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Participants within the ecosystem understand that in the event that they don’t dangle collectively, they are going to cling separately. I don’t hold any position in cryptocurrencies. Lots of locations. It represents a lot of the liquidity for many “altcoins” (cryptocurrencies which are less well-liked than the primary ones, like Bitcoin/Ether). Monetary establishments routinely have clients which have balances in a number of currencies (or denominated in different issues of value, like e.g. shares of Apple); conceptually, they work in the identical trend. They step by step came to gentle by the usual technique of journalism: listening carefully to what folks say, taking notes, asking questions of people that would know, and reviewing paperwork. My theory retains wanting better and better as extra evidence comes to light. Any operational hiccup being brought to gentle would expose the outlet, and the fraud. Actually quick version: The world’s largest cryptocurrency hedge fund is a fraud. My competing principle: it was backed a few of the time in the style they described, until it was backed a few of the time by cryptocurrency, till it was backed some of the time by cryptocurrency and accounting shenanigans, until it was backed none of the time. Bitfinex would make a “transfer” (accounting entry) on CCC’s books, utilizing their online system, decrementing the amount CCC owed Bitfinex and incrementing the quantity they owed Tether. They have messaged an intention to continue doing this as their business generates earnings and as they're vindicated by the judicial course of in opposition to the regulators who froze CCC’s shell corporations’ financial institution accounts.
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