1
00:00:05,100 --> 00:00:08,700
Welcome back everyone. 
I am Caspian Sea and I'm joined 

2
00:00:08,700 --> 00:00:12,000
as usual by my partner in crime.
Mr. Bennett Tomlin how are you 

3
00:00:12,000 --> 00:00:14,200
today? 
I'm feeling Vindicated Cass, how

4
00:00:14,200 --> 00:00:15,700
are you? 
I'm doing good. 

5
00:00:15,800 --> 00:00:17,200
Let's talk about vindication 
then. 

6
00:00:17,600 --> 00:00:20,200
Let's talk about tether. 
It's a big big day for us. 

7
00:00:20,200 --> 00:00:23,700
It's a tether update. 
There was a story out of the 

8
00:00:23,708 --> 00:00:27,200
Wall Street Journal talking. 
Specifically about some tactics 

9
00:00:27,200 --> 00:00:31,200
used by tether to ensure that 
they had Making do you want to 

10
00:00:31,208 --> 00:00:33,900
get into the details? 
Well, it was a summary of a lot 

11
00:00:33,900 --> 00:00:38,200
of things we knew before along 
with some additional color and 

12
00:00:38,200 --> 00:00:42,000
their specific techniques. 
So as we've discussed on this 

13
00:00:42,000 --> 00:00:45,200
show previously, go back way to 
the beginning, like episodes 1 &

14
00:00:45,200 --> 00:00:49,700
2 for this March of 2017 Wells, 
Fargo cuts off bitfenix in 

15
00:00:49,700 --> 00:00:53,600
tether from their correspondent 
banking services and from then, 

16
00:00:53,600 --> 00:00:57,500
until they bank at deltek tether
and bitfenix both struggled to 

17
00:00:57,500 --> 00:00:59,200
find consistent banking 
Partners. 

18
00:00:59,600 --> 00:01:02,200
This is the period. 
We're episode 6, they relied on 

19
00:01:02,200 --> 00:01:04,400
crypto Capital core. 
Alleged money laundering is for 

20
00:01:04,400 --> 00:01:07,100
the Colombian cartels, for much 
of their money movement. 

21
00:01:07,100 --> 00:01:10,400
The first one they detail is a 
conversation between Stephen 

22
00:01:10,400 --> 00:01:14,100
Moore and alleged tether 
shareholder for tether Holdings,

23
00:01:14,100 --> 00:01:17,200
Limited who was communicating 
with, and it's described in the 

24
00:01:17,200 --> 00:01:21,500
Wall Street Journal report as an
important Chinese tether Trader 

25
00:01:21,500 --> 00:01:24,300
and intermediary. 
And they were having this 

26
00:01:24,300 --> 00:01:29,200
conversation about how they 
could create fake invoices and 

27
00:01:29,200 --> 00:01:32,200
contracts. 
For the shell company that had 

28
00:01:32,200 --> 00:01:35,900
the account at the bank in order
to make the exchange deposits 

29
00:01:35,900 --> 00:01:39,000
and withdrawals look like 
business transactions of another

30
00:01:39,000 --> 00:01:41,400
tight eventually. 
In this conversation, Stephen 

31
00:01:41,400 --> 00:01:44,800
Moore apparently said that he 
would not want to argue any of 

32
00:01:44,800 --> 00:01:48,100
the above in a potential fraud 
or money laundering case. 

33
00:01:48,100 --> 00:01:52,500
Now, the reason I'm pausing here
is because of episode 4 of our 

34
00:01:52,500 --> 00:01:57,900
podcast, there was one specific 
very important Chinese tether 

35
00:01:57,900 --> 00:02:01,100
Trader. 
Tether shareholder and Partner 

36
00:02:01,100 --> 00:02:06,400
for their offshore wind tether 
Zhou dong Zhou dong plead guilty

37
00:02:06,400 --> 00:02:09,800
to money laundering in China 
some time after this 

38
00:02:09,800 --> 00:02:13,000
conversation between an unknown 
Trader and Stephen Moore 

39
00:02:13,000 --> 00:02:19,100
occurred but if I had to guess 
if I was making guesses I would 

40
00:02:19,100 --> 00:02:22,600
say that that was probably Zhou 
dong of Renren bit, who is that 

41
00:02:22,600 --> 00:02:25,400
traitor, having this 
conversation with Stephen Moore,

42
00:02:25,400 --> 00:02:29,600
I'm not sure if this is being 
reported now or not but I know 

43
00:02:29,600 --> 00:02:32,600
that before. 
For Stephen Moore was involved 

44
00:02:32,600 --> 00:02:36,500
with a stable coin, called fraks
different stand. 

