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Exposing Tether - Bitcoin's Biggest Secret

Coffeezilla · 4.6M views · 2021-06-15 · 35:53

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Overview

Coffeezilla gives a comprehensive history of Tether, the stablecoin issued by a company controlled by the owners of Bitfinex. He lays out accusations that it is not fully backed.

On Hacker News

HN commenters recommend it as the best single, entertaining overview of Tether's dubious history, and cite it when arguing Tether lacks real USD backing.

Recommended by 7 HN people across 4 months · HN mentions 2021–2025

Topics

CryptographyInvesting & personal financeMedia, journalism & propaganda
Search by tags
tetherstablecoinsbitfinexcrypto fraudattestations

What people said

paulgb · 2021-06 · Strong recommendation

A YouTuber called Coffeezilla had an entertaining video yesterday that I think is one of the most comprehensive (and entertaining) takes on this. It's pretty damning when you look at all the evidence together. [VIDEO] Even in the off-chance that people with a track record of lying about being backed have suddenly gone legitimate, it's a pretty big indictment of the system that it could grow to the size it did while looking incredibly like a scam .

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udev4096 · 2025-09 · Recommendation

Bullshit. The biggest stable coin, Tether, is pure scam. They are essentially creating money out of nowhere. They were found guilty of massive fraud and were fined $18M [1]. They refuse to get audited by a third-party [2]. The ones that do audit them are just as sketchy as them [3]. I would recommend watching this video to grasp the scope of their fraud [4] [1] - [LINK] [2] - [LINK] [3] - [LINK] [4] - [VIDEO]

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richbell · 2022-12 · Recommendation

> I don’t hold any tether, and I wouldn’t recommend it to others. But the common opinion that Tether is insolvent might be wrong. Tether, as a stable business, is a money printing machine. I’m not sure it’d be worth risking the business and jail time to pump shitcoins I encourage you to watch Coffeezilla's video about Tether. There's lots of shady stuff going on behind the scenes, like them borrowing $383M from Bitfinex and showing that to an auditor to prove they were solvent (~20:00). [VIDEO]

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Sources

Video by Coffeezilla, played through YouTube.

Data and selection notes

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