Tether has mysteriously transferred 37,229 Bitcoin—valued at nearly 4 billion—to Jack Mallers’ firm, Twenty One Capital, a day after it launched, after nobody was buying. It’s becoming increasingly transparent: organic demand for Bitcoin is non existent, and Tether is the lone “big” buyer propping up the illusion of market interest. This massive handoff looks less like investment and more like a desperate attempt to fabricate momentum. Meanwhile, Mallers is now rolling out a lending service—eerily reminiscent of failed schemes like Celsius and Bitconnect. Avoid at all cost, it will go bust. We’re witnessing what may be the most elaborate financial fraud in history. Its eventual unraveling will be nothing short of spectacular.