By danco.substack.com on November 5, 2019
One year ago exactly, I wrote my first piece about a stablecoin called Tether. A year later, uh, wow: From legal action introduced last month: Leibowitz et al. versus iFinex et al., US District Court. A complaint is not the same thing as a conviction. But the complaints are mind-blowing. This is not just “we are upset that we lost our crypto money and we’d like to sue someone”. If these accusations are found by a jury to be true, or even approximately true, then it will immediately go straight to the Hall of Fame level of Largest Frauds of All Time. In terms of monetary evaporation, the accusations here are ten times the size of WeWork, and at least ten times as interesting.