🚨 Bitfinex is levering ETH to maintain the Tether peg
— shadow (@0xmev) November 13, 2022
Bottom to Top:
1) Send a ton of ETH to hot wallet
2) Wrap ETH to be lent on Aave
3) Borrow USDC against wETH
4) Swap USDC for Tether in Curve 3Pool pic.twitter.com/mUkGAM1QOy
This single wallet has done well over 100 million of volume over the past 4 days... in a single direction
USDC -> USDT
Last time this wallet displayed this behavior, Tether was struggling in the wake of 3AC
Bitfinex has supplied over 300,000 ETH - in the past 3 days alone - to a hot wallet labeled "Maple Finance" on nansen_ai
The hot wallet swaps borrowed USDC for USDT in private transactions
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Crypto is the "defund the police" of right*ids and equally hilarious.
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No it's different because with crypto already rich people steal the life savings of the average Joe instead of sneakily stealing the average Joe's taxes!!!!
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Some differences of course, it's just the same principle of denouncing any intervention of a state actor deemed necessary by most people and then having it explode spectacularly in their faces![:marseydicklet: :marseydicklet:](/e/marseydicklet.webp)
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