On December 1st, a shareholder report managed to get leaked.

The relevant section of the document is here shown below.

In the Bitfinex shareholder report, they claim that users are requesting “Tethers”, Bitfinex purchases a batch of Tethers to process ‘Tether withdrawals’ and when they run dry of Tethers, they ‘purchase’ more Tethers from Tether.

Let’s pretend!

For a moment, we’re going to accept this claim at face value.

This means that Bitfinex is converting users US Dollar balances (which IS money), into Tethers, which as we all know by now… is not money.

I highly doubt that Bitfinex is informing people that their Tether ‘withdrawals’, or ‘purchases’ convert their Real Money USD balances into Tethers which are objectively and legally, worthless.

This may explain why Bitfinex tried to hide their relationship to Tether. A relationship that I proved with audio of Phil Potter contradicting himself regarding the issue.

Interestingly, the relationship was only denied after they lost banking.

This was then further proven by the Paradise Papers leak.

So, when reading Bitfinex’s own shareholder report. They admit to purchasing worthless, non-redeemable “Tethers” from a company owned and controlled by the Bitfinex executives.

I’m sure there’s no conflict of interest there. If this is what they are doing, they are essentially stealing everyone’s money.

Because after all, a Tether never has to be paid back.