45
00:02:36,500 --> 00:02:38,700
Yeah, so I, that's what I was 
trying to get to the bottom. 

46
00:02:38,700 --> 00:02:41,000
Oh, so this is a different 
Stephen Moore, right? 

47
00:02:41,100 --> 00:02:42,600
Yeah, yeah. 
So, there is another Stephen 

48
00:02:42,600 --> 00:02:46,100
Moore who is an economist one of
Trumps nominees to the Federal 

49
00:02:46,100 --> 00:02:49,300
Reserve who ended up not making 
it and then ended up connected 

50
00:02:49,300 --> 00:02:52,000
to this other stable coin. 
I've talked about before called 

51
00:02:52,000 --> 00:02:55,700
frecks that as far as I can tell
is a different Stephen more than

52
00:02:55,700 --> 00:02:58,000
the Stephen Moore who is a 
shareholder in tether. 

53
00:02:58,300 --> 00:03:00,300
There's at least two Stephen 
Morris in the Crypt. 

54
00:03:00,500 --> 00:03:02,500
Occurrence ecosystem. 
Now do we know ya? 

55
00:03:02,500 --> 00:03:05,300
Do we know who this Stephen 
Moore is like what he is 

56
00:03:05,300 --> 00:03:07,300
involved with outside of tether 
Holdings? 

57
00:03:07,300 --> 00:03:10,500
Like this is a very Anonymous 
character then yeah, this was a 

58
00:03:10,508 --> 00:03:13,200
new name for me. 
I know nothing besides what the 

59
00:03:13,200 --> 00:03:15,900
Wall Street Journal had today. 
Let's get into the weeds a bit 

60
00:03:15,900 --> 00:03:19,400
of what they were doing. 
To obfuscate their cash and 

61
00:03:19,400 --> 00:03:21,800
ensure that they weren't losing 
banking partners because 

62
00:03:21,900 --> 00:03:24,900
basically and you and I have 
been aware of this for a while 

63
00:03:24,900 --> 00:03:30,600
that there's a lot of there's a 
lot of silly silly ways to Avoid

64
00:03:31,000 --> 00:03:34,600
having Regulators, notice you, 
it can be something as simple as

65
00:03:34,600 --> 00:03:38,800
like changing the name of the 
company by one letter, which 

66
00:03:38,800 --> 00:03:42,200
famously, I think, HSBC got in 
trouble. 

67
00:03:42,200 --> 00:03:45,900
For there's far more 
sophisticated ways and ways that

68
00:03:45,900 --> 00:03:49,200
these guys ensure that they're 
not being seen, at least for a 

69
00:03:49,208 --> 00:03:51,100
little bit. 
We discussed already the fake 

70
00:03:51,100 --> 00:03:53,400
contracts and invoices to make. 
What is this? 

71
00:03:53,400 --> 00:03:55,300
Basically Money Services 
business. 

72
00:03:55,500 --> 00:03:57,900
This account servicing. 
This exchange look like 

73
00:03:57,900 --> 00:04:01,200
something else often. 
They'll Lion like import export 

74
00:04:01,200 --> 00:04:03,900
businesses for this because then
they can make the transactions 

75
00:04:03,900 --> 00:04:05,400
fit. 
The weird amounts they need for 

76
00:04:05,400 --> 00:04:07,300
the exchange, deposits and 
withdrawals, right? 

77
00:04:07,300 --> 00:04:10,300
Previous context, we talk about 
this back in like episodes, 1 & 

78
00:04:10,300 --> 00:04:11,900
2. 
The New York attorney general 

79
00:04:11,900 --> 00:04:14,600
investigation revealed that 
bitfenix in tethered during this

80
00:04:14,600 --> 00:04:17,100
period had relied on with the 
New York attorney general. 

