← Bitfinex / Tetherreviewed 2026-09-07 · 42 claims checked
Fact-check findings
What an automated fact-checker found when it re-read Bitfinex / Tether against the sources the page cites. Only the most recent review is shown.
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These findings are produced by an automated reviewer, and its results vary between runs: the same page, checked three times on the same day, came back with 15%, 20% and 34% of its claims disputed, mostly because each run extracted a different number of claims. Treat what follows as leads, not rulings.
“Disputed” means the reviewer could not reconcile the claim with the evidence it cited. It does not mean the claim is false. “Unverifiable” means no reachable source settled it either way.
Nothing here changes the page on its own. A proposed correction is applied only after a human moderator approves it; until then the page reads as it did when reviewed.
disputed
2 claimsThe reviewer could not reconcile the claim with the evidence it cited. This is a lead, not a ruling that the claim is false.
- #29[disputed][awaiting moderator]in section: 2016 Bitfinex Security Breach: 119,756 Bitcoin Stolen
“at that point worth approximately $5.3 billion.”
reviewerAt the time of the February 2022 arrests, the stolen bitcoin was worth approximately $5.3 billionMultiple contemporaneous sources (Washington Post, IRS-CI) consistently value the stolen bitcoin at approximately $4.5 billion (some say 'over $4 billion') at the time of the February 2022 arrests, not $5.3 billion as stated on the page.Proposed correction (not yet applied)at that point worth approximately $4.5 billion. - #32[disputed][awaiting moderator]in the timeline
“2024-11-15”
reviewerSentencing date for Lichtenstein and Morgan (November 2024)The timeline conflates two separate sentencing dates into one incorrect date: Lichtenstein was sentenced November 14, 2024 (matching the cited DOJ press release), and Morgan was sentenced four days later, November 18, 2024 (matching the page's own CoinDesk citation elsewhere in this section). Neither defendant was sentenced on November 15.Proposed correction (not yet applied)2024-11-14
stale
3 claimsThe claim was accurate when written but events since have overtaken it.
- #6[stale][awaiting moderator]in the summary
“the company engaged KPMG for its first full reserve audit in March 2026.”
reviewerThe company engaged KPMG for its first full reserve audit in March 2026The engagement itself is accurately described, but the audit was completed and results published in August 2026 — a month before this review — which the page nowhere reflects, even though the review date is September 2026.Proposed correction (not yet applied)the company engaged KPMG in March 2026 for its first full reserve audit, which KPMG completed in August 2026 with an unqualified opinion confirming reserves exceeded liabilities by approximately $6.8 billion as of December 31, 2025. - #37[stale][awaiting moderator]in section: Reserve Composition and Transparency Concerns
“In March 2026, Tether engaged KPMG to conduct the company's first full financial statement audit of its approximately $185 billion in reserves, alongside PwC to prepare internal systems, in connection with plans to expand into the U.S. market amid expected regulatory requirements under the GENIUS Act.”
reviewerIn March 2026, Tether engaged KPMG for its first full financial statement audit, alongside PwC, ahead of U.S. expansion under the GENIUS ActEngagement details accurate as of March 2026 but superseded by the August 2026 completion of the audit, which the page does not mention despite being reviewed in September 2026.Proposed correction (not yet applied)In March 2026, Tether engaged KPMG to conduct the company's first full financial statement audit of its approximately $185 billion in reserves, alongside PwC to prepare internal systems, in connection with plans to expand into the U.S. market amid expected regulatory requirements under the GENIUS Act. KPMG completed the audit in August 2026, issuing an unqualified opinion that found reserves exceeded liabilities by approximately $6.8 billion as of December 31, 2025. - #38[stale][awaiting moderator]in section: Current Status and Regulatory Trajectory
“The KPMG audit engagement announced in March 2026 represents the first attempt by Tether to obtain a full financial statement audit from a Big Four accounting firm.”
reviewerThe KPMG engagement represents Tether's first attempt at a Big Four full financial statement auditFraming the audit only as an 'attempt' is stale; by the review date the attempt had concluded with a published (if summary-level) result.Proposed correction (not yet applied)The KPMG audit engagement announced in March 2026, which KPMG completed in August 2026 with an unqualified opinion, represents the first successful attempt by Tether to obtain a full financial statement audit from a Big Four accounting firm.
link rot
2 claimsA cited source no longer resolves or no longer says what the page attributes to it.
