<story><title>$1M bounty for details on Tether’s backing</title><url>https://hindenburgresearch.com/tether/</url></story><parent_chain><item><author>graeme</author><text>This is very interesting. Hindenburg is the real deal.&lt;p&gt;One challenge may be that, like the Mafia, Tether keeps its inner circle and employs family members. They have ~15 employees for a 70 billion dollar operation.&lt;p&gt;The CTO’s wife is a manager, and the CEO’s daughter works for an unnamed crypto family office, which may be related.&lt;p&gt;Their counterparties in Chinese commercial paper may not know they are counterparties due to proxies.&lt;p&gt;Still, the statements are out there. Zeke Faux from Bloomberg got a copy of their records somehow. They’ve had to give them to the New York Attorney General, and their accountants in the Cayman Islands, among others. And other counterparties may have bits and pieces.&lt;p&gt;Someone may be tempted by this.</text></item></parent_chain><comment><author>fnordfnordfnord</author><text>&amp;gt;Hindenburg is the real deal.&lt;p&gt;Hindenburg is not the real deal. If you think Hindenburg is the real deal you should pay closer attention to their activities. They (he) are one of a number of noisy short sellers who try to drive stock prices with their tweets&amp;#x2F;reports. SEC should be doing things to these people.&lt;p&gt;That said, he is probably right about Tether. Tether should make every crypto speculator or holder very nervous.</text></comment>
<story><title>$1M bounty for details on Tether’s backing</title><url>https://hindenburgresearch.com/tether/</url></story><parent_chain><item><author>graeme</author><text>This is very interesting. Hindenburg is the real deal.&lt;p&gt;One challenge may be that, like the Mafia, Tether keeps its inner circle and employs family members. They have ~15 employees for a 70 billion dollar operation.&lt;p&gt;The CTO’s wife is a manager, and the CEO’s daughter works for an unnamed crypto family office, which may be related.&lt;p&gt;Their counterparties in Chinese commercial paper may not know they are counterparties due to proxies.&lt;p&gt;Still, the statements are out there. Zeke Faux from Bloomberg got a copy of their records somehow. They’ve had to give them to the New York Attorney General, and their accountants in the Cayman Islands, among others. And other counterparties may have bits and pieces.&lt;p&gt;Someone may be tempted by this.</text></item></parent_chain><comment><author>shoo</author><text>not clear if it is the easiest target to short, given that many people who use tether are fairly skeptical about how&amp;#x2F;if the tokens are backed by assets but use it anyway  (if the recent Bloomberg story is accurate).</text></comment>