81
00:04:17,100 --> 00:04:21,300
Referred to as friends of 
bitfenix, which were literal 

82
00:04:21,300 --> 00:04:24,200
human friends of bitfenix who 
were willing to let their 

83
00:04:24,200 --> 00:04:27,800
accounts be used by bitfenix for
withdrawals, especially one of 

84
00:04:27,800 --> 00:04:33,200
those seems to be described. 
In here and that was by Christ. 

85
00:04:33,300 --> 00:04:38,500
Lee CHR is Ely, who is an 
executive who runs high lab 

86
00:04:38,500 --> 00:04:42,600
technology, which is a company 
that makes set-top TV boxes, the

87
00:04:42,600 --> 00:04:45,100
documents, The Wall Street 
Journal reviewed seem to 

88
00:04:45,100 --> 00:04:48,300
indicate that this person had 
set up another company called 

89
00:04:48,300 --> 00:04:52,000
High Lab Holdings, changing the 
name slightly as you noted and 

90
00:04:52,000 --> 00:04:56,000
then was holding These funds in 
trust for tether. 

91
00:04:56,100 --> 00:04:57,900
Now what's especially 
interesting here and I want to 

92
00:04:57,900 --> 00:05:01,200
draw attention to a couple 
things Jean-Louis Van de Velde, 

93
00:05:01,200 --> 00:05:04,600
also known as Gene Ludovic s. 
Vandevelde the Chief Executive 

94
00:05:04,600 --> 00:05:08,600
Officer of both bitfenix and 
tether describes in his bitfenix

95
00:05:08,600 --> 00:05:12,300
biography that he previously was
at the center. 

96
00:05:12,300 --> 00:05:15,200
In the early development of a 
number of key Technologies, 

97
00:05:15,300 --> 00:05:20,000
including embedded systems 
video, streaming, IPTV and 

98
00:05:20,000 --> 00:05:22,800
digital TV. 
Juan Carlo, Davis Eeny in his 

99
00:05:22,800 --> 00:05:25,900
previous import, export 
businesses which again JL was 

100
00:05:25,900 --> 00:05:29,400
part of the Asian side of was 
importing. 

101
00:05:29,700 --> 00:05:32,800
Set-top, TV boxes. 
Isn't that a fun little 

102
00:05:32,800 --> 00:05:34,500
coincidence? 
This is something that you. 

103
00:05:34,500 --> 00:05:37,600
And I have discussed in regard 
to a few different things. 

104
00:05:37,600 --> 00:05:41,900
Whether it's small, retail sales
of things like televisions or 

105
00:05:41,900 --> 00:05:44,000
cables. 
Alternatively, it could be like,

106
00:05:44,000 --> 00:05:46,800
you know, Aviation jet fuel, for
instance, I don't know. 

107
00:05:46,800 --> 00:05:48,700
These are all very big 
hypotheticals. 

108
00:05:48,700 --> 00:05:51,400
These are great money laundering
Vehicles, because you can really

109
00:05:51,400 --> 00:05:55,100
obvious Kate these things. 
You can send an order and then 

110
00:05:55,100 --> 00:05:58,900
send it back and you can do all 
sorts of wacky stuff that on its

111
00:05:58,900 --> 00:06:00,500
surface. 
Isn't illegal at all. 

112
00:06:00,500 --> 00:06:03,300
Yeah, that does make some of 
those reports surrounding Juan 

113
00:06:03,300 --> 00:06:05,700
Carlos business. 
Specifically, seem a little 

114
00:06:05,700 --> 00:06:07,800
weird. 
Like the reviews online were 

115
00:06:07,800 --> 00:06:09,800
customers said, instead of 
getting what they ordered, they 

116
00:06:09,808 --> 00:06:13,900
got yours like a brick or a 
couple pieces of wood or like 

117
00:06:14,000 --> 00:06:16,900
the strange warehouse fire that 
ended his business, where the 

118
00:06:16,900 --> 00:06:19,900
insurance valuation in the 
valuation reported to Regulators

119
00:06:19,900 --> 00:06:21,900
were very different. 
It gives those a bit of a 

120
00:06:21,907 --> 00:06:24,600
different context. 
But hey, that's not related to 

121
00:06:24,600 --> 00:06:26,300
bitfenix and tether, of course. 
Yeah. 

