Re:Approx. 24 hours ago, Tether printed 1B $USDT out of thin...
by gruez on Sunday December 05, 2021 @04:49PM
(#29453662)
> It certainly is strange that Tether hasn’t been shut down for counterfeiting, which is essentially what they are doing.
It really isn't counterfeiting. If you made fake hundred dollar bills and passed them off, that'll be counterfeiting. However, if you decided to give a bunch of people $100 IOUs and claim they're "totally backed by real dollars in a vault somewhere", but they're not, then it's just fraud. The NY AG and/or CFPB were able to prosecute/fine them for that, but they also got rid of the "totally backed by real dollars in a vault somewhere" claim, so whether they're currently committing fraud is unclear.
It really isn't counterfeiting. If you made fake hundred dollar bills and passed them off, that'll be counterfeiting. However, if you decided to give a bunch of people $100 IOUs and claim they're "totally backed by real dollars in a vault somewhere", but they're not, then it's just fraud. The NY AG and/or CFPB were able to prosecute/fine them for that, but they also got rid of the "totally backed by real dollars in a vault somewhere" claim, so whether they're currently committing fraud is unclear.