One of the leading investigators into Bitfinex and Tethers, Twitter user @Bitfinexed recently released a screenshot of a Bitfinex employee apparently saying that Tethers are more likely created from people switching currencies on exchanges, yet this goes against their long standing claim that every Tether is created when they receive a real USD in their account to back up the Tether itself. You can see the screenshot below of the conversation. Click on it for the full size image.

There have already been $90 million new Tethers created just this week alone. The company already admitted they do not have a banking partner, so who is exactly lending them these huge amounts of money without any sort of public audit and after they admitted to losing $30 million to a hack? Based on the way things are playing out, it is starting to look highly unlikely that all Tethers are backed by real USD.

The rate at which Tethers are being created is accelerating, with a new $90 million already created just this week alone. If this continues it could very well reach a point where a collapse could cause shockwaves throughout every exchange.

For more on this, make sure to follow @bitfinexed on Twitter. He has done the bulk of the research on Tethers.