122
00:06:26,300 --> 00:06:30,400
And as you started to, allude to
their Aviation, This Wall Street

123
00:06:30,400 --> 00:06:32,600
Journal reports suggest that 
bitfenix in tether had 

124
00:06:32,600 --> 00:06:35,500
previously had Accounts at 
Signature Bank in New York, 

125
00:06:35,500 --> 00:06:38,100
which we had also known from 
other reporting that ended up 

126
00:06:38,100 --> 00:06:42,600
getting closed by Signature Bank
seemingly because they realized 

127
00:06:42,600 --> 00:06:46,200
they were bitfenix in tether, 
which is troubling. 

128
00:06:46,200 --> 00:06:49,400
And so shortly after that, 
shortly, after signature 

129
00:06:49,400 --> 00:06:52,400
rejected bitfenix, and tether 
signature was apparently 

130
00:06:52,400 --> 00:06:54,900
approached by a company called 
AML Global. 

131
00:06:55,000 --> 00:06:57,300
AML Global is run by someone 
else. 

132
00:06:57,300 --> 00:07:00,100
We've talked about in this show 
before episode 14. 

133
00:07:00,100 --> 00:07:02,100
I think was the tether papers 
where we talked about 

134
00:07:02,100 --> 00:07:05,800
Christopher harborne. 
Christopher harborne is the 

135
00:07:05,900 --> 00:07:10,300
largest contributor to brexit 
recently gave a 1.2 million 

136
00:07:10,300 --> 00:07:15,400
dollar donation to Boris Johnson
and runs a ml Global in aviation

137
00:07:15,400 --> 00:07:19,000
fuel brokering business, which 
approached signature and 

138
00:07:19,000 --> 00:07:21,000
convinced it to give it an 
account. 

139
00:07:21,000 --> 00:07:24,300
The supposed reason they were 
going that Christopher was going

140
00:07:24,300 --> 00:07:26,800
to be using the account was so 
that he could trade 

141
00:07:26,800 --> 00:07:29,300
cryptocurrencies on Kraken 
apparently. 

142
00:07:29,700 --> 00:07:32,400
Signature Bank, shut the account
down when they realized it was 

143
00:07:32,400 --> 00:07:35,800
actually being used to service 
bitfenix, deposits and 

144
00:07:35,800 --> 00:07:37,600
withdrawals. 
Yeah, I want to actually I'm 

145
00:07:37,600 --> 00:07:40,600
going to just go ahead and quote
from the Wall Street Journal 

146
00:07:40,600 --> 00:07:43,200
article. 
Here, it says mr. 

147
00:07:43,200 --> 00:07:46,300
Stephen Moore said, it was too 
risky to continue using the fake

148
00:07:46,300 --> 00:07:49,200
sales invoices and contracts 
which he had signed and 

149
00:07:49,200 --> 00:07:51,900
recommended they abandoned the 
efforts to open the accounts. 

150
00:07:51,900 --> 00:07:54,900
The emails show. 
I would not want to argue any of

151
00:07:54,900 --> 00:07:57,700
the above and a potential fraud 
/ money laundering case. 

152
00:07:57,700 --> 00:08:03,900
He wrote This is another topic 
we've discussed pretty stupid to

153
00:08:03,900 --> 00:08:07,900
write about your fraud and money
laundering stuff in emails and 

154
00:08:07,900 --> 00:08:13,500
in writing. 
Yeah, just typical at this 

155
00:08:13,500 --> 00:08:15,800
point. 
I am never ever surprised. 

156
00:08:15,800 --> 00:08:18,300
When these guys write down their
crimes on on paper. 

157
00:08:18,800 --> 00:08:19,300
Yeah. 
No. 

158
00:08:19,300 --> 00:08:22,600
It's and it's still always a bad
idea. 

159
00:08:23,700 --> 00:08:27,000
Stop taking notes on. 
If I can criminal conspiracy 

160
00:08:27,100 --> 00:08:29,600
nigga. 
Is you Takin notes on a No, 

161
00:08:29,600 --> 00:08:32,500
fucking conspiracy. 
Fuck is you thinking, man? 