- #41[link rot][awaiting moderator]in section: Crypto Capital Corp: The $850 Million Loss
“https://cointelegraph.com/news/crypto-capital-exec-indicted-on-three-criminal-counts-in-ny-court”
reviewerCointelegraph URL cited for the Oz Yosef indictment is live and supports the claimThe cited Cointelegraph URL returns a 404. An alternate Cointelegraph URL for a related feature also 404s; Decrypt's contemporaneous article on the same indictment is live and supports the claim.Proposed correction (not yet applied)https://decrypt.co/10774/crypto-capital-founder-indicted-on-three-criminal-counts-after-companys-presidents-arrest - #42[link rot][awaiting moderator]in the timeline
“https://cointelegraph.com/news/crypto-capital-exec-indicted-on-three-criminal-counts-in-ny-court”
reviewerCointelegraph URL cited in the timeline entry for Oz Yosef's indictment is live and supports the claimSame dead URL as used in sections[2].sources[1].url; grouped under the same defect.Proposed correction (not yet applied)https://decrypt.co/10774/crypto-capital-founder-indicted-on-three-criminal-counts-after-companys-presidents-arrest
partially supported
3 claimsThe cited evidence supports part of the claim but not all of it.
- #4[partially supported][awaiting moderator]in the summary
“an ongoing DOJ bank-fraud investigation”
reviewerAn ongoing DOJ bank-fraud investigation into TetherNo indictment has been reported, consistent with the page, but framing the probe narrowly as a 'bank-fraud investigation' understates later reporting that DOJ scrutiny of Tether broadened to money-laundering and sanctions concerns by late 2024; this is not reflected anywhere on the page. - #7[partially supported][awaiting moderator]in section: Overview and Corporate Structure
“Tether announced plans to relocate its domicile to El Salvador in January 2025.”
reviewerTether announced plans to relocate its domicile to El Salvador in January 2025Month/year is correct but imprecise; the exact announcement date (January 13, 2025) is well documented and readily citable. - #8[partially supported][awaiting moderator]in the timeline
“2025”
reviewerEl Salvador relocation timeline date should reflect the specific announcement dateThe timeline stores only the year with date_original defaulted to 2025-01-01; the actual, well-documented date is January 13, 2025.
confirmed
32 claimsThe cited evidence supports the claim as written.
- #1[confirmed][no action needed]in the summary
“both operated under the parent company iFinex Inc., incorporated in the British Virgin Islands”
reviewerBitfinex and Tether both operate under parent company iFinex Inc., incorporated in the British Virgin IslandsWidely and consistently reported corporate structure fact. - #2[confirmed][no action needed]in the summary
“an $18.5 million settlement with the New York Attorney General over alleged concealment of an $850 million loss”
reviewer$18.5 million NYAG settlement over alleged concealment of an $850 million lossDirectly confirmed by the official NYAG press release, which is live and matches the page's characterization. - #3[confirmed][no action needed]in the summary
“a $42.5 million CFTC fine for misrepresenting USDT reserve backing”
reviewer$42.5 million CFTC fine for misrepresenting USDT reserve backingConfirmed directly against the CFTC's own press release, which is live. - #5[confirmed][no action needed]in the summary
“Tether's USDT reached approximately $188 billion in circulation as of May 2026”
reviewerTether's USDT reached approximately $188 billion in circulation as of May 2026Independently corroborated figure and timing. - #9[confirmed][no action needed]in section: Overview and Corporate Structure
“approximately 86% of Tether Holdings was reportedly controlled by four individuals: Giancarlo Devasini (~43%), Jean-Louis van der Velde, Stuart Hoegner, and Christopher Harborne (also known as Chakrit Sakunkrit)”
reviewerAs of 2018, ~86% of Tether Holdings was controlled by four individuals, with Devasini holding ~43%Figures and identities match independent reporting on the underlying WSJ investigation. - #10[confirmed][no action needed]in section: Overview and Corporate Structure
“In December 2023, Paolo Ardoino was elevated from CTO to CEO of Tether, with van der Velde transitioning to an advisory role.”
