Has Anyone Seen This?


TLDR; I was looking at old Tether audit documents (as one does) and stumbled across some oddities.

So I was going through some old Tether audits originally performed by “Friedman LLP” (https://tether.to/en/transparency/#reports) and found Tether’s Alpha address ( 3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL). Initially, I did not see anything strange. They held BTC, Tether, and EURt (Tether for EU currency). However, after some exploration of the address, I found some oddities.

Two other coins are linked to the address, “SafeExchangeCoin” (sound familiar?) and “MoshiachCoin” (referring to “Ha Messiah” in Jewish religion and the “Future Redemption” with “Redemption” only being concerning because of current and ongoing circumstances). The last dated wallet activity of “SafeExchangeCoin” was 03/11/2021 which lines up rather well with the inception of the infamous “SafeMoon”. Initially, only a few thousand Tether were being minted at a time per day, then all of a sudden in 2017 over $30m Tether was being minted per day at this address. This means that in 2017, Tether would have to make $30m/day income to realistically back their coin with fiat 1:1. This is not impossible, but improbable. The Tether Progenitor wallet went cold on April 30th, 2019 after “freezing” the issued coins and changing the address. 32TLn1WLcu8LtfvweLzYUYU6ubc2YV9eZs became the new address, and on March 14, 2020 the new wallet became active. (Date of Initial US Covid lockdown, signifying strategic movement). Fun Fact, in 2019, this same address held “FuckCoinCash”. Really. Look for yourself. Though revoking and freezing tokens is not necessarily cause for alarm, as this is how Tether is authorized and/or issued, these movements and the sheer quantity issued does not make logical sense with regard to the fiat backing argument.

Though these are oddities, they do not mean that Tether is a bad actor. However, the scale at which Tether originally began scaling the coin prints to 30m Tether per day in 2017 is an accounting anomaly. I have linked the addresses and audit documents so that you can perform your own analysis and/or dispute my claim, but the origin of Tether and the information found in its subsequent addresses are personally alarming.

As always, do your own research. Perform your own investigative analysis. These are simply some oddities I found in my personal research.

submitted by /u/2ndSifter
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