162
00:08:34,200 --> 00:08:37,299
Signature briefly gave an 
account to Christopher her born 

163
00:08:37,400 --> 00:08:40,000
for those who don't know, 
Christopher harborne is also the

164
00:08:40,000 --> 00:08:43,500
father of will harborne who is 
the Chief Executive Officer of 

165
00:08:43,500 --> 00:08:49,100
diversify, eight decentralized 
exchange, which used to be 

166
00:08:49,100 --> 00:08:53,200
called Ethan X and was a bit for
next sister company just to help

167
00:08:53,200 --> 00:08:55,400
you keep kind of this whole 
picture in your head. 

168
00:08:55,400 --> 00:08:58,200
We knew they were doing all of 
this stuff right back. 

169
00:08:58,200 --> 00:09:00,700
Right after they got cut off 
from Wells Fargo, Phil Potter, 

170
00:09:00,700 --> 00:09:04,300
the chief strategy officer both 
bitfenix into Heather was in 

171
00:09:04,300 --> 00:09:07,300
whale pool, team speaks trying 
to calm people down and he was 

172
00:09:07,300 --> 00:09:10,700
telling them openly into this 
large group of people like we 

173
00:09:10,700 --> 00:09:14,200
play cat-and-mouse games in 
order to maintain access to 

174
00:09:14,200 --> 00:09:17,000
banking been lots of church 
cat-and-mouse tricks that 

175
00:09:17,000 --> 00:09:21,300
everybody in Bitcoin industry 
has to Avail themselves of and 

176
00:09:21,300 --> 00:09:25,000
that correspondent Banks cut us 
off when they find out where we 

177
00:09:25,000 --> 00:09:28,100
are doing things with Bitcoin 
sometimes those those accounts 

178
00:09:28,100 --> 00:09:32,800
get shut down because you know 
the correspondent Banks figure 

179
00:09:32,800 --> 00:09:34,700
out. 
This is Bitcoin related. 

180
00:09:34,700 --> 00:09:39,200
It was no big secret that 
bitfenix and tether were bending

181
00:09:39,200 --> 00:09:41,100
the rules Wall Street Journal. 
Also. 

182
00:09:41,100 --> 00:09:44,200
Highlighted a thing we've talked
about before which is that bit 

183
00:09:44,200 --> 00:09:45,900
for necks? 
At one point talked about their 

184
00:09:45,900 --> 00:09:49,700
decentralized banking system and
warned people that sharing the 

185
00:09:49,700 --> 00:09:52,600
banking information could not 
just threaten them but the 

186
00:09:52,600 --> 00:09:56,200
entire digital token ecosystem, 
right? 

187
00:09:56,200 --> 00:09:59,100
And like we've known for the 
last several years now that 

188
00:09:59,100 --> 00:10:01,500
tether has been under 
investigation for bank fraud and

189
00:10:01,500 --> 00:10:04,200
I think a lot of the frustration
people I'll have had looking at 

190
00:10:04,200 --> 00:10:07,000
regulators and law enforcement 
when it comes to tether is it 

191
00:10:07,000 --> 00:10:11,400
seems like there is this almost 
overwhelming amount of very 

192
00:10:11,400 --> 00:10:14,700
public evidence that they were 
engaged in activities, that, at 

193
00:10:14,700 --> 00:10:17,200
least, from where I'm sitting. 
Which again, I'm not a lawyer 

194
00:10:17,500 --> 00:10:20,300
look like bank fraud. 
I also want to point out that 

195
00:10:20,300 --> 00:10:23,000
it's not just bit phonetics, 
exact Executives that are 

196
00:10:23,000 --> 00:10:26,400
suggesting, that tether is a 
systemic risk to the system and 

197
00:10:26,400 --> 00:10:29,000
that if it were to get screwed 
over that would, that could very

198
00:10:29,000 --> 00:10:32,600
well be like a serious 
cataclysmic events. 

199
00:10:32,600 --> 00:10:36,100
Easy seem Suggest as much to SBF
when they were having their 

200
00:10:36,100 --> 00:10:41,900
talks over the collapse of ft x.
And then we also had back in the

201
00:10:41,900 --> 00:10:46,100
day when Leo got started, and 
when they did all these tokens 

202
00:10:46,100 --> 00:10:50,900
to try to alleviate their hacks,
in their pains and sufferings 

203
00:10:51,500 --> 00:10:53,300
they're frozen accounts. 
Etc. 