reviewerIn December 2023, Paolo Ardoino was elevated from CTO to CEO of Tether, with van der Velde transitioning to an advisory roleAnnouncement (Oct 13, 2023) and effective date (December 2023) are both reported; the summary/section text using December is defensible, and the timeline entry correctly uses the October announcement date, so there is no internal contradiction. - #11[confirmed][no action needed]in section: NYAG Investigation and $18.5 Million Settlement (2019–2021)
“In April 2019, the New York Attorney General's Office (NYAG) opened an investigation into iFinex, alleging that Bitfinex had lost approximately $850 million in client and corporate funds held by a Panama-based payment processor, Crypto Capital Corp., and had secretly used Tether reserves to cover this shortfall without public disclosure.”
reviewerNYAG opened an investigation into iFinex in April 2019 alleging an $850M loss concealed via Crypto Capital and Tether reservesMatches contemporaneous and retrospective reporting. - #12[confirmed][no action needed]in section: NYAG Investigation and $18.5 Million Settlement (2019–2021)
“Bitfinex and Tether agreed to pay $18.5 million in penalties without admitting wrongdoing.”
reviewerOn February 23, 2021, NYAG announced a settlement in which Bitfinex and Tether agreed to pay $18.5 million without admitting wrongdoingConfirmed against the primary regulator source, still live. - #13[confirmed][no action needed]in section: NYAG Investigation and $18.5 Million Settlement (2019–2021)
“Under the settlement terms, both companies were permanently banned from serving New York customers.”
reviewerBoth companies were permanently banned from serving New York customersDirectly confirmed. - #14[confirmed][no action needed]in section: NYAG Investigation and $18.5 Million Settlement (2019–2021)
“Tether was required to publish quarterly reports disclosing the composition of its reserves for two years and to ensure proper segregation of corporate and client accounts.”
reviewerTether was required to publish quarterly reports on reserve composition for two yearsConsistent with standard contemporaneous reporting on the settlement terms. - #15[confirmed][no action needed]in section: NYAG Investigation and $18.5 Million Settlement (2019–2021)
“New York Attorney General Letitia James stated: 'Tether's claims that its virtual currency was fully backed by U.S. dollars at all times was a lie.'”
reviewerLetitia James stated Tether's claims of full USD backing were a lieExact quote match confirmed against the primary source. - #16[confirmed][no action needed]in section: NYAG Investigation and $18.5 Million Settlement (2019–2021)
“The NYAG found that Tether had no access to banking at all for periods starting mid-2017, and therefore held no reserves whatsoever to back USDT in circulation at certain times.”
reviewerNYAG found Tether had no banking access at all from mid-2017, holding no reserves at certain timesConsistent with the official NYAG findings. - #17[confirmed][no action needed]in section: Crypto Capital Corp: The $850 Million Loss
“In October 2019, the U.S. Attorney's Office for the Southern District of New York indicted Crypto Capital principal Oz Yosef on three criminal counts: conspiracy to commit bank fraud, bank fraud, and conspiracy to operate an unlicensed money transmitting business.”
reviewerSDNY indicted Crypto Capital principal Oz Yosef on three criminal counts in October 2019Charge content and month confirmed; the cited Cointelegraph URL itself is dead (see separate link-rot finding). - #18[confirmed][no action needed]in section: Crypto Capital Corp: The $850 Million Loss
“Yosef and his sister Ravid Yosef were reported to remain at large as of the time of reporting.”
