CAS PIANCEY could feel his heart pounding as the elevator doors slid open onto a tiled corridor of the eighth floor of the K Wah Centre. He was sweat-grimed and wrung out after a day of scouring Hong Kong for traces of a mysterious corporate entity. This was his final stop. Ahead lay a door marked “Proxy CPA Co. Ltd.” Piancey reached for the buzzer, then paused. What if the people he was chasing were really here—and understood what he was after?
It was September 2018, and Piancey, a cryptocurrency journalist, had flown from Los Angeles on a hunch. (“Piancey” is a pseudonym; doxxing is an occupational hazard best conducted anonymously.) He suspected that a handful of very clever and not particularly scrupulous people had come up with a way to create money in any quantity at the stroke of a keyboard—artificial electronic dollar bills that could be swapped for the real stuff. If he was right, these people were pulling off the swindle of a lifetime, a scam that would dwarf Bernie Madoff’s Ponzi scheme. If he was wrong, he owed some serious apologies.
Piancey pressed the buzzer. A Chinese woman in her 40s appeared. “Hello, can I help you?”
“I’m looking for Tether. This is the listed address. Is this Tether?”
“No, no,” she shook her head. “I have never heard of Tether. Sorry.” She disappeared.
And there it was. A company that supposedly held $3 billion in assets didn’t have a real office. Continue reading Men’s Journal: Tether Is a Trail of Shady Deals and Shattered Promises. Too Bad Cryptocurrency Now Depends on It