204
00:10:53,300 --> 00:10:56,000
We had Arthur Hays. 
And we had other individuals 

205
00:10:56,000 --> 00:10:58,800
supporting bitfenix because I 
assumed they were worried about 

206
00:10:58,800 --> 00:11:01,500
the systemic risk. 
If it were to fail. 

207
00:11:01,500 --> 00:11:04,100
Well, or even besides that, if 
we when you go back to like, 

208
00:11:04,100 --> 00:11:06,600
what bitfenix Executives 
themselves said, we had the 

209
00:11:06,600 --> 00:11:10,700
conversation between Juan, 
Carlo, Davis, Eeny, and as Yosef

210
00:11:10,700 --> 00:11:14,800
crypto Capital core, where Juan 
Carlos said, we need to get 

211
00:11:14,800 --> 00:11:18,400
these withdrawals that we need 
this money because otherwise, 

212
00:11:18,500 --> 00:11:20,600
we, otherwise Bitcoin could 
crash to. 

213
00:11:20,600 --> 00:11:23,700
He said, what, like, three 
thousand 1000, some crazy low 

214
00:11:23,700 --> 00:11:27,100
number because like, if tetherin
bitfenix were cut off from that 

215
00:11:27,100 --> 00:11:29,700
liquidity from the banking 
system that we'd be the end 

216
00:11:29,700 --> 00:11:31,100
effect. 
And we should probably just 

217
00:11:31,100 --> 00:11:34,400
pause briefly and remind people 
that during This period is also 

218
00:11:34,400 --> 00:11:37,200
when they relied on things, like
crypto Capital Corp. 

219
00:11:37,200 --> 00:11:40,000
We did an episode on that and 
but for those who don't know, 

220
00:11:40,300 --> 00:11:43,700
crypto Capital Corps was a 
shadow bank for much of 

221
00:11:43,700 --> 00:11:45,900
cryptocurrency cracking used it 
quadriga. 

222
00:11:45,900 --> 00:11:49,300
Used it bitfenix. 
Used it a bit Max was listed on 

223
00:11:49,300 --> 00:11:52,200
their website, which is strange 
because B makes didn't have Fiat

224
00:11:52,200 --> 00:11:55,100
but they may have used crypto. 
Capital course, I think Gemini 

225
00:11:55,100 --> 00:11:57,800
also use them as well. 
Like I from what I've heard like

226
00:11:57,800 --> 00:12:00,800
every exchange views them, they 
were run by Reginald. 

227
00:12:00,800 --> 00:12:04,600
Fowler former part owner of the 
Minnesota Vikings Ozzy osis Ravi

228
00:12:04,600 --> 00:12:08,100
Joseph and even manual Molina 
lie between X and tether ended 

229
00:12:08,100 --> 00:12:10,400
up commingling a bunch of their 
money together and commingling a

230
00:12:10,408 --> 00:12:11,800
bunch of corporate and client 
funds. 

231
00:12:11,800 --> 00:12:14,900
Together, eventually giving over
1 billion dollars to this entity

232
00:12:14,900 --> 00:12:18,200
without a contract, These funds 
got seized as part of a global 

233
00:12:18,200 --> 00:12:22,200
money laundering investigation, 
which eventually led to the 

234
00:12:22,200 --> 00:12:25,800
arrest to principle even manual 
Molina lie in Greece, and who 

235
00:12:25,800 --> 00:12:28,800
got extra day to pull in on 
suspicion of money, laundering 

236
00:12:28,800 --> 00:12:32,900
for the Colombian cartels. 
So, during this period, we have 

237
00:12:32,900 --> 00:12:36,100
Ted Putting money in the bank 
account of Stewart, hoepner, we 

238
00:12:36,100 --> 00:12:38,200
have them using High Lab 
Holdings. 

239
00:12:38,300 --> 00:12:40,200
We have them using crypto 
Capital core. 

240
00:12:40,300 --> 00:12:43,900
They're using a ml Global's 
account at signature, they were 

241
00:12:44,100 --> 00:12:47,200
supposedly using this one 
account set up for denix Royal 

242
00:12:47,200 --> 00:12:50,500
disc to correct limit circuit e 
which would seem to be part of a

243
00:12:50,508 --> 00:12:53,500
money-laundering scheme 
connected to the Hamas. 

