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Tether Partly Backed by Bitcoin, Court Transcription Reveals

Tether, a stablecoin tied to the dollar that is meant to mediate the volatility of other cryptocurrencies, is partly backed by bitcoin.

As detailed in court documents obtained by The Block, Tether admitted to using some of the cash reserves meant to back its stablecoin to purchase bitcoin, among other assets.

This revelation is the latest in legal proceedings between the New York Attorney General (NYAG) and Bitfinex, a leading cryptocurrency exchange which shares management with Tether. Bitfinex and the NYAG have gone back and forth in a battle of legal letters after the NYAG petitioned the New York Supreme Court to stop the exchange from drawing on a $900 million line of credit it established with Tether to cover $850 million in losses it incurred when its fiduciary relationship with payment processor Crypto Capital went south.

The war of words has offered a rare glimpse into Tether/Bitfinex’s shared business practices, including the revelation that Tether’s reserves are only 74 percent backed following the $850 million loss. Additionally, Bitfinex used Crypto Capital to commingle business and customer funds. Now, Bitfinex’s legal counsel is saying that some of these funds were used to buy bitcoin.

“Tether actually did invest in instruments beyond cash and cash equivalents, including bitcoin,” David Miller, Bitfinex’s attorney, testified, adding that it is a “small amount.”

Presiding Judge Joel M. Cohen responded by saying that, while it “may be a little beyond the issue,” that “Tether sounded to me like sort of the calm in the storm of cryptocurrency trading. And so if Tether is backed by bitcoin, how is that consistent? If some of your assets are in a volatile currency that Tether is supposed to somehow modulate,” then that supports the NYAG’s argument.

The rest of the document outlines an argument for why the NYAG’s injunction has grounds under the Martin Act, an anti-fraud law that gives the NYAG legal leeway to bring action against allegedly fraudulent securities issuers. The NYAG argues that, under the Martin Act, it has jurisdiction to pursue Bitfinex/Tether because neither offered sufficient disclosure to stakeholders (namely, Bitfinex users and tether holders).

But the judge opened up his remarks questioning this legal basis, stating that “it [isn’t] 100 percent clear what the violation [is].”

“The petitioner [NYAG] ... very clearly and correctly said that the Attorney General’s Office is not a regulator, so there is no general mandate in the Martin Act to maintain the financial stability of any given company unless there is a statutory violation to pursue,” Judge Cohen said. “So the petitioner ... has to show why in this particular case instability or failure to have enough coverage in terms of dollars constituted by itself a violation.”

Miller criticized the NYAG as having a “lack of jurisdiction” in the matter, arguing that the attorney general is only going after Bitfinex/Tether because it dislikes bitcoin as an asset. He also argues that Tether made proper disclosures regarding its fractional reserves in a February website update.

The May 16 hearing followed a temporary injunction granted by judge Cohen that would freeze Bitfinex’s line of credit for 90 days, a timeframe Bitfinex/Tether sought to reduce to 45 days.

In the background of the courtroom battle, Bitfinex launched a token sale to the tune of $1 billion to aid fund recovery efforts. The token, LEO, sold out and is currently trading; the $1 billion raised will go to cover some of the $850 million lost to Crypto Capital, with Bitfinex planning to buy back and burn outstanding supply until all tokens are out of circulation.

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Q Profits System

We heard about Q Profits System from a number of readers who wanted to know if it was fake or real. So, we decided to answer their question with this Q Profits System review, exploring if the software really works. Read our complete review before you decide to get the $1000 Q Profits Bonus which is admittedly tempting.

We soon discovered that the Q Profits System is a professional piece of binary options trading software and is capable of helping traders make the advertised $344K each month. The Q Profits System is currently accepting a number of beta testers who will also have free access to the system.

Making an easy monthly income on autopilot is the holy grail of becoming rich in mere days. Being able to make a good income via profits online is something everyone seems to be chasing. The Q Profits System if anything will help make your life better because it enables you to make more money with a lot less effort.

The Q Profits System has been launched by Jerry Douglas who is a successful trader and guru in this space. The software isn’t a point, and click type trading platform like many others or a fraudulent get rich quick scheme. This really works, but it requires that you work with it.