reviewerOz Yosef and his sister Ravid Yosef remain at largeStill accurate as of the most recent reporting found. - #19[confirmed][no action needed]in section: Crypto Capital Corp: The $850 Million Loss
“Bitfinex maintained that its funds were seized by government authorities in Portugal, Poland, and the United States, characterizing the relationship as fraud perpetrated against Bitfinex by Crypto Capital, rather than knowing participation in unlawful activity.”
reviewerBitfinex maintained its funds were seized by authorities in Portugal, Poland, and the United StatesMatches Bitfinex's public position as reported contemporaneously. - #20[confirmed][no action needed]in section: CFTC Action: $42.5 Million Fine for Reserve Misrepresentation (2021)
“The commission found that Tether held sufficient fiat reserves to back USDT in circulation for only 27.6% of days in a 26-month sample period from 2016 through 2018.”
reviewerCFTC found Tether's reserves were fully backed on only 27.6% of days in a 26-month sample from 2016-2018Verified word-for-word against the CFTC's official order. - #21[confirmed][no action needed]in section: CFTC Action: $42.5 Million Fine for Reserve Misrepresentation (2021)
“Bitfinex was separately ordered to pay a $1.5 million penalty for illegally offering off-exchange financed retail commodity transactions to non-eligible U.S. customers and for operating as a futures commission merchant without CFTC registration, the latter violating a prior 2016 CFTC order.”
reviewerBitfinex's $1.5M CFTC penalty also stemmed from violating a prior 2016 CFTC orderConfirmed directly from the CFTC order text. - #22[confirmed][no action needed]in section: DOJ Bank Fraud Investigation (2021–present)
“In July 2021, reports emerged that the U.S. Department of Justice had launched a criminal investigation into Tether executives for alleged bank fraud in the early years of the stablecoin's operation.”
reviewerIn July 2021, reports emerged of a DOJ criminal investigation into Tether executives for bank fraudConfirmed. - #23[confirmed][no action needed]in section: DOJ Bank Fraud Investigation (2021–present)
“In October 2022, the investigation was reported to have been reassigned and given a fresh look by the U.S. Attorney's Office for the Southern District of New York under U.S. Attorney Damian Williams, following a period of alleged stagnation.”
reviewerIn October 2022, the DOJ bank-fraud probe was reassigned to SDNY under Damian WilliamsConfirmed. - #24[confirmed][no action needed]in section: DOJ Bank Fraud Investigation (2021–present)
“As of the knowledge cutoff for this investigation, no indictments arising directly from this bank-fraud probe had been publicly announced against Tether executives.”
reviewerNo indictments arising from the DOJ bank-fraud probe had been publicly announced against Tether executivesNo contradicting reporting found; remains accurate as of review. - #25[confirmed][no action needed]in section: 2016 Bitfinex Security Breach: 119,756 Bitcoin Stolen
“On August 2, 2016, Bitfinex suffered a security breach in which 119,756 BTC, worth approximately $72 million at the time (and billions at later valuations), were stolen.”
reviewerOn August 2, 2016, Bitfinex suffered a breach in which 119,756 BTC (~$72M then) were stolenFigures match across DOJ and independent reporting, with only trivial rounding differences (119,754 vs. 119,756) across sources. - #26[confirmed][no action needed]in section: 2016 Bitfinex Security Breach: 119,756 Bitcoin Stolen
“The hack exploited a flaw in Bitfinex's implementation of multi-signature security provided by BitGo, whereby two of the three required signing keys were reportedly stored on the same device, undermining the security model.”
reviewerThe hack exploited a BitGo multisig flaw where two of three keys were stored on the same deviceConfirmed by independent technical retrospectives of the hack. - #27[confirmed][no action needed]in section: 2016 Bitfinex Security Breach: 119,756 Bitcoin Stolen
“In response, Bitfinex imposed a generalized 36% haircut on all user balances, converting losses into BFX tokens redeemable at $1 per token.”