244
00:12:53,500 --> 00:12:58,500
Is a did I didn't al-qassam 
brigades and the reason and they

245
00:12:58,500 --> 00:13:01,000
called us, they called us 
jihadist by the way. 

246
00:13:01,000 --> 00:13:05,400
I'm just, it's Okay, yes, yes 
they did. 

247
00:13:05,500 --> 00:13:10,200
And like it's not even it's not 
even necessarily that bitfenix 

248
00:13:10,200 --> 00:13:12,200
into other were trying to 
partner with money. 

249
00:13:12,200 --> 00:13:16,100
Launderer has they may have been
I'm not going to exclude that 

250
00:13:16,100 --> 00:13:18,800
from the list of possibilities 
but the truth is they had been 

251
00:13:18,800 --> 00:13:21,700
cut off from legitimate access 
to the banking system and we're 

252
00:13:21,700 --> 00:13:25,500
relying on anything they could 
find friends, shell companies, 

253
00:13:25,600 --> 00:13:28,900
weird payment, processors, 
anything, and so you end up with

254
00:13:28,900 --> 00:13:32,100
bitfenix and tether engaged in 
all these activities where they 

255
00:13:32,100 --> 00:13:35,600
end up talking about. 
We submit these fake invoices 

256
00:13:35,600 --> 00:13:38,000
and fake contracts. 
We made in an attempt to 

257
00:13:38,000 --> 00:13:41,400
maintain these accounts, right? 
And and here's I want to 

258
00:13:41,400 --> 00:13:45,500
actually while we're here. 
I think it's worth reviewing 

259
00:13:45,500 --> 00:13:49,000
tethers statement there. 
They're responding. 

260
00:13:49,000 --> 00:13:52,300
God, is it more tether fud from 
The Wall Street Journal that? 

261
00:13:52,300 --> 00:13:54,300
So that is the beginning of 
this. 

262
00:13:54,700 --> 00:13:58,300
If you want to think about how 
their Public Relation team 

263
00:13:58,300 --> 00:14:01,800
thinks it's appropriate to 
respond to very serious 

264
00:14:01,800 --> 00:14:03,100
allegations about money 
laundering. 

265
00:14:03,200 --> 00:14:09,200
Enduring and no proper kyc and 
obfuscation of who you're moving

266
00:14:09,200 --> 00:14:13,800
money for their response, is to 
immediately call it Fudd so 

267
00:14:13,900 --> 00:14:16,100
clearly they're not taking it 
very seriously. 

268
00:14:16,500 --> 00:14:20,200
They say defense, The Wall 
Street Journal is clearly waging

269
00:14:20,200 --> 00:14:22,000
a Jihad. 
Well, they would know all about 

270
00:14:22,000 --> 00:14:23,800
it, right? 
Takes one to know one, if an X 

271
00:14:23,800 --> 00:14:27,300
and tether have world-class 
compliance programs and adhere 

272
00:14:27,300 --> 00:14:30,400
to applicable anti-money 
laundering know your customer 

273
00:14:30,500 --> 00:14:33,000
and counter terrorist financing 
legal requirements. 

274
00:14:33,500 --> 00:14:35,700
Biff and ice and tether proud 
partners of global law 

275
00:14:35,700 --> 00:14:39,100
enforcement routinely 
involuntarily assist, the US 

276
00:14:39,100 --> 00:14:42,500
Department of Justice and other 
Ellie organizations across the 

277
00:14:42,500 --> 00:14:45,800
world. 
These unfair attacks will not 

278
00:14:45,800 --> 00:14:48,700
distract us from continuing with
those efforts and offering the 

279
00:14:48,708 --> 00:14:52,100
most liquid and reliable stable 
coin experience. 

280
00:14:52,200 --> 00:14:54,800
You missed the first sentence of
that which I think is the best. 

281
00:14:54,800 --> 00:14:58,000
I think you need to read the 
first sentence again, the Wall 

282
00:14:58,000 --> 00:15:02,300
Street journal's report about 
stale allegations from long ago 

283
00:15:02,500 --> 00:15:04,900
is Holy. 
Inaccurate and misleading. 