QProfit System Review

The Q Profits System is mainly a signals software that ensures the signals are of top quality. The free binary signals provided to traders are well researched by professional traders. It has been proven to help members of the system make thousands because the signals are well researched.

To fully understand what the Q Profits System software is really all about you need to read our full review and product description:

Name of the product: Q Profits Niche: Binary trading Company Managment: Jerry Douglas Official Website: qprofitssystem.com Guarantee: 60-day money back guarantee Bonus: $1000 Q Profits System The Q Profits System is mainly a binary options trading software which is designed to help traders start trading binary options but with less risk compared to other traditional investment types.

The software platform was created by Jerry Douglas who too is a professional trader. So, naturally she knows what traders need in this industry and has designed the platform accordingly.

What really is the Q Profits System platform? The Q Profits System is a platform developed by a rockstar Binary Options trader with the goal of making it easier for investors to make a profit. Additionally, the platform automates if not streamlines many everyday tasks that traders need to perform.

QProfit System Creator Jerry Douglas is the creator of the system

The system is meant to help traders win the majority of trades by improving their accuracy of predicting market trends. It works as a framework for people who are seeking financial success, as well as show traders how they can make money and discover various ways of getting a significant return on their investment.

Additionally, the Q Profit System also provides a thorough analysis of prevailing market conditions that traders can benefit from before making an investment. Furthermore, traders benefit from many secret strategies which will ultimately assist them in making a great deal of money by choosing the right investments.

Our thorough review of the system We undertook a great deal of research to find out more about Q Profits System as a binary trading software. Our motto is to check everything about a service before we decide to invest with them. Not surprisingly Q Profits System is a legit binary options trading system with incredible potential for investors. It does offer around 95% profit within a short period of time, and its something we tried and are happy to report that it works. Also, the fact that its free.

It is important to note that there is no binary options trading software capable of delivering 100% success. Though Q Profits System does come very close and proves to be a reliable system compared to all the other competing platforms.

The platform has been extensively beta tested and continues to be tested before it actually goes public with a paid version. If anything it has helped solidify its position in this industry. We highly recommend the Q Profits System platform primarily because of its excellent trading accuracy. Most systems have an 80% accuracy whereas here they offer 95%.

Then there is also the fact that Q Profits System has a dedicated support team which helps users a great deal. So, when you connect all the dots about this system its pretty evident that they are sending a very positive message to people in search of a binary options trading software.

Is this some sort of scam? Review Testimonial Ashley Donovan There are many positive reviews of this system

This is the most common question we get asked because nobody believes that making easy money is possible. However, in our experience and those of others, this is not a scam. What’s happening here is that a professional is trading for you.

You will see him or her trade in real time, every day making both winning and losing trades. Though the vast majority will be winning trades. The results that they have delivered is substantial. The platform also helps teach traders how to make good trading decisions. It is an impressive system which the creators don’t need to create hype around to sell the product.

Does the system work for real? Many say that trading binary options is a very risky form of investment and will steer clear of it. Though based on our experience the more volatile the market is, the higher will be your return on investment. However, the Q Profits System tends to dampen that volatility by using its special mathematical algorithm which takes most of the guesswork out of picking a profitable trade.

Traders don’t have to be experts to make money. We have tested out the Q Profits System personally and have found that it has a good 95% success rate. If anything that translates to a 95% chance of making a profit which is very good by any measure. We’ve yet to come across a system that’s this good. Continue reading for our results from the past week.

Final Verdict ApprovedAnyone who wants to start making some real money online with the Q Profit System can start right away. There has never been a better system around. If you love surfing the internet for hours and are looking for a hot method of making money but have never been able to focus your attention or are simply already overburdened with lots of information, then this is the system to choose.

Conflicting information on the internet can be very bad which is why you should have one source of information that you trust.

The Q Profit System comes highly recommended. Anyone who downloads and starts using the system can and will make money. It is a system that does indeed work, and so it’s not a scam. We found this system works for us and its priced for next to nothing. So, we have no problem recommending it to our readers because it works for sure.