##Bitcoin Could Go Down To $1K Because Of Tether, Bitfinex Top Executive Confided



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    As you may already know, Bitfinex, the cryptocurrency exchange tied to the USD Tether scandal, has been served a lawsuit filed by the New York Attorney General Letitia James.

    Documentations filed to support this lawsuit indicate that the Bitfinex-Tether debacle is what caused Bitcoin’s drop from over $6,000 to under $4,000 in late 2018.

    Per the documents, a transcript of conversations between a top Bitfinex executive (codenamed “Merlin”) and his business partner from Crypto Capital (codenamed “CCC”) reveal a discussion stating that Bitcoin could drop to $1,000 because of Tether.

    The Bitfinex/Tether Scandal
    Though the New York Attorney General filed the lawsuit against Bitfinex on April 25, 2019, Bitfinex’s various solvency issues date back to August 15, 2018.

    Most interestingly, pages 12 to 15 of the filed documents show a conversation between the aforementioned Bitfinex executive and Crypto Capital partner, wherein they discussed the moment when Bitfinex required at least $100 million to satisfy client withdrawals:



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