284
00:15:04,900 --> 00:15:08,500
Yeah, I feel like they have a 
copy and paste design for how 

285
00:15:08,500 --> 00:15:13,000
they respond to allegations. 
Serious allegations that come up

286
00:15:13,000 --> 00:15:16,100
every two or three months. 
I just love that they're both 

287
00:15:16,100 --> 00:15:18,800
stale, which means that can't be
valid. 

288
00:15:18,900 --> 00:15:21,900
It doesn't matter if tether 
committed fraud, five years ago,

289
00:15:22,100 --> 00:15:25,200
four years ago, two years ago, 
it doesn't matter. 

290
00:15:25,200 --> 00:15:27,400
That was then. 
This is now, you can't blame us 

291
00:15:27,400 --> 00:15:30,900
for what we did, then we're now 
and also that it's wholly 

292
00:15:30,900 --> 00:15:36,300
inaccurate and misleading. 
Because it's it's not wholly 

293
00:15:36,300 --> 00:15:40,100
inaccurate because much of this 
has been reported before, right?

294
00:15:40,200 --> 00:15:43,200
We know it's not wholly 
inaccurate, the cftc settlement 

295
00:15:43,200 --> 00:15:45,200
and the New York attorney 
general settlement. 

296
00:15:45,300 --> 00:15:48,000
Both detail a lot of the same 
behaviors that the Wall Street 

297
00:15:48,000 --> 00:15:50,800
Journal detailed today. 
So it can't be wholly 

298
00:15:50,800 --> 00:15:53,900
inaccurate. 
Their response is don't actually

299
00:15:54,100 --> 00:15:57,800
go into any detail ever. 
Ever liked the idea that there 

300
00:15:57,800 --> 00:16:00,500
were all these discussions about
a Stephen Moore who you and I 

301
00:16:00,500 --> 00:16:02,100
both have never heard of this 
guy. 

302
00:16:02,100 --> 00:16:05,000
We've been on top of the tower. 
Other story, four five, six 

303
00:16:05,000 --> 00:16:08,600
years now, like this is obscene 
and I've never heard of this 

304
00:16:08,600 --> 00:16:10,700
guy. 
So it's news to me that this guy

305
00:16:10,700 --> 00:16:15,000
is an owner part owner of 
tether, but they don't even, 

306
00:16:16,200 --> 00:16:18,000
they don't even bring it up 
there just like, yeah, it's all 

307
00:16:18,000 --> 00:16:23,000
Fudd and inaccurate fake. 
And yeah, like, who's Steven 

308
00:16:23,000 --> 00:16:25,200
more? 
I'm just getting down to Bare 

309
00:16:25,200 --> 00:16:29,300
Basics here, where I'm saying, 
hello even on this small level, 

310
00:16:30,000 --> 00:16:32,900
they haven't addressed the 
concerns that are being leveled 

311
00:16:32,900 --> 00:16:36,400
against Them here, whatever. 
You know, we'll see what plays 

312
00:16:36,400 --> 00:16:38,300
out. 
I think the counter-argument 

313
00:16:38,300 --> 00:16:43,100
always is well tethers been 
around since whenever and 

314
00:16:43,100 --> 00:16:46,900
they're going to continue going 
on forever, and until that 

315
00:16:46,900 --> 00:16:49,300
proves to not be true. 
Fuck us. 

316
00:16:50,700 --> 00:16:53,700
That's right. 
Till then fuck us. 

317
00:16:54,400 --> 00:16:59,700
Yeah, it must continue. 
Yeah yeah. 

318
00:16:59,800 --> 00:17:03,100
Jihad Jihad must continue. 
On that note all the cast coin 

319
00:17:03,100 --> 00:17:05,700
is now going to the stable coin 
Jihad fund. 

320
00:17:06,700 --> 00:17:08,400
No we shouldn't say that. 
Right? 

321
00:16:50,700 --> 00:16:53,700
That's right. 
Till then fuck us. 

322
00:16:54,400 --> 00:16:59,700
Yeah, it must continue. 
Yeah yeah. 

323
00:16:59,800 --> 00:17:03,100
Jihad Jihad must continue. 
On that note all the cast coin 

324
00:17:03,100 --> 00:17:05,700
is now going to the stable coin 
Jihad fund. 

325
00:17:06,700 --> 00:17:08,400
No we shouldn't say that. 
Right?