What if I told you the entire crypto complex is fully backed.
Including the stablecoin Tether, 100 percent by US dollars.
That would likely put a smile on your face.
Well get ready to turn that upside down to a frown because the way it’s backed is a
criminal house of cards ready to come crashing down.
Who, What, When, Where & Why?
Find out in about ten minutes, because it’s time for Chico!
Besides, who is Satoshi Nakamoto?
The question of whether Tether is fully backed by billions of USD or not is probably the
biggest mystery in the crypto space…
Now the supporters of Tether, the ones who claim it’s fully backed & USD can be redeemed
for USDT, all share many similarities.
Like SBF.
He tweeted to the public that redemptions were 100 percent working.
As we know Sam’s multi-billion dollar crypto complex has blown up…leaving customers and
investors high and dry.
Another Tether supporter was Su Zhu, founder of 3 arrows capital who tweeted on multiple
occasions about Tether being backed & can be redeemed in large sizes.
Well 3 arrows has blown up as well, leaving customers and investors high and dry.
Then of course there is Celsius founder Alex Machinskey whose platform has blown up, leaving
customers high and dry.
Let’s listen to this video posted on the Tether twitter from Alex in March of last
year on why the “WORLD” needs Tether.
There’s a very common theme here.
The shatheads of crypto…the overleveraged ponzi bois, who scammed millions, all supported
Tether.
Talking about redemptions into USD & how it’s fully backed.
Guess who acts just like these guys?
Shouting at the top of his lungs “Tether Is Fully Backed”, who has met with the architects
of USDT & who even has trusted associates who have seen some of the
Tether accounts?
CZ Binance…
I wonder why CZ is so close to Tether, meeting with Bitfinex executives & has access to the
Tether accounts?
Well it’s because Binance is actually Tether’s bank!!
Providing them access to international banks, even within the US…
Just a few months ago, Data Finnovation…a crypto investigator and blockchain analyst
put out this research piece “USDT, US Banks & More Coincidences” where they analyzed
and deciphered deposits and reserves of two of the US’s biggest crypto banks Silvergate
and Signature, which suspiciously matched Tether deposit and reserves over the past
4 years.
Because of their analysis they say “Second, it suggests a theory.
Maybe Tether’s commercial paper consists of obligations of whoever owns these USD deposits.
Again there is money here and if one company promises it to another, there is a sense in
which that is commercial paper.
But who owns these USD deposits at Signature and Silvergate??
Who is the company that is issuing commercial paper to Tether??
Well maybe it’s the largest crypto exchange, Binance who is using a defunct Seychelles
shell company to get these banking relationships within the United States…
From this MoneyZG video from 2021 about how to deposit into Binance, we can see that to
deposit USD into Binance…you were required to use Silvergate…but the details a customer
entered to do the transfer become very telling.
As we can see, yes the bank processing is Silvergate, but the beneficiary isn’t Binance,
it’s a Seychelles corporation called “Key Vision Development Limited”
Then from this sgcrypto guide on depositing to Binance, we can see even with remittances
back in 2021 you weren’t depositing with “Binance '' and Silvergate but depositing
with “Key Vision Development Limited '' and Silvergate…
Sooo Binance was using a loophole, a shell cover company that could get a banking relationship
with Silvergate….
Regulators didn’t like this so in September of 2021, we can see Key Vision Limited and
Binance were struck off via the international business companies act.
Striking off refers to an act of removing or striking off a company’s name from the
register of companies maintained by the registrar.
It means they are removed from legally doing business with United States entities like
Silvergate…
So guess who cut ties with Binance?
Silvergate did that year…and the Block article on this said “Crypto-friendly Silvergate
Bank has abruptly cut ties with crypto exchange operator Binance, The Block can confirm.Binance
sent an email to customers on Wednesday.
The email says that Binance will no longer support USD deposits and withdrawals via Silvergate
Bank over SWIFT from June 11.
"Rest assured, we are working hard to provide an alternative USD solution," reads the email
from binance.
Yes they were…they were just going to do the same thing but with a different bank,
even using the same Seychelles shell company!!
As we can see from this community Binance tutorial of Depositing to Binance with a wire
transfer, for USD, the bank was now Signature…but the beneficiary was still Key Vision Development
Limited…
Shoot just six months ago, they were using Key Vision as a front, this tutorial was posted
in June…keep in mind by this time, Key Vision and Binance was struck off the registrar for
9 months at this point!!
So this looks to be bank fraud because Binance wasn’t able to open a US bank account under
its own name, and US customers weren’t allowed to trade on the platform.
And if the money is actually the USD that’s supposed to be backing Tether…that is a
whole nother level of fraud.
This also reeks of gross negligence on the part of Silvergate for an extreme lack of
due diligence, because other banks were already flagging the Key Vision Account as suspicious.
Although for Signature, it’s even worse….this is pure negligence on their part.
Key Vision had been pulled from the registrar and out of public domain for months, yet Signature
kept processing transactions for them, even as news surrounding the phony Binance shell
company hit the airwaves.
Now I wonder who else was a customer of Signature and Silvergate?
Of course FTX was…both of their bank transfer services were integrated into the exchange….
Now remember, birds of a feather, they flock together…and if it looks like a duck, swims
like a duck, and quacks like a duck….it’s probably a duck….Binance is the same as
FTX, just much bigger with a mafia like structure….and this crypto mafia is likely going down this
year…Cheers I’ll see you next time!