reviewerBitfinex imposed a 36% haircut and issued BFX tokens redeemable at $1Well-established, uncontested detail of the hack's aftermath. - #28[confirmed][no action needed]in section: 2016 Bitfinex Security Breach: 119,756 Bitcoin Stolen
“Within approximately eight months, Bitfinex redeemed all BFX tokens at full face value from exchange revenues.”
reviewerBitfinex redeemed all BFX tokens at full face value within approximately eight monthsTimeline entry independently confirms April 3, 2017 as the exact redemption date. - #30[confirmed][no action needed]in section: 2016 Bitfinex Security Breach: 119,756 Bitcoin Stolen
“The government seized approximately $3.6 billion in bitcoin at the time of the arrests.”
reviewerThe government seized approximately $3.6 billion in bitcoin at the time of the arrestsConsistently reported figure, distinct from (and correctly distinguished on the page from) the higher current-value estimate. - #31[confirmed][no action needed]in section: 2016 Bitfinex Security Breach: 119,756 Bitcoin Stolen
“Both defendants pleaded guilty in August 2023.”
reviewerBoth defendants pleaded guilty in August 2023Confirmed; matches the timeline entry's specific date of 2023-08-03. - #33[confirmed][no action needed]in section: 2016 Bitfinex Security Breach: 119,756 Bitcoin Stolen
“The case resulted in the largest cryptocurrency seizure in U.S. history, with total recovered funds estimated at approximately $10 billion at sentencing.”
reviewerThe case resulted in the largest cryptocurrency seizure in U.S. history, ~$10 billion recovered at sentencingConfirmed. - #34[confirmed][no action needed]in section: Reserve Composition and Transparency Concerns
“revealed that as of March 2021 the vast majority of Tether's approximately $40.6 billion in reserves was held at Bahamas-based Deltec Bank, with significant exposure to commercial paper issued by Chinese and international banks including Agricultural Bank of China, Bank of China Hong Kong, and ICBC.”
reviewerAs of March 2021, the vast majority of Tether's ~$40.6B reserves were held at Deltec Bank, with exposure to Chinese bank commercial paper (ABC, Bank of China HK, ICBC)Confirmed by the CoinDesk reporting on the FOIL-disclosed documents, corroborated via secondary summaries. - #35[confirmed][no action needed]in section: Reserve Composition and Transparency Concerns
“By late 2022, Tether reported reducing its total commercial paper exposure to zero, replacing those positions with U.S. Treasury bills.”
reviewerBy late 2022, Tether reduced commercial paper exposure to zero, replacing it with U.S. Treasury billsConfirmed. - #36[confirmed][no action needed]in section: Reserve Composition and Transparency Concerns
“Tether publishes quarterly attestation reports via BDO Italia, which provide a point-in-time snapshot of reserve figures but do not constitute a full financial audit.”
reviewerTether publishes quarterly attestation reports via BDO Italia that are not full auditsConfirmed, and consistent with widely repeated industry criticism. - #39[confirmed][no action needed]in section: Current Status and Regulatory Trajectory
“The GENIUS Act, expected to impose mandatory full audits on stablecoin issuers with liabilities exceeding $50 billion, may structurally alter Tether's compliance obligations in the U.S. market.”
reviewerGENIUS Act may impose mandatory full audits on stablecoin issuers with liabilities exceeding $50 billionConfirmed against independent legal/regulatory analysis of the GENIUS Act (signed into law July 18, 2025). - #40[confirmed][no action needed]in the timeline
“Bitfinex founded by Raphael Nicolle; Jean-Louis van der Velde joined as CEO in 2013.”
reviewerBitfinex was founded by Raphael Nicolle; van der Velde joined as CEO in 2013Founder and 2013 CEO transition confirmed; sources vary slightly on exact founding month (November vs December 2012), but the page only claims the year, which is not in dispute.
How this fits together. The reviewer reads the published page and its cited sources and records one finding per claim. A human moderator decides whether each proposed correction is applied; those decisions, and the score changes they cause, appear in the audit log. Earlier review runs are not shown here; only the latest reflects the page as it stands.