noted it “remains something of a mystery” how Friedberg “managed to avoid being disbarred”.