Crypto CRASH! – Tether & Bitfinex SCANDAL Hits Cryptocurrency Market

Josh Sigurdson reports on the scandal that caused Bitcoin to fall 5% in minutes and caused a massive dip in the value of essentially all cryptocurrencies.
New York’s Attorney General alleged that the owners of Bitfinex and Tether lost $850 million and covered up the loss by using funds from affiliated stablecoin operator Tether.
A Manhattan judge has now barred Ifinex which operates Bitfinex from accessing Tether’s reserves.
Tether has been a major headache among cryptocurrency investors for a couple of years now as Tether grows larger but still has yet to prove they actually have the money backing the market capitalization. They did a personal audit of themselves claiming the money was in random bank accounts, but they’ve never provided proof of this. Even if true, it would be incredible absurd to keep $2 billion in bank accounts.
The news brought the value of cryptos down dramatically in minutes.
This is one of the biggest problems with the crypto markets. Not crypto itself, but people feeding off of people’s need to be dependent. People feeding off of people’s lack of understanding how to safeguard their funds.
These centralized exchanges do ridiculous things with people’s money. They lose people’s money. They do terribly appalling things to appear as though they’re keeping people’s money safe. It then gets exposed and people lose everything they had in said exchange. This has happened an amazing amount of times.
Online centralized exchanges are in many ways less safe than banks and unfortunately it gives a bad name to crypto which is not deserved.
Cryptocurrencies that are fundamentally useful and properly decentralized as well as decentralized blockchain infrastructure technology are changing the world forever, for the better. Meanwhile, centrally planned entities that run like banks come in and disrupt people’s attempt at financial freedom under the guise of “convenience.” The worst things always come under the guise of “convenience.”
We cannot blame crypto for the actions of companies that take advantage of people and do ridiculous things.
As we’ve long told people, your money is not safe on an online exchange and we highly recommend getting out as soon as possible.
While the crypto market has been looking upwards lately and this story has stifled the markets for the time being, optimism going forward is climbing by the day.

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Video edited by Josh Sigurdson

Featuring:
Josh Sigurdson

Graphics by Bryan Foerster and Josh Sigurdson

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2019

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Crypto CRASH! – Tether & Bitfinex SCANDAL Hits Cryptocurrency Market

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Kane Dane